Ideforge is a Drone OEM, founded in IITB incubator in 2007. Company claims to have captured more than 50% of market share in India. The company has inhouse design to delivery facility. The drones and their software are indigenously developed and manufactured.
Product portfolio
Quadcopters - Q6 (Small category UAV), Netra V4+ (VTOL), Netra V4 Pro (VTOL)
Fixed Wing - SWITCH
Software/Platform - BlueFire (Touch, MapAssist, Live), Autopilot, Surveillance pro, GIS Pro, FLYGHT Cloud
Future Development - Tactical Platform (50Kg take off weight, 100km range), Unmanned logistics platform (500 kg MTOW, 100+ km range)
Use cases:
Competitive Advantage:
- Indigenized Design and tech capabilities
- Proprietary Software Stack
- First mover advantage
Potential market size:
- Indian market size to grow by 18x by 2027 (Investor presentation Q1FY23 pg 22)
- Global drone market growing at 20% CAGR
Financials
- Order Book: INR 54Cr (FY25), L1 pipeline of 300 Cr
Risks:
- Lumpiness of revenue and earnings due to heavy dependence on Government
- Decreasing OPM
- Recent decline in order book not aligning with the potential market size claims
Disclosure:
Sold the investment after Q1 results, but watching for re-entry at lower levels
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Worst set of numbers in Q2. Company is bleeding money and faith of innocent retail investors. No signs of recovery in short to medium term. Promoters are slowly and smartly offloading their shareholding. Those who are trapped at higher levels must exit and invest the leftover in a good mid-cap company available at great discounts.
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The ideaForge SWITCH MINI UAV has received ‘Fit for Military Use’ Certificate from Indian Military. This is a very significant achievement, and can be a pivotal moment for the Company and the Indian Drone industry. It opens up lot of markets for the Company, proves its tech capability in both defense and Critical Civilian applications.
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The numbers keep getting worse each quarter. Check December 2024 quarter results. Loss is more than revenue earned.
Came across this court case between Ideaforge and Garuda Aerospace. Am no law expert. So, just pasting the snippets here for a quick look.
https://www.casemine.com/judgement/in/67aa0f4955b6a217fd300160
Ideaforge seems to say that Garuda aerospace violated the terms of conditions.
The court seems to say that there is some fire behind the smoke and let the trial court figure it out.
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Also came across this old document that says that Ideaforge is a fraud and is doing some fishy things to design contracts that give them undue advantage in getting qualified.
Will need to wait and watch how the company bags contracts in coming months.
https://acrobat.adobe.com/id/urn:aaid:sc:US:6a422ca1-6d1e-44ed-89b8-87d78bf7529f
Disc: Have a tracking position recently. Not planning to add more until clarity comes in.
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What is the Source of this report?
Came across it when I searched “ideaforge fraud” in google.
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