IDEAFORGE TECHNOLOGY LIMITED — Investor Presentation 2023

Aug 8, 2023

www.ideaforgetech.com

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August 08, 2023

	To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001. BSE Scrip Code:543932	To, The Natonal Stock Exchange of India Limited“Exchange Plaza”, Bandra – Kurla Complex, Bandra (EAST), Mumbai – 400 051 NSE SYMBOL: IDEAFORGE

Sub: Investor/Analyst Presentation for the Quarter ended June 30, 2023.

Dear Sir/Ma’am,

This is further to our letter dated August 03, 2023 intimating about an Earnings Conference Call to be hosted by the Company on Wednesday, August 09, 2023 at 11.00 a.m. (IST) post announcement of Unaudited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2023.

Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of the presentation to Investor/Analysts on Unaudited Financial Results (Standalone & Consolidated) of the Company for quarter ended June 30, 2023.

The details of Investor/Analyst presentation are attached herewith and also being uploaded on Company’s website at www.ideaforgetech.com

Kindly take the same on your records.

Thanking you, Yours faithfully

For ideaForge Technology Limited

SONAM Digitally signed by SONAM DILIPKUMAR DILIPKUMAR GUPTA GUPTA Date: 2023.08.08 20:42:22 +05'30'

Sonam Gupta Company Secretary Membership No. A53881

idea Forge Technology Limited. (Formerly ideaForge Technology Private Limited) EL-146, T.T.C. Industrial Area, M.I.D.C. Mahape, Navi Mumbai - 400 710. Maharashtra (India). Ph.(O): +91 (22) 6787 1000 (F) +91 (22) 6787 1007

Email: info@ideaforgetech.com CIN No. U31401MH2007PLC167669

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Q1FY24 Investor Presentation

August’23

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Disclaimer

This presentation has been prepared by and is the sole responsibility of ideaForge Technology Limited (the “Company”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions.

This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer or recommendation to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment thereof. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if the information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Certain statements contained in this presentation that are not statements of historical fact constitute “forward-looking statements.” You can generally identify forward-looking statements by terminology such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “objective”, “goal”, “plan”, “potential”, “project”, “pursue”, “shall”, “should”, “will”, “would”, or other words or phrases of similar import. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or other projections. Important factors that could cause actual results, performance or achievements to differ materially include, among others: (a) our ability to successfully implement our strategy, (b) our growth and expansion plans, (c) changes in regulatory norms applicable to the Company, (d) technological changes, (e) investment income, (f) cash flow projections, and (g) other risks.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes.

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ideaForge – At a Glance

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|||||||
|---|---|---|---|---|---|
|#1|50%|#7|1|[st]|
|Pioneer &|
|A Market Leader|
|Ranked No. 1|Market Share|Ranked No. 7|O|rganisation to|
|in India (FY 22)|(FY22) in India|Globally in dual|indigenously develop|
|use case|[1]|VTOL UAVs|
|375,000+|5 mins|> 120,000|62|
|Operational|
|metrics|Flights completed by|ideaForge drone|Flights launched|Patent Pending +|
|our customers|[2]|taking off every five|in FY23|Granted|[5]|
|mins|[3]|
|1,860 Mn/131.5%|68.4%/45.8%|17.2%|27.0%|
|Financial|
|Outlook (FY23)|Revenue FY23 /|Gross Profit/ Adjusted|PAT Margin|Adjusted ROCE|
|CAGR (FY21-23)|EBITDA Margin|[4]|(FY23)|(FY23)|
|(FY23)|
|Well Recognized|
|in the Industry|Marico Innovation|Top Iindian MSME|India Business|National Technology|
|Foundation- The|at National IP|Leader Award by|Award under MSME|
|Business Innovation|2020|CNBC-TV18 for 'The|Category 2023|
|Award 2018|Disruptor’ 2023|
|1.|As of 31 December 2022|
|2.|On average for surveillance and mapping|4. Calculated as EBITDA plus share-based payments|#1- Based on PLI scheme-2022|
|3.|On average for surveillance and mapping as of Fiscal 2023|5. As of June 30, 2023 – 25 patents granted and 37 patents pending|#7- Based on Global report|

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Q1FY24 Financials
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www.ideaforgetech.com

Q1FY24 Performance Highlights

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Revenue from Profit Before Tax P r ofit After Tax
EBITDA
Operations (PBT) (PAT)
Rs. 970.7 Mn Rs. 284.9 Mn Rs. 250.7 Mn Rs. 188.6 Mn
+151.1 %
Margin 29.4% Margin 25.8% Margin 19.4%
(Q-o-Q)
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Key Highlights

• ü Successfully delivered a large batch of SWITCH UAVs to a defence customer

• ü Launched NETRA V4 PRO UAV with a flight time of 90 minutes

• ü ideaForge drones completed cumulative 375K+ flights on the field

• ü Onboarded 3 Value Added Resellers for the business in the US & Canada

• ü National Technology Award 2023 under the MSME category for the development of SWITCH UAV, and India Business Leader Award (IBLA) “The Disruptors” by CNBC-18

• ü Initiated development of Tactical & Middle Mile logistics UAV platforms

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Q1FY24 Key Performance Metrics

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Revenue from Operations Gross Margins & Gross Margin (%) Adjusted EBITDA & EBITDA Margin [] (%)
68.4% 74.3% 62.9% 55.5% 31.0% 55.5% 3.1% 29.4%
1,860 1,271 575
551
+151.1% +2,274.2%
738 +121.7%
993 971
285
539
387 243
12
FY23 Q1FY23 Q4FY23 Q1FY24 FY23 Q1FY23 Q4FY23 Q1FY24 FY23 Q1FY23 Q4FY23 Q1FY24
PAT & PAT Margin (%) Q1FY24 Revenue-Mix
17.0% 41.5% -14.0% 19.4%
4%
413
320
189
Defence
96% Civil
-54
FY23 Q1FY23 Q4FY23 Q1FY24
Adjusted EBITDA is calculated as EBITDA + share-based payments to employees
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Consolidated Profit & Loss Statement – Q1FY24

Profit & Loss Statement (Rs. Mn)	Q1FY24	Q1 FY23	Y-o-Y	Q4 FY23	Q-o-Q
Revenue from Operations	970.7	992.7	-2.2%	386.6	151.1%
Cost of Materials Consumed	133.3	196.0		452.2
Purchase of stock-in-trade	0.0	0.0		0.0
Changes in Inventories of Finished Goods and Work in Progress	298.2	58.9		-308.8
Gross Profit	539.2	737.9	-26.9%	243.2	121.7%
GP %	55.5%	74.3%		62.9%
Employee Benefits Expense	154.3	110.9		155.0
Other Expenses	99.9	76.4		76.1
EBITDA	284.9	550.6	-48.3%	12.0	2271.8%
EBITDA %	29.4%	55.5%		3.1%
Other Income	35.4	10.7		42.0
Depreciation and Amortisation Expense	46.6	26.7		33.1
EBIT	273.7	534.6		21.0
Finance Costs	23.1	3.7		25.8
Share of net profit of associate accounted for using the equity method	0.0	0.0		0.0
PBT	250.7	530.9		-4.8	-
Total Tax Expense	62.0	118.4		49.4
Profit for the period	188.6	412.5	-54.3%	-54.2	447.9%
PAT %	19.4%	41.5%		-14.0%

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Company Overview
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www.ideaforgetech.com

ideaForge – In a nutshell

1 Industry poised to grow by ~ 18x over the next 5 years[1]

2 Pioneer and market leader in the Indian UAS industry[2]

Winner of largest mini-VTOL UAV contract against global competitors and having largest operational deployment of UAVs across 3 India[1 ] and successfully delivered a large batch of the order in Q1FY24

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Indigenized Design and tech capabilities with continuous innovation enables supply of products having critical nature of application

Entry barriers – Ability to integrate complex technologies which ensures quality, durability and reliability

Proprietary Software Stack – BlueFire Touch, BlueFire Live!, Autopilot & more

Performance, Reliability and Autonomy leading to low TCO for Clients and repeat business

Strong management capabilities with a demonstrated track record of delivering profitable growth

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1Source: 1Lattice Report 2. In terms of Revenue in FY22

History and Evolution

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2004-07
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2014-17

2022-23

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•
•
•
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• Received Rs 338 mn capital contract from
GOI
• Developed first hybrid VTOL with fixed
wings in India (SWITCH UAV)
• 1 [st] round of institutitonal placement by
Celesta Capital, Qualcomm Asia & Infosys
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• Promoters built the first
quadrotor drone (in India) to
enter a college fest
• Incorporation of the company
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• Won largest mini-VTOL UAV contract against global competitors

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• 2[nd] round of institutional investment by Florintree Enterprise, Infina Finance etc.,

• Got listed on NSE & BSE in July’23 with listing day gain of ~93%

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•
•
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• Demonstrated NETRA , exhibiting
launch of India’s first quadcopter
drone at DefExpo
• Early prototype of VTOL UAV
featured in a popular Bollywood
Movie
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• First company to participate in demonstration of 5G enabled UAVs at Indian Mobile Congress*

• Bagged a contract of ~ $18 mn for SWITCH 1.0 UAVs

• Developed one of the world’s

• 2009-11 smallest and lightest autopilots*

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2019-20
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• Sale of first drone to state police dept .

• Developed NETRA UAV with a GOI[1] entity

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*Source: 1Lattice Report 1. GOI – Government of India

ideaForge Capability- Design to Delivery

Product Managing Supply Manufacturing Development Testing Packaging After Sales Chain Facilities Centre 132 employees[2] Focusing on Advance equipment • ESS Chamber • Easily Portable • ideaForge “ Care ” Continuous Product Cost and automation • Vibration table • Waterproof • One of the first-of-itsdevelopment and competitiveness • PCBA testing backpacks kind subscription-based innovation reduce dependence support package[1] 37 Patents application on Imports pending [2]

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Vertically Integrated operations enabling control over quality and reliability of products used for critical end use applications

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1. 1Lattice Report 2. As on 30 June 2023

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Industry Opportunity
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www.ideaforgetech.com

Drone Industry

1 Categories of Drones globally

2 Dual Usage of Drones – Defence and Civil

3 Drone Regulations

4 Market Opportunity in Drones

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Categories of Drone Globally

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Inspections Mapping Logistics UAM Surveillance
HAPS
HALE
MALE
Tactical
Small / Mini
Micro Middle Mile
Last Mile Logistics
Nano
0 2 km 15+ km 50+ km 200+ km 500+ km 1000+ km
Launch Pad
ideaForge capabilities Distance (Range) in km
200000 m
11000 m
5000 m
3000 m
1000 m
300 m
Altitude (Above Ground Level (AGL))
100 m
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~~e~~ Global Drone Market Segmentation – Application & Use Cas

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By Application By Use Case
Global Drone Market
Application
Defence Civil
Surveillance
Enterprise Logistics Consumer Passenger
Mapping
GIS, Construction &
Oil & Gas Utilities Recreational
Real Estate
Inspection
Counter Drone Agriculture Mining Videography
Delivery
Public Safety
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Source: 1Lattice Report

Use cases – Drones in Defence

Border Surveillance

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Reconnaissance
Sniping
Insertion
Swarming/ Electronic
Encirclement
Surveillance warfare Night-time Surveillance
Logistics
Barrier
Deterrence
Combat
Patrolling
Distraction
Extraction
Offensive Tactics Defensive Tactics
Outputs generated from ideaForge drones
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Use cases – Drones in Civil (1/2)

Logistics

Public Safety

• India : Delhi police used drones during assembly elections & riots in the city

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• India : Life-saving medicines :
assembly elections & riots in the city
/vaccines delivery in Telangana
• Global : Used to transport test • Global :
06 01
use it to help locate missing people/ suspects
samples and medical supplies in
etc.,
Ghana and Rwanda
Agriculture
Utilities
• India : Tata Power took up Drones • India : Kisan drones used for crop
O&M of power lines in Delhi 05 02 assessment, land records, insecticide
Select use cases of
and Telangana using drones spraying
drone adoption
for inspection of towers
GIS, Construction & Real
Estate
Mining and Oil & Gas 04 03 • India : : SVAMITVA program - Mapping
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• Global : Police dept. & public safety agencies use it to help locate missing people/ suspects etc.,

• India : : SVAMITVA program - Mapping villages, land survey mapping

• Global : Royal Dutch Shell uses drone in oil & gas and daily surveillance

• Global : All bridge inspection allowed to be completed in a Canadian city

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Source: 1Lattice Report

(2/2) Use cases – Drones in Civil (Sample output)

Mapping of Agricultural Land for Up-to-Date Land Records

Multi-Spectral Mapping for Precision Agriculture

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Railway Track Mapping
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Urban Planning & Property Tax Collection
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Outputs generated from ideaForge drones

Overview – Drone regulatory environment by Geography

• With recent liberalization of drone guidelines, market more accessible to drone start-ups and international investors

• Aim to attract global investment of Approx. US$ 600M in drone manufacturing industry and to create over 10,000 job opportunities over the next 3 years

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Drone permissions in India
Parameters
Australia China UK USA India
Ease of BVLOS operations ◕ ◕ ◕ ◐ ◐
drone flight areaRegulations for ◐ ● ● ◐ ◐
drone pilot licenseEase of obtaining ◕ ◕ ◐ ◔ ◐
Ease of drone
registration ◕ ◐ ◐ ◐ ◐
process
Ease of delivery via
drones ◕ ◔ ◕ ◐ ◔
Overall ◕ ◕ ◕ ◐ ◐
Low ○ ◔ ◐ ◕ ● High
Source: 1Lattice Report
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Regulatory Tailwinds in Indian Drone Market

BAN ON IMPORT

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• In February 2022, DGFT issued an order to ban the import of drone except used for R&D, defence and security

• Expanding market for China’s SZ DJI Technology Co (leading drone manufacturer) were esse ~~n~~ tially closed off

• Encouraged the development of local businesses to boost production

PRODUCTION-LINKED INCENTIVE (PLI) SCHEME

• Scheme launched in September 2021, aims to incentivize Indian drone and drone components manufacturing companies

• Total incentive of US$ 15M is spread over three financial years. MSME will be key beneficiary.

• Drone (Amendment) Rules 2022, eliminate the need for drone pilot license for drone operations up to 2 Kg for non-commercial purposes

• With the Drone Certification Scheme 2022, Government made it easier for drone manufacturing to obtain certificate

NATIONAL SECURITY CONCERNS

• Data confidentiality issues and Low reliability of Chinese drones, coupled with the global anti-China Sentiments, opportunity for the Indian drone industry to provide an alternative option in the market

• Favorable ecosystem created by the government's industry friendly policies, significant investments, and increasing demand for drones globally

FAVOURABLE EXPORT POLICY

• The Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, has simplified and liberalised the policy for the export of Drones/UAVs meant for civilian end uses from India

• Drones meeting specific criteria are now subject to a General Authorization for Export of Drones (GAED); with GAED authorization, drone manufacturers/exporters no longer need to apply for SCOMET licenses for each similar export shipment within the three-year validity period

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Source: 1Lattice Report

Click here - DGFT export policy

Large Addressable Global Drone Market Growing at 20%[1]

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Global drone market size $ Bn CAGR 11% Enterprise Segment CY22 size / CAGR
1 Defense GIS, Construction &
$ 4.2 Bn / 17%
$ Bn CAGR 17.1 23.0 Real estate
20% 10.1
CY22E CY27P CY30 P
CAGR
20%
CAGR 19% Public safety $ 1.1 Bn / 17%
91.3 2 Enterprise
51.4 7.1 20.8 28.0
21.1 Utilities $ 0.2 Bn / 22%
CY22E CY27P CY30 P
CY22E CY27P CY30P
CAGR 83%
3 Logistics Mining $ 0.2 Bn / 26%
Global drone market by segment 0.3 7.8 33.0
CY22E CY27P CY30 P
CY22 CY30
Oil & Gas $ 0.4 Bn / 20%
1% CAGR 8%
<1.0%
<1.0% 7%
4 Consumer
17%
25%
48% 3.6 5.5 6.6
36% Agriculture $ 0.6 Bn / 26%
33% 31% CY22E CY27P CY30 P
CAGR 36%
Defence Enterprise Logistics
5 Passenger Counter Drones $ 0.3 Bn / 11%
Consumer Passenger
0.7
CAGR from CY22-CY30 0.1
0.2
CY22E CY27P CY30 P
1. CY22 to CY30
Source: 1Lattice Report ideaForge’s presence
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Indian Drone Market set to grow by >18x over 5 year

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Indian drone market size key trends and growth drivers
USD Mn Key Trends and Growth Drivers
812 • Drone Regulation • Better quality of data
Market expected to grow
>18x over 5 years • Make in India • Micro-entrepreneurs using drone services
• Growing number of drone-based startups • Integration of AI
12 43 • Ban on Imports
FY21 FY22 FY27P
Indian drone industry market potential * (CY22)
Total
Defense (USD 1.28 Bn) Enterprise (USD 0.48 Bn) Others (USD 0.94 Bn) (USD 2.7 Bn)
Recent developments / RPFs issued Logistics (USD 0.76 Bn)
Anti-terror Precision agriculture Various government
• Army seeking to add 1,000 schemes/ guidelines: • Middle mile delivery
GIS, construction &
Border security surveillance drones over Himalayas real estate • SVAMITVA [1] – Mapping • Last mile delivery
• July ‘22, The Defence Ministry Traffic/Crowd and Surveying
Counter insurgency approved a budget of ~US$ 88M monitoring • Large scale land Consumer/ Passenger(USD 0.18 Bn)
to buy drones.
Mining survey records • Leisure
• RFP - 80 mini Remotely Piloted • Ariel Photography
Crime control
Aerial Systems Oil & gas •
Sports Broadcasting
•
• RFP - 750 RPAVs as of Oct 2022 Utilities Transport people
ideaForge’s presence • Medical Emergency
Source: 1Lattice Report
The overall potential for Indian drone market is estimated assuming drones would be extensively used across each of the use case ;
1. SVAMITVA – Survey of Villages and Mapping with Improvised Technology in Village Area; 2. SMAM – Sub-Mission on Agricultural Mechanization
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Advantage ideaForge
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www.ideaforgetech.com

Pioneer and market leader in the Indian UAS industry[1 2]

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Capabilities Key Differentiators
In-house Design Fully integrated Continuous innovation & First mover Indigenously developed > A decade’s experience
to Delivery systems technology improvement advantage & manufactured operationalizing UAVs
Market Leadership Dual-use Category
#1
Ranked in India [2]
Civil
#7
Ranked in Global [3]
Defence
50%
Market Share (FY22) [2]
Develop Better Cost Better User High Market Repeat New Products & Export
Products Competitiveness Experience Margins Leader [2] Customer Base Use Cases Potential
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1.* Source: 1Lattice Report 2. In India drone space in terms of revenue 3. In the dual-use category (civil and defence) drone manufacturers as per the report published by Drone Industry Insights in December 2022 (Source: 1Lattice Report)

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End-to-end Design to Delivery capabilities

• Product Design & Development

• • Design, develop and engineer UAVs in-house

• 116 employees in product development centre

• Introduce newer versions of the product

• 37 patent applications pending (17 Internationally & 20 in India)[1]

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• Manufacturing

• • All products manufactured in-house ; • ~21,000 sq.ft of licensed premise

• ISO 9001:2015 compliant

• Advanced equipment & modern technology

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Autonomy Leading to lower Total Cost of Ownership (TCO) for customers

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Software & embedded systems

BlueFire Touch (Ground Control System)

• Pre-plan and command both mapping & surveillance missions.

• Autopilot

• Enables remote control & autonomous completion of flights

• Preflight checks, return to home location and land on low battery, smart altitude management & GPS

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Solutions
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BlueFire Map Assist:

• Simple & intuitive geo-tagging with optimized data capture & processing

• BlueFire Live (SaaS offering):

• Encrypted Live streaming of drone video and payload control

Surveillance Pro & GIS Pro

• After sales service ideaForge care plan

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Strong customer relationships with repeat business

Long standing relationship with Government Departments, Defense forces and Indian companies

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Defence
265 Oman / USA
Customers [1] Existing presence Indian Defence Forces
Civil
Expanding to Disaster Central armed
Repeat Bangladesh / Vietnam management police forces Private
forces
/ Nepal contractors in
Orders
connection with
Forest State police smart cities
departments departments
Strong order book and high repeat business
Order book (Rs mn) Repeat Business
3,109 # Repeat
Customers 71
1,923
% of Revenue
1,364 from 94%
operations
from these
customers
Apr'20 to Mar '23
FY21 FY22 FY23
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1. As of May 2023

Key Management Team

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Ankit Mehta

CEO

• Promoter of the Company

• Associated with Company since incorporation

• Bachelor of technology (M.E.), Masters of Technology (IIT, Bombay)

Vipul Joshi Chief Financial Officer

• Handling the financial operations of the company

• Previously associated with Kebee Network, Arvin Meritor Commercial vehicle

• B.Com (Honours) and MBA (University of business and finance, Switzerland)

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Rahul Singh

VP-Engineering

• Promoter of the Company

• Associated with Company since incorporation

• Bachelor of technology (M.E.) (IIT, Bombay)

Vishal Saxena

VP-Sales and Business Development

• Previously associated with CISCO System and Indian Army

• Bachelor in science & in technology and PG in Management (Indian school of business)

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Ashish Bhat

VP-R&D

• Promoter of the Company

• Associated with the Company since incorporation

• Bachelor of technology (E.E.) (IIT, Bombay)

Sonam Gupta Company Secretary and Compliance Officer

• Responsible for ensuring managerial and secretarial compliance

• Previously associated with Oriental Rail and Bharat wire ropes

• Company Secretary

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27

Experienced Board of Directors

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Srikanth Velamakanni

Chairman & Independent Director Associated with Fractal Analytics as co-founder

Ankit Mehta

CEO and Whole time Director

Associated with Company since incorporation Bachelor of technology (M.E.), Masters of Technology (IIT, Bombay)

Rahul Singh

VP-Engineering and Whole time Director

Associated with Company since incorporation Bachelor of technology (M.E.) (IIT, Bombay)

Ashish Bhat

VP-R&D and Whole time Director

Associated with the Company since incorporation Bachelor of technology (E.E.) (IIT, Bombay)

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Mathew Cyriac

Non-Executive Nominee Director

Previously associated with Blackstone Advisors, DLJ Merchant Banking, Bank of America & Credit Suisse

Ganapathy Subramaniam

Non-Executive Nominee Director Associated with company since 2017 Previously associated with Texas Instrument and Founder of Cosmic Circuits

Sutapa Banerjee

Independent Director

Previously associated with Royal Bank of Scotland, ABN AMRO Bank & Ambit Capital Private Limited

Vikas Balia

Independent Director

Designated Senior Advocate in Rajasthan High Court & Associate Member of ICAI

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Way Forward
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www.ideaforgetech.com

Way Ahead – Strategies (1/2)

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Expand product portfolio and cater to new end use Expand business services & software revenue
applications & industries through ‘as a service’ offerings
Drone as a
Service
(FLYGHT Docks)
Tactical
SaaS
(BFL, FLYGHT)
Small / Mini
Micro Middle Mile
Last Mile Logistics
ideaForge
Nano
Care
0 2 km 15+ km 50+ km 200+ km
Launch Pad
Distance (Range) in km
Inspections Mapping Logistics Surveillance
5000 m 11000 m
3000 m
300 m 1000 m
Altitude (Above Ground Level (AGL))
100 m
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30

Other Strategies

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Expanding to
International
Market
Indigenization
(PLI Scheme)
USA
Oman
Acquisition
Opportunities
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Historical Financials
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www.ideaforgetech.com

Track record of delivering profitable growth (FY21-FY23)

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Revenue from Operations Revenue-Mix Gross Margins & Gross Margin (%)
Rs Mn FY23 Rs Mn
1,860 74%
1,594 9% 68%
1,182
47% 1,271
21%
69%
347
164
Defence Civil PLI
FY21 FY22 FY23 FY21 FY22 FY23
Adjusted EBITDA & EBITDA Margin [1] (%) PAT & PAT Margin (%) Return Metrics
Rs Mn Rs Mn Adj ROCE ROE
852 440
51% 814 320 77%
28%
46%
17%
39%
27%
-42% 13%
-34
-146
-12%
-23%
-10%
FY21 FY22 FY23 FY21 FY22 FY23
FY21 FY22 FY23
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1. Adjusted EBITDA is calculated as EBITDA + share-based payments to employees 2. Adjusted ROCE is calculated as Adjusted earnings before interest and tax divided by Adjusted Capital Employed (Adjusted earnings before interest and tax is calculated as restated profit / (loss) for the period / year plus total tax expense / (credit) plus finance costs plus share-based payments to employees.

33

Restated Statement of Assets and Liabilities

	Particulars (Rs. Mn)	Mar-21	Mar-22	Mar-23		Particulars (Rs. Mn)	Mar-21	Mar-22	Mar-23
	ASSETS					EQUITY AND LIABILITIES
	Non-current assets					Equity
	(a) Property, Plant and Equipment	9	22	82		Equity Share capital	1	1	213
	(b) Right of Use Assets	5	108	156		Instruments entirely equity in nature	0	0	1
	(c) Capital WIP	0	0	34		Other Equity	596	1,632	3,033
	(d) Intangible Assets	116	132	250		Total equity	597	1,633	3,247
	(e) Intangible Asset under development	142	191	215		Liabilities
	(f) Other Financial Assets	139	301	242		Non-current liabilities
	(g) Non - Current Tax Assets (Net)	11	11	52		(a) Financial Liabilities
	(h) Deferred Tax Assets (Net)	1	19	11		(i) Borrowings	378	0	0
	(i) Other Non-Current Assets	0	3	1		(ii) Lease liabilities	0	95	113
	Total non-current assets	423	787	1,042		(b) Provisions	19	24	25
						Total non-current liabilities	397	118	138
	Current assets
	(a) Inventories	234	489	1047		Current liabilities
	(b) Financial Assets					(a) Financial Liabilities
	(i) Investment	0	107	1,241		(i)Borrowings	128	57	865
	(ii) Trade receivables	238	203	578		(ii) Lease liabilities	5	12	28
	(iii) Cash and cash equivalents	53	304	45		(iii) Trade payables	47	75	140
	(iv) Bank Balance	89	47	20		(iv) Other financial liabilities	50	55	51
	(v) Loans	0	1	1		(b) Other current liabilities	6	209	281
	(vi) Other Financial Assets	75	47	393		(c) Provisions	7	55	63
	(c) Other current assets	126	239	512		(d) Current tax Liabilities (Net)	0	9	66
	Total current assets	814	1,436	3,837		Total current liabilities	243	472	1,494
	TOTAL ASSETS	1,237	2,223	4,879		TOTAL EQUITY AND LIABILITIES	1,237	2,223	4,879

34

Restated Statement of Profit and Loss

Particulars (Rs. Mn)	FY21	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY22	FY23	FY23
Revenue from operations	347	1,594																		1,860
Other Income	16	20																		104
Total Revenue	363	1,614																		1,964
Expenses:
a) Cost of materials consumed	221	514																			957
b) Changes in inventories of FG and WIP	(38)	(102)																			(369)
c) Employee benefits expenses	192	269																			509
d) Finance cost	17	177																			48
e) Depreciation / Amortization	36	73																			119
f) Other expenses	80	182																			291
Total Expenses	508	1,113																		1,556
Profit before tax	-145	502																		408
Tax expense	1	62																		88
Profit(Loss)for theperiod	-146	440																		320
Other Comprehensive Income	(1)	(0)																		(0)
Total Comprehensive Income for theyear	-147	440																		320
PAT%	-40%	27%																		17%
EBITDA	(93)	751																		575
EBITDA margin%	(27%)	47%																		31%
Return on Net Worth	(25%)	27%																		10%
Net Debt	458	(140)																		961
Net Debt to Equity	0.77	(0.09)																		0.30

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Restated Statement of Cash Flow (1/2)

Particulars (Rs. Mn)	Mar-21	Mar-22	Mar-23	Mar-23
(A)CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(Loss)before tax :	(145)	502	408
Adjustments for:
DepreciationandAmortisation Expense	36	73	119
Interest on MSME	0	1	1
Changes in fair value of financial assets at fair value throughprofit or loss	0	(3)	(21)
Allowance for bad and doubtful debts	(2)	6		4
Finance Costs	17	177		48
Foreign Exchange Fluctuation(Gain)/Loss	0	0		(4)
Interest on Fixed Deposit	(11)	(17)		(31)
Interest Others	0	0		(20)
Dividend	(1)	0		0
Fair value income on security deposit (lease)	(0)	(0)		(1)
Employee share-basedpayment expense	59	63	277
Netgain on sale of PPE	0	(0)	0
Gain on waiver of lease liability	(1)	0	0
Change inOperatingAssetsandLiabilities:
Adjustmentsfor(increase) / decreaseinoperating assets:
(Increase) /Decrease in Inventories	(126)	(255)	(558)
(Increase) /Decrease in Trade Receivables	(134)	29	(379)
(Increase)/Decrease in other financial assets	0	(9)	(185)
(Increase)/Decrease in other non -current/current assets	(79)	(116)	(271)
(Increase)/Decreasein Loan	(0)	(0)	(0)
Adjustments for increase/ (decrease)in operatingliabilities:
Increase/(Decrease)in Trade Payables	39	26	68
Increase/(Decrease)in Provisions	8	54	9
(Decrease)/Increase inOther Financial Liabilities	31	5	(4)
(Decrease)/IncreaseinOtherCurrent/Non-CurrentLiabilities	1	202	72
Cash Generated from Operations	-309	737	(468)
Less: Direct taxes(paid)/refunded	0	-71	(64)
Net cashgenerated from/(used in)from OperatingActivities	-308	665	532

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Restated Statement of Cash Flow (2/2)

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Particulars (Rs. Mn) Mar-21 Mar-22 Mar-23
(B) CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property, Plant and Equipment (90) (135) (331)
Investment in mutual funds (net) 119 (103) (1,093)
Investment in Equity instrument (10)
Proceed from sale of PPE - 0 -
Investments in fixed deposits (net) (113) (93) (86)
Dividends received 1 - -
Interest Received 14 23 30
Net cash (used in)/generated from investing activities (B) (68) (308) (1,489)
(C) CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issue of preference share including security premium - - 1025
Expenses incurred directly in connection with issue of CCPS - - (8)
Proceeds from issue of share warrants - 0 -
Proceeds from Issue of Equity Shares - -
Repayment of unsecured loan - - (57)
Repayment of short term secured bank loan (0) (78) (0)
Repayment of long term secured debentures - (150) -
Proceeds from long term secured bank loan - 240 -
Repayment of long term secured bank loan - (240) -
Repayment loan NBFC borrowings - (150) -
Proceed from CCD 298 125 --
Proceeds from issue of unsecured debentures 150 - -
Proceeds from long term NBFC borrowings - 150
Proceeds from short term secured bank loan 0 78 344
Proceeds from overdraft facility from bank - - 522
Proceeds from unsecured loan - 57 -
Repayment of overdraft facility of bank - (53) -
Interest paid (12) (73) (39)
Payment of Lease Liability (9) (12) (25)
Net cash generated from/ (used in) financing activities (C) 428 (106) 1,762
Net (decrease)/increase in cash and cash equivalents 52 252 (259)
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37

Delivering Value to Stakeholders-Magnificent listing!

Overwhelming subscription of over 106 times , One of the best IPO subscription in nearly two years, made a tremendous entry into the market with listing day gain of 93%

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July 2023

• § Listing done on BSE & NSE

• § IPO Price : Rs. 672 per share

• § Listing Price: Rs. 1,300 per share

• § Listing day gain of ~93%

• § Objects of the Issue: Proceeds of Rs. 240 crores to

• Repayment/prepayment of certain indebtedness availed by the Company

• o Funding working capital gap

• Investment in product development; and General corporate purposes

IPO Subscription Category Times Subscribed QIB 125.8x NII 80.6x RII 85.2x Employee 96.6x Total 106x

~ ideaForge Technology Listing done at Valuation of ₹ 2,800 Crs based on Upper price band on 07[th] July 2023

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38

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S c r i p t C o d e - B S E : 5 4 3 9 3 2 N S E : I D E A F O R G E Thank you

Company: ideaForge Technology Limited Name: Vipul Joshi- Chief Financial Officer Email: vipul@ideaforgetech.com CIN No. U31401MH2007PLC167669 www.ideaforgetech.com

Investor Relations: Orient Capital Name: Irfan Raeen/ Parth Patel Email: Irfan.Raeen@linkintime.co.in / Parth.patel@linkintime.co.in Tel : +91 97737 78669/ 98197 85972 www.orientcap.com

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