IDEAFORGE TECHNOLOGY LIMITED — Investor Presentation 2024

Feb 5, 2024

www.ideaforgetech.com

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February 05, 2024

	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 and nine months ended December 31, 2023.

Dear Sir/Ma’am,

This is further to our letter dated January 30, 2024, intimating about an Earnings Conference Call to be hosted by the Company on Tuesday, February 06, 2024 at 11.00 a.m. (IST) post announcement of Unaudited Financial Results (Standalone & Consolidated) for the quarter and nine months ended December 31, 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 and nine months ended December 31, 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 Date: 2024.02.05 20:19:04 GUPTA +05'30'

Sonam Gupta Company Secretary Membership No. A53881

Encl: as above

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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Investor Presentation

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ideaForge Strictly Private & Confidential

Disclaimer

This presentation has been prepared by and is the sole responsibility of ideaForge Technology Limited (the “Company”). By ~~a~~ ccessing 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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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

ideaForge – At a Glance

#5 1[[st]] Ranked no. 5 Organisation to globally in dual indigenously develop use case[[2]] VTOL UAVs

#1 50% #5 1[[st]] Pioneer & Market Leader Ranked no. 1 Market share Ranked no. 5 Organisation to in India (FY22)[1] (FY22) in India globally in dual indigenously develop use case[[2]] VTOL UAVs 420,000+ ~5 mins 60,000+ 66 Operational Metrics Flights completed by An ideaForge drone Flights launched Patent pending + our customers[3] take-off every five in FY24[5] granted[6] mins[4] Well Recognized in the Industry Great Place to Work Best Aviation Start-up SIDM Champion National Technology Certified in India (Jan of the Year Award at Award for Award under MSME 2024 – Jan 2025) Wings India 2024 'Technology and Category 2023 Product Innovation’ 1. Based on PLI Scheme data 2022 4. On an average for surveillance & mapping in FY24 2. As of 31 December 2023, based on a global report 5. As of 31 December 2023 3. As of 30 September 2023, for surveillance & mapping operations 6. As of 31 December 2023 – 32 granted & 34 pending www.ideaforgetech.com

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ideaForge Strictly Private & Confidential

Q3 FY24 Performance Highlights

Revenue from EBITDA Profit Before Tax Profit After Tax Operations (PBT) (PAT) INR 909.0 Mn INR 261.9 Mn INR 201.5 Mn INR 148.0 Mn 11.7 x (Y-o-Y) Margin 28.8% Margin 22.2% Margin 16.3%

Key Highlights

• Moved to 5[th] position (2023) in the global ranking from 7[th] (2022)[1]

• 7 new patents granted in Q3 FY24

• Delivered a large defence contract to the customer ahead of schedule

• Shipped SWITCH & NETRA V4 Pro to the US, initiated product demonstrations & training with customers & VARs*

• Received Great Place to Work Certification (Jan 2024 – Jan 2025)

• Started early billings for Drone as a Service (DaaS) business

• Building India’s First Drone Innovation Platform

• As of 31 December 2023, based on a global report; *VAR – Value Added Reseller

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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

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Q3 FY24 Key Performance Metrics
(INR Mn)
Revenue from Operations Gross Profit & Gross Margin % EBITDA & EBITDA %
18.4% 42.1% 53.7% -177.9% 29.7% 28.8%
909
489 262
70
237
100
78
14
-139
Q3FY23 Q2FY24 Q3FY24 Q3FY23 Q2FY24 Q3FY24 Q3FY23 Q2FY24 Q3FY24
PAT & PAT Margin % Q3 FY24 Revenue Mix Orderbook Position
-100.1% 3.8% 16.3%
2,533
148
7%
1,923
1,758
9
1,033
Civil
-78
93% Defence
Q3FY23 Q2FY24 Q3FY24 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23
www.ideaforgetech.com
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ideaForge Strictly Private & Confidential

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9M FY24 Key Performance Metrics
(INR Mn)
Gross Profit &
Revenue from Operations EBITDA & EBITDA % Revenue Mix
Gross Margin %
69.8% 53.3% 35.3% 30.8%
2,117 1,128 653
1,028
521
8%
1,473
92%
Civil Defence
9M FY23 9M FY24 9M FY23 9M FY24 9M FY23 9M FY24
www.ideaforgetech.com
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ideaForge Strictly Private & Confidential

Consolidated Profit & Loss Statement – Q3 & 9M FY24

Profit & Loss Statement (INR Mn)	Q3 FY24	Q3 FY23	Q2FY24	Q-o-Q	Q-o-Q	9M FY24	9M FY23	9M FY23	Y-o-Y	Y-o-Y
Revenue From Operations	909.0	78.0	237.3	283.0%		2117.0	1473.4		43.7%
Cost Of Materials Consumed	476.4	157.8	357.0			966.7	505.2
Changes In Inventories Of Finished Goods And Work In Progress	-56.0	-94.2	-219.6			22.5	-60.0
Gross Profit	488.6	14.4	100.0	388.7%		1127.7	1028.3		9.7%
Gross Profit %	53.7%	18.4%	42.1%			53.3%	69.8%
Employee Benefits Expense	97.7	116.0	83.6			335.7	354.1
Other Expenses	195.0	60.1	94.9			389.9	215.3
Other Income	66.1	23.0	149.1			250.5	61.9
EBITDA	261.9	-138.7	70.4	271.7%		652.7	520.8		25.3%
EBITDA %	28.8%	NM	29.7%			30.8%	35.3%
Depreciation And Amortisation Expense	56.7	31.9	50.2			153.5	85.5
EBIT	205.1	-170.6	20.2	913.9%		499.1	435.3		14.7%
Finance Costs	3.7	11.5	6.9			33.7	22.6
PBT	201.5	-182.1	13.3	1411.8%		465.5	412.8		12.8%
Total Tax Expense	53.5	-104.1	4.4			119.9	38.7
Profit For The Period	148.0	-78.0	8.9	1562.0%		345.5	374.1		-7.6%
PAT %	16.3%	NM	3.8%			16.3%	25.4%

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ideaForge Strictly Private & Confidential

www.ideaforgetech.com

*NM-Not Meaningful

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Business & Operational
Highlights
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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

Business Updates

Shipped SWITCH & NETRA V4 Received Great Place to Work Pro to the US; initiated Early billings of Drone as a Certification product demonstrations & Service (DaaS) business with (Jan 2024 – Jan 2025) training with customers & anchor customers VARs R&D team augmentation Successfully carried out high- through hiring from tier-1 Cumulative presence over altitude mapping in campuses and at leadership 100K sq. ft. across 4 locations Himalayas through Netra V4 positions Delivered a large defence Early explorations for asset contract well ahead of the use cases inspection schedule

www.ideaforgetech.com

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ideaForge Strictly Private & Confidential

Product Development Efforts

Existing Platforms & Solutions

New Platforms & Solutions Development started for the middle-mile logistics platform

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Prototyping underway for next-gen NETRA and
SWITCH platforms
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Building an app to
Prototyping started for
connect decision-
fog penetration radar
makers with pilots in
with GalaxEye
real time
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Innovative 4G/5G
Prototyping of
solution for drone
Tactical UAV platform
communication in the
in advance stages
works
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Building a marketplace with automated
workflows for various use cases
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GPS denied navigation technology in advanced stages of development along with several new AI capabilities in works

Product Development team augmentation across levels to cater to the current and future product roadmap; 72% increase in team size w.r.t. 30-Jun-23 (15% increase in Q3)

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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

Building India’s First Drone Innovation Platform

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Promoting a collaborative drone ecosystem with ideaForge drones

Drone as a Service

5 Increases availability and provides flexibility of consumption Marketplace for 3[rd] Party Software Solutions 4 Delivering customer outcomes 3[rd] Party Payloads Support 3 Increases versatility with a variety of payloads ideaForge Control Software 2 Ensures safety & autonomy ideaForge UAV Hardware Platforms 1 Deliver performance & reliability

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Developed capabilities Developing capabilities – collaborative technology – Delivered in-house partners & system integrators on ideaForge stack

www.ideaforgetech.com

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ideaForge Strictly Private & Confidential

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Annexures
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ideaForge Strictly Private & Confidential

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 & 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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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

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 the 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

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

www.ideaforgetech.com

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ideaForge Strictly Private & Confidential

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Track Record of Delivering Profitable Growth
(FY21-FY23)
Revenue from Operations Revenue-Mix Gross Margins & Gross Margin (%)
INR Mn 1,860 FY23 INR Mn
1,594 9%
74%
68%
21% 1,182
47% 1,271
347
Defence 164
69%
Civil
FY21 FY22 FY23
FY21 FY22 FY23 PLI
Adjusted EBITDA & EBITDA Margin [1] (%) PAT & PAT Margin (%) Return Metrics
INR Mn INR Mn
440 Adj ROCE ROE
852
51% 814 320 77%
28%
46% 17%
39%
-42% 27%
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.

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ideaForge Strictly Private & Confidential

Restated Statement of Profit and Loss

Particulars (INR Mn)	FY21		FY22			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

www.ideaforgetech.com

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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

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ideaForge Strictly Private & Confidential