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IDEAFORGE TECHNOLOGY LIMITED Investor Presentation 2025

May 8, 2025

61104_rns_2025-05-08_2246c352-4ff3-4aad-9be5-e392b7abdec2.pdf

Investor Presentation

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www.ideaforgetech.com

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May 08, 2025

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

Sub: Investor/Analyst Presenta�on for the quarter and year ended March 31, 2025.

Dear Sir/Ma’am,

This is further to our le�er dated April 29, 2025, in�ma�ng about an Earnings Conference Call to be hosted by the Company on Friday, May 09, 2025 at 11.00 a.m. (IST) post announcement of Audited Financial Results (Standalone & Consolidated) for the quarter and year ended March 31, 2025.

Pursuant to the Regula�on 30 of the SEBI (Lis�ng Obliga�ons and Disclosure Requirements) Regula�ons, 2015, we are enclosing herewith a copy of the presenta�on to Investor/Analysts on Audited Financial Results (Standalone & Consolidated) of the Company for quarter and year ended March 31, 2025.

The details of Investor/Analyst presenta�on are a�ached 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

NILESH RANJAN Digitally signed by NILESH RANJAN JAYWANT JAYWANT Date: 2025.05.08 21:32:53 +05'30'

Nilesh Ranjan Jaywant Company Secretary and Compliance Officer Membership No. A26554

Encl: as above

idea Forge Technology 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: [email protected] CIN No. L31401MH2007PLC167669

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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 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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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

ideaForge – At a Glance

1[st] 1[st] 1[st] #3 Pioneer & Market Leader To indigenously develop To make high-altitude SWITCH UAV obtained Globally in dual-use VTOL & Fixed-Wing VTOL drones in India ‘Fit for Indian Military drones category[1] Hybrid UAVs Use’ Certificate – first and only UAV in its class 650,000+ < 3 mins 200,000+ 87 Operational Metrics Total Customer Flights[2] An ideaForge drone Customer Flights in Patents (Granted + take-off every three FY25[2] Pending)[4] mins[3] Well Recognized in the Industry Top 10 Global ‘Industrial Company of ‘Best Aviation Start-up ‘Best Brand in Emerging Companies the Year’ by VCCircle | of the Year’ at Wings Technology’ by Select 200 Companies 2024 India | 2024 Economic Times | by Forbes India at 2024 DGEMS | 2024 As of 31 December 2024, based on a global report 3. On average in FY25 As of 31 March 2025 4. As of 31 March 2025 – 48 granted & 39 pending www.ideaforgetech.com

  • Well Recognized in the Industry Top 10 Global ‘Industrial Company of

  • Emerging Companies the Year’ by VCCircle |

  • Select 200 Companies 2024 by Forbes India at DGEMS | 2024

    1. As of 31 December 2024, based on a global report 3. On average in FY25 2. As of 31 March 2025 4. As of 31 March 2025 – 48 granted & 39 pending

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ideaForge Strictly Private & Confidential

Q4 & FY25 Performance Highlights

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CEO’s Review
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Ankit Mehta CEO & Whole-time Director

“FY25 saw a substantial slowdown for the broader drone industry in India, owing to the general elections in the first part and then the slow progress towards procurement initiatives, despite the latent demand. The industry started to regain momentum at the end of the year with the new emergency procurement cycle for CICT* operations going into tendering phase in Q4, along with trials of many other civil programs as well towards the end of the same quarter. And thus, while we did not see closure of opportunities to orderbook in Q4, we now see their healthy progression to our L1 pipeline.

Our efforts to diversify our revenue base got bolstered at the AeroIndia 2025, where we unveiled the concepts of two new categories of drones, namely, our ZOLT platform for Tactical and YETI for Logistics, unlocking new opportunities and partnerships, such as our partnership with Resonia Limited (Sterlite Group) for tower installation logistics. Our strategic investment in US-based Vantage Robotics has augmented platforms as small as nano drones (<250 g) to our portfolio.

The year also marked our transition from a drone manufacturer to a drone solution provider delivering not just best-in-class drones to our customers, but also actionable intelligence through our developments, such as FLYGHT CLOUD for cloud data analytics and FLYGHT DOCKS for consuming Drone-as-a-Service (DaaS).

With the launch of NETRA 5 and SWITCH V2, we have demonstrated our ability to build capabilities that can future-proof our forces with unmatched resilience, performance, modularity, and AI.

With the augmentation of new categories and greater focus on the global markets, we are seeing increasing momentum towards international opportunities and partnerships. We intend to substantially increase the market opportunity for Indian drones globally and firmly establish them as a default part of the security, safety, and governance infrastructure of any country, city, or enterprise.”

Revenue from Operations

Financial Summary

INR 203.1 Mn

INR 1023.0 Mn (Q4 FY24)

Gross Profit

  • Revenue from operations of INR 1,612.2 Mn for FY25 as compared to INR 3,140 Mn for FY24. The change of 48.6% YoY is due to a shift in order timelines and delayed government spending in FY25.

INR 72.9 Mn

INR 439.7 Mn (Q4 FY24)

  • Gross margin % is at 33.0% in FY25, as compared to 49.9% in FY24. The margin variation on QOQ and YOY are dependent on the mix of products delivered.

Profit After Tax

INR -257.0 Mn

INR 103.3 Mn (Q4 FY24)

*CICT: Counter Insurgency Counter Terrorism

  • EBITDA margin % is at -19.6% in FY25, as compared to 27.4% for FY24, and PAT margin % is at -38.6% in FY25, as compared to 14.4% for FY24, owing to revenue impact, while our expenses have remained relatively flat.

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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

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FY25 Key Performance Metrics
All values in INR Mn
Revenue from Operations Gross Profit & Gross Profit % EBITDA & EBITDA % FY25 Revenue Mix
49.9% 33.0% 27.4% -19.6%
3,140 859
1,567
Civil
41%
1,612
532
Defence
59%
(315)
FY24 FY25 FY24 FY25 FY24 FY25
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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

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Q4 FY25 Key Performance Metrics
All values in INR Mn
Revenue from Operations Gross Profit & Gross Profit % EBITDA & EBITDA %
43.0% 46.0% 35.9% 19.8% -71.4% -85.7%
1,023
440 202
176 203 81 73
(126)
(174)
Q4 FY24 Q3 FY25 Q4 FY25 Q4 FY24 Q3 FY25 Q4 FY25 Q4 FY24 Q3 FY25 Q4 FY25
PAT & PAT % Q4 FY25 Revenue Mix Order Book Position
10.1% -136.4% -126.5%
542
Defence
103
4%
215 207
136
Civil
(240) 96%
(257)
Q4 FY24 Q3 FY25 Q4 FY25 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25
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www.ideaforgetech.com

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ideaForge Strictly Private & Confidential

Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Q4 & FY25 Consolidated Profit & Loss Statement
All values in INR Mn
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%
Profit & Loss Statement
Q4 FY25
Q4 FY24
Q3 FY25
FY25
FY24
Revenue From Operations
203.1
1023.0
176.1
1612.2
3140.0
Cost Of Materials Consumed
180.1
499.7
111.1
981.9
1466.4
Changes In Inventories Of Finished Goods And Work In Progress
-49.9
83.6
-16.0
98.5
106.1
Gross Profit
72.9
439.7
81.0
531.8
1567.4
Gross Profit %
35.9%
43.0%
46.0%
33.0%
49.9%
Employee Benefits Expense
135.2
190.3
128.0
516.6
525.2
Other Expenses
156.1
100.5
127.7
542.0
487.3
Other Income
44.3
53.6
48.9
211.6
304.1
EBITDA
-174.1
202.5
-125.8
-315.2
858.9
EBITDA %
-85.7%
19.8%
-71.4%
-19.6%
27.4%
Depreciation And Amortisation Expense
80.3
58.2
74.7
293.3
211.7
EBIT
-254.4
144.3
-200.5
-608.5
647.2
Finance Costs
2.5
2.9
2.3
15.3
36.5
PBT
-256.9
141.4
-202.8
-623.8
610.7
Total Tax Expense
0.1
38.1
37.4
-1.1
158.0
Profit For The Period
-257.0
103.3
-240.2
-622.7
452.7
PAT %
-126.5%
10.1%
-136.4%
-38.6%
14.4%

www.ideaforgetech.com

ideaForge Strictly Private & Confidential

FY25 Consolidated Balance She
All values in INR Mn
FY25 Consolidated Balance She
All values in INR Mn
et Mar-25
Mar-24
Mar-25
Mar-24
Mar-25
Mar-24
Mar-25
Mar-24
Mar-25
Mar-24
Particulars
Mar-25
Mar-24
Particulars Mar-25
Mar-24
ASSETS EQUITY AND LIABILITIES
Non-Current Assets Equity
(a)Property, Plant And Equipment
276
120
EquityShare Capital 431
429
(b)Right Of Use Assets
172
162
Instruments EntirelyEquityIn Nature
-
-
(c)Capital WIP
43
69
Other Equity
5,656
6,177
(d)Intangible Assets
521
389
Total Equity
6,087
6,606
(e) Intangible Asset Under Development
956
473
Liabilities
(f)Other Financial Assets
455
81
Non-Current Liabilities
(g)Non - Current Tax Assets(Net)
26
10
(a)Financial Liabilities
(h)Deferred Tax Assets(Net)
97
94
(i)Borrowings
-
-
(i)Other Non-Current Assets
14
3
(ii)Lease Liabilities
101
105
Total Non-Current Assets
2,560
1,401
(b)Provisions
48
29
Current Assets Total Non-Current Liabilities
149
135
(a)Inventories
942
983
Current Liabilities
(b)Financial Assets (a)Financial Liabilities
(i)Investment
928
853
(i)Borrowings
-
-
(ii)Trade Receivables
560
444
(ii)Lease Liabilities
64
40
(iii)Cash And Cash Equivalents
159
1,683
(iii)Trade Payables
87
160
(iv)Bank Balance
809
1,054
(iv)Other Financial Liabilities
135
176
(v)Loans
0
0
(b)Other Current Liabilities
35
169
(vi)Other Financial Assets
128
323
(c)Provisions
107
80
(c)Other Current Assets
632
684
(d)Current Tax Liabilities(Net)
54
60
Total Current Assets
4,158
6,024
Total Current Liabilities
482
685
TOTAL ASSETS
6,718
7,425
TOTAL EQUITY AND LIABILITIES
6,718
7,425

*amount less than INR 0.5 Mn

www.ideaforgetech.com

ideaForge Strictly Private & Confidential

FY25 Consolidated Cash Flow Statement
All values in INR Mn
www.ideaforgetech.com
Mar-25
Mar-24
-624
611
150
108
-474
718
-272
246
-746
965
-22
-204
-768
760
-680
-1,017
-76
1,895
-1,524
1,638
1,683
45
159
1,683
www.ideaforgetech.com
Mar-25
Mar-24
-624
611
150
108
-474
718
-272
246
-746
965
-22
-204
-768
760
-680
-1,017
-76
1,895
-1,524
1,638
1,683
45
159
1,683
www.ideaforgetech.com
Mar-25
Mar-24
-624
611
150
108
-474
718
-272
246
-746
965
-22
-204
-768
760
-680
-1,017
-76
1,895
-1,524
1,638
1,683
45
159
1,683
Particulars Mar-25
Mar-24
Cash Flows From Operating Activities
Profit/(Loss) Before Tax -624 611
Adjustment For Non-Operating Items 150 108
Operating Profit Before Working Capital Changes -474 718
Changes In Working Capital -272 246
Cash Generated From Operations: -746
965
Less: Direct Taxes Paid -22
-204
Net Cash From Operating Activities -768
760
Cash Flow Used In Investing Activities -680
-1,017
Cash Flow Generated In Financing Activities -76
1,895
Net (Decrease)/ Increase In Cash And Cash Equivalents -1,524
1,638
Add: Cash And Cash Equivalents At The Beginning Of The Period 1,683
45
Cash And Cash Equivalents At The End Of The Period 159
1,683

ideaForge Strictly Private & Confidential

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Business & Operational
Highlights Q4 FY25
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www.ideaforgetech.com

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ideaForge Strictly Private & Confidential

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Q4 FY25 Business Updates
Launched new products - Joined forces with Resonia
NETRA 5 and Switch V2 , (Sterlite Group) to
and concept reveal of Obtained RPTO transform energy Sector
Tactical – ZOLT and certification from DGCA to with drones and robotics
Logistics – YETI drones enable pilot training technology
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Collaborated with Survey of India (SOI) to organize Hosted defense AAYAM 2025 , an event for delegations from 28+ evolution of geospatial countries and 250+ leads mapping at the AeroIndia 2025

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Strategic investment in California-based Vantage Robotics, Inc for collaboration in technology and manufacturing

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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

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NETRA 5 & Switch V2 - Launched at AeroIndia 2025 - Ready for customer demonstrations FLYGHT (DaaS & SaaS)

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  • Enterprise surveillance deployment for DaaS

  • Surveillance video syncing

  • & analytics on FLYGHT Cloud Technology & Product

  • Development

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Ship-Based Landing

Testing in seas to begin

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3[rd] Party Payloads

  • 61 MP mapping payload

    • Radiometric thermal payload
  • Fog penetration payload (SAR):

  • Flight test ongoing (with GalaxEye)

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Resilient Navigation & Communication

  • Day & Night GNSS-denied return to home (RTH) – all platforms

    • Frequency hopping
    • Auto channel selection

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YETI (Logistics UAV)

  • First Technology Demonstrator development ongoing

ZOLT (Tactical UAV)

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  • POC trial completed

    • Prototype Readiness Review with armed forces to begin
  • AI Initiatives - AI-based image enhancement

    • LLM-based search of user data in FLYGHT Cloud
    • Real-time 3D model generation using video payload

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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

Key Management Team

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Ankit Mehta Chief Executive Officer

  • Promoter of the Company

  • Associated with the Company since incorporation

  • Bachelor of Technology (M.E.) and Master of Technology (IIT Bombay)

Vishal Saxena

VP – Sales & Business Development

  • Previously associated with the CISCO System and the Indian Army

  • Bachelor in Science & Technology and PG in Management (Indian School of Business)

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Rahul Singh VP - Engineering

  • Promoter of the Company

  • Associated with the Company since incorporation

  • Bachelor of Technology (M.E.) (IIT Bombay)

Nilesh Jaywant

  • Company Secretary and Compliance Officer

  • Responsible for legal, secretarial and compliances

  • Previously associated with Huhtamaki India Limited

  • Bachelor in Law and Qualified Company Secretary

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Ashish Bhat Vipul Joshi VP – R&D Chief Financial Officer

  • Handling the financial operations of the Company

  • Promoter of the Company

  • Associated with the Company since incorporation • Previously associated with

  • • Bachelor of Technology (E.E.) (IIT Kebee Network, Arvin Meritor Commercial Vehicle

  • Bachelor of Technology (E.E.) (IIT Bombay)

  • B.Com (Honours) and MBA (University of Business and Finance, Switzerland)

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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

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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

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About ideaForge
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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

18+ Years of Building along with Customers

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• 1 [[st]]
2009-11 2014-17
• Demonstrated NETRA
first quadcopter drone at DefExpo
• Early prototype of VTOL UAV
popular Bollywood Movie
• Developed one of the world’s
lightest autopilots

• Sale of first drone to state police dept
• Developed NETRA UAV with a GOI [[1]]
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2023-25
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  • Received US$ 5.1 mn capital contract from GOI

  • Founders built the first quadrotor drone (in India) to enter a college fest*

Developed first hybrid VTOL with fixed wings in India (SWITCH UAV)*

  • Incorporation of the company

  • 1[[st]] round of institutional placement by Celesta Capital, Qualcomm Asia & Infosys

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2019-20


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2004-08
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  • Demonstrated NETRA , exhibiting launch of India’s first quadcopter drone at DefExpo*

  • First company to participate in demonstration of 5G enabled UAVs at Indian Mobile Congress*

  • Early prototype of VTOL UAV featured in a popular Bollywood Movie

    • Bagged a contract of ~ US$18 mn for SWITCH 1.0 UAVs
  • Developed one of the world’s smallest and lightest autopilots*

  • Sale of first drone to state police dept .

  • Developed NETRA UAV with a GOI[[1]] entity

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

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

  • Launched NETRA 5 and SWITCH V2 | 2025

  • Unveiled next-gen drone platforms: YETI and ZOLT | 2025

  • SWITCH UAV certified “ Fit for Indian Military Use ” by DGQA | 2025

  • Launched DaaS and SaaS services

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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

Designed, built and tested in India to be operated anywhere in the world

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-22°F (-30 °C)
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Siachen Glacier 19,685 ft+ (6,000 m+) AMSL More than 650,000 Missions Completed 131°F (55 °C) Every 3 minutes an ideaForge UAV takes-off

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Sir Creek &
Sundarbans Marshes Go anywhere
and Sea capability
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Indigenous drones that offer best-in-class performance

No com ~~p~~ romise on performance

Adapted to India’s diverse terrain and climate

Fully qualified UAVs to ensure survival in

  • Extreme temperatures

  • • High humidity

  • Marine environment Constant rains

  • Dusty weather

Difficult to detect

  • Low noise signature

  • Low Radar Cross-Section

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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

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ideaForge’s Forte
Inspections Mapping Logistics UAM Surveillance
HAPS
HALE
MALE
Tactical
Small / Mini
Micro Middle Mile
Last Mile Logistics
Nano
0 1.24 mi+ 9.32+ mi 31+ mi 124.27+ mi 310.7+ mi 621.37+ mi
Launch Pad (2 km) (15+ km) 50+ km 200+ km 500+ km 1,000+ km
Distance (Range) www.ideaforgetech.com
Scale in illustration is representation purpose only ideaForge current capabilities
ideaForge Strictly Private & Confidential
656,168 ft
200,000 m
36,089 ft 11,000 m
16,404 ft 5,000 m
9,843 ft 3,000 m
3,281 ft 1,000 m
Altitude (Above Ground Level (AGL))
984 ft 300 m
328 ft 100 m
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Strong Product Portfolio
Q4i
Q6 V2
NETRA 5
NETRA V4 PRO
SWITCH
SWITCH V2
Product
Features
Small category DGCA
TC VTOL & most
economical with
military grade
standards
Small category DGCS
TC UAV. Quadcopter
design enables large
scale mapping
ideaForge newest UAV
combines smart
autonomy, modularity,
and smooth third-party
payload integration
Rugged & versatile
quadcopter built for
delivering success in a
wide range of critical
missions
VTOL fixed-wing UAV
for security and
surveillance. DGQA-
certified for military use
Upgraded fixed wing
VTOL with 25% overall
improvement for long-
range surveillance and
military mapping.
End Use
Security & Surveillance,
traffic & crowd
management and
disaster relief
Large scale mapping
projects
Security & Surveillance,
traffic & crowd
management,disaster
relief and mapping
Border security, public
safety, coastal patrol,
anti-smuggling, search
& rescue, mapping
Upgraded endurance
drone for long-range
surveillance and
military mapping
Long range, high
altitude, high
endurance last mile
surveillance & security
Range
Up to 4 kms
Up to 10 kms
Up to 10 kms
Up to 15 kms
Up to 15 kms
Up to 20 kms
Flight Time
>= 40mins at MSL
>= 60 mins at MSL
>= 75 mins at MSL
90 mins at MSL
>= 120 mins at MSL
>= 150 mins at MSL
Payload
HD daylight payload
with 10x optical zoom/
thermal
HD daylight payload
with 27x optical zoom/
thermal/Photogramme
try payload
Primary: Dual
Integrated EO & IR
Secondary: LiDAR,
Multispectral,, SAR,
Mapping, Drop Payload
HD daylight payload
with 27x optical zoom/
thermal/mapping
payload
Daylight surveillance
payload with 25x
optical zoom/ thermal
Daylight surveillance
payload with 30x
optical zoom/ thermal
payload & Mapping
Payload
Dual Use
Defence
Civil
Strong Product Portfolio
Q4i
Q6 V2
NETRA 5
NETRA V4 PRO
SWITCH
SWITCH V2
Product
Features
Small category DGCA
TC VTOL & most
economical with
military grade
standards
Small category DGCS
TC UAV. Quadcopter
design enables large
scale mapping
ideaForge newest UAV
combines smart
autonomy, modularity,
and smooth third-party
payload integration
Rugged & versatile
quadcopter built for
delivering success in a
wide range of critical
missions
VTOL fixed-wing UAV
for security and
surveillance. DGQA-
certified for military use
Upgraded fixed wing
VTOL with 25% overall
improvement for long-
range surveillance and
military mapping.
End Use
Security & Surveillance,
traffic & crowd
management and
disaster relief
Large scale mapping
projects
Security & Surveillance,
traffic & crowd
management,disaster
relief and mapping
Border security, public
safety, coastal patrol,
anti-smuggling, search
& rescue, mapping
Upgraded endurance
drone for long-range
surveillance and
military mapping
Long range, high
altitude, high
endurance last mile
surveillance & security
Range
Up to 4 kms
Up to 10 kms
Up to 10 kms
Up to 15 kms
Up to 15 kms
Up to 20 kms
Flight Time
>= 40mins at MSL
>= 60 mins at MSL
>= 75 mins at MSL
90 mins at MSL
>= 120 mins at MSL
>= 150 mins at MSL
Payload
HD daylight payload
with 10x optical zoom/
thermal
HD daylight payload
with 27x optical zoom/
thermal/Photogramme
try payload
Primary: Dual
Integrated EO & IR
Secondary: LiDAR,
Multispectral,, SAR,
Mapping, Drop Payload
HD daylight payload
with 27x optical zoom/
thermal/mapping
payload
Daylight surveillance
payload with 25x
optical zoom/ thermal
Daylight surveillance
payload with 30x
optical zoom/ thermal
payload & Mapping
Payload
Dual Use
Defence
Civil
Strong Product Portfolio
Q4i
Q6 V2
NETRA 5
NETRA V4 PRO
SWITCH
SWITCH V2
Product
Features
Small category DGCA
TC VTOL & most
economical with
military grade
standards
Small category DGCS
TC UAV. Quadcopter
design enables large
scale mapping
ideaForge newest UAV
combines smart
autonomy, modularity,
and smooth third-party
payload integration
Rugged & versatile
quadcopter built for
delivering success in a
wide range of critical
missions
VTOL fixed-wing UAV
for security and
surveillance. DGQA-
certified for military use
Upgraded fixed wing
VTOL with 25% overall
improvement for long-
range surveillance and
military mapping.
End Use
Security & Surveillance,
traffic & crowd
management and
disaster relief
Large scale mapping
projects
Security & Surveillance,
traffic & crowd
management,disaster
relief and mapping
Border security, public
safety, coastal patrol,
anti-smuggling, search
& rescue, mapping
Upgraded endurance
drone for long-range
surveillance and
military mapping
Long range, high
altitude, high
endurance last mile
surveillance & security
Range
Up to 4 kms
Up to 10 kms
Up to 10 kms
Up to 15 kms
Up to 15 kms
Up to 20 kms
Flight Time
>= 40mins at MSL
>= 60 mins at MSL
>= 75 mins at MSL
90 mins at MSL
>= 120 mins at MSL
>= 150 mins at MSL
Payload
HD daylight payload
with 10x optical zoom/
thermal
HD daylight payload
with 27x optical zoom/
thermal/Photogramme
try payload
Primary: Dual
Integrated EO & IR
Secondary: LiDAR,
Multispectral,, SAR,
Mapping, Drop Payload
HD daylight payload
with 27x optical zoom/
thermal/mapping
payload
Daylight surveillance
payload with 25x
optical zoom/ thermal
Daylight surveillance
payload with 30x
optical zoom/ thermal
payload & Mapping
Payload
Dual Use
Defence
Civil
Strong Product Portfolio
Q4i
Q6 V2
NETRA 5
NETRA V4 PRO
SWITCH
SWITCH V2
Product
Features
Small category DGCA
TC VTOL & most
economical with
military grade
standards
Small category DGCS
TC UAV. Quadcopter
design enables large
scale mapping
ideaForge newest UAV
combines smart
autonomy, modularity,
and smooth third-party
payload integration
Rugged & versatile
quadcopter built for
delivering success in a
wide range of critical
missions
VTOL fixed-wing UAV
for security and
surveillance. DGQA-
certified for military use
Upgraded fixed wing
VTOL with 25% overall
improvement for long-
range surveillance and
military mapping.
End Use
Security & Surveillance,
traffic & crowd
management and
disaster relief
Large scale mapping
projects
Security & Surveillance,
traffic & crowd
management,disaster
relief and mapping
Border security, public
safety, coastal patrol,
anti-smuggling, search
& rescue, mapping
Upgraded endurance
drone for long-range
surveillance and
military mapping
Long range, high
altitude, high
endurance last mile
surveillance & security
Range
Up to 4 kms
Up to 10 kms
Up to 10 kms
Up to 15 kms
Up to 15 kms
Up to 20 kms
Flight Time
>= 40mins at MSL
>= 60 mins at MSL
>= 75 mins at MSL
90 mins at MSL
>= 120 mins at MSL
>= 150 mins at MSL
Payload
HD daylight payload
with 10x optical zoom/
thermal
HD daylight payload
with 27x optical zoom/
thermal/Photogramme
try payload
Primary: Dual
Integrated EO & IR
Secondary: LiDAR,
Multispectral,, SAR,
Mapping, Drop Payload
HD daylight payload
with 27x optical zoom/
thermal/mapping
payload
Daylight surveillance
payload with 25x
optical zoom/ thermal
Daylight surveillance
payload with 30x
optical zoom/ thermal
payload & Mapping
Payload
Dual Use
Defence
Civil
Strong Product Portfolio
Q4i
Q6 V2
NETRA 5
NETRA V4 PRO
SWITCH
SWITCH V2
Product
Features
Small category DGCA
TC VTOL & most
economical with
military grade
standards
Small category DGCS
TC UAV. Quadcopter
design enables large
scale mapping
ideaForge newest UAV
combines smart
autonomy, modularity,
and smooth third-party
payload integration
Rugged & versatile
quadcopter built for
delivering success in a
wide range of critical
missions
VTOL fixed-wing UAV
for security and
surveillance. DGQA-
certified for military use
Upgraded fixed wing
VTOL with 25% overall
improvement for long-
range surveillance and
military mapping.
End Use
Security & Surveillance,
traffic & crowd
management and
disaster relief
Large scale mapping
projects
Security & Surveillance,
traffic & crowd
management,disaster
relief and mapping
Border security, public
safety, coastal patrol,
anti-smuggling, search
& rescue, mapping
Upgraded endurance
drone for long-range
surveillance and
military mapping
Long range, high
altitude, high
endurance last mile
surveillance & security
Range
Up to 4 kms
Up to 10 kms
Up to 10 kms
Up to 15 kms
Up to 15 kms
Up to 20 kms
Flight Time
>= 40mins at MSL
>= 60 mins at MSL
>= 75 mins at MSL
90 mins at MSL
>= 120 mins at MSL
>= 150 mins at MSL
Payload
HD daylight payload
with 10x optical zoom/
thermal
HD daylight payload
with 27x optical zoom/
thermal/Photogramme
try payload
Primary: Dual
Integrated EO & IR
Secondary: LiDAR,
Multispectral,, SAR,
Mapping, Drop Payload
HD daylight payload
with 27x optical zoom/
thermal/mapping
payload
Daylight surveillance
payload with 25x
optical zoom/ thermal
Daylight surveillance
payload with 30x
optical zoom/ thermal
payload & Mapping
Payload
Dual Use
Defence
Civil
Strong Product Portfolio
Q4i
Q6 V2
NETRA 5
NETRA V4 PRO
SWITCH
SWITCH V2
Product
Features
Small category DGCA
TC VTOL & most
economical with
military grade
standards
Small category DGCS
TC UAV. Quadcopter
design enables large
scale mapping
ideaForge newest UAV
combines smart
autonomy, modularity,
and smooth third-party
payload integration
Rugged & versatile
quadcopter built for
delivering success in a
wide range of critical
missions
VTOL fixed-wing UAV
for security and
surveillance. DGQA-
certified for military use
Upgraded fixed wing
VTOL with 25% overall
improvement for long-
range surveillance and
military mapping.
End Use
Security & Surveillance,
traffic & crowd
management and
disaster relief
Large scale mapping
projects
Security & Surveillance,
traffic & crowd
management,disaster
relief and mapping
Border security, public
safety, coastal patrol,
anti-smuggling, search
& rescue, mapping
Upgraded endurance
drone for long-range
surveillance and
military mapping
Long range, high
altitude, high
endurance last mile
surveillance & security
Range
Up to 4 kms
Up to 10 kms
Up to 10 kms
Up to 15 kms
Up to 15 kms
Up to 20 kms
Flight Time
>= 40mins at MSL
>= 60 mins at MSL
>= 75 mins at MSL
90 mins at MSL
>= 120 mins at MSL
>= 150 mins at MSL
Payload
HD daylight payload
with 10x optical zoom/
thermal
HD daylight payload
with 27x optical zoom/
thermal/Photogramme
try payload
Primary: Dual
Integrated EO & IR
Secondary: LiDAR,
Multispectral,, SAR,
Mapping, Drop Payload
HD daylight payload
with 27x optical zoom/
thermal/mapping
payload
Daylight surveillance
payload with 25x
optical zoom/ thermal
Daylight surveillance
payload with 30x
optical zoom/ thermal
payload & Mapping
Payload
Dual Use
Defence
Civil
Strong Product Portfolio
Q4i
Q6 V2
NETRA 5
NETRA V4 PRO
SWITCH
SWITCH V2
Product
Features
Small category DGCA
TC VTOL & most
economical with
military grade
standards
Small category DGCS
TC UAV. Quadcopter
design enables large
scale mapping
ideaForge newest UAV
combines smart
autonomy, modularity,
and smooth third-party
payload integration
Rugged & versatile
quadcopter built for
delivering success in a
wide range of critical
missions
VTOL fixed-wing UAV
for security and
surveillance. DGQA-
certified for military use
Upgraded fixed wing
VTOL with 25% overall
improvement for long-
range surveillance and
military mapping.
End Use
Security & Surveillance,
traffic & crowd
management and
disaster relief
Large scale mapping
projects
Security & Surveillance,
traffic & crowd
management,disaster
relief and mapping
Border security, public
safety, coastal patrol,
anti-smuggling, search
& rescue, mapping
Upgraded endurance
drone for long-range
surveillance and
military mapping
Long range, high
altitude, high
endurance last mile
surveillance & security
Range
Up to 4 kms
Up to 10 kms
Up to 10 kms
Up to 15 kms
Up to 15 kms
Up to 20 kms
Flight Time
>= 40mins at MSL
>= 60 mins at MSL
>= 75 mins at MSL
90 mins at MSL
>= 120 mins at MSL
>= 150 mins at MSL
Payload
HD daylight payload
with 10x optical zoom/
thermal
HD daylight payload
with 27x optical zoom/
thermal/Photogramme
try payload
Primary: Dual
Integrated EO & IR
Secondary: LiDAR,
Multispectral,, SAR,
Mapping, Drop Payload
HD daylight payload
with 27x optical zoom/
thermal/mapping
payload
Daylight surveillance
payload with 25x
optical zoom/ thermal
Daylight surveillance
payload with 30x
optical zoom/ thermal
payload & Mapping
Payload
Dual Use
Defence
Civil
Defence Defence
Q4i Q6 V2 NETRA 5 NETRA V4 PRO SWITCH V2
SWITCH
Product
Features Small category DGCA
TC VTOL & most
economical with
military grade
standards
Small category DGCS
TC UAV. Quadcopter
design enables large
scale mapping
ideaForge newest UAV
combines smart
autonomy, modularity,
and smooth third-party
payload integration
Rugged & versatile
quadcopter built for
delivering success in a
wide range of critical
missions
VTOL fixed-wing UAV
for security and
surveillance. DGQA-
certified for military use
Upgraded fixed wing
VTOL with 25% overall
improvement for long-
range surveillance and
military mapping.
End Use Security & Surveillance,
traffic & crowd
management and
disaster relief
Large scale mapping
projects
Security & Surveillance,
traffic & crowd
management,disaster
relief and mapping
Border security, public
safety, coastal patrol,
anti-smuggling, search
& rescue, mapping
Upgraded endurance
drone for long-range
surveillance and
military mapping
Long range, high
altitude, high
endurance last mile
surveillance & security
Range Up to 4 kms Up to 10 kms Up to 10 kms Up to 15 kms Up to 15 kms Up to 20 kms
Flight Time >= 40mins at MSL >= 60 mins at MSL >= 75 mins at MSL 90 mins at MSL >= 120 mins at MSL >= 150 mins at MSL
Payload HD daylight payload
with 10x optical zoom/
thermal
HD daylight payload
with 27x optical zoom/
thermal/Photogramme
try payload
Primary: Dual
Integrated EO & IR
Secondary: LiDAR,
Multispectral,, SAR,
Mapping, Drop Payload
HD daylight payload
with 27x optical zoom/
thermal/mapping
payload
Daylight surveillance
payload with 25x
optical zoom/ thermal
Daylight surveillance
payload with 30x
optical zoom/ thermal
payload & Mapping
Payload

www.ideaforgetech.com

ideaForge Strictly Private & Confidential

~~d~~ s Enabling Customer Missions By Diverse Range Of Payloa

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ideaForge Payloads
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Dual Payload Daylight
(EO/IR) Payload
Thermal Mapping
Payload Payload
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Payloads Enabled by ideaForge Partners
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Synthetic Aperture MARSS Hesai XT-32 MARSS Livox Avia Hyperspectral
Radar (SAR) (LiDAR) (LiDAR) Payload
Altum-PT
Megaphone Drop Payload (medicine,
3D Oblique Payload (MicaSense)
food, essentials, etc.)
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www.ideaforgetech.com

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Images are for representation purposes only

ideaForge Strictly Private & Confidential

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ISR in Combat

Urban Law Enforcement Enhances visibility in complex urban spaces

Real-time intel support for tactical missions

Infrastructure Security Monitor and secure critical infrastructure points

ZOLT

Disaster Response Rapid aerial aid in crisis hit zones

Border Security Persistent surveillance across border zones

Next Generation Tactical UAV

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ideaForge Strictly Private & Confidential

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YETI Game Changer Logistics UAV Platform

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www.ideaforgetech.com

Images are for representation purposes only

ideaForge Strictly Private & Confidential

ideaForge Drones Driving Customer Outcomes

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Day Surveillance

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Night Surveillance

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Target Tracking

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Asset Protection

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Crowd Management

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Railway Track Mapping

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IED Detection

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Situational Awareness

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Emergency Response Automated Challans

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Disaster Response

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Tower Inspection

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Change Monitoring Inspection & Maintenance Parking Management

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ideaForge Strictly Private & Confidential

87 Global Patents

Driving Indigenization While Ensuring Security

Airframe Motor & Propellor Battery Patents Patents: 10 Patents: 07 Patents: 03 Autopilot Command & Control H/w S/w Patents: 01 Radio & Data Transmission High Range Centers (third-party) Communication systems BlueFire Live! Video Stream & H/w S/w Patents: 02 ONVIF Payload Control License Management Server S/w Ground Control Pre-flight self check Ground Comm Hardware: part COTS Integrated application software with the geographical map and video view S/w Payloads (EO/IR) Real-time video streaming Gimbal stabilisation H/w GNSS Denied Navigation Payload design (EO/IR) H/w S/w Patents: 02 S/w Patents: 07 S/w Stack Patents: 04

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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

Driving Indigenization While Ensuring Security Driving Indigenization While Ensuring Security Driving Indigenization While Ensuring Security Driving Indigenization While Ensuring Security Driving Indigenization While Ensuring Security Driving Indigenization While Ensuring Security Driving Indigenization While Ensuring Security Driving Indigenization While Ensuring Security Driving Indigenization While Ensuring Security Driving Indigenization While Ensuring Security
Systems Designed Developed Manufactured Life Cycle Support to
include upgrades
COO* of ideaForge
Subsystems
Autopilot
Radio & Data
Transmission
Payloads (EO/IR)
GNSS Denied
Navigation
Operating Software

50%+ workforce in Technology & Product Development

*Country of Origin

ideaForge Strictly Private & Confidential

www.ideaforgetech.com Images are for representation purposes only

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Driven By Innovation & Indigenization DNA

Started making UAVs in 2004 - No ecosystem or readymade off-the-shelf components and software available UAVs built around the philosophy of Performance, Reliability & Autonomy – Critical to have end-to-end control of the hardware and software

Autopilot

Communication Systems

First open-source ideaForge developed and autopilot for drones supplied world’s smallest & (ArduPilot) developed in lightest autopilot in 2008 to 2009, PX4 in 2011 various govt. labs in India

Advent of 4G in India & band licensing straddled ideaForge developed its open bands on both sides own communication very closely creating approaches and protocols challenges for COTS

Payloads

Software

Building multiple zoom payloads since beginning (first drone delivered in 2010 with zoom payload)

Built Ground Control and other software in-house to extract maximum performance from the hardware

www.ideaforgetech.com

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ideaForge Strictly Private & Confidential

Building The Future Ecosystem For Drones

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Betting on Indian Technology

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www.ideaforgetech.com

ideaForge Strictly Private & Confidential

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Script Code- BSE: 543932 NSE: IDEAFORGE

Thank you

Investor Relations: MUFG Intime India Private

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ideaForge Strictly Private & Confidential