Ideaforge Technology shares rise 10% as co wins over Rs 100 crore in defense orders

Shares of Ideaforge Technology shot up as much as 10% to a day’s high of Rs 513 per share on the NSE on Monday, November 17, after the city-based drone maker bagged over Rs 100 crore in new defense contracts, marking one of the strongest order wins this year.Ideaforge Technology on Friday said it has secured a supply order worth around Rs 100 crore from the Indian Army for its next-generation tactical unmanned vehicle Zolt and its all-terrain VTOL drone SWITCH 2.

The company said the emergency order for Zolt is worth approximately Rs 75 crore, after what it described as an extensive and rigorous evaluation process involving “extensive field trials in electronic warfare (EW) environments and stringent country of origin checks.” The SWITCH 2 order is worth Rs 30 crore.

Multiple contracts awarded in one day

The company said it has won multiple major defense contracts, taking the total order value for the day to over Rs 100 crore, as the Indian Army and Ministry of Defense expand their deployment of UAV platforms for tactical and ISR operations.

The Rs 75 crore order for ZOLT, a newly launched tactical UAV, has been placed under Capital Emergency Procurement by the Indian Army, with deliveries scheduled within 12 months. Unveiled at Aero India 2025, ZOLT is designed as a next-generation platform for long-range ISR and precision payload missions.

Besides ZOLT, Ideaforge received an additional order of around Rs 30 crore for its hybrid SWITCH V2 UAV. SWITCH V2, also showcased at Aero India 2025, has already been inducted and tested in ISR operations and will be delivered within six months.

Commenting on the developments, Ankit Mehta, CEO and co-founder of Ideaforge Technology Ltd, said the new orders reflect the company’s focus on safe, AI-driven, mission-ready UAV systems.

“At ideaForge, we continue to strengthen India’s position in the global UAV ecosystem by driving performance, reliability, autonomy and resilience in every platform we build,” Mehta said, adding that “ZOLT’s development comes from our technological foresight, deep investments in meaningful innovation and commitment to indigenization and resilience in electronic warfare.”

The company’s shares ended higher on Friday, November 14, rising 0.87% to Rs 466 on the NSE.

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