ideaForge Technology shares rise 5 per cent on Q2 results
The drone maker swung to a profit of ₹6.46 crore in the second quarter of FY27 after reporting losses in previous periods.
Shares of drone maker ideaForge Technology rose approximately 5 per cent on Wednesday on the NSE, reaching around ₹690 by 10:45 AM. The stock had previously closed at ₹661.65 and hit an intraday high of ₹694.80 shortly after the market opened.
According to Mint, the price increase follows the company's Q2 FY27 results. The drone maker recorded a consolidated net profit of ₹6.46 crore for the quarter, a recovery from a net loss of ₹19.6 crore during the same period last year and a ₹2.6 crore loss in Q1 FY27.
The company's EBITDA also improved to ₹23.2 crore, compared to a negative ₹8 crore in the corresponding quarter of the previous year. SEBI-registered market expert Anuj Gupta noted that the company became a profitable venture after reporting net losses in the previous financial year's same quarter.
Gupta stated that the stock is a strong candidate for re-rating and suggested a strong upside could occur if earnings remain strong in future quarters. Year-to-date, the shares have risen from ₹464 to ₹690, representing a return of more than 48 per cent.
Sumeet Bagadia, Executive Director at Choice Broking, said the stock looks positive on technical charts with support at ₹625. Bagadia suggested that existing shareholders should hold the scrip and that fresh investors could buy the stock with a target of ₹800.