Ideforge is a Drone OEM, founded in IITB incubator in 2007. Company claims to have captured more than 50% of market share in India. The company has inhouse design to delivery facility. The drones and their software are indigenously developed and manufactured.
Product portfolio
Quadcopters – Q6 (Small category UAV), Netra V4+ (VTOL), Netra V4 Pro (VTOL)
Fixed Wing – SWITCH
Software/Platform – BlueFire (Touch, MapAssist, Live), Autopilot, Surveillance pro, GIS Pro, FLYGHT Cloud
Future Development – Tactical Platform (50Kg take off weight, 100km range), Unmanned logistics platform (500 kg MTOW, 100+ km range)
Use cases:
Competitive Advantage:
- Indigenized Design and tech capabilities
- Proprietary Software Stack
- First mover advantage
Potential market size:
- Indian market size to grow by 18x by 2027 (Investor presentation Q1FY23 pg 22)
- Global drone market growing at 20% CAGR
Financials
- Order Book: INR 54Cr (FY25), L1 pipeline of 300 Cr
Risks:
- Lumpiness of revenue and earnings due to heavy dependence on Government
- Decreasing OPM
- Recent decline in order book not aligning with the potential market size claims
Disclosure:
Sold the investment after Q1 results, but watching for re-entry at lower levels
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