IdeaForge Stock Leads Rally in Defence Scrips amid ‘Drone War’
IdeaForge and Paras Space and Defence (Image credit X.com)
India-Pakistan ‘Drone Conflict’ Sends Defence Stocks Soaring
By S. Jha
MUMBAI, May 9, 2025 – Shares of IdeaForge Technology Ltd., India’s leading drone manufacturer, surged over 14% in early trading on Friday, bucking a broader market rout that saw the Nifty 50 plummet by more than 300 points by 10 AM. Other drone makers were also trading with major gains in the stock market.
The rally in IdeaForge and other defence stocks, including Paras Defence and Space Technologies, Bharat Dynamics, and Data Patterns, comes amid escalating tensions between India and Pakistan, now dubbed a “drone war.”
Reports of cross-border drone and missile attacks have fueled investor interest in defence companies, with both nations accusing each other of deploying unmanned aerial vehicles (UAVs) to target military installations.
IdeaForge, which commands roughly 50% of India’s UAV market, has emerged as a key beneficiary. Its drones, used for surveillance, mapping, and defence operations, are integral to India’s military strategy, particularly in operations like “Operation Sindoor,” which reportedly involved domestically manufactured SkyStriker drones targeting terrorist infrastructure in Pakistan and Pakistan-occupied Kashmir (PoK).
Market analyst @naren_doc posted on X, “Defence small-cap IdeaForge Technology Ltd. saw aggressive buying today, driven by Operation Sindoor and rising India-Pakistan tensions. Investors are betting on its critical role in India’s drone capabilities.”
Similarly, @DefenceTracker, a defence enthusiast, wrote, “IdeaForge is the backbone of India’s UAV program. With Pakistan’s drone incursions and India’s counter strikes, expect more orders for homegrown drones. The stock reflects ground realities.”
Other defence stocks also gained traction. Paras Defence and Space Technologies, known for drones deployed along India’s western border, and Zen Technologies, the only listed anti-drone manufacturer, saw robust gains.
Shares of Zen Technologies were locked in a 5% upper circuit. Shares of Paras Space and Defence were trading with gains of almost 5%.
Bharat Dynamics and Premier Explosives, leading ammunition producers, traded firmly, while Nibe hit a 5% upper circuit. Data Patterns, a Chennai-based private defense player collaborating with Bharat Electronics Limited, and Mazagon Dock Shipbuilders also posted strong gains.
IdeaForge’s stock, volatile since its July 2023 IPO, which listed at a 94% premium before crashing, has been reignited by the conflict. The company’s dominance in India’s UAV market and alignment with the government’s self-reliance push have bolstered sentiment.
However, analysts caution that sustained growth depends on securing new contracts and diversifying beyond defence. Amid war like situation, IdeaForge and other defence stocks remain in focus, with investors closely watching geopolitical developments and defence procurement trends.
(Disclaimer: This article makes no recommendation for bur or sell of shares of any company)
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