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Ideaforge Technology, a dominant player in the Indian unmanned aircraft systems (UAS) market with a 50% share in Fiscal 2022, saw its shares fall for six consecutive trading days. The company’s shares are down by 41% from its listing day high of ₹1,344, but still trading at a 17% premium to its issue price.
Despite the recent decline, Ideaforge has shown signs of financial recovery. In Q1FY24, the company reported a year-over-year drop of 54.3% in profit after tax and revenues of ₹97.07 crore (INR100 crore = approx. USD12 million). However, this marks an improvement from a loss of ₹54.2 crore in Q4FY23. The company’s EBITDA margin contracted to 29.4%.
Aeroflex Industries, known for its metallic flexible flow solution products, also experienced a dip in share value. The company’s shares dropped by 3% on August 31 from its debut day high of ₹197.40 but remained 31% higher over its issue price of ₹108 per share.
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