Quick Take
- ideaForge ended three consecutive loss-making quarters with a Rs 60 Cr net profit in Q4 FY26, on Rs 141 Cr revenue.
- Kissht parent OnEMI Technology’s Rs 926 Cr IPO opened April 30 at Rs 162-171, with a modest Rs 6 GMP on Day 1.
- ideaForge’s FY26 full-year net loss narrowed 73% to Rs 17 Cr on Rs 226 Cr operating revenue, up 40% YoY.
ideaForge Posts Rs 60 Cr Q4 Profit in the quarter ending March 2026 — its strongest quarterly result in company history — as operating revenue skyrocketed 6X year-on-year and 3.5X quarter-on-quarter to Rs 141 Cr, according to audited results filed with NSE and BSE . The Pune-based drone manufacturer reported a net profit of Rs 59.9 Cr in Q4 FY26 against a net loss of Rs 25.7 Cr in the year-ago quarter, reversing three consecutive loss-making quarters. The same day, Kissht parent OnEMI Technology Solutions opened its Rs 925.92 Cr IPO for public subscription — adding a second market milestone to an already eventful session for Indian tech investors.
ideaForge recorded its highest-ever annual order inflow of approximately Rs 530 Cr during FY26, executed around 40% of its open order book in Q4 — including deliveries of electronic warfare-resilient systems following user acceptance testing — and reported positive EBITDA of Rs 27 Cr for the full financial year. The company’s deployed fleet completed over 2,50,000 customer flights during FY26 alone, taking its cumulative total to more than 9,50,000 flights since inception.
StartupFeed Insight
The ideaForge Q4 FY26 result needs to be read against a specific operational fact: the company executed approximately 40% of its open order book in a single quarter — a pace it has never sustained before. That is not a business-as-usual delivery quarter; it is a sprint, driven by Emergency Procurement Cycle 6 (EP-6) timelines and the post-Operation Sindoor urgency signal from the Indian Armed Forces. The Rs 530 Cr annual order inflow is the number that validates the long-term thesis — it represents demand, not just delivery. The more important forward signal is CEO Ankit Mehta’s statement that a fresh procurement outlay of approximately Rs 20,000 Cr has been reported for the domestic drone industry.
ideaForge Posts Rs 60 Cr Q4 Profit: Full Breakdown
| Metric | Q4 FY26 | Q4 FY25 | Q3 FY26 | Change (YoY) |
|---|---|---|---|---|
| Revenue from Operations | Rs 141 Cr | Rs 20.3 Cr | ~Rs 40 Cr | +6X YoY |
| Other Income | Rs 12.5 Cr | — | — | — |
| Total Income | Rs 153.5 Cr | — | — | — |
| Total Expenses | Rs 92.8 Cr | ~Rs 51 Cr | — | +84% YoY |
| Net Profit / (Loss) | Rs 59.9 Cr profit | Rs 25.7 Cr loss | Rs 33.9 Cr loss | Turnaround |
| Full-Year Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Operating Revenue | Rs 226.1 Cr | Rs 182.5 Cr | +40% YoY |
| EBITDA | Rs 27 Cr (positive) | Negative | Turnaround |
| Net Loss | Rs 17 Cr | Rs 62.3 Cr | -73% YoY improvement |
| Annual Order Inflow | Rs 530 Cr (highest ever) | Rs 136 Cr (order book, March 2025) | +289% YoY |
| Customer Flights (FY26) | 2,50,000+ | — | Cumulative: 9,50,000+ |
Ankit Mehta, Co-Founder and CEO of ideaForge, said: “The recent reports of a fresh procurement outlay of approximately Rs 20,000 Cr signal a strong, multi-year demand tailwind for the domestic drone industry. For India, this shift became especially evident post-Operation Sindoor, with a clear acceleration in procurement through initiatives such as EP6 and decentralised command-level purchases.”
About ideaForge Technology
ideaForge Technology (NSE: IDEAFORGE | BSE: 543932) is a Pune-based drone manufacturer incorporated in 2007 and publicly listed since 2023. Founded by Ankit Mehta and co-founders, it is India’s largest UAV manufacturer by market share — holding approximately 50% of India’s domestic drone market — and is ranked 3rd globally among dual-use drone manufacturers by Drone Industry Insights. The company develops and manufactures unmanned aircraft systems for defence, public safety, infrastructure monitoring, and geographic information systems, with R&D and manufacturing facilities in Navi Mumbai, Bengaluru, Delhi, and the United States.
Kissht IPO Day 1: What Investors Need to Know
The bidding window for OnEMI Technology Solutions IPO — operating under the brand name Kissht — opened on April 30, 2026, and will remain open until May 5, 2026. The allotment process is expected to be finalised on May 6, 2026, with a tentative listing date of May 8, 2026, on both BSE and NSE. The IPO is priced at Rs 162-171 per share with a lot size of 87 shares and a minimum application amount of Rs 14,877.
| IPO Detail | Kissht (OnEMI Technology Solutions) |
|---|---|
| Total Issue Size | Rs 925.92 Cr (Fresh issue Rs 850 Cr + OFS Rs 75.92 Cr) |
| Price Band | Rs 162 – Rs 171 per share |
| Lot Size | 87 shares (min. Rs 14,877 at upper band) |
| Subscription Window | April 30 – May 5, 2026 |
| Allotment Date | May 6, 2026 |
| Listing Date | May 8, 2026 (BSE + NSE) |
| Day 1 GMP | Rs 6 (~4% premium over upper band; indicative listing price Rs 177) |
| Valuation (P/E) | 10.84x on annualised 9MFY26 PAT — steep discount to all listed NBFC peers |
| Valuation (P/B) | 0.91x — below book value, unusual for profitable fintech |
| Book-Running Lead Managers | JM Financial, HSBC, Nuvama, SBI Capital Markets, Centrum |
| Registrar | KFin Technologies Ltd. |
| Use of Proceeds | Augmenting NBFC subsidiary Si Creva Capital’s capital base + general corporate purposes |
OnEMI Technology Solutions operates two consumer brands: Kissht, a digital lending platform, and Ring, a payment application. As of December 31, 2025, the company had 63.73 million registered users and 11.17 million active customers. AUM stood at Rs 5,955.75 Cr as of December 2025, up from Rs 4,087 Cr at end-FY25 and Rs 2,604 Cr at end-FY24 — an approximately 80% CAGR over two years.
In FY25, Kissht reported revenue from operations of Rs 1,337 Cr and a PAT of Rs 161 Cr. Its 9MFY26 earnings of Rs 199.3 Cr already exceeded the full-year FY25 figure — indicating a significant business rebound ahead of the IPO. The central risk analysts flag is the loan book composition: 94% of Kissht’s loan book is unsecured, reflecting a higher-risk lending profile that institutional investors will stress-test through subscription behaviour over the three-day window.
How Does Kissht’s IPO Valuation Compare to Listed Fintech Peers?
| Company | P/E (trailing or forward) | P/B | Unsecured Loan % | AUM |
|---|---|---|---|---|
| Kissht (OnEMI) | 10.84x (fwd 9MFY26 ann.) | 0.91x | 94% | Rs 5,955 Cr (Dec 2025) |
| PB Fintech (PolicyBazaar) | ~90x (FY25) | ~5x | N/A (marketplace) | N/A |
| Jio Financial Services | ~120x | ~1.8x | Mixed | Scaling |
| Credit Access Grameen | ~12x (FY25) | ~1.8x | ~100% (microfinance) | Rs 26,000 Cr+ |
The 0.91x price-to-book is the single most striking valuation data point in the Kissht IPO — it means investors can buy a profitable, growing fintech at below the value of its own net assets. The discount is not accidental; it prices in the unsecured-loan risk premium. Whether that risk is adequately reflected at Rs 171 or underpriced will become clear at listing on May 8.
What’s Next
For ideaForge: the FY27 management outlook — to be provided in the earnings call scheduled for May 4, 2026 — is the primary re-rating catalyst. Any guidance citing Rs 400 Cr-plus revenue with sustained positive EBITDA would likely trigger a meaningful share price recovery from current levels of approximately Rs 285. The Rs 20,000 Cr defence drone procurement signal from Ankit Mehta is the multi-year tailwind that makes ideaForge’s FY26 operating revenue of Rs 226 Cr look like a base, not a ceiling.
For Kissht: the QIB and NII subscription data on Day 2 and Day 3 will set the tone. A QIB oversubscription above 5x would validate institutional confidence in the unsecured-lending model and tighten the GMP toward Rs 10-15. A flat or weak QIB subscription would confirm that institutional investors are waiting for more credit-cycle data before committing at scale.
Frequently Asked Questions
What were ideaForge’s Q4 FY26 results and why are they significant?
ideaForge Posts Rs 60 Cr Q4 Profit — specifically Rs 59.9 Cr net profit in the January-March 2026 quarter — against a net loss of Rs 25.7 Cr in the same quarter last year and a loss of Rs 33.9 Cr in Q3 FY26. Operating revenue surged 6X year-on-year to Rs 141 Cr, driven by deliveries under Emergency Procurement Cycle 6 (EP-6) from the Indian Armed Forces. For the full fiscal year FY26, ideaForge narrowed its annual net loss by 73% to Rs 17 Cr on Rs 226 Cr operating revenue, the highest in company history. Annual order inflow of Rs 530 Cr was also an all-time high.
What is the Kissht IPO and what are the key subscription details?
Kissht parent OnEMI Technology Solutions Limited has launched a Rs 925.92 Cr IPO priced at Rs 162-171 per share, open for subscription from April 30 to May 5, 2026, with listing expected on May 8 on both BSE and NSE. The IPO comprises a fresh issue of Rs 850 Cr and an OFS of Rs 75.92 Cr. Proceeds from the fresh issue will augment the capital base of NBFC subsidiary Si Creva Capital Services for onward lending. Day 1 grey market premium stands at Rs 6, implying a potential listing price near Rs 177 — a modest 4% premium over the upper price band.
Is the Kissht IPO good value compared to listed fintech peers?
The Kissht IPO is priced at 10.84x P/E on annualised 9MFY26 earnings and 0.91x price-to-book — both represent significant discounts to every comparable listed fintech and NBFC. The discount reflects the primary risk: 94% of Kissht’s loan book is unsecured personal and consumer credit, which carries higher default risk during economic downturns. The company’s 9MFY26 PAT of Rs 199.26 Cr already exceeds full-year FY25 earnings of Rs 161 Cr, and AUM has grown at approximately 80% CAGR over FY23-25. The value case is real; the risk is equally real and must be weighed against the unsecured book concentration.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
Written by Dr. Mayank Raj. Published: May 1, 2026. Updated: May 1, 2026. Have a tip? Write to us at editorial@startupfeed.in.
