Ideaforge shares fly high after results. But losses deepen

Drone-maker Ideaforge had a rough quarter on paper, but you wouldn't guess that by looking at its stock. Shares of the company jumped over 19 per cent on May 9, touching Rs 461 on the BSE. That's a sharp bounce for a stock that's still down 50 per cent from its 52-week high. The trigger? Its Q4 results were out. And while revenue fell off a cliff and net loss widened, investors seemed more interested in what lies ahead than what just happened. What Ideaforge does Ideaforge makes drones. Not the kind you see hobbyists flying in parks—but high-end UAVs (unmanned aerial vehicles) used by the defence sector, police forces, and industrial clients. Its popular models include the SWITCH, NETRA, and Q series. The company has deep roots in the defence-tech space and counts government agencies among its top clients. But it's also trying to tap into commercial drone applications—like surveillance, mining, and infrastructure. So, what happened