IdeaForge Expects Over 20% Ebitda Margin In FY26 As Revenue Scales Up

"There have been minor increases in other expenses, which is expected as you expand. Overall, expenses actually remained relatively flat, and it was the impact of the lower base that hurt us more last year.

"Therefore, as the revenue base grows again, we will start seeing improvement in Ebitda margins, and we may get back to healthier Ebitda margins of at least 20% plus and healthy PAT margins as well," Mehta said.

Asked about FY26 order-inflow outlook, Mehta said: "Post Operation Sindoor, the Indian Army has been given a Rs 9,000-crore budget to quickly induct more technology, so that we can be more prepared for any eventuality. Therefore, we do expect that conversion will also happen sometime this year."

Commenting on the existing order pipeline, Mehta said: "The target is to execute it as quickly as possible. We're doing this not just because we have the capacity, but also because it's a very immediate need for our country. Our focus is to get the capability into the hands of our users as early as possible."

While the CEO did not share the specifics of top-line growth figures, he maintained a positive outlook for the next two to three years.

"Our win rate in areas we target is usually very high, thanks to the capabilities we’ve built. Additionally, a new vector, resilience to electronic warfare, is becoming increasingly important. These capabilities are critical and will be integral to what the government plans to purchase,” he said.

Mehta further stressed that exact order volumes depend on government requests for proposals and bidding outcomes.