Narayana Murthy’s Infosys-Backed Drone Stock Hits Upper Circuit: Receives Fresh Order from India’s Defence Ministry; In Focus Since Operation Sindoor
Infosys Ltd, co-founded by Narayana Murthy, holds a 3.82 per cent stake in Ideaforge, amounting to 16,47,314 shares.
The Indian equity benchmark indices were trading in the red during the afternoon session on June 23, 2025, although they had recovered from their intraday lows. Despite the broader market's negative undertone, a few stocks managed to buck the trend and outperformed the frontline indices by a wide margin. One such standout from the aerospace and defence sector is Ideaforge Technology.
Ideaforge is engaged in the manufacturing and marketing of unmanned aerial vehicle (UAV) systems. Its product portfolio includes a wide range of drones such as megaphone drones, Q series drones, and the SWITCH UAV, all of which are used for mapping, surveillance and security, surveys, and inspection purposes.
As of 12:06 PM on June 23, the Ideaforge share price was locked in a 10 per cent upper circuit limit, following a major announcement via press release. The company disclosed that it had received a significant order worth approximately Rs 137 crore (inclusive of all costs) to supply Mini UAVs along with accessories to the Ministry of Defence. Notably, the delivery is expected to be completed within 12 months.
An interesting development adding to the intrigue is that 0With the stock rising by ₹57.35 per share, Infosys’ notional gains from today’s move alone are estimated at approximately Rs 9.44 crore
The recent Operation Sindoor, launched in response to the Pahalgam attack, is being seen as a key inflection point for India’s drone industry. Ideaforge, in particular, has been in the spotlight since the operation, as investor sentiment builds around the evolving role of UAVs in modern warfare and homeland security.
On the global front, Ideaforge recently conducted its first demonstration for the US defence forces in the previous quarter. According to the management, its Early Adopter Program is gaining strong traction, with multiple police departments in the US evaluating its products for deployment in field operations. Moreover, Ideaforge was recently selected for a grant to showcase its technology at a US-based event, reflecting the growing relevance of its innovations internationally.
The company emphasized that through various demos and trials, it is confident that its unique selling proposition—class-leading persistence to support ground operations—positions it as a game-changer in the US market. In parallel, trade disruptions and rising geopolitical tensions have prompted NATO countries to scale up defence spending, creating further opportunities for Ideaforge. The recently signed Free Trade Agreement (FTA) with the UK could also boost the company’s accessibility and competitiveness in European markets.
As part of its strategy to diversify geographically and expand its addressable market, Ideaforge is actively working on new drone categories. At Aero India 2025, the company unveiled ZOLT, a tactical drone designed for long-range intelligence, surveillance, and reconnaissance (ISR) missions. ZOLT incorporates advanced payloads such as foliage-penetrating radar and LiDAR, and is also capable of precision payload delivery for both defence and civilian customers. The interest generated by ZOLT at the event is now translating into commercial inquiries, including from the US.
In the last three months, Ideaforge’s share price has surged 63.17 per cent, with much of the rally fuelled by optimism surrounding future order wins in the context of new-age warfare, especially following Operation Sindoor.
Disclaimer: The article is for informational purposes only and not investment advice.