ideaForge CEO Ankit Mehta has pledged 2.8 lakh shares in the drone maker, citing personal financial requirements, according to the company’s disclosure.
Drone maker ideaForge Technology’s promoter and CEO, Ankit Mehta, has pledged 2.8 lakh shares in the company to meet personal financial requirements, according to a stock exchange disclosure.
The pledge was created on September 28 in favour of Infina Finance Private Limited. The shares represent approximately 0.56% of ideaForge’s total equity share capital.
Following the transaction, Mehta’s total encumbered holding rose to 650,370 shares, equivalent to 1.30% of the company’s total share capital.
Mehta holds 3,686,964 shares, representing around 7.42% of ideaForge. The latest pledge covers about 7.6% of his individual shareholding.
Based on ideaForge’s BSE opening price of ₹732.65 on Monday, the pledged shares had a notional market value of approximately ₹20.51 crore.
ideaForge Swings to Quarterly Loss
The share pledge comes as ideaForge reports a sharp change in its quarterly financial performance.
The company recorded a consolidated net loss of ₹2.59 crore in the quarter ended June 2026, compared with a consolidated net profit of ₹59.99 crore in the March quarter.
Revenue from operations increased around 437% year-on-year to ₹68.59 crore from ₹12.78 crore in the corresponding quarter a year earlier. However, revenue declined approximately 51% from ₹141.04 crore in the March quarter.
The contrasting figures reflect strong annual revenue growth alongside a significant sequential slowdown and a return to quarterly losses.
Company Raised ₹500 Crore Through QIP.
In July, ideaForge raised ₹500 crore through a qualified institutional placement (QIP), allotting 6,289,308 equity shares to eligible qualified institutional buyers at ₹795 per share.
According to the QIP documents, the company allocated approximately ₹165 crore for working capital, ₹120 crore for repaying or prepaying certain borrowings, and ₹90 crore for product development. The remaining proceeds were earmarked for general corporate purposes.
The fundraising was intended to support the company’s financial and operational requirements, including product development.
GST Demand and Penalty Total ₹109.17 Crore
Separately, ideaForge received an order from the GST authorities demanding ₹54.586 crore in tax and imposing an equal penalty of ₹54.586 crore. The combined demand amounts to approximately ₹109.17 crore.
The order covers the period from January 2022 to March 2024 and alleges a short payment of GST during that period.
The company has said it intends to challenge the order through an appeal.
The share pledge, quarterly loss, and tax dispute come as ideaForge manages its financial requirements while continuing to fund operations and product development.
ideaForge CEO Ankit Mehta
Source: ISN
