ideaForge Technology Ltd (NSE: IDEAFORGE) Q1 2026 Earnings Call dated Jul. 23, 2025
Corporate Participants:
Ankit Mehta — Chief Executive Officer
Vipul Joshi — Chief Financial Officer
Analysts:
Parth Patel — Analyst
Balasubramanian — Analyst
Unidentified Participant
Riya Bhatia — Analyst
Hardik Rawat — Analyst
Nilesh — Analyst
Nayan — Analyst
Dipen Vakil — Analyst
Nikhil Gupta — Analyst
Presentation:
Operator
Ladies and gentlemen good day and welcome to the Technology Limited Q1 FY ’26 Earnings Conference Call. As a reminder, all participant lines will be in listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone telephone. Please note that this call is being recorded. With this, I now hand the conference over to Mr Parth Patel. Thank you, and over to you, sir.
Parth Patel — Analyst
Thank you and good morning. On behalf of MEFJ, I welcome you all to Ideaforce Technology Limited Q1 FY ’26 earnings conference call. From the management side, we have Mr Ankit Mehta, Chief Executive Officer; Mr Vipoon Joshi, Chief Financial Officer. I hope everyone had an opportunity to go through our investor deck and press release that we have uploaded on our exchanges and company’s website. A short disclaimer I would like to say before we begin the call. This call may contain some of the forward-looking statements, which are completely based upon our beliefs, opinion and expectations as of today. These statements are not a guarantee of our future performance and may involve unfortunate risks and uncertainties. With this, now I hand over the call to Mr Ankit Mehta. Over to you, sir.
Ankit Mehta — Chief Executive Officer
Thanks, Pat. Good morning, everyone. Thank you for joining us today for the Q1 FY ’26 earnings conference call for Idea Force Technology Limited my colleague, Joshi, who is our Chief Financial Officer with me, along with our Investor Relations partner on the call with us. Thank you. So as I — as we begin this call, I am reminded of the fact that we had our last call after the terror attacks and while the operations had just begun and therefore I wanted to reflect on how resilience has taken centre stage in our national security conversations, especially after operations in where drones were extensively deployed on the electronic warfare-rich battlefield, which essentially means jamming or spoofing of both communication with the drone and its GPS position to carry-out a variety of missions by our armed forces to gain a competitive advantage over our adversaries.
Conversations across different echelons in the armed forces clearly point towards increasing focus on electronic water resilience of the drone platforms that they are looking to procure now. This was further evidenced during one of the largest evaluations carried out by the army post operations Hindu where EW Resilience was made a primary valuation criteria. I’m happy to share that we’ve had — that we had identified the need for EW resilient platforms a few years back by looking at and learning from global conflicts. And as we have been informing you in our quarterly calls regularly, we have developed a suit of features and capabilities that make our drone platforms exactly what the customer needs in this scenario.
Over the years, we have developed the ability to identify customers’ unstated requirements considering their operations, advancements in technology and global events. And we’ve successfully built products and solutions to meet these requirements well before the actual need arises. When the hand-launched UAVs dominated the defense landscape, we took an uncharted approach and developed India’s first hybrid fixed-wing UAV for surveillance, the Switch UAV, considering that our defense forces and their operational requirements needed that adjustment.
Today, Switch has the highest deployment with the armed forces in its category with the only platform with the fit for Indian military certification use fit for Indian military use certification. This ability to look beyond the noise and identify real needs and build cutting-edge technology and products keeps Ideaforge ahead of the curve. For the national drone narrative the conversation on resilience is fairly recent. However, for Ideaforge it has been one of the core pillars of our philosophy and the work we do. Resilience in fact defines the nature of our business and the technology and products that we build.
Over the last two decades, we have navigated policy and procurement uncertainties, supply-chain and technology disruptions and nuances and challenges of being in a deep pick industry, primarily through resilience. Last year, India’s drone industry saw a slowdown in-demand due to various factors that we discussed during our earlier calls. Defense companies in general and more so the drone players with large contributions from defense sector were affected. Because no large procurement happened in the major part of the year. However, the situation has started to improve with the fifth cycle of emergency procurement being initiated in the last quarter of the year. We are proud to share that the proud to share with the audience that as a part of this cycle, Idea Ford secured a INR137 crore contract for its mini UAEs. This order followed a rigorous technical evaluation and a double validation on the country of origin and IP integrity of our systems, which reflects the elevated standards expected from vendors in this new era and Ideaforge isturishing in this. The selection of Idea Forge is a testament not just to our product capabilities, but also to our resilience as a business. Withstanding policy delays, geopolitical uncertainties and procurement in Russia and emerging as a trusted partner for the Indian armed forces. Now, we are seeing an accelerated and focused approach from the government in high-tech defense procurement. This — this is evidenced by the imminent initiation of the sixth round of emergency procurement fund for which the government had already allocated INR40,000 crores to replenish and modernize the armed forces with cutting-edge solutions, out of which INR9,000 crores has been allocated to the Indian Army. Intelligence, surveillance, reconnaissance and counterinsurgency and counterterrorism applications are now the top priority acquisition areas for the Indian Army. Also, in addition to central procurement, command-level procurement will also add to the overall demand. Coming to our efforts and initiatives, we demonstrated long-range surveillance through ZORT and EW resilience capabilities through all our platforms at one of the largest 3D valuation trials conducted by the Indian Army in some of the harshest environments. Our next-generation of and hybrid fixed-ring VTOL platforms, Q6 V3 and Switch V2 are undergoing final evaluations before moving to pilot production. Also, V is in the final stages of the industrialization process. All these platforms have garnered interest during the Aero India 2025 from visitors all over the world and we are working actively to create relevant opportunities for these platforms. On the larger platform side, we are in the process of building multiple UVs for testing and prototype readiness review for the opportunities for Zolt. Also for our Middle mile logistics platform, YETI, the integration of the first technology demonstrator is underway. We are also in the process of designing the second technology demonstrator. For both these platforms, Zolt and Getty, we are on-track for development. Our joint development of the synthetic radar payload with Galaxy for penetration is also on-track and we are in the final stages of prototyping. We have also built a suit of AI features for our drone as a service and flight cloud initiatives to improve the solutions effectiveness and to augment customer experience. Coming to the international front, in the United States, we have made significant introads with our early adopter program with multiple customers and we have concluded successfully demonstrations with US Homeland Security and the Department of Defense. Africa has started to show structured movement, especially in the context of border security and infrastructure projects. We have recently conducted a product demonstration in the — in front of defense and homeland security customers in a few countries. The European market has also opened up due to ongoing geopolitical scenarios and initiatives as a part of NATO’s expanded budget for battlefield resilience. We also signed a letter of intent with HFCL, a major player involved in telecom and defense equipment industry. Through this collaboration with HFCL, we plan to take world-class UVs to select geographies. I would also like to acknowledge the push from the government of India to boost the tech sector in January and loans in particular. The announcement of the INR1 lakh crore research and development — research, development and Innovation Fund for companies working on cutting-edge technologies, including drones is a strong policy signal that Deep is a strategic priority for the country. We are also expecting PLI 2.0 for the drone industry, which will further capitalize domestic innovation and manufacturing. As one of India’s earliest deep tech ventures, we are well-positioned to benefit from both these initiatives. Let me walk — let me now walk you through our financial performance for Q1 FY ’26. Revenue for the quarter stood at INR12.78 crores compared to INR20.24 crores in Q4 FY ’25. Gross profit stood at INR7.89 crores compared to INR7.29 crores in the previous quarter with a gross margin of 61.7% in this quarter and 35.9% in the previous quarter. EBITDA stood at negative INR15.4 crores compared to negative INR17.41 crores in-quarter four FY ’25. Our order book as of June 30, 2025 stood at approximately INR144.8 crores. The renewed focus of the government in this sector is both encouraging and promising to deliver meaningful opportunities for us. And looking-forward to question-and-answers now. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsis while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question comes from the line of from Capital. Please go-ahead.
Balasubramanian
Good morning, sir. Thank you so much for the opportunities. Sir, I want to understand about the product development at the innovation side and this zold at AT progress like these are next-generation drone like these type prototype recent testing phases. When will extract commercialization and what kind of TAM we can expect?
Ankit Mehta
So in terms of product — finishing product development, we are timing it according to the timelines of several two programs as well as certain opportunities that are going to come up post the operations in rule. So that is well on-track and is expected to complete in the next few quarters. With respect to, with respect to YETI, it may take a little bit longer because it’s a much larger platform that we are building. In terms of the overall market opportunity and market expansion that happens due to these platforms, I think in both the cases, as we understand, particularly for Zolt at this point in time, the opportunity in terms of the overall expectation of the opportunity that we are tracking runs into several thousands of crores. We are tracking those opportunities closely and preparing for the mid-2 programs and other capabilities on that platform.
Balasubramanian
Yes. Sir, our field is demonstrated electronic resilience and this is like what kind of for military contracts in the coming quarters and how do we compare with global players? And secondly, I think our AI driven features like a target tracking LLM chat competitiveness like how do you monetize going-forward these features?
Ankit Mehta
So when we look at the EW resilience capabilities, I think I would say that we were actually very comforted by the fact that we have been investing behind those areas over the last couple of years. We’ve been reporting regularly on our progress on those areas. And when we were required to demonstrate those capabilities, we were able to demonstrate those capabilities based on the testing parameters that were laid out in front of us.
And in most cases, we were successful in demonstrating that capability, which is only possible if long-term preparation meets the opportunity and which is what happened in our case. In terms of AI capabilities, I’m glad to report and we have mentioned this earlier as well that our GPS denied solution is based off AI capability. That is something that we are very proud of and we are working more in improving that capability further. And in terms of our overall usage of artificial intelligence, we have been partnering with a lot of partners who are enabling us to offer this technology along with internal capabilities to create significant motion recently there was a scenario where we were deployed in one of the large religious congressions and our AI capability was very helpful in helping manage that situation on-ground.
Operator
The person you are speaking with has put your call on-hold. Please stay on the line. Hello, yes. I’m audible, sir? Yes. Sorry to interrupt, may I request you to join the question queue again.
Balasubramanian
Okay. Thank you, ma’am.
Ankit Mehta
Thank you, sir.
Operator
Thank you. The next question comes from the line of Zaveri from Crown Capital. Please go-ahead.
Unidentified Participant
Good morning, sir. Thank you so much for taking my question. Hopefully I’m audible. Hello. Yeah, yeah. Hi, sir. Sir, I just wanted to ask about our order book inflow. So I think we’ve mentioned we won a INR137 crores order, but I think in our order book in our presentation, it’s showing around INR145 crores, I think, as an order book. So is the new order reflected in this order book or is it a separate standalone thing?
Ankit Mehta
It is reflected. It is reflected in this.
Unidentified Participant
Okay. Okay. So current capabilities, so when do we like what would be our execution timeline this orders
Ankit Mehta
See, typically any emergency procurement order comes with a 12-month timeline for delivery. And of course, in our case, we will — we are accelerating the delivery to the best extent possible. So we are already on-the-job on that.
Unidentified Participant
Okay, okay. That helps a lot, sir. And I just wanted to know like in a book picking way, so our revenue is recommend like when we — so how do we recognize the revenue as a drone seller completely to the end-of-the full order completion. How does that work sir?
Ankit Mehta
See in most of these contracts we are we are scheduled to deliver in various, I would say various chunks the deliveries broken into various chunks. So we have to deliver on the basis of those chunks and we get paid on the basis of delivery of those chunks as well. Okay. And apart from that, there are advance — advanced payments as well from the industry.
Unidentified Participant
Okay, okay. Fair a lot, sir. So sir, so if I could infer like sir, currently our complete order book is basically from the new emergency procurement, right? So other than that we have, what’s our order bidline status or what — how do we see the going ahead, sir?
Ankit Mehta
See, the LM pipeline in general that we’ve been speaking about earlier is relatively intact. So we continue to expect more closures from more closures happening and that’s what we’re tracking right now. Some of them will happen earlier than some of the others we are expecting to happen sometime later okay, sir. So what was our — how much have we bidded for sir?
And like could you just quantify that? And like the tenders are going to open in H1 or H2 some — I know it’s very difficult to give an exact timeline, but rough like — so even we can anticipate it’s going to happen in like which half if that could be given, sir. So typically, we haven’t spoken of anything more than our L1 pipeline. And from within that, some of the conversions will happen within this or the next quarter and some others we are expecting towards — more towards the end-of-the year. Okay. Okay, okay. Fair enough, sir. And sir, like I think you were mentioning.
Unidentified Participant
Yeah, yeah. Okay. Following the question queue again.
Ankit Mehta
Yeah. Thank you.
Operator
Thank you. You. Ladies and gentlemen, a request to all participants, please limit your question to two questions per participant. Thank you. The next question comes from the line of Hardik Rawat from IIFL Capital. Please go-ahead as there is no response from the participant. The next question comes from the line of Riya Bhatia from CNBC TV. Please go-ahead.
Riya Bhatia
Since you’ve spoken about the L1 opportunity pipeline of INR400 crores. So is the entire thing for FY ’26 or is this over the next two, three years? Typically the expectation is for it to close within this and the coming financial year. Within this and the coming financial year and how much of it would be in FY ’26 roughly?
Ankit Mehta
That I’m not fully in a position to share right now.
Riya Bhatia
All right. Okay. And we do expect more to get added to this. So it’s an evolving vector. Okay. All right, sir. Thank you so much. Thank you.
Operator
Thank you. The next question comes from the line of Hardik Rawat from IIFL Capital. Please go-ahead.
Hardik Rawat
Thanks for the opportunity. Am I audible?
Ankit Mehta
Yes, sir.
Hardik Rawat
Yes, hi, good morning, Ankit. Good morning, Vipul. I had a couple of questions with regards to the order that we have received. Just to be sure this INR137 crore order that we’ve received wasn’t captured in the L1 pipeline that we were working with, right?
Ankit Mehta
The INR400 crores did not include this INR137 crore order. So it was a part of the that L1 pipeline and then more has come in as well. Got it. So what would be the L1 pipeline as on-date for us? Similar to what we reported last-time. Guidance for the current year now that we have this INR137 crore worth of order with an execution timeline of roughly 12 months, should we expect that a large part of this contract should get concluded within this fiscal itself, roughly 90% 95% should be booked towards the revenue for this fiscal? I would let Vipul answer that question. Vipul, would you want to comment?
Vipul Joshi
Hi,. So since it’s been about a month that we received the order, we are right now assembating a certain timeline or delivery of certain parts, which are unique to this particular order. Basis that we should be able to build the overall inventory and the pipeline of delivery. Since any of these MOD orders as well as part of any emergency procurement, there are multiple stages before the deliveries can be scheduled, wherein there is an inspection which also gets done from the user side and there’s a Q agency review as well, which impacts the recognition of the revenue, but we are hoping that we should be able to build a large part of this within this financial year.
Hardik Rawat
Got it. And the current order book of INR144 odd crores, excluding the INR137 crore worth of order for the EP5 that you’ve gotten, the balance order book is just INR7 crores. Do you anticipate the receipt of any orders during the year, which will again get executed within the same year
Ankit Mehta
Yes, we do expect conversions from the pipeline. Some of them we’ll expect either in this or the coming quarter and some of them will happen a little bit later.
Hardik Rawat
Got it. That’s helpful. My second question was with regards to gross margins.
Ankit Mehta
We have seen gross margins trend down continuously from FY ’22 to FY ’25 from 76-odd percentage to 33% in the last fiscal and now there’s a healthy increase in the gross margin in this current quarter to about 61% 62%. Just wanted to understand, is it because we have booked a lot of service revenue or these product deliveries that have led to such a you know, jump-in the gross margins on a Y-o-Y basis? I for a mix of deliveries and service orders both getting executed within this quarter and largely as how we have been enumerating that it also depends on which order is getting executed in a particular timeline and what mix of product targeting dispatch impacts the overall gross profits.
Hardik Rawat
Okay. One last question was with regards to the scope of you? Sure. I’ll get back to you in the queue also. Thank you, sir.
Ankit Mehta
Thank you.
Operator
Thank you. The next question comes from the line of Isha from MI Capital. Please go-ahead.
Unidentified Participant
Hello, sir. Our company has like recently secured a substantial order value, which was at a — am I not wrong, it’s around INR137 crores. So like could you please clarify the expected delivery schedule and associated payment cycle
Ankit Mehta
Okay Nipul, would you like to go-ahead?
Vipul Joshi
Sure. So emergency procurement carry a cycle of 12 months for the retirement from the order executed will
Ankit Mehta
Be also partial supplies, which have broken-down between three to four deliveries of the total quantities received as part of the order?
Hardik Rawat
Okay. Additionally, is there any possibility of expediting the delivery like potentially reducing the original 12-month time-frame outlined in that agreement?
Ankit Mehta
Yeah. Like I was explaining to Hardik in last question as well, right now we’re assimilating the overall supply-chain, how much time would it take to gather the complete unique parts to this particular orders. And based on that, we will be able to overall look at the timelines of deliveries. And since there are also factors dependent on external agencies in execution, we are hoping that we should be able to make the timelines better than the 12 months.
Okay, sir. Also, I wanted to ask like what are your projections on how the UK free-trade agreement will influence your duty framework and competitive positioning within the European market like over in coming 12 months, I would say. I think that foray in the European market is, you know, relatively new. We are seeking partnerships and potential collaboration opportunities there. So I’ll probably be able to comment on that once we have substantial motion on that side.
Hardik Rawat
Okay, sir. Okay. Thank you.
Operator
Thank you. The next question comes from the line of Nilesh from JM Financial. Please go-ahead as there is no response, we’ll move to the next question. The next question comes from the line of Shariya Yadav from Pinpoint Act Capital. Please go-ahead.
Unidentified Participant
Hello. Am I audible? Yes, sir, you’re not. Yeah, good morning, sir. The good operations in your and recent MOD emergency. I’m assuming that there has been a reasonable reduction in time taken for defense orders, right? But if you can tell what are the typical timeliness for contract finalization like pool testing once we have done the testing, but how much time it would take to get the order from MOD? And before I’m asking for operations in good and emergency profit. In terms of months or years, how much time it takes before this in the last cycle, they had taken about six months-to give the order.
Ankit Mehta
So that’s the that’s the previous experience I can quote in so-far as the EP procurement is concerned and post this operation and emergency procurement sorry, I can’t hear you yeah, the and post this operation Hindur and EP that we are saying, like how much time now government is taking. See, there is always an obviously an expectation of acceleration, but I cannot comment on the actual timelines immediately.
Unidentified Participant
Okay. And sir, my second question is on — like I want to understand that this operation that we have observed by promising surgeon defense zone players, including startups, which is very good. But specifically for the drone which used as operations in the there has been a capacity of players who are capable of developing above the range of 300 and 400 kilometers. Like could you elaborate on the key technicals or development challenges that it is preventing the Indian manufacturing from tracking this car a drones above 300 and 400 kilometers?
Ankit Mehta
And are we looking to venture into this segment so you know, I think it will become very technical to answer that question for the audience here. So I’ll probably refrain from going into too much detail. And I’m aware of some efforts being made in that direction as well. In terms of idea forge, looking at that vector, at this point in time, we are not directly looking at building a system. We are largely focused on ISR capabilities and always we’re looking at multi-role assets that can also do precision payload delivery and other capabilities.
Unidentified Participant
And sir, how do you see the future for players who are working on and specifically for India.
Ankit Mehta
I think it’s very clear that you know, post operations Hindu the country will require, both of ISR nature because they are the ones that will give any targets in most cases that will be required to be looked at during any such mission, whereas there will also be a need for doing a vector on the other side. And I think kinetic vector has both the aspect of what is known as emissions or has also got the aspect of products that can drop payloads or release payloads that can neutralize the target. So both of those capabilities are going to be critical going-forward. All three in fact.
Unidentified Participant
Okay, sir. Got it, sir. Thank you.
Ankit Mehta
Thank you.
Operator
Thank you. The next question comes from the line of Nilesh from JM Financial. Please go-ahead.
Nilesh
Yeah. Thank you for the opportunity, sir. I have one question. Can you throw some light on the competitive intensity we are now in this space where we are operating and is there any incidence where we have lost the order to our competitor in last two quarters or so?
Ankit Mehta
So, hi, Nilesh. In terms of comparative intensity, what I can definitely share is that it is going to be — it is usually very tough to build these resilient systems, it takes time, it takes effort, it takes a lot of development activity as well. So that is definitely an advantage that we have at this point in time because we have been prioritizing that as a developmental vector for. In terms of competitive pressures, there are businesses across the world, particularly in the Ukraine-Russia conflict, which have looked at a lot of such similar scenarios and have been observing those over the last few years.
So there are capabilities globally that are working towards EW resilience as well. And there are going to be comparative opportunities or comparative businesses who will look at those aspects. But at the same time, there is a deep requirement for us to build such capabilities and technologies in the country to have our own intellectual property for the obvious reason of strategic autonomy and superiority that we need to have.
And therefore we believe that we will continue to see advantage to Indian players. And therefore, I think both of these vectors do overall position us well, but we have to continue to track opportunities very closely and we are not present in all possible capabilities that the customer would want to look at and that’s also something to be kept in mind.
Operator
Okay. Okay, okay. And sorry to interrupt. May I request you to join the question queue for a follow-up question?
Nilesh
Okay, sure. Thank you.
Operator
The next question comes from the line of Nayan from Xylem PMS. Please go-ahead.
Nayan
Yes, hi. So I want to ask two questions. So the first thing is, are there any plans for a fresh fundraise in the near-term not, not nothing is presently you know being looked at okay and could you could you share the approximate quarterly cash loss figure? And based on the cash reserves, how many quarters of runway do we have?
Ankit Mehta
I’m not sure if we have been able to report that at this juncture, but Vipul, go-ahead if you have. So basically since the balance sheet numbers are not out, cash reserves and non-numbers right now at this juncture not be shared, but we can assure that we have self-sufficient numbers runway in terms of cash reserves as well as debt facilities in-place for execution of any orders that get built-in this year.
Nayan
Okay, okay. Thank you.
Operator
Thank you. The next question comes from the Line of Dipen from PhillipCapital. Please go-ahead.
Dipen Vakil
Hello. Thank you for the opportunity. Sir and congratulations on the emergency procurement order. Sir, my first question is, can you throw some light on the defense as your service vertical and the non-defense side of on the operations, like how — when we can expect some uptick coming in from those segments also and what is the progress in the mining and the other areas the areas for you?
Ankit Mehta
Sure,. I believe you wanted to say drone as a service. Yeah. Sorry. Yeah, no voice. So I think you know, it’s actually an area that we are seeing a lot of very, very useful progress. We had always believed that it’s going to be important for this service to become critical for our customers to retain its presence on-ground and we have started to see green shoots of the fact that once we deliver this kind of a service and if there is any reason for which there is a pullback even experimentally, we see that the need arises very quickly of that service to return.
So I think the thesis with which we started our drone as a service capability building is, I would say, signing out really well. We’ve had many success stories of how our drone as a service capability is helping our end-customers almost on a daily basis, prevent theft, do better management of their overall plants and assets, including, for example, in mining there, we are able to look at many inefficiencies that otherwise get reported in large numbers over the end-of-the year.
We are able to predict those inefficiencies today and we are able to help them reduce those inefficiencies with respect to and many other situations on round with respect to lost equipment, looking at stockpile measurements, etc. So there is a very wide variety of solutions that we are able to deliver to-end customers, particularly if you look at any physical infrastructure, particularly if it is large, we are able to help them do security, safety and governance in a, I would say, in an unprecedented way as compared to what was happening earlier.
And it can reduce the overall risk for any facility and improve productivity by good margin?
Dipen Vakil
So can you help us understanding as to what kind of contribution can we expect them from the drone as a service business maybe in FY ’26 or ’27 because this year’s execution likely it’s coming entirely from the pending order book, which was there in the 4th-quarter of last year. So maybe if we can get some clarity into the kind of execution from the number point-of-view?
Ankit Mehta
See, as a service is currently in a lot of scale-up mode. It’s showing up in two-ways. In some cases where our partners win service contracts, we win product contracts on the back of that. So that’s one part of where it shows up. And the second part where it shows up is where we are either via franchisee or directly, we are offering as a service as a capability to-end customers.
So that vector is going to be a much smaller percentage of the overall revenue in the short-term, but it’s a very robust vector and proves the ability to build a very strong presence for the asset wherever it is deployed. So our firm belief is that this technology will get deployed almost everywhere for safety, security and governance, including in city, states, coastline and also in enterprises. So that is an area that we’re developing very fast, but it will show-up in two-ways, like I said, product sales as well as in doing direct services.
Dipen Vakil
Got it, got it. Sir, last question sir, you mentioned that your order pipeline continues to be INR400 crore INR400 crores even now. So I wanted to understand what would be your —
Ankit Mehta
So even that the future projects are part of this INR400 crore or the INR400 crore is a non-ET pipeline? Yeah, yeah, it is presently not including.
Dipen Vakil
Got it, sir. Got it. Thank you so much and all the best for coming quarters. Thank you.
Ankit Mehta
Thank you.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Pritiy Agarwal from SK Associates. Please go-ahead.
Unidentified Participant
Yeah, hello, sir. I wanted to understand what are the primary differentiators in our company’s proposal as compared to our competitors during the bidding and prior stages, particularly in technical evaluation, live demonstration and assessment phases
Ankit Mehta
Typically you know you have to meet the threshold set by the customer in terms of the minimum performance and as the solutions become more complex it is difficult to have new entrants or late entrants have all the pieces of the puzzle sorted because it takes time for building all the elements that are required by an end-customer. And secondly is the reliability of the systems because in most cases in a physical evaluation where the system has to be flown it has to be reliable enough that it can deliver the performance on the given day. So both of these things are end-up being a huge advantage. Our customers have done over 700,000 flights on our systems and all of that experience goes into building reliability onto the platforms and that is carried over to not just our existing products, but also our future product developments.
So that brings an edge to what we’re doing. Apart from, of course, many patents that we have filed, which give us unique capabilities and the technology development work that we do differentiates us from our competition.
Unidentified Participant
Okay. Okay. Understood. And could you also provide insights into the level of engagement and potential order volumes generated through your early adopter program with US Police Department?
Ankit Mehta
See the early adopter program in the US is a program where we give early access to our platforms and we gain a lot of insights into what customers would really need. It’s a large market opportunity and we’ve been building progressively towards making sure that we have the right product market fit. It takes time because of competing priorities as well as very specific requirements. And therefore, we are inching very close to the finish line in most cases, but we are hopeful that we will start getting orders in the market as well.
Unidentified Participant
Thank you. So Alis, thank you so much sir and all the best.
Operator
Thank you. The next question comes from the line of Nikhil Gupta from Waiyu Capital. Please go-ahead.
Nikhil Gupta
Good morning,. My question is more specific to. I think they were recently making headlines with respect to medicine deliveries in partnership upon the hospitals and some other various other names. So can you describe our investment and investment terms specifically their end and strategically are we helping them in any operations and what’s all happening in that front?
Ankit Mehta
See, I think room delivery remains a very critical vector with respect to building not just the drone hardware, but to solve the customer solution wherein the order booking, the execution of the leg of doing drone delivery and final customer service and all of that happens seamlessly. So most of our focus in this investment has been around gaining early access to a team that is doing that capability development and also making sure that we can partner with each other based on our mutually, you can say exclusive platforms or complementary platforms that can allow us to build a more complete supply-chain solution in the future.
So that’s the focus on that investment for us and they continue to build-in that direction and we are tracking it closely. And as we build some of these larger capability platforms of ours, there are a lot of opportunities in the future where our platforms could be cross-leveraged. Okay. And exact investment terms, we don’t want to disclose it, if that’s the case? I think we had disclosed the amount we had invested, but I’m not sure of what are the exact investment terms if we had disclosed them or not. We are presently not in a position to disclose for.
Nikhil Gupta
Okay. Okay. My last question
Ankit Mehta
With respect to our cloud platforms. I think my limited understanding is that earlier you mentioned that we are also trying to build a marketplace of analytics where, let’s say, any other company or platform or any other firm wants to use their own drone data and want to get insights, they can use our platform, automatically upload and just get insights whatever they want to.
So basically, the drone data is not specifically to our IDFO zones, but they have some own drone data and they can get insights using our platform. So are we working on that direction as well?
Unidentified Participant
Yes. So what we’re doing is that with our platforms, the entire process becomes very seamless because we can do a lot of automation on the data, uploading, data validation, curation part on-the-ground level itself before it gets uploaded on the cloud.
Ankit Mehta
But yes, we do want to leverage the platform that we are building to make sure that we are able to gain access to more customers using that platform and also allows us to scalably test the analytics and other capabilities that we have built, which will be another entry point for us to service more number of customers in this space, who can again be future customers for many of our hardware platforms as well.
Unidentified Participant
Right. And do we at this point of time have any customers set-up? May I request? Just a follow-up question. Just follow-up question. This is not a new question. Okay, sir.. There is there is work happening with end-customers on this. Thank you. Thank you. And just to sort of highlight that we’ve added a new capability on Flight Cloud, wherein we are also enabling upload of our surveillance or the video data that we captured using our drones and have given customers the ability to one and do better data management and two,
Ankit Mehta
We have given them the ability to analyze or post-analyze the information, create necessary, you can say, insights for the consumption of the leadership in their hierarchy. And we’ve also progressively going to add AI capabilities that can do a lot of this activity in aid of the operator who is going to be looking at that information. So we are building more capabilities on the platform, live customer engagements in that perspect to make sure that we are testing it and prototyping it.
Unidentified Participant
Thank you. Okay. Best of luck. Thank you.
Operator
The next follow-up question comes from the line of Zaveri from Crown Capital. Please go-ahead.
Unidentified Participant
Hello. Thanks so much for letting me ask the question again. Sir, just wanted to know like are our drones capable of being used in geospatial mapping area? And have we pursued that opportunity sir?
Ankit Mehta
Yes, absolutely. In fact you know for the scheme where the government of India is mapping all the 660,000 odd villages in the country using drones. We are proud to say that we are a key provider of the drone technology for that opportunity. And apart from that as well, we have developed a very robust geospatient capability and we have been reporting that we are not just building capability for regular color camera or what is known as RGB mapping.
We are also doing work on LiDAR, multi-spectral, hyperspectral and also on oblique camera. So we can sort of help our end-users create a very wide spectrum of geospatial data that can be very helpful in operations and governance aspects of many of these scenarios.
So have we like bidded for any contracts or are there any ongoing contracts for those? Like how would those work like will we be providing drones to them as on a rental basis or do they just procure and buy it out? Like how does that part of business work, sir? Again, it shows up in two-ways presently. It shows up as direct product sales or it shows up as a sale to a partner who would then be using the technology to deliver a service to the end-customer.
Unidentified Participant
Okay. Okay. So any like orders that we can expect this year from that segment or like how would you see that opportunity served currently?
Ankit Mehta
Yes, there is — there is momentum on that direction as well. So we are tracking more opportunities there. Okay. So any active contract that is bidded for or is this like it’s in tendering process or something like you know, is happening on that? There are some active contracts you bidded for, but we also have more opportunities building in the.
Unidentified Participant
Okay, okay. Yeah. That’s it from my side, sir. Thank you so much, sir.
Operator
Thank you. The next question comes from the line of Riya Bhatia from CNBC TV. Please go-ahead.
Riya Bhatia
I had a couple of questions about your numbers. So the company has been reporting losses at the EBITDA at the net level in the last four quarters, but in this quarter, we’ve seen some improvement sequentially. So are you expecting to turn profitable at a certain revenue scale or is there a timeline to it?
Ankit Mehta
Definitely, I think at the right scale we would expect, but I’ll let Vipul answer the question
Vipul Joshi
So Reya, since we are not giving any forward-looking numbers on what is the top-line that we are targeting for the year, but it will be our endeavor to reach the profitability numbers in the near-term. A lot will depend on with what order book and timeline we close-in — which if it’s Q3 or Q4, that will determine our deliverables as well as the realization of the revenue as well for the year.
Riya Bhatia
Okay. And sir, are you rightly expecting to improve your working capital definitely, as we continue to participate in some of these EP opportunities and all where we will get an opportunity to have bifurcated milestone-based payments, there will be advances also as part of these contracts.
Ankit Mehta
So we are hoping that we will be able to realize all of this in time and with that in-turn impact on our net working capital cycles as well. Got it. And just consistent with our past experience.
Riya Bhatia
So all right. And sir, the last question is about the order pipeline. You mentioned that the current INR200 crore pipeline doesn’t include emergency procurement. So can you quantify the opportunity side from EP we are not in a position to quantify
Ankit Mehta
That right now still because the RFPs and you know what will come out is still in the making.
Riya Bhatia
Okay, sir, got it. Thank you so much.
Operator
Thank you. We’ll take this as the last question for today. I would now like to hand the conference over to Mr Ankit Mehta for closing comments. Thank you.
Ankit Mehta
Let me close by, you know, returning to the initial part of today’s call. I think resilience this quarter, I would say, is not about turnaround, instead it was about validation. Validation that drones are not auxiliary, but they are central to modern defense, validation that the government is serious about drones as evidenced by the announcement of EP6 and the corresponding budget allocation. Validation that indigenous EW resilient platforms are no longer optional, but they are essential.
And most importantly, validation that companies like Ideaforge built on conviction, not convenience will endure and lead when the going gets tough in every battle, be it on the international borders or in our own boardroom, resilience wins and that is the very reason why we are positioned to win. Thank you for joining today’s call and for your continued support and belief in Idea Force. T
Operator
Hank you. On behalf of Ideaforce Technology Limited. That concludes this conference. Thank you all for joining us and you may now disconnect your lines