Ideaforge Technology shares zoom 9% today on Israel-Iran war buzz; what's next on charts?

Shares of Ideaforge Technology Ltd surged on Friday, emerging as the top performer among Indian defence stocks. The rally followed news of Israel launching a series of military strikes on Iran, sparking concerns over a wider geopolitical conflict and boosting investor demand for defence-related equities.

The stock jumped 8.88 per cent to touch an intraday high of Rs 604, before easing slightly to trade 6.07 per cent higher at Rs 588.45. However, despite today's gains, the scrip remains down 17.40 per cent over the past year.

From a technical perspective, analysts noted a bullish outlook, with key support levels placed in the Rs 560–548 range.

Jigar S Patel, Senior Manager (Technical Research Analyst at Anand Rathi), noted that support on the counter will be at Rs 560 and resistance at Rs 600. "A decisive move above Rs 600 level may trigger a further upside towards Rs 620. The expected trading range will be between Rs 550 and Rs 620 for the short term," he stated.

Sebi-registered independent research analyst AR Ramachandran said, "IdeaForge is bullish on daily charts with strong support at Rs 548. A daily close above the resistance of Rs 627 could lead to an upside target of 676 in the near term."

IdeaForge's scrip traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 62.53. A level below 30 is defined as oversold while a value above 70 is considered overbought.

As per BSE, the stock has a negative price-to-equity (P/E) ratio of 133.22 against a price-to-book (P/B) value of 3.88. Earnings per share (EPS) stood at (-)4.45 with a return on equity (RoE) of (-)2.91. According to Trendlyne data, IdeaForge has a one-year beta of 1, indicating high volatility.

On the earnings front, IdeaForge reported a net loss of Rs 26 crore in the March 2025 quarter compared to a net profit of Rs 10 crore during the year-ago quarter. Revenue from operations also tumbled 80 per cent year-on-year (YoY) to Rs 20 crore in Q4 FY25 as against Rs 102 crore in the corresponding period last year.

As the end of March 2025 quarter, the company's order book was at Rs 13.6 crore, which is lower than the Rs 20.7 crore order reported in the previous quarter.

As of March 2025, promoters held a 29.17 per cent stake in the company. Ideaforge is a vertically integrated company that designs, develops and manufactures indigenous unmanned aerial vehicles (UAVs).