Drone stock hits 10% upper circuit in afternoon session; here's the trigger

Shares of defence sector and drone maker firm Ideaforge Technology Ltd saw a sudden spurt in the afternoon session on Monday. The rally came after the firm said it would avail loan of Rs 151 Crore in tranches for YETI - Heavy lift long range autonomous aerial logistics vehicle project.

Ideaforge Technology shares hit an upper circuit of 10% at Rs 735.15 against the previous close of Rs  668.35. Market cap of the firm rose to Rs 3654.97 crore. It closed at the same level.

"This is to further inform you that ideaForge Technology Limited (the ‘Company’), has entered into loan agreement dated October 09, 2026, with Technology Development Board for availing loan of Rs. 151 Crores (One Hundred and Fifty-One Crores) in tranches for YETI - Heavy lift long range autonomous aerial logistics vehicle" ("Project"). Further to this development, the Company received the formal Term Sheet from TDB on October 07, 2026. The Company has reviewed and accepted the terms thereof, and the countersigned Term Sheet was duly executed and delivered to TDB on October 08, 2026,"  said the firm.

The name of the lender is Technology Development Board (TDB) and nature of the loan is Term Debt Facility. The total amount of outstanding loan is yet to be disbursed. The loan agreement was signed on 
October 9, 2026.

ideaForge Technology Ltd. is a prominent player in the Indian Unmanned Aerial Vehicle (UAV) market, specializing in the design, development, and manufacture of drone systems for defense and civil applications. With a legacy spanning over 18 years, the company maintains a leadership position by focusing on high indigenization levels and indigenous software stacks. It serves critical requirements in border surveillance, disaster management, and large-scale mapping. The company is vertically integrated, handling everything from design and engineering to manufacturing and after-sales services.