Analysts/Institutional Investor Meet/Con. Call Updates

www.ideaforgetech.com November11,2026 To, To, BSELimited TheNationalStockExchangeofIndia PhirozeJeejeebhoyTowers,DalalStreet, Limited“ExchangePlaza”,Bandra–Kurla Fort,Mumbai–400001. Complex,Bandra(EAST),Mumbai–400051 BSEScripCode:543932 NSESYMBOL:IDEAFORGE Sub:TranscriptofEarningsCallforthequarterendedSeptember30,2026ofideaForgeTechnology Limited(“theCompany”). DearSir/Ma’am, ThisisfurthertoourletterdatedNovember03,2026,wherebytheCompanyhadsubmittedthelink totheaudiorecordingoftheEarningsCallhostedbytheCompanyonTuesday,November03,2026 at 11.00 a.m. (IST) post announcement of Unaudited Financial Results (Standalone & Consolidated) forthequarterendedSeptember30,2026. Regulations30and46readwithsub-clause(ob)ofClause15ofParaAofPartAofScheduleIIIofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015., please find enclosed the transcriptoftheEarningscallheldonTuesday,November03,2026.TheTranscriptisalsoavailableon Company’swebsiteatbelowlink: Link:https://ideaforgetech.com/uploads/Other/Transcriptfinal_website_1794374307.pdf Kindlytakethesameonyourrecords. Thankingyou, Yoursfaithfully ForideaForgeTechnologyLimited NileshRanjanJaywant CompanySecretary&ComplianceOfficer MembershipNo.A26554 Encl:asabove ideaForgeTechnologyLimited EL-146,T.T.C.IndustrialArea,M.I.D.C.Mahape,NaviMumbai-400710.Maharashtra (India) Ph.(O):+91(22)67871000(F)+91(22)67871007 Email:info@ideaforgetech.com CINNo.L31401MH2007PLC167669 “ideaForge Technology Limited Q2 & H1 FY '27 Earnings Conference Call” November 03, 2026 “E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on November 04, 2026 will prevail.” MANAGEMENT: MR. ANKIT MEHTA – CHIEF EXECUTIVE OFFICER AND WHOLE-TIME DIRECTOR MR. VIPUL JOSHI – CHIEF FINANCIAL OFFICER AND WHOLE-TIME DIRECTOR MR. RAHUL SINGH – VP ENGINEERING SGA – INVESTOR RELATIONS ADVISORS Page 1 of 16 ideaForge Technology Limited November 03, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q2 and H1 FY '27 Earnings Call of ideaForge Technology Limited. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ankit Mehta, Co-Founder and CEO of ideaForge Technology Limited. Thank you, and over to you, sir. Ankit Mehta: Good morning, everyone, and thank you for joining us for ideaForge's Q2 and H1 FY '27 Earnings Conference Call. I am joined today by our CFO, Mr. Vipul Joshi, and our VP of Engineering, Rahul Singh, and SGA, our Investor Relations team. Building on the steady start of the year in Q1 FY '27, the first half of FY '27 has been marked by continued execution of our order book, improvement in financial performance, and meaningful progress across our technology and product development programs. In H1, we executed over 50% of our FY '27 opening order book while achieving our highest- ever H1 revenue of approximately of INR 160 crore. During Q2, we achieved revenue from operations of approximately INR 91 crore, representing sequential growth over the previous quarter and return to profitability at the PAT level. We have maintained this execution momentum despite persistent global supply chain constraints and certain delays in customer approvals for deliveries. These challenges remain, and our teams continue to work closely with suppliers and customers to minimize their impact on our delivery commitments. As we progress through our existing order book, securing fresh orders remains an equally important priority. We see meaningful opportunities emerging across defense and civil markets, supported by evolving customer requirements, new procurement initiatives, and an expanding range of applications for unmanned systems. Alongside execution, we have continued investing in technologies, products, and capabilities that we believe will drive our future growth. These investments reflect an approach we have followed consistently over the years through both favorable and challenging market conditions. Page 2 of 16 ideaForge Technology Limited November 03, 2026 Before discussing the developments during the quarter, I would like to share some perspective on this approach and how it has shaped ideaForge's journey. One of the defining characteristics of our business is that technology and product development often precede market demand by several years. At ideaForge, we consistently focus on identifying emerging customer needs and technology trends early, investing ahead of demand, and building capabilities and capacity to deliver when opportunities materialize. We have remained committed to this approach even through challenging market cycles. In our experience, investments in new product and technology development have converted into multi-fold revenue generations vis-à-vis the invested value. Therefore, we believe our sustained and growing investment in product development is a strong sign of exponential growth potential. Electronic warfare resilience is a good example. We began investing in these capabilities well before they became critical customer requirements. When the need emerged, we already had indigenous technologies ready for demonstration, validation, and deployment, yielding meaningful revenue realization and competitive advantage. While we cannot control procurement cycles or macroeconomic conditions, our ability to anticipate requirements, sustain investments, and maintain execution readiness positions us to respond faster when market opportunities emerge. Given the dynamic geopolitics and evolving threat environment, we believe that continuous innovation and preparedness for surge demand are appropriate strategic measures. I would now take you through the progress we have made across our technology and product portfolio. Let me begin with ZOLT, where we have made significant progress in both long-range ISR, which is intelligence, surveillance, and reconnaissance, and combat capabilities. As discussed in previous calls, our expansion into combat UAVs is an important strategic priority. Modern battlefield requirements are evolving beyond intelligence, surveillance, and reconnaissance towards systems that can also deliver combat effects in an integrated manner. We see this as a natural extension of our technology and platform capabilities, and we are actively building a portfolio to address both ISR and combat requirements. During the quarter, we made progress on the development of ZOLT Hybrid, incorporating an internal combustion engine for extended endurance. In field testing, the platform demonstrated long-range ISR capabilities of up to 100 kilometers and 6+ hours of flight time with an advanced ISR payload and electronic warfare resilience. Importantly, we have also made tangible progress in our combat UAV roadmap. In October, we launched the ZOLT UCAV variant, introducing combat capabilities to the platform. This Page 3 of 16 ideaForge Technology Limited November 03, 2026 expands ZOLT's applications beyond surveillance into tactical combat roles, including air- launched precision effects. Our combat development efforts extend beyond ZOLT. We are progressing capabilities across air-launched effects, loitering munitions, one-way attack systems, long-range strike platforms, targeting, and autonomous hunter-killer configurations where an ISR platform can identify a target and relay its coordinates to a combat sys [Showing first 8,000 characters — download PDF for full document]