Ideaforge share price: The soaring flight of drone tech company Ideaforge Technology Ltd, climbing for the sixth straight session on Tuesday, saw the shares surge over 50% during this period.

In early trade on the BSE at 11:51 am, the stock was trading 8.51% higher at Rs 793.35 apiece. At current levels, the counter has gained about 54% in the last six trading sessions.

So, what is fuelling this rally? 

A stellar turnaround in the company's latest earnings announcement intensified the winning run. According to the stock exchange filings, Ideaforge reported a net profit of Rs 60 crore for the quarter against a net loss of Rs 26 crore in the same period last year. The drone maker's top line also saw a growth, with revenue of Rs 141 crore from Rs 20 crore in the same quarter last year. 

Meanwhile, earlier in the exchange filing dated April 29, the company also clarified about a collaboration, confirming it has entered into a non-binding Memorandum of Understanding (MoU) with Japan-based Digital Media Professionals Inc (DMP).  

“This collaboration is a routine business activity intended to explore the integration of DMP’s edge AI system-on-chip (SoC) technology into our unmanned aerial vehicle (UAV) platforms to enhance autonomous capabilities for defense and industrial applications,” the company said.

“The continued momentum helped us to book our largest quantum of orders worth ~INR 5,300 Mn for the financial year. This is a testament to the deepening trust our customers place in our technology,” said Ankit Mehta, CEO of the company.

Ideaforge also successfully bagged its inaugural order in the United States from the Lamar Police Department. The firm became the first global drone company to train NATO forces at the U.S. National Test Pilot School, Ideaforge investor presentation highlighted.