Indef Manufacturing share price & results
- Jun 2026
- Sept 2026
Maharashtra-based manufacturer of hoists, cranes and overhead material-handling equipment sold under the Bajaj Indef, iCrane, iStacker and SWIFT brands
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 34.5 | −13.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -2.8 | −12.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 5.5 | −2.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 9.05 | −4.4 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 9.13 | +11.4 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 12.35 | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance −53.7% 1Y
1Y: ₹387.35 on 24 Oct 2025 → ₹179.25. High ₹395.2 (30 Oct 2025), low ₹176.98 (26 Oct 2026).
- Previous close
- ₹176.98
- Market cap
- ₹587 Cr
- 52-week range
- ₹176.98 – ₹395.2
- One year
- −53.88%
- Price to earnings (TTM to Jun 2026)
- 24.81×
- Return on equity (TTM to Jun 2026)
- 9.05%
Overview
- Symbol
- NSE:BAJAJINDEF
- Sector
- Capital Goods
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Indef Manufacturing Limited does
Based on the company's own presentations, annual report and earnings calls.
Indef Manufacturing Limited, formed via the demerger of the material-handling business from Hercules Hoists Limited, designs and manufactures overhead material-handling equipment — mechanical hoists (chain pulley blocks, ratchet lever hoists), electric chain and wire-rope hoists, EOT/gantry/jib/light-profile cranes, and storage and retrieval systems (floor-operated stackers, roll-out racks). Products are marketed under the Bajaj Indef, iCrane, iStacker and (acquired) SWIFT brands to automotive, energy, infrastructure, engineering, metals, chemicals, logistics, textiles and food-processing customers. It manufactures at two plants in Maharashtra and sells pan-India through Authorized Business Partners and sub-dealers, backed by regional sales offices and after-sales 'Indef Clinics'.
Segments
- Mechanical hoists
- Electric hoists
- Cranes
- Storage & retrieval systems
- Manufacturing plants
- 2 (Khalapur & Chakan, Maharashtra)
- Product brands
- Bajaj Indef, iCrane, iStacker, SWIFT
- Regional sales offices
- 4 (Pune, Delhi, Chennai, Kolkata)
- Distribution network
- Pan-India network of Authorized Business Partners (ABPs) and sub-dealers
- Plant certifications
- ISO 9001:2015 (both plants); Khalapur also ISO 14001:2015 & ISO 45001:2018
- Product certifications
- ISI, CE; flame-proof hoists compliant with ATEX standards
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 2 fiscal years held (Mar 2025 to Mar 2026).
Financials
What the filings say
Net profit, year on year: −3% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 43 | 45 | 53 | 40 | 49 | 51 | 68 | 34 |
| Expenses | 36 | 37 | 42 | 36 | 43 | 47 | 59 | 35 |
| Operating profit | 7 | 7 | 11 | 4 | 6 | 4 | 9 | -1 |
| Operating margin | 15.9% | 16.7% | 20.2% | 9.3% | 12.7% | 8.1% | 13.5% | −2.8% |
| Other income | 6 | 3 | 4 | 5 | 3 | 4 | -5 | 9 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 |
| Profit before tax | 11 | 9 | 14 | 8 | 7 | 7 | 2 | 6 |
| Tax rate | −1.0% | 24.9% | 25.5% | 25.2% | 16.2% | 29.2% | −203.2% | 12.7% |
| Net profit | 11 | 7 | 10 | 6 | 6 | 5 | 7 | 6 |
| EPS (₹ per share) | — | 2.19 | 3.17 | 1.77 | 1.96 | 1.53 | 2.13 | 1.72 |
| Line item | Mar 2025 | Mar 2026 |
|---|---|---|
| Sales | 179 | 208 |
| Expenses | 148 | 184 |
| Operating profit | 31 | 23 |
| Other income | 17 | 8 |
| Interest | 0 | 0 |
| Depreciation | 5 | 6 |
| Profit before tax | 42 | 24 |
| Net profit | 34 | 24 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity capital | 0 | 3 | 3 | 3 | 3 |
| Reserves | 0 | 216 | 250 | 255 | 267 |
| Borrowings | 0 | 5 | 4 | 3 | 3 |
| Other liabilities | 0 | 53 | 45 | 48 | 60 |
| Total liabilities | 0 | 277 | 301 | 310 | 332 |
| Fixed assets | 0 | 34 | 35 | 32 | 46 |
| Capital work in progress | 0 | 0 | 2 | 3 | 0 |
| Investments | 0 | 181 | 199 | 213 | 210 |
| Other assets | 0 | 63 | 66 | 62 | 77 |
| Total assets | 0 | 277 | 301 | 310 | 332 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Cash from operations | 0 | 29 | 5 | 24 |
| Cash from investing | 0 | -31 | -10 | -15 |
| Cash from financing | 0 | -2 | -2 | -9 |
| Net cash flow | 0 | -3 | -7 | 0 |
| Free cash flow | 0 | 27 | -4 | 18 |
| Line item | Mar 2025 | Mar 2026 |
|---|---|---|
| Debtor days | 65 | 56 |
| Inventory days | 85 | 102 |
| Days payable | 89 | 107 |
| Cash conversion cycle | 62 | 51 |
| Working capital days | 50 | 22 |
| Return on capital employed | — | 9.0% |
| Dividend payout | 0.0% | 27.0% |
What the price assumes
Growth trapTo justify its price of ₹179, this stock must grow earnings at 20% every year for 7 years. Our analysis caps realistic growth at ~-31%. At that growth it is worth ₹12 — downside of 93%.
- Growth the price implies
- 19.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -30.8% a year
- net profit, FY25–FY26
- The gap
- 0.5 pp
- -93% downside if it only repeats history
Ownership
Who owns it
Promoters hold 69.61% as of Sept 2026; institutions cut 0.47 pts since Jun 2026.
- Promoters 69.61%
- Foreign institutions 0.64%
- Domestic institutions 0.00%
- Public 29.74%
Who is on the register
Named in the Sep 2026 filing
Every holder of Indef Manufacturing Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 19.53% | unchanged | |
| 19.35% | unchanged | |
| 5.84% | unchanged | |
| 5.00% | unchanged | |
| 3.86% | unchanged | |
| 3.55% | unchanged | |
| 3.42% | unchanged | |
| 3.26% | unchanged | |
| 2.83% | unchanged | |
| 1.73% | unchanged | |
| 1.73% | unchanged | |
| 1.73% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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