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    Indef Manufacturing Limited

    Maharashtra-based manufacturer of hoists, cranes and overhead material-handling equipment sold under the Bajaj Indef, iCrane, iStacker and SWIFT brands

    Capital Goods
    Industrials

    Overview

    Price

    Market Cap

    ₹737 Cr

    Sector

    Capital Goods

    Industrials

    Rank

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY23FY24FY25FY26FY26
    LiabilitiesEquity Capital03333
    Reserves0216250255269
    Borrowings05432
    Other Liabilities053444851
    Total Liabilities0277301310326
    AssetsFixed Assets034353235
    CWIP00230
    Investments0181199213215
    Other Assets063656275
    Total Assets0277301310326

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY23FY24FY25FY26
    ActivitiesCash from Operating029532
    Cash from Investing0-31-10-25
    Cash from Financing0-2-2-8
    SummaryCapital Expenditure
    Free Cash Flow027-328
    FCF Margin

    Valuation

    Assumptions

    Current — BAJAJINDEF
    Price
    ₹235
    EPS (TTM)
    ₹8.14
    PE (TTM)
    28.9
    Profit growth
    -23.9%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (37.3×) and current (28.9×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹235
    vs
    Fair value · 15% return
    ₹22
    91%Overvalued

    At -23.9% growth and a 29× exit, ₹235 only delivers your return if you pay ₹22. The price is currently baking in 17% growth.

    EPS grows -23.9%/yr for 5 years, then fades to 6% over 2, exits at 29×.

    YearGrowthEPS (₹)
    FY27-23.9%6.19
    FY28-23.9%4.71
    FY29-23.9%3.59
    FY30-23.9%2.73
    FY31-23.9%2.08
    FY32-8.9% ·fade1.89
    FY336.0% ·fade2.01

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

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