BAJAJINDEF

Indef Manufacturing financials

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

Market cap: ₹732 Cr
Sector: Capital Goods

What Indef Manufacturing Limited does

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

Headquarters Navi Mumbai, Maharashtra, India Company website

Quarterly results

Q1 FY27: revenue down 13.2%, net profit down 2.7% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	43	45	53	40	49 +15%	51 +13%	68 +28%	34 −13%
Expenses	36	37	42	36	43	47	59	35
EBITDA	7	7	11	4	6 −8%	4 −45%	9 −14%	-1 −126%
Margin	16%	17%	20%	9%	13%	8%	13%	-3%
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 −34%	7 −27%	2 −84%	6 −17%
Tax rate	-1%	25%	25%	25%	16%	29%	-203%	13%
Net profit	11	7	10	6	6 −45%	5 −30%	7 −33%	6 −3%
EPS	—	2.19	3.17	1.77	1.96	1.53	2.13	1.72

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −33.0% 1Y

1Y: ₹341 on 10 Sept 2025 → ₹228.57. High ₹425.25 (10 Oct 2025), low ₹209.06 (27 Mar 2026).

Financials, as filed

Revenue grew 16.3% a year over 1 year, FY25 to FY26. Operating margin narrowed to 11.2%.

Year ending	FY25	FY26
Revenue	₹179 Cr	₹208 Cr
Operating profit	₹31 Cr	₹23 Cr
Operating margin	17.1%	11.2%
Interest	₹0 Cr	₹0 Cr
Depreciation	₹5 Cr	₹6 Cr
Net profit	₹34 Cr	₹24 Cr
Net margin	19.1%	11.4%
Cash from operations	₹5 Cr	₹24 Cr
Free cash flow	₹-4 Cr	₹18 Cr
ROCE	—	9.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY23	FY24	FY25	FY26
Equity capital	₹0 Cr	₹3 Cr	₹3 Cr	₹3 Cr
Reserves	₹0 Cr	₹216 Cr	₹255 Cr	₹267 Cr
Borrowings	₹0 Cr	₹5 Cr	₹3 Cr	₹3 Cr
Other liabilities	₹0 Cr	₹53 Cr	₹48 Cr	₹60 Cr
Total liabilities	₹0 Cr	₹277 Cr	₹310 Cr	₹332 Cr
Fixed assets	₹0 Cr	₹34 Cr	₹32 Cr	₹46 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹3 Cr	₹0 Cr
Investments	₹0 Cr	₹181 Cr	₹213 Cr	₹210 Cr
Other assets	₹0 Cr	₹63 Cr	₹62 Cr	₹77 Cr
Total assets	₹0 Cr	₹277 Cr	₹310 Cr	₹332 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.48 pp while the public added +0.47 pp. The shareholder count shrank 3% to 19,479.

Promoters: 69.6%
FIIs: 1.1%
Public: 29.3%

Since Jun 2025

FIIs −0.48 pp
Public +0.47 pp
Promoters 0.00 pp

How it drifted, 6 quarters

Mar '25Sep '25Jun '26

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Heinrich De Fries Gmbh newly disclosed 5.00% held

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Indef Manufacturing Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Bajaj Holdings And Investment Ltd	19.53%	unchanged
Jamnalal Sons Pvt Ltd	19.35%	unchanged
Bajaj Sevashram Private Ltd	5.84%	unchanged
Heinrich De Fries Gmbh	5.00%	newly disclosed
Bachhraj Factories Private Limited	3.86%	unchanged
Kiran Bajaj	3.55%	unchanged
Niraj Bajaj	3.42%	unchanged
Devaj Ravi Jhunjhunwala	3.26%	unchanged
Shekhar Bajaj	2.83%	unchanged
Vanraj Anant Bajaj	1.73%	unchanged
Pooja Bajaj	1.73%	unchanged
Niraj Bajaj Trust	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.

What the price assumes

Growth trap

To justify its price of ₹229, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~-31%. At that growth it is worth ₹12 — downside of 95%.

Growth the price implies: 24.5% a year; for 7 years, fading to 4%
It has actually compounded at: -30.8% a year; net profit, FY25–FY26
The gap: 0.6 pp; -95% downside if it only repeats history

Price today ₹228.57 Value at the reference growth ₹12.01

Change the assumptions yourself →

Learn to analyse Indef Manufacturing Limited

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