INDOFARM
Indo Farm Equipment financials
- Market cap
- ₹689 Cr
- Sector
- Capital Goods
- Calls analysed
- 6
Indo Farm Equipment Limited Q1 FY27
What went well
- Revenue from operations grew 14.98% YoY to ₹104.93 crore.
- EBITDA grew 10.84% YoY to ₹13.09 crore.
- Tractor segment revenue saw robust growth of 36.29% YoY.
What to watch
- Crane segment revenue was almost flat YoY at ₹52.86 crore.
- Tractor capacity utilization remains low at 35-40%.
What Indo Farm Equipment Limited does
Indo Farm Equipment manufactures hydraulic Pick & Carry cranes and agricultural tractors at its Baddi (Himachal Pradesh) facility, selling under the "Indo Farm" and "Indo Power" brands to construction, infrastructure, logistics and agriculture customers across India and over 30 export markets. It is building a new dedicated crane manufacturing unit at Bhud (Baddi) and has acquired tower-crane technology from a Chinese manufacturer to enter the tower crane market. Its wholly owned subsidiary Barota Finance Limited, an RBI-registered NBFC, finances tractors sold by Indo Farm and other brands, including pre-owned tractors.
Segments
- Tractors
- Pick & Carry Cranes
- Tower Cranes
- NBFC (Barota Finance Ltd)
- Manufacturing facility
- Baddi, Himachal Pradesh (34 acres); captive foundry, machine shop, gear shop, hydraulic shop & fabrication
- Installed capacity
- 12,000 tractors/yr, 1,280 cranes/yr, foundry 6,000 MT/yr (crane capacity expanding to 4,880 units/yr via new Bhud plant)
- Dealer network
- 225+ dealers across 6 regional offices (India)
- Export footprint
- 30+ countries (Asia, Africa, Europe, South America)
- Tractor units sold
- 3,006 units (FY26)
- In-house component manufacturing
- 65%+ of crane components, 40%+ of tractor components made in-house
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 1 delivered 5 missed 16 open- Overall Revenue Growth missed said Q4 FY25 Promised: 30% growth in tractor and crane together Q1 FY27: Historical promise for FY26. Not discussed.
- New Crane Facility Commercial Production delayed said Q4 FY25 Promised: 3rd quarter we are expected to start the production facilities Q1 FY27: Commercial production expected by end of November 2026 (Q3 FY27)
- First Tower Crane Assembly/Sale on track said Q4 FY25 Promised: First crane assembled by January (2026) Q1 FY27: First lot of 10 machines expected to be completed within Q2 FY27.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 15.0%, net profit up 10.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 81 | 91 | 125 | 91 | 99 +22% | 101 +11% | 129 +3% | 105 +15% |
| EBITDA | 10 | 12 | 16 | 10 | 11 +2% | 11 −11% | 17 +5% | 12 +16% |
| Net profit | 3 | 4 | 13 | 5 | 4 +31% | 5 +24% | 8 −38% | 5 +10% |
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 −44.2% 1Y
1Y: ₹253.98 on 10 Sept 2025 → ₹141.66. High ₹265.43 (23 Sept 2025), low ₹111.16 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.9%
- 12 Aug
- Q4 FY26
- −2.9%
- 29 May
- Q3 FY26
- +0.2%
- 12 Feb
- Q2 FY26
- −0.4%
- 26 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.4% a year over 1 year, FY25 to FY26. Operating margin narrowed to 11.5%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹367 Cr | ₹420 Cr |
| Operating profit | ₹47 Cr | ₹48 Cr |
| Operating margin | 12.8% | 11.5% |
| Interest | ₹14 Cr | ₹10 Cr |
| Depreciation | ₹11 Cr | ₹12 Cr |
| Net profit | ₹23 Cr | ₹22 Cr |
| Net margin | 6.2% | 5.2% |
| Cash from operations | ₹26 Cr | ₹31 Cr |
| Free cash flow | ₹-1 Cr | ₹2 Cr |
| ROCE | 7.0% | 7.0% |
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 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹19 Cr | ₹19 Cr | ₹38 Cr | ₹48 Cr | ₹48 Cr |
| Reserves | ₹248 Cr | ₹246 Cr | ₹259 Cr | ₹265 Cr | ₹494 Cr | ₹490 Cr |
| Borrowings | ₹160 Cr | ₹175 Cr | ₹170 Cr | ₹169 Cr | ₹180 Cr | ₹86 Cr |
| Other liabilities | ₹45 Cr | ₹61 Cr | ₹47 Cr | ₹53 Cr | ₹63 Cr | ₹56 Cr |
| Total liabilities | ₹463 Cr | ₹501 Cr | ₹495 Cr | ₹524 Cr | ₹785 Cr | ₹680 Cr |
| Fixed assets | ₹183 Cr | ₹194 Cr | ₹206 Cr | ₹201 Cr | ₹214 Cr | ₹210 Cr |
| Capital work in progress | ₹14 Cr | ₹20 Cr | ₹8 Cr | ₹5 Cr | ₹14 Cr | ₹29 Cr |
| Investments | ₹17 Cr | ₹18 Cr | ₹20 Cr | ₹20 Cr | ₹0 Cr | ₹65 Cr |
| Other assets | ₹248 Cr | ₹270 Cr | ₹261 Cr | ₹297 Cr | ₹556 Cr | ₹375 Cr |
| Total assets | ₹463 Cr | ₹501 Cr | ₹495 Cr | ₹524 Cr | ₹785 Cr | ₹680 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, DIIs trimmed −2.36 pp while the public added +1.64 pp. The shareholder count shrank 17% to 44,005.
- Promoters
- 70.6%
- FIIs
- 0.1%
- DIIs
- 2.5%
- Public
- 26.8%
Since Jun 2025
- DIIs −2.36 pp
- Public +1.64 pp
- Promoters +1.18 pp
How it drifted, 6 quarters
Over this window DIIs fell from 6.0% to 2.5% — −3.5 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 69.4%, FIIs 0.8%, DIIs 6.0%, Public 23.8%.Jun '25: Promoters 69.4%, FIIs 0.6%, DIIs 4.9%, Public 25.1%.Sep '25: Promoters 69.5%, FIIs 0.4%, DIIs 4.7%, Public 25.3%.Dec '25: Promoters 69.8%, FIIs 0.0%, DIIs 4.3%, Public 25.9%.Mar '26: Promoters 70.5%, FIIs 0.2%, DIIs 3.4%, Public 26.0%.Jun '26: Promoters 70.6%, FIIs 0.1%, DIIs 2.5%, Public 26.8%.
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.
- Shubham Khadwalia +0.09 pp 1.26% held
- Diksha Khadwalia +0.08 pp 0.25% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Indo Farm Equipment Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ranbir Singh Khadwalia | 35.02% | unchanged |
| Sunita Saini | 22.16% | unchanged |
| Futuristic Mining And Construction Solutions Llp | 9.10% | unchanged |
| Anshul Khadwalia | 2.08% | unchanged |
| Negen Undiscovered Value Fund AIF | 1.84% | unchanged |
| Shubham Khadwalia | 1.26% | +0.09 pp |
| S P Mittal | 1.04% | unchanged |
| Kyoor Healthcare Limited | 0.76% | unchanged |
| Diksha Khadwalia | 0.25% | +0.08 pp |
| Vidhushri Khadwalia | 0.00% | unchanged |
| Anil Kumar Saini | 0.00% | unchanged |
| Indo Farm Industries Limited | 0.00% | 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 trapTo justify its price of ₹142, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~-3%. At that growth it is worth ₹36 — downside of 74%.
- Growth the price implies
- 22.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -3.3% a year
- net profit, FY25–FY26
- The gap
- 0.3 pp
- -74% downside if it only repeats history
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Indo Farm Equipment Limited
Guides on how to read this kind of business and the numbers that matter.