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On 6 Nov 2026, Indef Manufacturing was priced at ₹178.68, or 24.3× trailing earnings, against an industry P/E of 20.4×, and the shares are 53% below their 52-week high. Its ROCE of 8.8% is the lowest among the 7 largest Farm & Heavy Construction Machinery peers. It has almost no debt, and its dividend yield is 1.1%. It is a small-cap company with a market cap of ₹572 Cr, ranked 14th of 24 Farm & Heavy Construction Machinery companies by market cap; the shares fell 50% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹184.00
Day high
₹184.79
Day low
₹177.50
Prev. close
₹184.07
Volume
16.5K

Health check

1 fair · 4 to check
  • ReturnsBehind

    −50.4% over a year, better than 0 of 7 peers.

  • Price tagPricier

    P/E 24.3 vs industry 20.4.

  • Growthn/a

    Not enough yearly results to measure.

  • ProfitabilityWeak

    ROCE 8.8% vs peer median 19.4%.

  • Balance sheetFair

    Practically debt-free, Piotroski 4 of 9.

  • Red flags2 to check

    Quarterly sales down 13.2% on a year ago.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Farm & Heavy Construction Machinery

23 listed peers. Screen the industry

Small cap

₹572 Cr, #14 of 24 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Jun 2026: sales ₹202 Cr · profit ₹23 Cr
Market cap
₹572 Cr
Small cap
P/E
24.3
Industry 20.4
Price to book
2.12
Peers 6.87
Dividend yield
1.09%
ROE
9.0%
Peers 17.7%
ROCE
8.8%
Peers 19.4%
Debt to equity
0.02
Debt ₹4.89 Cr
EPS (TTM)
₹7.34
Face value ₹1
OPM (TTM)
6.9%
Net margin 11.6%
Sales growth
−13.2%
Latest quarter vs a year ago
Profit growth
−3.0%
Latest quarter vs a year ago
Price to sales
2.82
EV/EBITDA 34.5

Strengths and risks

Strengths

  • Practically debt-free.

Risks to check

  • Quarterly sales down 13.2% on a year ago.
  • 53% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Indef Manufacturing

Indef Manufacturing Limited provides material handling solutions in India. It also manufactures, sells, distributes and markets mechanical hoists, ergonomic handling solutions, overhead crane, EOT crane, electric chain hoists and wire rope hoists, stackers, and storage and retrieval solutions. The company also offers chain pulley blocks and ratchet lever hoists, as well as electric chain hoists and electric wire rope hoists; electric overhead travelling…

Headquarters
Navi Mumbai
Sector
Industrials
ISIN
INE0O9T01021
Website
indef.com

Price range

52 weeks

₹171.00₹379.90

Today

₹177.50₹184.79
Avg volume (3M)
22K
1-year return
minus 50.4%
From 52-week high
minus 53.0%

Peers · Farm & Heavy Construction Machinery

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
ASHOKLEYAshok Leyland172.09plus 1.10%1,01,08329.112.214.5%21.5%3.4510.6%plus 21.2%
ESCORTSEscorts Kubota2,443.40minus 0.67%26,88820.413.514.4%11.5%0.0111.3%minus 35.6%
ACEAction Construction Equipment1,167.70plus 3.55%13,90031.825.528.5%15.6%0.0015.0%plus 2.8%
OLECTRAOlectra Greentech1,026.35minus 2.21%8,42447.526.619.4%13.8%0.3128.4%minus 30.9%
AJAXENGGAjax Engineering556.65minus 1.24%6,36928.120.021.4%12.5%0.0022.2%minus 5.8%
SWARAJENGSwaraj Engines3,495.30minus 1.97%4,24720.015.252.8%12.6%0.0112.2%minus 9.6%
VSTTILLERSV.S.T Tillers Tractors3,941.70minus 2.48%3,41131.416.512.4%13.3%0.007.2%minus 33.8%
BAJAJINDEFIndef Manufacturing178.68minus 2.93%57224.324.48.8%9.2%0.02–minus 50.4%
Median of 7 peers–−1.24%8,42429.116.519.4%13.3%0.0112.2%−9.6%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
39.749.350.66834.5
364346.563.535.4
3.76.34.14.5−1
9.4%12.7%8.1%6.7%−2.8%
5.32.74.60.28.8
0.10.10.10.10.1
1.31.41.42.31.4
––−0.4−0.2–
7.67.46.82.26.3
25.3%16.1%29.0%−204.0%12.7%
5.76.34.96.85.5
1.771.961.532.131.72

Profit & loss

Yearly, ₹ crore
ROE
9.0%
Net profitSelect a row below to chart it
₹ CrMar 2024Mar 2025Mar 2026
–177206
–147182
−0.130.823.4
–17.3%11.4%
−02.31.1
00.40.4
–5.26.5
–14.46.3
−0.14224
29.1%18.6%2.5%
−034.223.6
-0.0110.687.38

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
003.23.2
−0−0.1250267
–0.13.94.9
0044.657.6
00301332
––32.633.2
––2.50.2
––199210
005.55.6
0062.283.7
00301332

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
−0−0.14.823.5
0–−9.7−14.5
–0.1−2−9
00−6.80
––−8.8−5.5
−0−0.1−418.1
–––−6.4

Shareholding pattern

Source: NSE filings
69.6%
promoters
  • Promoters69.61%
  • Public30.39%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202669.61%30.39%0.00
30 Jun 202669.61%30.39%0.00
31 Mar 202669.61%30.39%0.00
31 Dec 202569.61%30.39%0.00
30 Sep 202569.61%30.39%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you