As of 6 Nov 2026, Indo Farm Equipment trades at 23.6× trailing earnings, above the industry P/E of 20.4×, and the shares are 49% below their 52-week high. Its ROCE of 8.2% is the lowest among the 7 largest Farm & Heavy Construction Machinery peers, and sales and net profit grew 5.9% and 17% a year over 3 years. Debt is 0.27× equity. It is a small-cap company with a market cap of ₹588 Cr, ranked 13th of 24 Farm & Heavy Construction Machinery companies by market cap; the shares fell 46% over the past year.
- ₹123.00
- ₹125.50
- ₹119.90
- ₹124.34
- 46K
Health check
- ReturnsBehind
−45.6% over a year, better than 0 of 7 peers.
- Price tagPricier
P/E 23.6 vs industry 20.4.
- GrowthSlow
Sales +5.9%, profit +17.1% a year over 3 years.
- ProfitabilityWeak
ROCE 8.2% vs peer median 19.4%.
- Balance sheetFair
Debt 0.27× equity, interest covered 3.2×, Piotroski 8 of 9.
- Red flags2 to check
Return on equity is low at 4.5%.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹588 Cr
- Small cap
- P/E
- 23.6
- Industry 20.4
- Price to book
- 1.06
- Peers 6.87
- Dividend yield
- 0.00%
- ROE
- 4.5%
- Peers 17.7%
- ROCE
- 8.2%
- Peers 19.4%
- Debt to equity
- 0.27
- Debt ₹150 Cr
- EPS (TTM)
- ₹5.19
- Face value ₹10
- OPM (TTM)
- 12.9%
- Net margin 5.5%
- Sales growth
- +14.5%
- Latest quarter vs a year ago
- Profit growth
- +4.1%
- Latest quarter vs a year ago
- Price to sales
- 1.30
- EV/EBITDA 11.2
Strengths and risks
Strengths
- Positive operating cash flow in each of the last 4 years.
- Promoter stake up from 69.5% to 70.6%.
Risks to check
- Return on equity is low at 4.5%.
- 49% below its 52-week high.
About Indo Farm Equipment
Indo Farm Equipment Limited manufactures and sells agricultural, industrial, and construction equipment in India and internationally. The company operates through the Tractor, Crane, NBFC, and Others segments. It offers tractors, rotary tillers, and harvesters, as well as hydraulic pick and carry cranes, and tower cranes. The company also provides financing for new tractors and refinancing for pre-owned tractors. In addition, the company offers…
- Headquarters
- Baddi
- Employees
- 745
- Sector
- Industrials
- ISIN
- INE622H01018
- Website
- indofarm.in
Price range
- Avg volume (3M)
- 1.4 L
- 1-year return
- minus 45.6%
- From 52-week high
- minus 49.4%
Peers · Farm & Heavy Construction Machinery
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ASHOKLEYAshok Leyland | 172.09 | plus 1.10% | 1,01,083 | 29.1 | 12.2 | 14.5% | 21.5% | 3.45 | 10.6% | plus 21.2% |
| ESCORTSEscorts Kubota | 2,443.40 | minus 0.67% | 26,888 | 20.4 | 13.5 | 14.4% | 11.5% | 0.01 | 11.3% | minus 35.6% |
| ACEAction Construction Equipment | 1,167.70 | plus 3.55% | 13,900 | 31.8 | 25.5 | 28.5% | 15.6% | 0.00 | 15.0% | plus 2.8% |
| OLECTRAOlectra Greentech | 1,026.35 | minus 2.21% | 8,424 | 47.5 | 26.6 | 19.4% | 13.8% | 0.31 | 28.4% | minus 30.9% |
| AJAXENGGAjax Engineering | 556.65 | minus 1.24% | 6,369 | 28.1 | 20.0 | 21.4% | 12.5% | 0.00 | 22.2% | minus 5.8% |
| SWARAJENGSwaraj Engines | 3,495.30 | minus 1.97% | 4,247 | 20.0 | 15.2 | 52.8% | 12.6% | 0.01 | 12.2% | minus 9.6% |
| VSTTILLERSV.S.T Tillers Tractors | 3,941.70 | minus 2.48% | 3,411 | 31.4 | 16.5 | 12.4% | 13.3% | 0.00 | 7.2% | minus 33.8% |
| INDOFARMIndo Farm Equipment | 122.43 | minus 1.54% | 588 | 23.6 | 10.7 | 8.2% | 12.9% | 0.27 | 5.9% | minus 45.6% |
| Median of 7 peers | – | −1.24% | 8,424 | 29.1 | 16.5 | 19.4% | 13.3% | 0.01 | 12.2% | −9.6% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 96.3 | 104 | 1,059 | 134 | 110 | |
| 83.1 | 91.1 | 924 | 115 | 95.8 | |
| 13.2 | 12.8 | 135 | 18.6 | 14.5 | |
| 13.7% | 12.3% | 12.8% | 13.9% | 13.1% | |
| 1.8 | 1.9 | 17.6 | 1.2 | 1.1 | |
| 4.4 | 4.4 | 43.8 | 4.2 | 4.1 | |
| 3 | 3 | 30.4 | 3.2 | 3.6 | |
| 7.5 | 7.2 | 78.6 | 12.4 | 7.8 | |
| 27.7% | 30.5% | 29.3% | 29.5% | 27.8% | |
| 5.4 | 5 | 55.6 | 8.7 | 5.7 | |
| 1.13 | 1.04 | 1.16 | 1.81 | 1.18 |
Profit & loss
- Sales CAGR 3Y
- +5.9%
- Profit CAGR 3Y
- +17.1%
- EPS CAGR 3Y
- +17.1%
- ROE
- 4.5%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 370 | 375 | 387 | 439 | |
| – | +1.2% | +3.2% | +13.7% | |
| 311 | 311 | 327 | 378 | |
| 59 | 63.2 | 59.5 | 61.6 | |
| 15.9% | 16.9% | 15.4% | 14.0% | |
| −1.3 | −1.3 | 0 | 4.3 | |
| 25.5 | 26.5 | 21.4 | 15.6 | |
| 8.8 | 10.3 | 10.8 | 12.3 | |
| −1.2 | −1.1 | −1.2 | −3.2 | |
| 22.3 | 23.9 | 26.2 | 34.9 | |
| 30.9% | 35.5% | 10.0% | 29.3% | |
| 15.4 | 15.4 | 23.5 | 24.7 | |
| – | +0.2% | +52.9% | +4.9% | |
| 3.20 | 3.21 | 5.70 | 5.14 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 18.8 | 37.6 | 48.1 | 48.1 | |
| 272 | 280 | 483 | 508 | |
| 281 | 272 | 173 | 150 | |
| 51.8 | 58.7 | 57.1 | 64.3 | |
| 623 | 648 | 762 | 770 | |
| 212 | 202 | 217 | 233 | |
| 11.3 | 5.1 | 10 | 30.8 | |
| 0.3 | 1.1 | 1.5 | 0.4 | |
| 3.6 | 15.2 | 111 | 76.2 | |
| 396 | 425 | 423 | 430 | |
| 623 | 648 | 762 | 770 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 30.2 | 40.6 | 53 | 29.7 | |
| −8.4 | −2.6 | −75.4 | 25.2 | |
| −22 | −25.7 | 67.9 | −41.3 | |
| −0.2 | 12.3 | 45.5 | 13.6 | |
| −9.5 | −9.1 | −26.9 | −29.5 | |
| 20.7 | 31.5 | 26.2 | 0.1 |
Shareholding pattern
- Promoters70.63%
- Public29.37%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 70.63% | 29.37% | 0.00 | |
| 30 Jun 2026 | 70.63% | 29.37% | plus 0.17 | |
| 31 Mar 2026 | 70.46% | 29.54% | plus 0.65 | |
| 31 Dec 2025 | 69.81% | 30.19% | plus 0.28 | |
| 30 Sep 2025 | 69.53% | 30.47% | – |
Major shareholders
Filings & events
News
No recent news coverage found.