Transcript of the Investor/Analyst Earnings call held on Wednesday, 27th May 2026.
INDOFARM · price
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Indo Farm reported FY26 turnover of ₹419.54 crore (up 14.39% YoY) with EBITDA of ₹53.50 crore (up 6.98% YoY). Q4 FY26 revenue was ₹128.58 crore with tractor segment growing 42.85% to ₹201.45 crore while crane segment declined ~3% to ₹218.09 crore. Management guided for 20-25% overall revenue growth in FY27 with tractor growth of 25-30% and crane growth of 15-20% from existing operations. The new pick-and-carry crane facility at Bhud is expected to start commercial production in Q2 FY27, while tower crane production will also begin in Q2 FY27 with initial capacity of 240-250 units per year. Management guided FY27 operating EBITDA margin at ~12.5% (down from ~13% in FY26) due to new product ramp-up costs. Total capex for the new facility is ~₹70 crore with ~₹25 crore already spent. The company received a trial export order of 48 tractors worth ~₹6 crore from a German company.
Margins are expected to face near-term pressure in FY27 as the new tower crane product and expanded crane capacity ramp up, but management expects operating leverage to improve by FY28-29 as volumes scale. The strong tractor growth driven by dealer expansion and captive financing (Barota) should support overall revenue targets.