NSE: INDOFARM · BSE: 544328
INDO FARM EQUIPMENT LTD
Manufactures pick-and-carry cranes (9-30 tons) and tractors (16-110 HP) from a facility at Baddi, with FY26 revenue of ₹440.02 crore split between cranes (49.6% of segment revenue) and tractors (45.8%). The crane segment (₹218.09 crore) covers pick-and-carry models distributed through 25+ dealers and exported to 30+ countries; the tractor segment (₹201.45 crore) sells 16-110 HP tractors through 225+ dealers across India. A captive non-banking finance arm, Barota Finance, adds ₹20.48 crore (4.7% of segment revenue) by lending to buyers of the company's equipment, with an AUM of ₹135+ crore across 5,000+ customers. The business is in the middle of two capacity expansions: a new dedicated pick-and-carry crane plant at Bhud adding 3,600 units of annual capacity (targeting Q2 FY27 start) and entry into tower cranes with a 240-250 unit/year line (also Q2 FY27). Materials are the dominant cost at 59.9% of revenue, followed by employee costs (12.7%) and other operating expenses (15.2%); depreciation is 2.8%. Total assets stood at ₹770.35 crore at FY26 end, with FY26 EBITDA margin at 14.69%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cranes (50%), Tractor (46%), NBFC (5%), Others (0%). Cyclical, asset-heavy manufacturer of pick-and-carry cranes and tractors with captive financing.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 387 | 440 |
| EBITDA (ex other income) | — | 58 |
| margin % | — | 13.2 |
| Owners' profit | — | 25 |
| EPS, as reported (₹) | 5.70 | 5.14 |
| ROE % · ROCE % | — · 8.4 | 4.4 · 8.5 |
| Debt / equity (x) | — | 0.27 |
| Cash from operations | 58 | 30 |
| Capex | (27) | (30) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 86 | 96 | 130 | 96 | 104 | 106 | 134 | 110 |
| Profit before tax | 5 | 6 | 12 | 8 | 7 | 8 | 12 | 8 |
| Net profit | 4 | 4 | — | 5 | 5 | 6 | 9 | 6 |
| EPS (₹) | 0.91 | 1.02 | 3.27 | 1.13 | 1.04 | 1.16 | 1.81 | 1.18 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cranes | 165 | 37.5 |
| Tractor | 163 | 37.1 |
| NBFC | 20 | 4.7 |
| CRANE | 53 | 12.1 |
| TRACTOR | 38 | 8.7 |
| Total, before eliminations | 440 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BEML LIMITED | 16,575 | 73.2 | 5.65 | 51.4 | 4.8 | 4.8 | 4.1 | 0.4 |
| ACTION CONST EQUIP LTD | 12,324 | 28.2 | 6.13 | 20.0 | 20.6 | 27.4 | 21.7 | 22.0 |
| AJAX ENGINEERING LIMITED | 6,241 | 27.4 | 4.48 | — | 16.2 | 21.4 | — | 16.3 |
| TIL LTD | 1,612 | — | 14.52 | 152.2 | (27.7) | (16.4) | 0.6 | 5.9 |
| INDO FARM EQUIPMENT LTD ◆ | 568 | 22.8 | 1.02 | 10.0 | 4.4 | 5.6 | — | 14.1 |
| BRADY & MORRIS ENGINEERING CO. | 124 | 25.8 | 2.34 | — | 10.5 | 13.4 | — | 8.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.8 | 27.4 | 3 of 11 | 80% |
| P/B | 1.0 | 4.5 | 1 of 11 | 100% |
| ROCE | 5.6 | 12.3 | 9 of 11 | 20% |
| ROE | 4.4 | 16.2 | 10 of 11 | 10% |
| Debt / Equity | 0.3 | 0.3 | 6 of 11 | 50% |
| EBITDA margin | 14.1 | 15.2 | 7 of 12 | 46% |
| Revenue growth | 14.5 | 20.1 | 7 of 11 | 40% |
| Profit growth | 4.1 | 7.3 | 7 of 10 | 33% |
| Market cap | 568 | 6563 | 11 of 12 | 9% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 till Q2 results announcement | compliance | minimal | — | — |
| 25 Sept 2026 · AGM voting results: Both resolutions passed with over 99.99 percent approval | compliance | minimal | — | — |
| 23 Sept 2026 · 26th AGM held on Sept 23, 2026 - key business resolutions passed | board shareholder meetings | medium | — | — |
| 19 Sept 2026 · Indo Farm Equipment credit rating upgraded by Infomerics | credit debt | high | — | — |
| 9 Sept 2026 · Indo Farm Equipment responds to NSE query on volume surge | regulatory legal | medium | — | — |
| 8 Sept 2026 · NSE flags unusual trading volume, awaits company response | regulatory legal | medium | — | — |
| 29 Aug 2026 · AGM notice published; 26th AGM on 23 Sep 2026 via video conferencing | compliance | minimal | — | — |
| 28 Aug 2026 · Annual Report FY26 web link letter dispatched to shareholders without email | compliance | minimal | — | — |
| 28 Aug 2026 · Submission of Integrated Annual Report for FY 2025-26 | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.