Indo Farm Equipments Ltd (INDOFARM) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 544328 | NSE: INDOFARM | Automobiles-Tractors | Small Cap

Indo Farm Equipment Share Price

195.35 -7.30 -3.60%
as on 05-Dec'25 16:59

Indo Farm Equipments Ltd (INDOFARM) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 544328 | NSE: INDOFARM | Automobiles-Tractors | Small Cap

DeciZen - make an informed investing decision on Indo Farm Equipment

Based on:

Overall Rating
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1. Quality


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2. Valuation


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3. Price Trend


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Indo Farm Equipments stock performance -

Key Ratios
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P/E Ratio (SA):
36.04
Market Cap:
938.7 Cr.
52-wk low:
132.6
52-wk high:
292.3

Is Indo Farm Equipments Ltd an attractive stock to invest in?


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10 Year X-Ray of Indo Farm Equipment: Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indo Farm Equipments Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 6%8.5%8.3%8%5.6%5.5%6.3%7.7%8.4%7.3%-
Value Creation
Index
-0.6-0.4-0.4-0.4-0.6-0.6-0.6-0.5-0.4-0.5-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 195244261303232252331347352367406
Sales YoY Gr.-25.2%6.9%16.2%-23.5%8.6%31.4%4.8%1.7%4.1%-
Adj EPS 0.21.81.62.611.52.43.13.64.75.4
YoY Gr.-935.3%-7.4%60.1%-63.6%53.7%67.1%28.7%15.6%28.1%-
BVPS (₹) 43.345.24648.666.968.470.873.977.5107.3109.1
Adj Net
Profit
0.66.45.99.83.65.59.211.813.622.326
Cash Flow from Ops. 1428.919.6-15.1377.325.131.72125.9-
Debt/CF from Ops. 7.73.55.8-9.53.72275.483.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 7.3%9.6%3.5%4.1%
Adj EPS 44.4%37.4%24%28.1%
BVPS10.6%9.9%14.9%38.4%
Share Price - - - -

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
0.443.55.51.62.23.54.34.75.55
Op. Profit
Mgn %
1112.111.610.511.311.810.912.113.612.811
Net Profit
Mgn %
0.32.62.33.21.52.22.83.43.96.16.4
Debt to
Equity
0.70.60.70.80.60.60.70.60.60.20
Working Cap
Days
414326317302378329279276282292155
Cash Conv.
Cycle
33526123521628424720119922624199

Recent Performance Summary

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Latest Financials - Indo Farm Equipments Ltd.

Standalone Consolidated
TTM EPS (₹) 5.4 5.8
TTM Sales (₹ Cr.) 406 426
BVPS (₹.) 109.1 112.7
Reserves (₹ Cr.) 476 494
P/BV 1.79 1.73
PE 36.04 33.63
From the Market
52 Week Low / High (₹) 132.60 / 292.30
All Time Low / High (₹) 132.60 / 292.30
Market Cap (₹ Cr.) 939
Equity (₹ Cr.) 48.1
Face Value (₹) 10
Industry PE 34.8

Management X-Ray of Indo Farm Equipment:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Indo Farm Equipment - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Event Update

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Analyst's Notes

data not found
No data found!

Key Ratios of Indo Farm Equipment

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales195244261303232252331347352367
Operating Expenses 173214230271206222295305305320
Manufacturing Costs57765799911
Material Costs122144154181136148200226221226
Employee Cost 26253134272329313838
Other Costs 20373951374357393745
Operating Profit 21303031263036424847
Operating Profit Margin (%) 11.0%12.1%11.6%10.4%11.2%11.8%10.8%12.1%13.6%12.8%
Other Income 1112210113
Interest 14131313141414161714
Depreciation 788988991011
Exceptional Items 0000000000
Profit Before Tax 2910116813182125
Tax 1241324682
Profit After Tax 17610469121423
PAT Margin (%) 0.4%2.7%2.3%3.2%1.5%2.3%2.7%3.5%3.8%6.2%
Adjusted EPS (₹)0.21.81.72.61.01.52.43.23.64.7
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 157164170186251257266277291515
Share Capital 99999919193848
Reserves 148155161176242248247259253467
Minority Interest0000000000
Debt1039510913813314516315915484
Long Term Debt118919154149412214
Short Term Debt928810011911810511311813271
Trade Payables15253327283447343532
Others Liabilities 2221222192123274330
Total Liabilities 298306334372421458498497524662

Fixed Assets

Gross Block120129138143234253272293296319
Accumulated Depreciation404754636370788795105
Net Fixed Assets 80828480171183194206201213
CWIP 0034181420859
Investments 00814171718202065
Inventories111117130129129141163163165173
Trade Receivables8683719768737274104108
Cash Equivalents 234223321373
Others Assets 18213445162729231521
Total Assets 298306334372421458498497524662

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 142920-1537725322126
PBT 2910116813182125
Adjustment 13192020202225252724
Changes in Working Capital 22-6-4312-22-11-7-24-19
Tax Paid -3-1-3-3-1-1-1-4-3-5
Cash Flow From Investing Activity -14-9-21-10-18-16-26-11-2-96
Capex -15-10-14-6-16-16-25-9-3-27
Net Investments 00-8-6-300-2-0-71
Others 110210-1112
Cash Flow From Financing Activity -0-19224-2091-21-8104
Net Proceeds from Shares 0000000011209
Net Proceeds from Borrowing 40210-5367000
Interest Paid -13-11-12-12-14-14-14-16-17-14
Dividend Paid -1000000000
Others 10-81226-1-138-5-2-90
Net Cash Flow -101-1-00-0-01134

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)0.544.13.625.591.642.243.414.484.775.61
ROCE (%)5.988.498.277.975.575.526.327.728.417.27
Asset Turnover Ratio0.650.810.810.860.580.570.690.70.690.62
PAT to CFO Conversion(x)144.143.33-1.59.251.172.782.671.51.13
Working Capital Days
Receivable Days171127108101130102807793106
Inventory Days208170173156203195168172170168
Payable Days62517061747674655755

Indo Farm Equipments Ltd Stock News

Indo Farm Equipments Ltd FAQs

The current trading price of Indo Farm Equipment on 05-Dec-2025 16:59 is ₹195.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Dec-2025 the market cap of Indo Farm Equipment stood at ₹938.7.
The latest P/E ratio of Indo Farm Equipment as of 04-Dec-2025 is 36.04.
The latest P/B ratio of Indo Farm Equipment as of 04-Dec-2025 is 1.79.
The 52-week high of Indo Farm Equipment is ₹292.3 and the 52-week low is ₹132.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indo Farm Equipment is ₹406.3 ( Cr.) .

About Indo Farm Equipments Ltd

Indo Farm Equipment Limited was originally incorporated as ‘Welcut Tools Private Limited’ on October 05, 1994 at Chandigarh as a private limited company under the Companies Act, 1956 with the Registrar of Companies, Punjab, H.P. & Chandigarh. Subsequently, the name of the company was changed to ‘Welcut Industries Private Limited’ vide special resolution passed by the shareholders of the company in their meeting held on January 11, 1995 and a fresh Certificate of Incorporation consequent to the change of name was granted to the company on February 21, 1995, by the Registrar of Companies, Punjab, H.P. & Chandigarh. Further, the company was converted into Public Limited Company pursuant to special resolution passed by the shareholders of the company in their meeting held on June 29, 1999 and the name of the company was changed to ‘Indo Farm Equipment Limited’ and a Fresh Certificate of Incorporation consequent upon conversion of company to Public Limited dated July 05, 1999 was issued by Registrar of Companies, Punjab, H.P. & Chandigarh. 

Further, the name of the company was changed to ‘Indo Farm Tractors & Motors Limited’ vide special resolution passed by the shareholders of the company in their meeting dated October 28, 2003 and as fresh Certificate of Incorporation was issued on October 30, 2003 by Registrar of Companies, Punjab, H.P. & Chandigarh. Thereafter, the name of the company was changed to ‘Indo Farm Industries Limited’ vide special resolution passed by the shareholders of the company in their meeting dated December 03, 2007 and a fresh Certificate of Incorporation was issued dated December 18, 2007 by Assistant Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh. Subsequently, the name of the company was changed to ‘Indo Farm Equipment Limited’ vide special resolution passed by the shareholders of the company in their meeting dated October 24, 2009 and a fresh Certificate of Incorporation was issued on November 04, 2009 by Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh.

Indo Farm Equipment is a fully integrated established manufacturer of Tractors and Pick & Carry Cranes. It also deals in other farm equipment such as Harvester Combines, Rotavators and other related spares & components, which do not materially contribute to total revenue of the company. Its products are being exported to various countries. Its ISO 9001:2015 certified manufacturing facilities of Industrial lands at Baddi, Himachal Pradesh which includes a captive foundry unit and dedicated machine shop, fabrication and assembling units for Tractors, pick & Carry Cranes and other equipments. 

The company’s facilities are equipped with induction furnaces, pneumatic molding machines, automatic molding line, sand plant, fully equipped Metallurgy and Sand Testing Laboratory, Machining Center, Gear Shop, Press Shop, Fabrication Shop, Paint Shop, Assembly unit, Quality Room & Utility room. Its integrated operations enable it to manufacture some of the critical machine components in-house which reduces its dependence on third parties, streamlines its production process and improves its operational efficiencies. In addition, it also enables it to maintain control over the entire manufacturing process and also provide better delivery timelines to its customers at a more competitive cost.

Business area of the company

The company is engaged in the activity of manufacturing tractors, pick & carry cranes and other farm equipments.

Products of the company

  • Tractors
  • Pick & carry cranes
  • Other farm equipments

Awards, accreditations and recognitions

  • 2003: Ranbir Singh Khadwalia has been awarded “Bharti Entrepreneur of the year award by Bharti Centre Entrepreneurial Initiatives (BCEI).
  • 2005: Ranbir Singh Khadwalia being awarded ‘Udyog Ratna Award 2005’ presented by Shri Virbhadra Singh Hon’ble Chief Minister of Himachal Pradesh.
  • 2012: It achieved the great Indian Tractor Journey from Baddi to Kanyakumari covering 28 cities and around 7000 kms.
  • 2012: Indofarm tractor creates longest Himalayan expedition on tractor, covering 3623; kms in 14 days started from Baddi Solan, Himachal Pradesh at 7.30 pm on 23 May 2012 and returned at 11 am on 6 June 2012 having crossed 12 Himalayan passes including Khardungla pass (18380 ft).
  • 2013: Recognised as Emerging brand in Agriculture Sector Award 2013 by ABP News.
  • 2015: Anshul Khadwalia being awarded ‘CZARS of North -2015’ by Hon’ble Deputy Chief Minister of Punjab.
  • 2016: Anshul Khadwalia being awarded ‘Zee Excellence Awards 2016 Excellence in Business’ by Hon’ble Governor of Himachal Pradesh.
  • 2016: Anshul Khadwalia being as Awarded ‘Young Achiever Award 2016’ by Hon’ble Chief Minister of Punjab.
  • 2017: Recognised as 50 most Influential Rural Marketing Professionals of India by World Brand Congress Asia.

History and milestones

  • 2000: Commencement of tractor production in Baddi, Himachal Pradesh with technical collaboration from Ursus, Poland. 
  • 2001: Launched Indo farm’s first tractor model 2050 DI. 
  • 2005: Launched 3-series tractor range 3065DI, 3050DI, 3040DI and 3035DI. 
  • 2006: Began exporting engine parts to Ursus, Poland. 
  • 2007: Commenced production of its own Foundry division. 
  • 2008: Exported generator engines to UK company, Lister Pitter. Accredited with an ISO 9001:2008 certified Company. 
  • 2009: Commencement of production of Indo Power Green Gensets. 
  • 2010: Started Production of harvester combines and also launched 75HP and 90 HP tractors. 
  • 2011: Initiated production of new generation crane model 16FN. 
  • 2014: Launched Indo Power Pick and Carry cranes with the capacity of 18 tons and 23 tons. 
  • 2015: Initiated production of 26 HP 4x4 orchard tractors. 
  • 2017: Launched its own subsidiary, Barota Finance Limited NBFC, for providing hassle-free and quick finance to its esteemed customers. 
  • 2019: Launched Indo power 30 FN crane. 
  • 2020: Launch of Indo farm 20HP and 100HP tractor. 
  • 2021: Launched 1026e tractor model for European market. 
  • 2022: Launch of Indo 3055 DI HT and 3060.DI HT tractor. 
  • 2023: Launch of Indo farm 3055 NV PLUS, 3065DI, 3075DI IN BS-IV and Indo Power pick and carry cranes of FN series (15, 18, 20, 23 and 30 tonne capacity in 2-wheel drive and 4-wheel drive variants) in BS-IV.

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