MoneyWorks4Me

Indo Farm Equipments Ltd (INDOFARM)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544328 NSE: INDOFARM Automobiles-Tractors | Small Cap | Indo Farm Equipments Share Price

₹138.25 -0.75 (-0.54%)

As on 25-Sep'26 16:59

Indo Farm Equipments Ltd (INDOFARM)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544328 NSE: INDOFARM Automobiles-Tractors | Small Cap | Indo Farm Equipments Share Price

₹138.25 -0.75 (-0.54%)

As on 25-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹664 Cr.
Current Price
₹138.3
52-Week Low / High
₹111 / 272
TTM EPS
₹5.2
TTM Sales
₹454 Cr.
Book Value per Share
₹117
P/E Ratio
26.66
Higher than its 5-year historical median
Industry PE
23.9
Price to Book (P/B)
1.18
Price to Sales (P/S)
1.46
In line with its 5-year historical median
EV/EBITDA
11.29
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
4.54%
Underperforms industry median
Return on Capital Employed (ROCE)
7.44%
Underperforms industry median
Return on Assets (ROA)
3.20%
Operating Profit Margin
13.2%
Net Profit Margin
5.61%
Gross Profit Margin
10.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
14.39%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-0.27%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
4.84%
Asset Quality
Promoter Holding
70.63%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹514 Cr.
Equity
₹48.1 Cr.
Face Value
₹10
All Time Low / High
₹110.55 / 292.30

Indo Farm Equipments stock performance

Key Ratios
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Check Before You Invest

Valuation

Fair

Price Trend

Weak
Q.1 Is Indo Farm Equipments Ltd a good quality company?
Indo Farm Equipments Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Indo Farm Equipments Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Indo Farm Equipments Ltd vs industry peers?
Indo Farm Equipments Ltd revenue CAGR is 10.44%, compared to the industry median CAGR of 10.44%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Indo Farm Equipments Ltd?
Promoters hold 70.63% of the Indo Farm Equipments Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Indo Farm Equipments Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -41.61% based on the current price.

10 Year X-Ray :

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 not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ8.5%8.3%8%5.6%5.5%6.3%7.7%8.4%7.3%6.7%-
Value Creation
Index ⓘ
-0.4-0.4-0.4-0.6-0.6-0.6-0.5-0.4-0.5-0.5-

Growth Parameters ⓘ

Sales ⓘ244261303232252331347352367420433
Sales YoY Gr.-6.9%16.2%-23.5%8.6%31.4%4.8%1.7%4.1%14.4%-
Adj EPS ⓘ1.81.62.611.52.43.13.64.74.54.7
YoY Gr.--7.4%60.1%-63.6%53.7%67.1%28.7%15.6%28.1%-4.1%-
BVPS (₹) ⓘ45.24648.666.968.470.873.977.5107.3111.9113
Adj Net
Profit ⓘ
6.45.99.83.65.59.211.813.622.321.422
Cash Flow from Ops. ⓘ28.919.6-15.1377.325.131.72125.931.3-
Debt/CF from Ops. ⓘ3.55.8-9.53.72275.483.72.7-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ6.2%10.8%6.6%14.4%
Adj EPS ⓘ10.9%25%12.4%-4.1%
BVPSⓘ10.6%10.3%14.9%4.3%
Share Price - - - -39.4%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
43.55.51.62.23.54.34.75.54.14.1
Op. Profit
Mgn % ⓘ
12.111.610.511.311.810.912.113.612.811.511.5
Net Profit
Mgn % ⓘ
2.62.33.21.52.22.83.43.96.15.15.2
Debt to
Equity ⓘ
0.60.70.80.60.60.70.60.60.20.2-
Working Cap
Days ⓘ
326317302378329279276282294273154
Cash Conv.
Cycle ⓘ
261235216284247201199221237220100

Valuation of Indo Farm Equipments - Consolidated

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

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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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales263315245268352371375387440
Operating Expenses ⓘ + 233277211254301313313329382
Manufacturing Costs766810991112
Material Costs154181136148200226221226259
Employee Cost 323833293439464354
Other Costs ⓘ 395237695739374857
Operating Profit ⓘ 313734145158625858
Operating Profit Margin (%) 11.7%11.8%13.8%5.1%14.6%15.6%16.5%15.0%13.2%
Other Income ⓘ + 0222811137
Exceptional Items ⓘ 000000000
Interest ⓘ 131720212428282417
Depreciation ⓘ 8108899101112
Profit Before Tax ⓘ 10138121922242635
Tax ⓘ 4233678310
Profit After Tax 611591415152425
PAT Margin (%) 2.3%3.4%2.0%3.2%3.9%4.2%4.1%6.1%5.6%
Adjusted EPS (₹)1.72.91.32.33.64.14.14.95.1
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 170187254263275290306531556
Share Capital ⓘ 9.079.399.399.3918.7818.7837.5548.0548.05
Reserves ⓘ 161177245253256272268483508
Debt +124164188207242228216128117
Long Term Debt152469102126110845845
Short Term Debt1101401181051161181327172
Minority Interest000000000
Trade Payables332718154731353231
Others Liabilities ⓘ 262922625378917572
Total Liabilities ⓘ 353406481546616627648767776

Fixed Assets

Net Fixed Assets ⓘ +8481172184194206202214211
Gross Block138144235254273294297319329
Accumulated Depreciation54636371798795106118
CWIP ⓘ 3418142085929
Investments ⓘ 000010000
Inventories130129129141163163165173179
Trade Receivables719768737274104108120
Cash Equivalents 4333341511176
Others Assets ⓘ 619292130163172157153161
Total Assets ⓘ 353406481546616627648767776
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + -7-5128121030415330
PBT ⓘ 10138121922242635
Adjustment ⓘ 202027303337393527
Changes in Working Capital ⓘ 8-28-5-28-41-23-18-2-27
Tax Paid ⓘ -3-3-2-2-2-6-5-5-6
Cash Flow From Investing Activity ⓘ + -21-11-15-16-26-8-3-7525
Capex -14-7-17-16-25-9-3-27-29
Net Investments 0000-11-0-5049
Others ⓘ -8-41000025
Cash Flow From Financing Activity ⓘ + 2761-13516-22-2668-41
Net Proceeds from Shares ⓘ 6120000112020
Net Proceeds from Borrowing ⓘ 002800000-13
Interest Paid ⓘ -12-12-20-21-24-28-28-24-17
Dividend Paid ⓘ 000000000
Others ⓘ 3361-2126406-8-110-11
Net Cash Flow ⓘ -1-1-010-0124614
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)3.626.152.263.325.115.445.175.634.54
ROCE (%)7.689.156.96.988.238.99.017.767.44
Asset Turnover Ratio0.750.830.550.520.610.60.590.550.57
PAT to CFO Conversion(x)-1.17-4.645.61.330.7122.732.211.2
Working Capital Days
Receivable Days98.6097.7012396.3075.4072.108710094.40
Inventory Days180.30150.30191.90183.60157.80160.70159.40159.20146
Payable Days78.9060.9060.6040.5056.5062.9054.6054.5045

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Indo Farm Equipments Ltd FAQs

The current trading price of Indo Farm Equipments on 25-Sep-2026 16:59 is ₹138.2.

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 24-Sep-2026 the market cap of Indo Farm Equipments stood at ₹664.3 Cr

The latest P/E ratio of Indo Farm Equipments as of 24-Sep-2026 is 29.73.

The latest P/B ratio of Indo Farm Equipments as of 24-Sep-2026 is 1.22.

The 52-week high of Indo Farm Equipments is ₹271.5 and the 52-week low is ₹110.5.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indo Farm Equipments is ₹433 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Indo Farm Equipments Ltd is a below average quality company.

The key valuation ratios of Indo Farm Equipments Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Indo Farm Equipments Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

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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