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Indef Manufacturing Ltd (BAJAJINDEF)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544364 NSE: BAJAJINDEF Engineering - Industrial Equipments | Small Cap | Indef Manufacturing Share Price

₹255.75 4.75 (1.89%)

As on 24-Jun'26 16:59

Indef Manufacturing Ltd (BAJAJINDEF)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544364 NSE: BAJAJINDEF Engineering - Industrial Equipments | Small Cap | Indef Manufacturing Share Price

₹255.75 4.75 (1.89%)

As on 24-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹818 Cr.
Current Price
₹255.8
52-Week Low / High
₹207 / 581
TTM EPS
₹8.1
TTM Sales
₹196 Cr.
Book Value per Share
₹85.1
P/E Ratio
31.42
In line with its 5-year historical median
Industry PE
59.4
Price to Book (P/B)
3.01
Lower than its 5-year historical median
Price to Sales (P/S)
4.18
Lower than its 5-year historical median
EV/EBITDA
23.60
Higher than its 5-year historical median
Dividend Yield
0.78%
Profitability Efficiency
Return on Equity (ROE)
27.07%
Outperforms industry median
Return on Capital Employed (ROCE)
33.57%
Outperforms industry median
Return on Assets (ROA)
22.78%
Operating Profit Margin
17.3%
Net Profit Margin
19.38%
Gross Profit Margin
26.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
-
-
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
69.61%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹269 Cr.
Equity
₹3.2 Cr.
Face Value
₹1
All Time Low / High
₹202.05 / 580.85

Indef Manufacturing stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Indef Manufacturing Ltd a good quality company?
Indef Manufacturing 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.

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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.

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How does Indef Manufacturing Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Indef Manufacturing Ltd vs industry peers?
Indef Manufacturing Ltd revenue CAGR is %, compared to the industry median CAGR of 15.11%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Indef Manufacturing Ltd?
Promoters hold 69.61% of the Indef Manufacturing Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Indef Manufacturing Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 24.01% based on the current price.
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10 Year X-Ray : 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.
Indef Manufacturing 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'25TTM
ROCE % ⓘ33.6%-
Value Creation
Index ⓘ		1.4-

Growth Parameters ⓘ
Sales ⓘ177196
Sales YoY Gr.--
Adj EPS ⓘ10.68.1
YoY Gr.--
BVPS (₹) ⓘ79.185.1
Adj Net
Profit ⓘ		3426
Cash Flow from Ops. ⓘ5.2-
Debt/CF from Ops. ⓘ0-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNANANANA
Adj EPS ⓘNANANANA
BVPSⓘNANANANA
Share Price - - - -37.3%

Key Financial Parameters ⓘ

Mar'25TTM
Return on
Equity % ⓘ		26.99.9
Op. Profit
Mgn % ⓘ		17.413.1
Net Profit
Mgn % ⓘ		19.213.3
Debt to
Equity ⓘ		00
Working Cap
Days ⓘ		6154
Cash Conv.
Cycle ⓘ		2720

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'23Mar'24Mar'25
Sales00177
Operating Expenses ⓘ + 00146
Manufacturing Costs0013
Material Costs0093
Employee Cost 0024
Other Costs ⓘ 0016
Operating Profit ⓘ -0-031
Operating Profit Margin (%) --17.3%
Other Income ⓘ + 0017
Exceptional Items ⓘ 000
Interest ⓘ 000
Depreciation ⓘ 005
Profit Before Tax ⓘ -0-042
Tax ⓘ 0-08
Profit After Tax -0-034
PAT Margin (%) --19.4%
Adjusted EPS (₹)-1.0-4.410.7
Dividend Payout Ratio (%)0%0%18.70%

Valuation of Indef Manufacturing - Standalone

YTD 1Y 3Y 5Y 10Y Max
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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

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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 0-0253
Share Capital ⓘ 003
Reserves ⓘ -0-0250
Debt +000
Long Term Debt000
Short Term Debt000
Minority Interest000
Trade Payables0022
Others Liabilities ⓘ 0-025
Total Liabilities ⓘ 00301

Fixed Assets

Net Fixed Assets ⓘ +0035
Gross Block0051
Accumulated Depreciation0016
CWIP ⓘ 002
Investments ⓘ 00199
Inventories0022
Trade Receivables0031
Cash Equivalents 006
Others Assets ⓘ 005
Total Assets ⓘ 00301

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + -0-05
PBT ⓘ -0-042
Adjustment ⓘ 00-11
Changes in Working Capital ⓘ 00-21
Tax Paid ⓘ 00-5
Cash Flow From Investing Activity ⓘ + 00-10
Capex 00-9
Net Investments 00-3
Others ⓘ 001
Cash Flow From Financing Activity ⓘ + 00-2
Net Proceeds from Shares ⓘ 000
Net Proceeds from Borrowing ⓘ 000
Interest Paid ⓘ 000
Dividend Paid ⓘ 000
Others ⓘ 00-2
Net Cash Flow ⓘ 00-7

Financial Ratio

PARTICULARSMar'23Mar'24Mar'25
Ratios
ROE (%)N/AN/A27.07
ROCE (%)N/AN/A33.57
Asset Turnover Ratio001.18
PAT to CFO Conversion(x)N/AN/A0.15
Working Capital Days
Receivable Days0064.50
Inventory Days0045.80
Payable Days0043.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Indef Manufacturing Ltd FAQs

The current trading price of Indef Manufacturing on 24-Jun-2026 16:59 is ₹255.8.

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 23-Jun-2026 the market cap of Indef Manufacturing stood at ₹818.4 Cr

The latest P/E ratio of Indef Manufacturing as of 23-Jun-2026 is 31.42.

The latest P/B ratio of Indef Manufacturing as of 23-Jun-2026 is 3.01.

The 52-week high of Indef Manufacturing is ₹580.9 and the 52-week low is ₹207.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indef Manufacturing is ₹196 ( Cr.) .

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

The key valuation ratios of Indef Manufacturing Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

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

About Indef Manufacturing Ltd

Indef Manufacturing Limited (IML) was born from the restructuring of Hercules Hoists (HHL). HHL underwent a demerger on August 2, 2024, following an Order from the National Company Law Tribunal, Mumbai. This transformation resulted in the creation of two distinct companies - HHL and IML - each focused on their respective core competencies. This demerger has allowed for a clearer distinction between HHL’s investment activities and its manufacturing operations, which are now fully owned and operated by IML. 

The company carries forward the renowned Bajaj Indef brand - a name synonymous with innovation, reliability, and excellence in the material handling industry. For decades, the Bajaj Indef brand has been a leader in manufacturing hoists, cranes, and lifting solutions, known for its commitment to quality and sustainability. 

Under its new identity, IML will focus exclusively on manufacturing operations, ensuring that the legacy of the Bajaj Indef brand continues to grow. With the freedom to concentrate on expanding its product lines and markets, IML is poised to reinforce its leadership in material handling solutions and drive future growth. 

Business area of the company

The company focuses exclusively on manufacturing operations, ensuring that the legacy of the Bajaj Indef brand continues to grow. Bajaj Indef brand has been a leader in manufacturing hoists, cranes, and lifting solutions, known for its commitment to quality and sustainability.

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