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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
₹232.45 11.65 (5.28%)
As on 11-Sep'26 16:01
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
₹232.45 11.65 (5.28%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹707 Cr.
Current Price
₹232.5
52-Week Low / High
₹207 / 449
TTM EPS
₹7.3
TTM Sales
₹202 Cr.
Book Value per Share
₹86
P/E Ratio
30.09
In line with its 5-year historical median
Industry PE
58.3
Price to Book (P/B)
2.57
Lower than its 5-year historical median
Price to Sales (P/S)
3.49
Lower than its 5-year historical median
EV/EBITDA
23.16
Higher than its 5-year historical median
Dividend Yield
0.86%
Profitability Efficiency
Return on Equity (ROE)
8.95%
Outperforms industry median
Return on Capital Employed (ROCE)
9.32%
Underperforms industry median
Return on Assets (ROA)
7.38%
Operating Profit Margin
11.2%
Net Profit Margin
11.26%
Gross Profit Margin
15%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
-
10.72%
Operating Profit Growth (1 Year)
-
-23.9%
Net Profit Growth (1 Year)
-
-31.53%
Asset Quality
Promoter Holding
69.61%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹272 Cr.
Equity
₹3.2 Cr.
Face Value
₹1
All Time Low / High
₹202.05 / 580.85
Check Before You Invest
Quality
Not GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Semi Strong
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.
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 Indef Manufacturing Ltd performance compare with that of its Peers?
Revenue growth of Indef Manufacturing Ltd vs industry peers?
Indef Manufacturing Ltd revenue CAGR is %, compared to the industry median CAGR of 12.23%, indicating slower growth and losing its market share.
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.
Stock return of Indef Manufacturing Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -35.41% 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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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'25 | Mar'26 | TTM | |
|---|---|---|---|
| ROCE % ⓘ | 33.6% | 10.7% | - |
| Value Creation Index ⓘ | 1.4 | -0.2 | - |
Growth Parameters ⓘ |
|||
| Sales ⓘ | 177 | 196 | 186 |
| Sales YoY Gr. | - | 10.7% | - |
| Adj EPS ⓘ | 10.6 | 8.1 | 8.1 |
| YoY Gr. | - | -23.8% | - |
| BVPS (₹) ⓘ | 79.1 | 85.1 | 86.9 |
| Adj Net Profit ⓘ | 34 | 25.9 | 26 |
| Cash Flow from Ops. ⓘ | 5.2 | 31.7 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | NA | 10.7% | ||||
| Adj EPS ⓘ | NA | NA | NA | -23.8% | ||||
| BVPSⓘ | NA | NA | NA | 7.6% | ||||
| Share Price | - | - | - | -33.2% | ||||
Key Financial Parameters ⓘ
| Mar'25 | Mar'26 | TTM | |
|---|---|---|---|
| Return on Equity % ⓘ | 26.9 | 9.9 | 9.5 |
| Op. Profit Mgn % ⓘ | 17.4 | 13.1 | 11.1 |
| Net Profit Mgn % ⓘ | 19.2 | 13.2 | 14 |
| Debt to Equity ⓘ | 0 | 0 | - |
| Working Cap Days ⓘ | 61 | 121 | 54 |
| Cash Conv. Cycle ⓘ | 27 | 43 | 20 |
Valuation of Indef Manufacturing - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'25 | Mar'26 |
|---|---|---|
| Sales | 179 | 208 |
| Operating Expenses ⓘ + | 148 | 184 |
| Operating Profit ⓘ | 31 | 23 |
| Operating Profit Margin (%) | 17.1% | 11.2% |
| Other Income ⓘ + | 17 | 8 |
| Interest ⓘ | 0 | 0 |
| Depreciation ⓘ | 5 | 6 |
| Profit Before Tax ⓘ | 42 | 24 |
| Tax ⓘ | 8 | 1 |
| Profit After Tax | 34 | 23 |
| PAT Margin (%) | 19.1% | 11.3% |
| Adjusted EPS (₹) | 10.7 | 7.4 |
| Dividend Payout Ratio (%) | 18.70% | 27.10% |
| PARTICULARS | Mar'25 | Mar'26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 253 | 270 | |||||||||
| Debt + | 0 | 0 | |||||||||
| Minority Interest | 0 | -1 | |||||||||
| Trade Payables | 23 | 33 | |||||||||
| Others Liabilities ⓘ | 26 | 30 | |||||||||
| Total Liabilities ⓘ | 301 | 332 | |||||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 35 | 46 | |||||||||
| CWIP ⓘ | 2 | 0 | |||||||||
| Investments ⓘ | 199 | 210 | |||||||||
| Inventories | 22 | 32 | |||||||||
| Trade Receivables | 32 | 32 | |||||||||
| Cash Equivalents | 6 | 6 | |||||||||
| Others Assets ⓘ | 5 | 7 | |||||||||
| Total Assets ⓘ | 301 | 332 | |||||||||
| PARTICULARS | Mar'25 | Mar'26 |
|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 5 | 24 |
| Cash Flow From Investing Activity ⓘ + | -10 | -15 |
| Cash Flow From Financing Activity ⓘ + | -2 | -9 |
| Net Cash Flow ⓘ | -7 | 0 |
| PARTICULARS | Mar'25 | Mar'26 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 13.51 | 8.95 | ||||||||
| ROCE (%) | 16.76 | 9.32 | ||||||||
| Asset Turnover Ratio | 0.59 | 0.66 | ||||||||
| PAT to CFO Conversion(x) | 0.15 | 1.04 | ||||||||
| Working Capital Days | ||||||||||
| Receivable Days | 65.40 | 56.20 | ||||||||
| Inventory Days | 45.30 | 47.20 | ||||||||
| Payable Days | 88.60 | 90.70 | ||||||||
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Indef Manufacturing Ltd FAQs
The current trading price of Indef Manufacturing on 11-Sep-2026 16:01 is ₹232.4.
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 10-Sep-2026 the market cap of Indef Manufacturing stood at ₹706.6 Cr
The latest P/E ratio of Indef Manufacturing as of 10-Sep-2026 is 27.15.
The latest P/B ratio of Indef Manufacturing as of 10-Sep-2026 is 2.54.
The 52-week high of Indef Manufacturing is ₹449.0 and the 52-week low is ₹207.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indef Manufacturing is ₹186 ( 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 Semi Strong which suggest that the price of Indef Manufacturing Ltd is likely to Rise-somewhat 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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