Overview

Detailed Summary

Indo Farm Equipment Limited is a vertically integrated Indian manufacturer of pick-and-carry cranes (9–30 tons) and agricultural tractors (16–110 HP), selling under the Indo Farm and Indo Power brands from a Baddi, Himachal Pradesh facility and distributing domestically through a 200+ dealer network and to over 30 export markets worldwide.
Financial momentum in 9MFY26 shows a 19% consolidated revenue increase to ₹306.03 crore, EBITDA up 10% to ₹44.82 crore and PAT jumping 59% to ₹15.98 crore, driving PAT margin improvement to 5.22% from 3.90%, reflecting operating leverage from higher tractor volumes and other income expansion.
A key strategic development is the Bhud pick-and-carry crane project where civil works and PEB construction are progressing, major machinery orders placed and commercial production expected in Q1 FY27; the plant is intended to remove existing crane capacity constraints and materially increase crane unit throughput and address unmet dealer demand.
Tractor segment is the growth engine: 9MF tractor revenues rose ~55% to ₹140.25 crore with volumes roughly 1,200 to 2,000 year-on-year, supported by aggressive dealer additions (net ~60 in nine months, target 500) and captive NBFC Barota Finance (AUM ~₹130 crore) that helps convert demand through financing support.
Indo Farm’s deep backward integration and manufacturing footprint (foundry, machining, gear shop, assembly) gives vertical cost advantage with ~65% in-house value for cranes and ~40% for tractors, supporting margin resilience and easier scaling as the new facility and product lines ramp up.

Sector: Diversified
Industry: Diversified - Medium / Small
Market Cap: 614 Cr
Volatility: High Risk
P/E Ratio: 19.1
Industry P/E: 20.1
PEG Ratio: 0.5
P/B Ratio: 1.1
52W High: 271.50
52W Low: 114.00

Sales CAGR

1Y: 3.19%
3Y: 3.49%
5Y: 9.61%
10Y: —

Profit CAGR

1Y: 52.92%
3Y: 36.37%
5Y: 44.82%
10Y: —

ROE

TTM: 5.15%
3Y: 4.41%
5Y: 3.93%
10Y: —

ROCE

TTM: 7.27%
3Y: 9.42%
5Y: 8.97%
10Y: —

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
OSWALGREEN	25.15	649 Cr	15.34	0.26	0.00	0.48	0.61	0.79
INDOFARM	129.15	614 Cr	19.57	1.13	0.00	5.15	7.27	3.76
SOBME	698.00	589 Cr	23.12	6.12	0.00	24.84	31.77	11.48
EMPIND	864.85	519 Cr	14.01	1.59	2.89	11.36	11.50	4.58
TARACHAND	59.81	471 Cr	17.44	3.48	0.33	19.96	10.44	5.91
LEHAR	223.00	400 Cr	259.30	4.07	0.22	17.29	19.57	8.45
SAAKSHI	183.70	324 Cr	68.80	3.31	0.00	7.54	8.63	5.34

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	75	86	96	130	96	104	106
Expenses	63	73	81	112	83	91	92
Operating Profit	12	13	15	18	13	13	14
OPM %	16.12	15.02	15.43	14.17	13.68	12.28	12.76
Other Income	0.58	0.30	0.14	1.61	1.75	1.86	1.76
Interest	6.34	5.89	6.53	5.16	4.41	4.41	4.38
Depreciation	2.57	2.49	2.75	3.00	2.99	3.04	3.04
Profit Before Tax	3.75	4.86	5.69	12	7.52	7.17	7.86
Tax %	34.40	25.93	30.05	-13.82	27.79	30.40	29.26
Net Profit	2.45	3.60	3.98	14	5.43	4.98	5.56
EPS in Rs	—	—	0.83	3.27	1.13	1.04	1.16

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	245	268	352	371	375	387	408
Expenses	211	227	301	313	313	329	349
Operating Profit	34	40	52	58	62	58	59
OPM %	13.78	15.07	14.64	15.55	16.47	15.05	14.53
Other Income	2.19	0.81	0.53	1.06	0.72	2.62	3.80
Interest	20	21	24	28	28	24	22
Depreciation	8.13	8.06	8.97	8.82	10	11	11
Profit Before Tax	8.06	12	19	22	24	26	30
Tax %	38.74	28.56	28.82	31.39	35.53	10.01	11.42
Net Profit	4.94	8.49	14	15	15	24	27
EPS in Rs	—	—	—	—	—	—	6.60
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	9.39	9.39	19	19	38	48
Reserves	245	253	256	272	280	483
Borrowings	188	207	275	281	272	173
Other Liabilities	44	81	70	52	59	57
Total Liabilities	486	550	620	623	648	762
Fixed Assets	172	184	194	206	202	214
CWIP	18	14	20	8.06	5.11	9.18
Investments	0.05	0.05	1.07	0.09	0.15	0.17
Other Assets	296	352	405	408	441	539
Total Assets	486	550	620	623	648	762

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	28	1.22	9.98	30	41	53
Cash from Investing Activity	-15	-16	-26	-8.38	-2.59	-75
Cash from Financing Activity	-13	15	16	-22	-26	68
Net Cash Flow	-0.27	0.83	0.42	-0.19	12	46

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2024	Jan 2025	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	100.00%	93.45%	69.44%	69.44%	69.44%	69.53%	69.81%
FIIs	0.00%	0.00%	1.94%	0.81%	0.03%	0.40%	0.01%
DIIs	0.00%	6.55%	9.38%	5.98%	5.40%	4.72%	4.31%
Public	0.00%	0.00%	19.24%	23.77%	25.13%	25.35%	25.87%
Total Shareholders	9	65	63,458	58,000	53,193	44,965	44,676

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