Indef Manufacturing Ltd.

•

indef.comBSE: 544364NSE: BAJAJINDEF

Market Cap₹ 707 Cr.

Current Price

High / Low₹ 443 / 207

Stock P/E30.1

Book Value₹ 86

Price to Book2.50

Dividend Yield0.91 %

ROCE9.3 %

ROE9.0 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Working capital cycle has improved - days down from 62 to 34

CONS

Recent results are weak - TTM profit is down 41.3% versus prior year
A large part of profit comes from other income (34.1% of PBT)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	432.00	61.84	150425.14	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	1005.45	93.18	49717.58	0.59	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3641.75	73.13	43393.75	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	34123.10	54.75	30170.02	0.32	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1004.05	70.98	22834.42	0.00	57.14	-19.99	508.47	23.97	21.34	21.40
6.	INOXINDIA	2295.95	81.91	20875.34	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2773.25	128.87	17910.13	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	561.25	53.05	17842.05	0.76	511.00	693.48	4427.00	1092.30	35.95	11.59
9.	TEGA	1721.30	612.04	12931.73	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
10.	LLOYDSENGG	80.63	55.91	12506.03	0.31	68.23	-77.28	527.15	142.92	17.99	15.04
11.	KENNAMET	4998.95	93.82	10986.81	0.00	31.50	11.31	267.30	12.55	18.99	17.51
12.	BAJAJINDEF	220.80	30.09	706.56	0.91	5.48	-3.01	34.46	-13.21	9.32	-2.84

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	0	43	45	53	40	49	51	68	34
	0	36	37	42	36	43	47	59	37
Operating Profit	0	7	7	11	4	6	4	9	-2
OPM %	—	15.90%	16.70%	20.16%	9.37%	12.74%	8.10%	13.48%	-7.21%
	0	6	3	4	5	3	4	-5	9
Interest	0	0	0	0	0	0	0	0	0
Depreciation	0	1	1	1	1	1	1	2	1
Profit before Tax	0	11	9	14	8	7	7	2	6
Tax %	—	-1.07%	24.84%	25.46%	25.36%	16.17%	29.01%	-204.09%	12.75%
Net Profit	0	0	7	10	6	6	0	7	5
	0.00	3.53	2.19	3.17	1.77	1.96	1.53	2.13	1.72

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2025	Mar 2026	TTM
	179	208	202
	148	184	185
Operating Profit	31	23	17
OPM %	17.12%	11.20%	8.43%
	17	8	11
Interest	0	0	0
Depreciation	5	6	7
Profit before Tax	42	24	23
Tax %	18.57%	2.48%	-2.29%
Net Profit	34	23	23
EPS	10.68	7.38	—
Dividend Payout %	18.74%	27.09%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -34%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: —
Last Year:: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2025	Mar 2026
Equity Capital	3	3
Minority Interest	0	-1
	250	267
	3	3
Trade Payables	23	33
	23	27
Total Liabilities	301	332
	35	46
Capital Work in Progress	2	0
	199	210
	22	32
	32	32
Cash & Bank	6	6
	5	7
Total Assets	301	332

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2025	Mar 2026
	5	24
Cash from Investing	-10	-15
Cash from Financing	-2	-9
	-7	0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	69.61	69.61	69.61	69.61	69.61	69.61
	1.57	1.59	1.56	1.56	1.57	1.11
	0.00	0.00	0.00	0.00	0.13	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00
	28.81	28.80	28.83	28.83	28.69	29.28

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-14

Shareholders meeting

2026-08-14 - Indef Manufacturing Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 12, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-12

Shareholders meeting

2026-08-12 - Indef Manufacturing Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 12, 2026

2026-08-12

Outcome of Board Meeting

2026-08-12 - Indef Manufacturing Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-18

Copy of Newspaper Publication

2026-07-18 - Indef Manufacturing Limited has informed the Exchange about Copy of Newspaper Publication for 4th AGM

2026-07-17

Shareholders meeting

2026-07-17 - Indef Manufacturing Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 12, 2026

2026-07-17

Copy of Newspaper Publication

2026-07-17 - Indef Manufacturing Limited has informed the Exchange about Copy of Newspaper Publication published today on July 17, 2026.

2026-07-06

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-06 - Indef Manufacturing Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-06-26

Trading Window

2026-06-26 - Indef Manufacturing Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

2026-05-25

Record Date

2026-05-25 - Indef Manufacturing Limited has informed the Exchange that Record date for the purpose of Dividend & Meeting is 05-Aug-2026.

News

Recent coverage and analyst commentary for BAJAJINDEF

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Indef Manufacturing Ltd.

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Free 5nance Account

Name

BHEL

432.00

61.84

150425.14

0.32

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

1005.45

93.18

49717.58

0.59

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3641.75

73.13

43393.75

0.55

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

34123.10

54.75

30170.02

0.32

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

1004.05

70.98

22834.42

0.00

57.14

-19.99

508.47

23.97

21.34

21.40

INOXINDIA

2295.95

81.91

20875.34

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

AZAD

2773.25

128.87

17910.13

0.00

35.16

19.46

172.60

25.90

12.04

37.29

TRITURBINE

561.25

53.05

17842.05

0.76

511.00

693.48

4427.00

1092.30

35.95

11.59

TEGA

1721.30

612.04

12931.73

0.12

-108.25

-406.36

1723.44

383.99

8.37

3.27

LLOYDSENGG

80.63

55.91

12506.03

0.31

68.23

-77.28

527.15

142.92

17.99

15.04

KENNAMET

4998.95

93.82

10986.81

0.00

31.50

11.31

267.30

12.55

18.99

17.51

BAJAJINDEF

220.80

30.09

706.56

0.91

5.48

-3.01

34.46

-13.21

9.32

-2.84

Dec 2023

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

-2

OPM %

—

15.90%

16.70%

20.16%

9.37%

12.74%

8.10%

13.48%

-7.21%

-5

Interest

Depreciation

Profit before Tax

Tax %

—

-1.07%

24.84%

25.46%

25.36%

16.17%

29.01%

-204.09%

12.75%

Net Profit

0.00

3.53

2.19

3.17

1.77

1.96

1.53

2.13

1.72

Mar 2025

Mar 2026

TTM

179

208

202

148

184

185

Operating Profit

OPM %

17.12%

11.20%

8.43%

Interest

Depreciation

Profit before Tax

Tax %

18.57%

2.48%

-2.29%

Net Profit

EPS

10.68

7.38

—

Dividend Payout %

18.74%

27.09%

—

Mar 2025

Mar 2026

Equity Capital

Minority Interest

-1

250

267

Trade Payables

Total Liabilities

301

332

Capital Work in Progress

199

210

Cash & Bank

Total Assets

301

332

Mar 2025

Mar 2026

Cash from Investing

-10

-15

Cash from Financing

-2

-9

-7

Mar 2025

Mar 2026

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

69.61

1.57

1.59

1.56

1.57

1.11

0.00

0.13

0.00

Government

0.00

28.81

28.80

28.83

28.69

29.28

Indef Manufacturing Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Indef Manufacturing Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI