BAJAJINDEFIndustrials

Indef Manufacturing Limited

Industrial Products · ISIN INE0O9T01021 · BSE 544364 · NSE EQ · FV ₹1
Last price
₹187
+3.23%today
What this company does

Indef Manufacturing Limited operates in Industrial Products, part of the Industrials sector. It booked ₹52 cr of revenue in its latest quarter (Q2 FY27) and kept 5.8% of sales as profit.

In the report:
57out of 100
Equitytale Health Score
Mixed

Healthier than 57% of companies in Industrials, on the 5 of 6 measures we could read for it. Each measure is ranked against the 241–284 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
34

At close. Not part of the score.

Profitability & returns30

How much profit it earns on the money it employs

Balance sheet86

How much it owes, and whether earnings cover the interest

Cash quality59

Whether reported profit actually arrives as cash

Valuation32

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Not measurable for this company: growth & consistency. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Promoters hold 70%
✓ No promoter shares pledged
✓ Virtually debt-free
Watch-outs
! Thin 5.8% net margin
! Profit down 52% vs last year
! Low 4.4% return on equity
! Operating cash flow is negative

What if I invest in BAJAJINDEF?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 5% a year, it would become
₹15.50 lakh

The slider starts at 5%, taken from a generic assumption, not this company's history. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹187▲ +3.23%
latest close · 2026-11-04
52-wk low ₹17174 sessions so far52-wk high ₹249
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio49.7High
LowAverageHigh
P/B ratio2.20Moderate
Below bookModerateHigh
EV / EBITDA26.6High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity4.4%Weak
WeakFairStrong ▸15%
Return on capital6.0%Weak
WeakFairStrong
Net margin5.8%Decent
ThinDecentStrong
EBITDA margin10.8%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.00Comfortable
LowModerateHigh ▸1
Interest cover37.8×Strong
RiskyOkayStrong ▸5×
Current ratio1.48Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹598 cr
Book value
₹85
EPS
₹0.94
latest quarter
Net debt
₹-1 cr
more cash than debt
Enterprise value
₹597 cr
EBITDA
₹22 cr
annualised
EBIT
₹17 cr
annualised
Operating margin
8.1%
Return on assets
3.6%
Earnings yield
2.01%
P/S
2.89
Sales / share
₹64.6
Tax rate
28.7%
Face value
₹1
Shares
3.2 cr
Working capital
₹27 cr
Current assets
₹83 cr
Current liabilities
₹56 cr
Delivery %
64.0%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the FY 2026 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹32–₹60, midpoint ₹46

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹52 cr
Other Income₹-6.5 L
Total Income₹52 cr
Cost of Materials₹29 cr
Purchases of Stock-in-Trade₹1 cr
Inventory Change (±)₹-2 cr
Employee Benefit Expense₹8 cr
Finance Costs₹11 L
Depreciation & Amortisation₹1 cr
Other Expenses₹10 cr
Total Expenses₹48 cr
Profit before Tax₹4 cr
Tax Expense₹1 cr
Net Profit₹3 cr
Net margin on total income5.6%
Where the money goes · Q2 FY27
% of total income
Materials + stock-in-trade₹28 cr54.0%
Employee benefit expense₹8 cr15.3%
Finance costs₹11 L0.2%
Depreciation & amortisation₹1 cr2.8%
Other expenses₹10 cr19.8%
Tax expense₹1 cr2.3%
Profit for the period₹3 cr5.6%
Total income ₹52 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue68 cr34 cr52 cr
Total income64 cr43 cr52 cr
Expenses61 cr37 cr48 cr
Profit before tax2 cr6 cr4 cr
Tax-4 cr80.1 L1 cr
Net profit (owners' share)7 cr5 cr3 cr
Net margin (owners' share, on revenue)9.8%15.9%5.8%
EPS (₹)2.131.720.94
YoY (latest quarter): total income -0.7% · net profit -51.6%
Balance sheet & cash flow · as of Sep 2026
Debt-free
Total assets
₹335 cr
Shareholder equity
₹272 cr
parent shareholders
Total debt
₹0 cr
Cash
₹1 cr
Cash flow · H1 FY27
Operating
₹-8 cr
Investing
₹11 cr
Financing
₹-8 cr
Peer comparison
Industrial Products · by market value
CompanyPriceMarket capP/E
INDO-MIM Limited₹1,204₹58,282 cr60.7
Aditya Infotech Limited₹3,881₹45,739 cr80.4
Syrma SGS Technology Limited₹1,491₹28,718 cr61.3
Honeywell Automation India Limited₹29,070₹25,582 cr48.1
Jyoti CNC Automation Limited₹967₹21,999 cr75.8
Kaynes Technology India Limited₹3,239₹21,713 cr96.2
LMW Limited₹16,927₹18,078 cr63.5
Tega Industries Limited₹1,700₹12,769 cr—
LLOYDS ENGINEERING WORKS LIMITED₹80₹12,353 cr52.4
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
1.07%
trailing 12 months
Dividend / share (TTM)
₹2
Last dividend
₹2
ex 5 Aug 2026
ActionDetailEx-date
Dividend₹2 / share5 Aug 2026
Dividend₹2 / share5 Aug 2025
Who owns it · 2026-09-30
No pledge
Promoter
69.6%
FII / Foreign
0.6%
DII / Domestic
—
Retail / others
29.8%
Smart-money activity
Insider trades
BoughtKumud Bajaj · Promoters1,000 · ₹4.5 L13 Jun 25
SoldLate Madhur Bajaj · Promoters1,000 · ₹4.5 L13 Jun 25
Stake changes
BoughtShekhar Bajaj For and on behalf of the Acquirers (Promoters and Promoter Group of the Company) · promoter→ 69.61% · 2.23 cr21 Feb 25
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 12 Aug 2026
See the official result
1
To receive, consider and adopt: (a) the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2026, together with the Reports of the Directors and the Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026, and the Report of the Auditors thereon.
Backed by 100% of shareholders other than promotersneeded 50%
3.03 L votes for, 525 against · 0% of mutual funds and other big investors said no
2
To declare a Final Dividend of Rs. 2/- (Rupees Two only) per equity share of face value Rs. 1/- each (200%) for the financial year ended March 31, 2026
Backed by 100% of shareholders other than promotersneeded 50%
3.03 L votes for, 525 against · 0% of mutual funds and other big investors said no
3
To appoint a Director in place of Shri Vandan Sitaram Shah (DIN: 00759570), who retires by rotation and being eligible, has offered himself for re-appointment
Backed by 100% of shareholders other than promotersneeded 50%
3.03 L votes for, 525 against · 0% of mutual funds and other big investors said no
4
Approval for Continuation of Directorship of Shri Shekhar Bajaj (DIN: 00089358) as Chairman & Non-Executive Non-Independent Director of the Company after attaining the age of Seventy‑Five Years
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 75%
3.03 L votes for, 525 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 23 named members
owning 69.2% between them · as of 2026-09-30
BAJAJ HOLDINGS AND INVESTMENT LTD19.53%
JAMNALAL SONS PRIVATE LIMITED19.35%
BAJAJ SEVASHRAM PRIVATE LIMITED5.84%
BACHHRAJ FACTORIES PRIVATE LIMITED3.86%
KIRAN BAJAJ3.55%
NIRAJ BAJAJ3.42%
SHEKHAR BAJAJ2.83%
NIRAJ BAJAJ TRUST1.73%

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.