Indo Farm Equipment Ltd
Incorporated in 1994, Indo Farm Equipment Limited is engaging in manufacturing Tractors, Pick & Carry Cranes, and other harvesting equipment.[1]
- Market Cap ₹ 605 Cr.
- Current Price ₹ 126
- High / Low ₹ 272 / 111
- Stock P/E 22.4
- Book Value ₹ 109
- Dividend Yield 0.00 %
- ROCE 7.24 %
- ROE 5.53 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Stock is trading at 1.19 times its book value
- Company has delivered good profit growth of 44.8% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 8.44% over past five years.
- Tax rate seems low
- Company has a low return on equity of 4.98% over last 3 years.
- Working capital days have increased from 116 days to 175 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Agricultural, Commercial & Construction Vehicles Tractors
Part of BSE Industrials
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 232 | 228 | 331 | 347 | 338 | 348 | 416 | |
| 206 | 198 | 294 | 305 | 290 | 300 | 369 | |
| Operating Profit | 26 | 30 | 37 | 42 | 48 | 47 | 47 |
| OPM % | 11% | 13% | 11% | 12% | 14% | 14% | 11% |
| 2 | 1 | 0 | 1 | 1 | 3 | 6 | |
| Interest | 14 | 14 | 14 | 16 | 17 | 14 | 10 |
| Depreciation | 8 | 8 | 9 | 9 | 10 | 11 | 12 |
| Profit before tax | 6 | 8 | 14 | 18 | 21 | 25 | 31 |
| Tax % | 42% | 30% | 29% | 33% | 37% | 9% | |
| 4 | 6 | 10 | 12 | 14 | 23 | 27 | |
| EPS in Rs | 3.78 | 6.05 | 5.10 | 6.48 | 3.61 | 4.71 | 5.60 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 8% |
| 3 Years: | 2% |
| TTM: | 3% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 45% |
| 3 Years: | 33% |
| TTM: | 67% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -24% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 5% |
| Last Year: | 6% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 19 | 19 | 38 | 48 | 48 |
| Reserves | 242 | 248 | 246 | 259 | 265 | 467 | 476 |
| 133 | 160 | 175 | 170 | 169 | 97 | 109 | |
| 41 | 45 | 61 | 47 | 53 | 50 | 53 | |
| Total Liabilities | 426 | 463 | 501 | 495 | 524 | 662 | 686 |
| 171 | 183 | 194 | 206 | 201 | 213 | 214 | |
| CWIP | 18 | 14 | 20 | 8 | 5 | 9 | 14 |
| Investments | 17 | 17 | 18 | 20 | 20 | 65 | 65 |
| 219 | 248 | 270 | 261 | 297 | 374 | 393 | |
| Total Assets | 426 | 463 | 501 | 495 | 524 | 662 | 686 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 37 | 7 | 25 | 32 | 21 | 26 | |
| -18 | -16 | 17,744 | -11 | -2 | -96 | |
| -20 | 9 | 1 | -21 | -8 | 104 | |
| Net Cash Flow | -0 | 0 | 17,770 | -0 | 11 | 34 |
| Free Cash Flow | 21 | -9 | 1 | 22 | 18 | -1 |
| CFO/OP | 148% | 28% | 73% | 85% | 51% | 65% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 107 | 118 | 79 | 78 | 113 | 113 |
| Inventory Days | 345 | 347 | 299 | 264 | 273 | 279 |
| Days Payable | 74 | 84 | 86 | 55 | 58 | 52 |
| Cash Conversion Cycle | 378 | 380 | 293 | 287 | 327 | 340 |
| Working Capital Days | 75 | 118 | 82 | 79 | 93 | 175 |
| ROCE % | 6% | 7% | 8% | 8% | 7% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Installed Capacity - Cranes Units per Annum |
|
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| Installed Capacity - Tractors Units per Annum |
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| Number of Tractor Dealers Number |
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| Sales Volume - Cranes Units |
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| Sales Volume - Tractors Units |
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| Inventory Holding Period Days |
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| NBFC Loan Book (AUM) - Barota Finance INR Crores |
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| Operating Cycle Days |
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| Tractor Industry Market Share Percentage |
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| Export Presence (Countries) Number |
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| Number of Crane Dealers Number |
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Extracted by Screener AI
Documents
Announcements
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Board Meeting Intimation for Intimation Of Board Meeting Under Regulation 29 Of The SEBI (LODR) Regulations, 2015 For Consideration Of Audited (Standalone And Consolidated) Financial Results For The Quarter And Financial Year Ended 31St March, 2026.
15 May - Board meets on May 21, 2026 to approve audited FY2026 standalone and consolidated results.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
14 May - March 31, 2026 monitoring report shows Rs.168.06 crore IPO proceeds, no deviations, Rs.116.78 crore utilised.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8 Apr - Certificate under regulation 74(5) of the SEBI (Depositories & Participate ) Regulation 2028.
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Closure of Trading Window
30 Mar - Trading window closed 01-Apr-2026 until 48 hours after audited results for quarter/year ended 31-Mar-2026.
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Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('Listing Regulations')- Increase In 'Promoter/Promoter Group' Shareholding In The Company.
30 Mar - Promoters acquired 135,203 shares on Mar 27 and Mar 30, 2026; promoter stake rose to 70.62%.
Concalls
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Feb 2026Transcript PPT
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Nov 2025TranscriptPPTREC
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Aug 2025Transcript PPT REC
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Jul 2025Transcript PPT
Business Overview:[1]
Indo Farm Equipment is an ISO 9001:2015 certified leading manufacturer of pick & carry cranes (9-30 tons), tractors (16–110 HP). Operating from its advanced manufacturing facility in Baddi, Himachal Pradesh, Indo Farm delivers high-quality products under Indo Farm and brands across India and over 30 export countries.