Indef Manufacturing Ltd

NSE: BAJAJINDEF BSE: 544364

Indef Manufacturing Ltd (BAJAJINDEF) is a Diversified company listed on NSE: BAJAJINDEF | BSE: 544364. With a market cap of ₹878 Cr and ROCE of 17.7%, ROE of 14.5%, it operates in the Indian Diversified sector.

₹274

52W: ₹207 — ₹581

PE 30.1 · Book ₹80.8 · +239% vs book

Market Cap₹878 Cr

Stock P/E30.1Price to Earnings

ROCE17.7%Return on Capital

ROE14.5%Return on Equity

Div. Yield0.74%Face Value ₹1

Strengths

+Company has reduced debt.
+Company is almost debt free.

Weaknesses

−Earnings include an other income of Rs.16.8 Cr.
−Debtor days have increased from 52.0 to 64.5 days.

Shareholding Pattern

Promoters69.61%

FIIs1.57%

DIIs0.13%

Public28.7%

Category	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	69.61%	69.61%	69.61%	69.61%	69.61%
FIIs	1.57%	1.59%▲0.0	1.56%▼0.0	1.56%	1.57%▲0.0
DIIs	0%	0%	0%	0%	0.13%▲0.1
Public	28.82%	28.8%▼0.0	28.83%▲0.0	28.83%	28.7%▼0.1

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	39.94	57.3	38.14	42.77	44.22	51.59	38.13	47.85	48.63
Expenses	33.92	43.99	32.5	35.94	36.7	40.93	34.28	41.2	43.44
Operating Profit	6.02	13.31	5.64	6.83	7.52	10.66	3.85	6.65	5.19
OPM %	15.07%	23.23%	14.79%	15.97%	17.01%	20.66%	10.1%	13.9%	10.67%
Net Profit	5.6	11.66	5.73	11.31	7.06	10.14	5.86	6.7	6.2
EPS ₹	0	0	0	0	2.21	3.17	1.83	2.09	1.94

AI Insights

Revenue Trend

TTM revenue at ₹186Cr, up 5.1% YoY. OPM at 14%.

Debt Position

Borrowings at ₹3Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹3Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.13% (+0.13pp change). FIIs: 1.57% (+0.00pp change). Promoters hold 69.61%.

Margin & Efficiency

ROCE improving from 0% (Mar 2023) to 18% (Mar 2025). Working capital days: 51.

Valuation

PE 30.1x with 17.7% ROCE. Price is 239% above book value of ₹80.8. Dividend yield: 0.74%.