Indo Farm Equipment Ltd
NSE: INDOFARM BSE: 544328
Incorporated in 1994, Indo Farm Equipment Limited is engaging in manufacturing Tractors, Pick & Carry Cranes, and other harvesting equipment.[1]
₹124
52W: ₹111 — ₹272
PE 22.1 · Book ₹109 · +14% vs bookMarket Cap₹597 Cr
Stock P/E22.1Price to Earnings
ROCE7.24%Return on Capital
ROE5.53%Return on Equity
Div. Yield0%Face Value ₹10
Strengths
- +Company has reduced debt.
- +Stock is trading at 1.17 times its book value
- +Company has delivered good profit growth of 44.8% CAGR over last 5 years
Weaknesses
- −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.
- −Contingent liabilities of Rs.182 Cr.
- −Working capital days have increased from 116 days to 175 days
Shareholding Pattern
Promoters70.46%
FIIs0.18%
DIIs3.4%
Public25.96%
| Category | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoters | 69.44% | 69.44% | 69.53%▲0.1 | 69.8%▲0.3 | 70.46%▲0.7 |
| FIIs | 0.82% | 0.55%▼0.3 | 0.4%▼0.2 | 0.01%▼0.4 | 0.18%▲0.2 |
| DIIs | 5.97% | 4.88%▼1.1 | 4.72%▼0.2 | 4.31%▼0.4 | 3.4%▼0.9 |
| Public | 23.77% | 25.14%▲1.4 | 25.34%▲0.2 | 25.87%▲0.5 | 25.96%▲0.1 |
Financial Statements
| Metric | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Sales | 69.54 | 81.24 | 90.82 | 125.16 | 91.26 | 99.06 | 100.64 |
| Expenses | 60.54 | 70.9 | 78.75 | 109.47 | 80.77 | 88.51 | 89.88 |
| Operating Profit | 9 | 10.34 | 12.07 | 15.69 | 10.49 | 10.55 | 10.76 |
| OPM % | 12.94% | 12.73% | 13.29% | 12.54% | 11.49% | 10.65% | 10.69% |
| Net Profit | 2.2 | 3.39 | 3.74 | 13.29 | 4.58 | 4.44 | 4.63 |
| EPS ₹ | 0.56 | 0.86 | 0.95 | 2.77 | 0.95 | 0.92 | 0.96 |
AI Insights
Revenue Trend
TTM revenue at ₹416Cr, up 19.5% YoY. OPM at 11%.
Debt Position
Borrowings at ₹109Cr. Debt-to-equity ratio: 0.23x. Healthy balance sheet.
Capex Cycle
CWIP at ₹14Cr (7% of fixed assets). Moderate ongoing capital expenditure.
Institutional Flow
DIIs: 3.4% (-2.57pp change). FIIs: 0.18% (-0.64pp change). Promoters hold 70.46%.
Margin & Efficiency
ROCE improving from 0% (Mar 2020) to 7% (Mar 2025). Working capital days: 175.
Valuation
PE 22.1x with 7.24% ROCE. Price is 14% above book value of ₹109. Dividend yield: 0%.
Recent Announcements
- 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. 2d - Board meets on May 21, 2026 to approve audited FY2026 standalone and consolidated results.
- 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.
- 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.
- 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.
- 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%.
- Financial Year 2025 from bse
- Rating update 8 Aug 2025 from infomerics
- Rating update 24 Jul 2024 from infomerics