Indef Manufacturing Limited (BAJAJINDEF)
₹201.18 +0.82% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Indef Manufacturing's revenue was ₹34.5 Cr (-13.2% year on year, -49.3% on the previous quarter), and net profit ₹5.5 Cr (-2.7% year on year); the operating margin was -2.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹34.5 | -13.2% | -49.3% |
| Operating profit | ₹-1.0 | to loss | to loss |
| Net profit | ₹5.5 | -2.7% | -19.3% |
| Operating margin | -2.8% | — | — |
BAJAJINDEF delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 59.13% of the BAJAJINDEF shares traded on NSE were taken to delivery, against the stock's own 20-session average of 65.38%. That is close to its usual level. Turnover was only ₹34 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 67.1% · 60.2% · 61.7% · 78.4% · 59.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Indef Manufacturing Limited has submitted its confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 03, 2026. It confirms that securities received for dematerialisation during the quarter were duly processed, confirmed, and mutilated/cancelled according to regulatory guidelines. This is a routine quarterly compliance update with no financial or operational impact.
- Compliance certificate filed under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Pvt. Ltd. dated October 03, 2026
- Filing submitted to stock exchanges on October 08, 2026
Indef Manufacturing Limited (formerly part of Hercules Hoists) held its 4th Annual General Meeting on August 12, 2026, where all resolutions were passed with over 99.99% majority. Key approvals include the continuation of Shri Shekhar Bajaj as Chairman beyond the age of 75 and the appointment of Ms. Pooja Bajaj as a Non-Executive Director. The company also ratified a cost auditor remuneration of Rs 75,000. These administrative approvals ensure board continuity for the Bajaj Group-linked entity, which reported FY26 revenue of Rs 139.65 Cr.
- All resolutions passed with over 99.99% assent from voting shareholders.
- Shareholders approved the continuation of Shri Shekhar Bajaj as Chairman & Non-Executive Director after attaining 75 years of age.
- Ratification of Rs 75,000 remuneration for Cost Auditor M/s Aatish Dhatrak & Associates.
- Appointment of Ms. Pooja Bajaj as a Non-Executive Non-Independent Director was approved by 55 voters representing 2,25,78,401 votes.
- Total of 19,917 shareholders were on record as of the cut-off date, August 5, 2026.
Indef Manufacturing Limited (formerly Hercules Hoists) concluded its 4th Annual General Meeting on August 12, 2026. Shareholders approved a final dividend of ₹2 per equity share (200% of face value) for FY26, a year where the company reported revenue of ₹139.65 Cr and a net profit of ₹16.73 Cr. A key special resolution was passed for the continuation of Shri Shekhar Bajaj as Chairman beyond the age of 75. The company reiterated its growth strategy focused on the Bajaj Group legacy and a 7-10% projected industry growth rate.
- Approved a final dividend of ₹2 per equity share of face value ₹1 (200%) for FY 2025-26.
- Adopted FY26 audited standalone and consolidated financial statements showing annual revenue of ₹139.65 Cr.
- Passed a special resolution for the continuation of Shri Shekhar Bajaj as Chairman after attaining 75 years of age.
- Confirmed clean audit reports for FY26 with no adverse remarks or qualifications from statutory or secretarial auditors.
- Appointed Ms. Pooja Bajaj and Shri Mahendrakumar Gohel to the Board of Directors.
Indef Manufacturing reported a weak operational performance for Q1 FY27, with consolidated revenue from operations declining 13.2% YoY to ₹34.46 Cr. The company recorded an operating loss as total expenses of ₹36.95 Cr exceeded core revenue. However, consolidated net profit remained relatively stable at ₹5.50 Cr (down 2.6% YoY) due to a significant contribution from 'Other Income' amounting to ₹8.77 Cr. Standalone revenue saw a sharper decline of 25.9% YoY, reflecting a challenging environment in the material handling equipment sector.
- Consolidated Revenue from Operations fell 13.2% YoY to ₹34.46 Cr from ₹39.71 Cr.
- Consolidated Net Profit stood at ₹5.50 Cr, heavily supported by ₹8.77 Cr in Other Income.
- Total Consolidated Expenses reached ₹36.95 Cr, resulting in an operating loss before other income.
- Standalone Revenue from Operations declined significantly by 25.9% YoY to ₹28.24 Cr.
- Consolidated EPS for the quarter was ₹1.72, down from ₹1.77 in the corresponding quarter last year.
Indef Manufacturing Limited has scheduled its 4th Annual General Meeting (AGM) for August 12, 2026. The Board has recommended a final dividend of ₹2 per equity share (200% of face value) for FY 2025-26, which represents a payout of approximately 39% against the TTM EPS of ₹5.13. Key agenda items include the continuation of Shekhar Bajaj as Chairman (aged over 75) and the appointment of Ms. Pooja Bajaj as a Non-Executive Director. The company's net Property, Plant and Equipment stood at ₹30.57 Cr as of March 31, 2026.
- Final dividend of ₹2 per equity share (200% of face value) proposed for FY 2025-26.
- AGM date set for August 12, 2026, to be conducted via video conferencing.
- Special resolution proposed for Shekhar Bajaj to continue as Chairman after age 75.
- Net Property, Plant and Equipment (PPE) reported at ₹30.57 Cr as of March 31, 2026.
- Appointment of Ms. Pooja Bajaj as a Non-Executive Director effective May 25, 2026.
Indef Manufacturing Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, provided by registrar MUFG Intime India Pvt. Ltd, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and cancelled. This filing is a standard administrative requirement for listed entities to ensure the integrity of the electronic shareholding system. No material financial impact is associated with this announcement.
- Quarterly compliance completed for the period ending June 30, 2026
- Registrar MUFG Intime India Pvt. Ltd issued the confirmation on July 01, 2026
- Confirms that security certificates were mutilated and cancelled after due verification
- Filing submitted to exchanges on July 06, 2026
Indef Manufacturing Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 01, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the unaudited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the financial results are officially declared to the exchanges. The specific date for the board meeting to approve these results will be communicated at a later date.
- Trading window closure effective from July 01, 2026
- Closure pertains to the unaudited financial results for the quarter ending June 30, 2026
- Window to reopen 48 hours after the official announcement of quarterly results
- Mandatory compliance under SEBI (Prohibition of Insider Trading) Regulations, 2015
Indef Manufacturing Limited has recommended a final dividend of ₹2 per share (200% on face value of ₹1) for the financial year ended March 31, 2026. The board also approved the audited financial results for FY26 and appointed Mahendrakumar Gohel and Pooja Bajaj as additional directors. The dividend is subject to shareholder approval at the upcoming AGM on August 12, 2026. Notably, the company dissolved its Risk Management Committee as it is no longer required under SEBI LODR regulations.
- Recommended a final dividend of ₹2 per equity share (200%) for FY 2025-26.
- Appointed Pooja Bajaj, daughter-in-law of Shekhar Bajaj, as a Non-Executive Director.
- Fixed August 5, 2026, as the cut-off date for dividend entitlement.
- Mahendrakumar Gohel appointed as Independent Director for a 5-year term starting May 25, 2026.
- Dissolved the Risk Management Committee effective May 25, 2026, due to non-applicability.
Indef Manufacturing Limited (BAJAJINDEF) has announced the successful passage of a special resolution to revise the remuneration of its Managing Director, Shri Amit Bhalla. The resolution was conducted via postal ballot and received overwhelming support, with 99.99% of the 2.28 crore votes cast in favor. While promoter and institutional participation was robust, retail shareholder turnout remained low at 0.32%. This approval ensures management stability for the company, which is the resulting entity from the demerger of Hercules Hoists Limited.
- Special resolution for revision in remuneration of MD Amit Bhalla passed with 99.9924% majority.
- A total of 2,28,05,513 votes were polled, representing 71.27% of the total 3.2 crore outstanding shares.
- Promoter group and Public Institutions both voted 100% in favor of the resolution.
- Public non-institutional participation was minimal, with only 29,465 votes polled out of 91.82 lakh shares held.
- The voting process was conducted between April 16, 2026, and May 15, 2026, via e-voting only.
Indef Manufacturing Limited has issued a postal ballot notice to seek shareholder approval for revising the remuneration of its Managing Director, Shri Amit Bhalla. The proposal includes increasing his fixed annual pay from ₹1.34 crore to ₹1.45 crore effective April 1, 2025. Additionally, the company seeks to ratify a ₹70 lakh performance incentive for FY25 and set a potential ₹75 lakh incentive for FY26. A significant provision includes an overall compensation ceiling of ₹4 crore per annum, which would apply even in scenarios of inadequate profits.
- Fixed annual remuneration proposed to increase from ₹1,33,92,000 to ₹1,44,63,360 effective April 2025.
- Ratification sought for a ₹70,00,000 performance-linked incentive paid for the financial year 2024-25.
- Approval requested for a performance-linked incentive of up to ₹75,00,000 for the financial year 2025-26.
- Proposed overall annual remuneration ceiling set at ₹4,00,00,000, including in the event of absence or inadequacy of profits.
- E-voting period for shareholders is scheduled from April 16, 2026, to May 15, 2026.
Indef Manufacturing Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Pvt. Ltd, confirms that share certificates received for dematerialization during the quarter ended March 31, 2026, were processed within prescribed timelines. It further verifies that the securities have been listed on the relevant stock exchanges and the register of members has been updated. This is a standard administrative filing ensuring the integrity of the company's shareholding records.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Pvt. Ltd.
- Verification that dematerialized securities are listed on the BSE and NSE.
- Confirmation that security certificates were mutilated and cancelled after due verification.
Indef Manufacturing Limited (BAJAJINDEF) has announced the closure of its trading window for all designated persons and their immediate relatives starting April 01, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's upcoming financial results. The window will remain closed until 48 hours after the announcement of the audited financial results for the quarter and year ending March 31, 2026. The specific date for the board meeting to approve these results will be announced separately.
- Trading window closure effective from April 01, 2026.
- Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
- Window to reopen 48 hours after the official declaration of financial results.
- Applies to all Designated Persons and their immediate relatives under the Company's Code of Conduct.
Indef Manufacturing Limited (BAJAJINDEF) has announced the resignation of Shri Kiran Prabhakar Matkar from his role as Operations Head. Mr. Matkar, classified as Senior Management Personnel, will be relieved of his duties effective from the close of business hours on March 12, 2026. The resignation is attributed to personal reasons as per the official disclosure. As the company is the resulting entity from the demerger of Hercules Hoists Limited, management continuity at the operational level is a factor for investors to observe.
- Shri Kiran Prabhakar Matkar resigns as Operations Head (Senior Management Personnel)
- Cessation of duties is scheduled for the close of business hours on March 12, 2026
- The resignation is cited as being due to personal reasons
- Indef Manufacturing is the demerged entity from Hercules Hoists Limited (Scrip Code: 544364)
Indef Manufacturing reported a consolidated revenue of ₹50.64 crore for Q3 FY26, a 13.2% increase from ₹44.74 crore in the same period last year. Despite the top-line growth, consolidated Net Profit fell by 30.3% YoY to ₹4.90 crore, impacted by a sharp rise in employee benefits and other operating expenses. The quarter's performance includes the operations of its new subsidiary, Daedalus Lift & Access Equipments, acquired in August 2025. Additionally, the company recognized a one-time exceptional charge of ₹38.89 lakhs due to the notification of new Labour Codes.
- Consolidated Revenue from Operations increased 13.2% YoY to ₹5,063.79 lakhs.
- Consolidated PAT declined to ₹489.50 lakhs from ₹701.95 lakhs in Q3 FY25.
- Total consolidated expenses surged by 24% YoY to ₹4,803.98 lakhs, outpacing revenue growth.
- Exceptional item of ₹38.89 lakhs recorded for gratuity and leave encashment liabilities under new Labour Codes.
- Basic and Diluted EPS decreased to ₹1.53 from ₹2.19 in the year-ago quarter.
Indef Manufacturing Limited reported a 13.2% YoY growth in consolidated revenue from operations, reaching ₹50.64 crore for the quarter ended December 31, 2025. Despite the top-line growth, consolidated net profit (PAT) attributable to owners fell by 30.3% YoY to ₹4.90 crore, down from ₹7.02 crore in the previous year. Profitability was impacted by a significant rise in total expenses, which jumped to ₹48.04 crore from ₹38.70 crore YoY. The results also include an exceptional charge of ₹38.89 lakhs related to increased liabilities from the newly notified Government Labour Codes.
- Consolidated Revenue from Operations increased 13.2% YoY to ₹50.64 crore.
- Consolidated Net Profit (PAT) attributable to owners declined 30.3% YoY to ₹4.90 crore.
- Total expenses surged to ₹48.04 crore in Q3 FY26 compared to ₹38.70 crore in Q3 FY25.
- Exceptional item of ₹38.89 lakhs recognized due to increased gratuity and leave encashment liabilities under new Labour Codes.
- Consolidated Earnings Per Share (EPS) dropped to ₹1.53 from ₹2.19 in the year-ago quarter.
Financial Performance
Revenue Growth by Segment
Material Handling Equipment revenue was INR 176.72 Cr in FY 2024-25, representing a decline of 1.52% compared to INR 179.53 Cr in FY 2023-24.
Geographic Revenue Split
Not disclosed in available documents, though the company operates regional sales offices in Pune, Delhi, Chennai, and Kolkata to ensure market penetration.
Profitability Margins
The company reported an Operating Profit Margin of 14.19% and a Net Profit Margin of 19.38% for the year ended March 31, 2025. Return on Net Worth increased to 13.53% from 12.41% in the previous year.
EBITDA Margin
EBITDA grew by 12.32% YoY, rising from INR 42.41 Cr in FY 2023-24 to INR 47.63 Cr in FY 2024-25.
Capital Expenditure
Not disclosed in absolute INR Cr; however, the Board reviews annual operating and capital expenditure budgets as part of its regular procedure.
Credit Rating & Borrowing
The company has a Debt-Equity Ratio of Nil and reported no borrowings or interest obligations during the year ended March 31, 2025.
Operational Drivers
Raw Materials
Not specifically named, but the company identifies raw material prices as a critical factor that could cause actual results to differ from projections.
Capacity Expansion
The company operates manufacturing facilities at Khalapur (Raigad) and Chakan (Pune). Specific capacity expansion figures in MT or units are not disclosed.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but raw material price volatility is cited as a primary risk to profitability.
Manufacturing Efficiency
The company reported a Debtors Turnover of 6.97 times and an Inventory Turnover of 4.18 times for FY 2024-25.
Logistics & Distribution
Distribution is managed through a network of Authorized Business Partners (ABPs) and sub-dealers, supported by regional sales offices in four major cities.
Strategic Growth
Expected Growth Rate
7–10%
Growth Strategy
Growth will be achieved through a strategic rebranding exercise leveraging the 97-year Bajaj Group legacy, strengthening the Authorized Business Partner (ABP) ecosystem, and aligning with government infrastructure outlays and the 'Make in India' initiative.
Products & Services
Material Handling Equipment, including hoists and cranes, along with after-sales support provided through specialized Indef Clinics.
Brand Portfolio
Bajaj Indef
New Products/Services
The company is focusing on new products and the upgradation of existing product lines, though specific revenue contribution percentages are not disclosed.
Market Expansion
Market penetration is being deepened through regional sales offices in Pune, Delhi, Chennai, and Kolkata, supported by regional sales engineers in strategic locations.
External Factors
Industry Trends
The material handling sector is projected to grow at 7–10% annually, driven by infrastructure outlays and a push for domestic manufacturing.
Competitive Landscape
The company faces competitive pressures which are monitored as a key risk by the Risk Management Committee.
Competitive Moat
The company's moat is built on the 97-year Bajaj Group legacy and a robust service ecosystem comprising Authorized Business Partners and Indef Clinics for after-sales support.
Macro Economic Sensitivity
The business is highly sensitive to the investment cycle in new projects and overall sentiment in the manufacturing and infrastructure sectors.
Consumer Behavior
There is an increasing demand for responsive and reliable service support, which the company addresses through its dedicated service team and diagnostic tools.
Geopolitical Risks
General economic conditions and government policies are cited as factors that could materially impact results.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
Environmental Compliance
The Risk Management Committee monitors sustainability and ESG-related risks as part of its framework.
Taxation Policy Impact
The company follows applicable tax laws, though the specific effective tax rate is not disclosed.
Legal Contingencies
There are no instances of non-compliance necessitating penalties or strictures by Stock Exchanges or SEBI during the last three years.
Risk Analysis
Key Uncertainties
Market volatility and competitive pressures are identified as key uncertainties that could impact the business by more than 10% if not mitigated.
Geographic Concentration Risk
Manufacturing is concentrated in Maharashtra, with units in Raigad and Pune.
Third Party Dependencies
Significant dependency on Authorized Business Partners (ABPs) for market penetration and after-sales service.
Technology Obsolescence Risk
The company monitors cyber security and information risks through its Risk Management Committee to prevent digital disruption.
Credit & Counterparty Risk
Credit exposures are evaluated in terms of potential impact and likelihood, with mitigation strategies reviewed by the Audit Committee.
