Indo Farm Equipment Limited (INDOFARM)
₹131.08 +1.60% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Indo Farm's revenue was ₹110 Cr (+14.5% year on year, -17.7% on the previous quarter), and net profit ₹5.7 Cr (+4.1% year on year); the operating margin was 13.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹110 | +14.5% | -17.7% |
| Operating profit | ₹14.5 | +9.9% | -22.3% |
| Net profit | ₹5.7 | +4.1% | -35.1% |
| EPS (₹) | 1.18 | +4.4% | -34.8% |
| Operating margin | 13.1% | — | — |
INDOFARM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.59% of the INDOFARM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.62%. That is close to its usual level. Turnover was only ₹71 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 52.0% · 44.4% · 52.6% · 67.6% · 46.6%
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
Indo Farm Equipment Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate issued by Registrar & Share Transfer Agent MAS Services Limited confirms that all securities received for dematerialization were processed, confirmed, or rejected within the stipulated 15-day timeframe. Additionally, share certificates were duly mutilated and cancelled, and member registers were updated accordingly. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Dematerialization requests processed and confirmed within the mandated limit of 15 days
- Reporting period covered spans from 01/07/2026 to 30/09/2026
- Issued by Registrar and Share Transfer Agent MAS Services Limited dated October 06, 2026
Infomerics Valuation and Rating has upgraded Indo Farm Equipment Limited's bank loan ratings to IVR A/Stable for long-term facilities and IVR A1 for short-term facilities across ₹103.70 crore of facilities. The upgrade is driven by improved debt protection metrics, with total debt dropping 10.91% to ₹84.94 crore in FY2026 and finance costs reducing 29.02% to ₹10.15 crore. The rating agency also noted a 14.39% increase in total operating income to ₹419.54 crore for FY2026 and reduced contingent liability exposure to subsidiary Barota Finance Limited from ₹125 crore to ₹75 crore in FY2027.
- Infomerics upgraded Long-Term Bank Facilities to IVR A/Stable and Short-Term to IVR A1 on ₹103.70 crore facilities
- Total debt decreased 10.91% to ₹84.94 crore in FY2026, leading to a 29.02% reduction in finance costs to ₹10.15 crore
- Interest Coverage Ratio (ISCR) improved to 4.76x in FY2026 from 3.30x in FY2025; gearing strengthened to 0.18x
- Corporate guarantee exposure to subsidiary Barota Finance moderated from ₹125 crore to ₹75 crore in FY2027
- Ongoing crane expansion of 3,600 units/year costing ₹71.13 crore funded through IPO proceeds and internal accruals, with commissioning expected in H2 FY2027
Indo Farm Equipment Limited responded on September 9, 2026, to an NSE surveillance inquiry dated September 8, 2026, regarding a significant increase in trading volume. The company confirmed that it remains compliant with SEBI (LODR) Regulations and has reported all material events promptly. Indo Farm stated there is currently no undisclosed or price-sensitive information or pending corporate actions driving the trading activity.
- Clarification issued on September 9, 2026, following NSE surveillance query Ref. No. NSE/CM/Surveillance/17519
- Surveillance inquiry received by the company was dated September 8, 2026
- Company affirmed zero undisclosed price-sensitive information or pending corporate announcements
Indo Farm Equipment Limited has informed the exchanges regarding the dispatch of physical letters containing web-links to access the FY 2025-26 Integrated Annual Report and Notice of the 26th AGM. The dispatch is compliant with SEBI Listing Regulations for members whose email addresses are not registered with the company or depositories. The 26th Annual General Meeting is scheduled to be held on Wednesday, September 23, 2026, at 11:00 AM IST via video conferencing.
- 26th Annual General Meeting scheduled for September 23, 2026, at 11:00 AM IST via VC/OAVM.
- Integrated Annual Report and AGM Notice pertains to the Financial Year 2025-26.
- Compliance letter dispatched under SEBI Regulation 36(1)(b) for shareholders without registered emails.
Indo Farm Equipment Limited has issued the notice for its 26th Annual General Meeting (AGM) scheduled for September 23, 2026, via video conferencing. Key agenda items include the adoption of FY26 audited standalone and consolidated financial statements and the reappointment of Managing Director Mr. Ranbir Singh Khadwalia, who retires by rotation. The remote e-voting window is set from September 20 to September 22, 2026, with the cut-off date fixed as September 16, 2026.
- 26th AGM scheduled for September 23, 2026, at 11:00 AM IST via VC/OAVM
- Cut-off date for e-voting eligibility set as September 16, 2026
- Remote e-voting open from September 20, 2026 (09:00 AM) to September 22, 2026 (05:00 PM)
- Managing Director Mr. Ranbir Singh Khadwalia (holding 1,68,26,400 shares) seeks reappointment by rotation
Indo Farm Equipment released the transcript of its Q1 FY27 earnings call, highlighting standalone revenue growth of 14.98% YoY to ₹104.93 crore and EBITDA growth of 10.84% YoY to ₹13.09 crore. Tractor revenue led the performance with a 36.29% YoY rise to ₹52.08 crore, while crane revenues remained flat at ₹52.86 crore. The company maintained its full-year FY27 revenue growth guidance of 20–25% with EBITDA margins targeted at 12.5–13.0%. Commercial production at the new Bhud facility is slated to begin by the end of November 2026, alongside commercialization of its newly developed tower crane prototype.
- Q1 FY27 standalone revenue reached ₹104.93 crore (+14.98% YoY), supported by tractor sales of ₹52.08 crore (+36.29% YoY).
- Q1 FY27 EBITDA stood at ₹13.09 crore (+10.84% YoY); FY27 EBITDA margin guided at 12.5% to 13%.
- Maintained FY27 revenue growth guidance of 20–25% across existing operations (tractor growth 25–30%, cranes 15–20%).
- Commercial production at the new Bhud site scheduled to start by end-November 2026, with machinery installation planned for October.
- First tower crane prototype successfully tested, with an initial batch of 10 units in production.
Indo Farm Equipment Limited has released the audio recording of its earnings call for the quarter ended June 30, 2026, held on August 12, 2026. This disclosure follows the company's unaudited financial results for Q1 FY2027. With a TTM revenue of ₹440 Cr and a market cap of ₹715 Cr, the company is currently focused on diversifying its revenue stream from tractors into the crane segment. The recording provides management's qualitative commentary on operational performance and industry outlook.
- Earnings call conducted on August 12, 2026, at 04:00 P.M. IST
- Relates to the unaudited financial results for the quarter ended June 30, 2026
- Company maintains an annual installed capacity of 12,000 tractors and 1,280 cranes
- TTM revenue stands at ₹440 Cr with a PAT of ₹25 Cr as of the latest reporting period
Indo Farm Equipment reported a 14.52% YoY revenue growth to ₹110.24 Cr for Q1FY27, though PAT growth was modest at 4.12% (₹5.66 Cr). The company is successfully diversifying, with the crane segment (₹52.86 Cr) now contributing nearly as much as the core tractor segment (₹52.08 Cr). EBITDA margins saw a contraction of 143 bps YoY to 14.07%, primarily due to higher operating expenses. The company is nearing commercial production for its new Pick & Carry crane project and Tower Crane prototype in the current FY.
- Revenue from operations increased 14.52% YoY to ₹110.24 Cr in Q1FY27.
- Crane segment revenue reached ₹52.86 Cr, contributing 47.9% of total quarterly revenue.
- EBITDA margins contracted from 15.50% to 14.07% YoY, a drop of 143 bps.
- NBFC subsidiary Barota Finance maintains an AUM of ₹135+ Cr with 5,000+ active customers.
- Installed annual capacity remains at 12,000 tractors and 1,280 cranes at the Baddi facility.
Indo Farm Equipment reported a 14.5% YoY increase in consolidated revenue to ₹110.24 Cr for Q1 FY27, primarily driven by a 36.3% surge in the tractor segment. Consolidated PAT grew modestly by 4.2% YoY to ₹5.66 Cr, while the crane segment revenue remained flat at ₹52.86 Cr. A significant portion of IPO proceeds (₹44.67 Cr) intended for crane capacity expansion remains unutilized as of June 30, 2026. The company also appointed Mr. Saravjit Singh as Internal Auditor for a three-year term.
- Consolidated Revenue from Operations increased 14.5% YoY to ₹110.24 Cr in Q1 FY27.
- Tractor segment revenue grew 36.3% YoY to ₹52.08 Cr, offsetting a flat performance in the crane segment (₹52.86 Cr).
- Consolidated Net Profit stood at ₹5.66 Cr for the quarter, up from ₹5.43 Cr in the same period last year.
- ₹44.67 Cr of the ₹70.07 Cr IPO proceeds allocated for the new crane manufacturing unit remains unutilized.
- NBFC subsidiary Barota Finance contributed ₹5.31 Cr to consolidated revenue, up 6.2% YoY.
Indo Farm Equipment reported a 14.5% YoY increase in consolidated revenue to ₹110.24 Cr for Q1 FY27. Growth was primarily driven by the tractor segment, which surged 36.3% to ₹52.08 Cr, while the crane segment remained flat at ₹52.86 Cr. Consolidated PAT saw a modest 4.2% increase to ₹5.66 Cr, as margins were pressured by higher employee costs and depreciation. The company still holds ₹44.67 Cr in unutilized IPO proceeds earmarked for its crane capacity expansion project.
- Consolidated revenue from operations increased to ₹110.24 Cr in Q1 FY27 from ₹96.26 Cr in Q1 FY26.
- Tractor segment revenue grew significantly by 36.3% YoY to ₹52.08 Cr.
- Crane segment revenue remained stagnant at ₹52.86 Cr compared to ₹53.05 Cr in the same quarter last year.
- Unutilized IPO proceeds for the new dedicated crane unit stand at ₹44.67 Cr as of June 30, 2026.
- Consolidated PAT for the quarter stood at ₹5.66 Cr with a Basic EPS of ₹1.18.
Indo Farm Equipment reported a 14.5% YoY increase in consolidated revenue to ₹110.24 Cr for Q1 FY27, primarily driven by a 36.3% surge in the tractor segment. Consolidated PAT saw a modest growth of 4.2% YoY to ₹5.66 Cr, as profitability was impacted by higher employee benefits and depreciation expenses. The company has utilized ₹25.40 Cr of its ₹70.07 Cr IPO allocation for crane capacity expansion, leaving ₹44.67 Cr unspent. Segmentally, the revenue mix has shifted to a near 50-50 split between tractors and cranes, compared to crane dominance in the previous year.
- Consolidated Revenue from Operations grew to ₹110.24 Cr in Q1 FY27 from ₹96.26 Cr in Q1 FY26.
- Tractor segment revenue increased significantly by 36.3% YoY to ₹52.08 Cr.
- Crane segment revenue remained stagnant at ₹52.86 Cr vs ₹53.05 Cr in the year-ago period.
- Unutilized IPO proceeds for the dedicated crane manufacturing unit stand at ₹44.67 Cr as of June 30, 2026.
- Consolidated EPS for the quarter stood at ₹1.18, a marginal increase from ₹1.13 in Q1 FY26.
Indo Farm Equipment has scheduled its earnings conference call for August 12, 2026, at 4:00 PM IST to discuss financial results for the quarter ended June 30, 2026. The company recently concluded FY26 with a revenue of ₹440.02 Cr and a PAT of ₹24.70 Cr. Investors will be looking for updates on the 26% expected growth rate and the performance of the crane segment, which has seen capacity expansion to 1,280 units. The discussion will be based on publicly available information and held virtually.
- Earnings conference call scheduled for August 12, 2026, at 16:00 IST
- Focus on financial performance for the quarter ended June 30, 2026
- Company reported TTM revenue of ₹440 Cr and TTM PAT of ₹25 Cr
- Current annual installed capacity includes 12,000 tractors and 1,280 cranes
- Management expected growth rate previously cited at 26%
Indo Farm Equipment Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by MAS Services Limited (the Registrar and Share Transfer Agent), confirms that all dematerialization requests received during the quarter ended June 30, 2026, were processed within the mandatory 15-day timeline. This includes the mutilation of physical certificates and updating the register of members. This is a routine administrative filing required for all listed entities to ensure proper share registry management.
- Compliance period covered from April 01, 2026, to June 30, 2026
- All dematerialization requests were confirmed or rejected within 15 days of receipt
- Physical security certificates were mutilated and cancelled after due verification
- Register of Members was updated with the Depositories as the registered owners within 15 days
- Certificate issued by MAS Services Limited dated July 02, 2026
Indo Farm Equipment Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is a standard procedure ahead of the announcement of the unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be communicated in due course.
- Trading window closure begins on July 1, 2026, for the quarter ending June 30, 2026.
- The restriction applies to all designated persons and their immediate relatives under SEBI PIT Regulations.
- The window will reopen 48 hours after the board approves and declares the quarterly financial results.
Indo Farm Equipment Limited has responded to a clarification request from the National Stock Exchange (NSE) regarding a significant increase in trading volume. The company stated that it is in full compliance with SEBI (LODR) Regulations and has disclosed all material events to the exchanges. Management confirmed there is no undisclosed price-sensitive information or impending corporate actions that would explain the volume surge. The response aims to safeguard investor interests by confirming that the market activity is not driven by hidden internal developments.
- NSE issued a clarification request (Ref. No. NSE/CM/Surveillance/17124) on June 18, 2026.
- Company confirms no undisclosed price-sensitive information exists as of June 19, 2026.
- Indo Farm maintains that all material events have been promptly reported under SEBI (LODR) Regulations.
- Management attributes the volume movement to market dynamics rather than specific internal corporate developments.
Financial Performance
Revenue Growth by Segment
The Tractor segment achieved revenue of INR 54.12 Cr in Q2 FY26, representing a growth of 54.17% YoY from INR 35.11 Cr. The Crane segment contributed INR 44.93 Cr in Q2 FY26. Overall standalone revenue for H1 FY26 reached INR 190.31 Cr, growing 26.22% YoY from INR 150.78 Cr.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains a widespread dealer network across India and operates a manufacturing plant in Baddi, Himachal Pradesh.
Profitability Margins
Standalone PAT margin improved from 3.50% in FY23 to 3.81% in FY24. Consolidated Net Profit before Tax for FY25 was INR 26.17 Cr on revenue of INR 387.19 Cr, yielding a PBT margin of approximately 6.76%.
EBITDA Margin
Standalone EBITDA margin was 12.92% in FY24, up from 12.05% in FY23. Standalone EBITDA for H1 FY26 grew 17.31% YoY to INR 23.86 Cr from INR 20.34 Cr.
Capital Expenditure
Historical capital expenditure for FY25 was INR 26.85 Cr, primarily for the purchase of fixed assets to support manufacturing operations.
Credit Rating & Borrowing
The company holds a short-term rating of IVR A2+ from Infomerics. Interest on borrowings for FY25 was INR 23.91 Cr. Based on standalone debt of INR 167.11 Cr in FY24, the implied average borrowing cost is approximately 14.3%.
Operational Drivers
Raw Materials
Specific raw material names are not listed, but raw material consumption accounted for INR 238.58 Cr in FY25, representing 61.6% of total revenue.
Capacity Expansion
Current annual installed capacity is 12,000 tractors and 1,280 cranes (increased from 720 cranes previously mentioned) at the Baddi, Himachal Pradesh plant.
Raw Material Costs
Raw material costs were INR 238.58 Cr in FY25, a 9.2% increase from INR 218.48 Cr in FY24, representing 61.6% of revenue.
Strategic Growth
Expected Growth Rate
26%
Growth Strategy
Growth is driven by segment diversification into Pick-N-Carry cranes (9-30 tonnes) and mobile tower cranes, alongside its core tractor business. The company utilizes its NBFC subsidiary, Barota Finance (assets of INR 173.32 Cr), to facilitate customer purchases. Recent H1 FY26 growth of 26.22% was supported by a 54.17% surge in quarterly tractor segment revenue.
Products & Services
Tractors, Pick-N-Carry cranes (9-30 tonnes), mobile tower cranes, harvester combines, engines, and diesel gensets.
Brand Portfolio
Indo Farm (tractors) and Indo Power (cranes).
Market Expansion
The company is expanding its crane segment, which contributed INR 44.93 Cr to revenue in Q2 FY26.
External Factors
Industry Trends
The industry is shifting toward higher mechanization in agriculture and increased infrastructure spending, which benefits the crane segment. The tractor industry remains cyclical and dependent on rural liquidity.
Competitive Landscape
The industry is characterized by stiff competition from established tractor and construction equipment manufacturers.
Competitive Moat
Moat is derived from a long track record (since 1994), a widespread dealer network, and the strategic advantage of having an in-house NBFC (Barota Finance) to provide credit, which is a critical sales driver in rural markets.
Macro Economic Sensitivity
Highly sensitive to agricultural GDP and rural development budgets. Government commitment to agri-mechanization and infrastructure is expected to aid long-term volumes.
Consumer Behavior
Demand is driven by farmer income levels and the availability of financing for agricultural equipment.
Regulatory & Governance
Industry Regulations
Operations are subject to manufacturing standards for tractors and cranes, as well as NBFC regulations for its subsidiary, Barota Finance Limited.
Taxation Policy Impact
The company paid direct taxes of INR 5.23 Cr in FY25.
Legal Contingencies
The company has provided a corporate guarantee to a group company with an outstanding limit of INR 120.00 Cr, which represents a significant contingent liability.
Risk Analysis
Key Uncertainties
Key risks include the cyclicality of the tractor industry and financial exposure to group companies through corporate guarantees (INR 120 Cr limit).
Geographic Concentration Risk
Manufacturing is concentrated at a single location in Baddi, Himachal Pradesh.
Third Party Dependencies
Dependency on a widespread dealer network for sales and service across India.
Credit & Counterparty Risk
Credit risk is managed through Barota Finance Limited, which had total assets of INR 173.32 Cr as of March 31, 2025.
