Indef Manufacturing Limited

BSE: BAJAJINDEF544364ISIN INE0O9T01021

Industrials
Industrial Products
BSE Industrials

Share price

₹188.35+7.30 (+4.03%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹404.00
52W low: ₹170.10
Off 52W high: -53.38%
1M return: -7.87%
3M return: -18.46%
6M return: -38.85%
1Y return: -49.35%
20D avg volume: 2,327
50 DMA: ₹208.29
200 DMA: ₹247.49

Key ratios Consolidated

Market cap: ₹602.72 Cr
Current price: ₹188.35
52W high / low: ₹404.00 / ₹170.10
Face value: ₹1.00
P/E: 30.29
P/B: 2.22
EPS (TTM): ₹6.22
Book value / share: ₹84.97
ROE: —
ROCE: 8.80%
Operating margin: —
Net margin: —
Debt / equity: 0.00
Net debt: ₹-5.56 Cr
Interest cover: 64.13
Dividend yield: 1.06%
Dividend / share (TTM): ₹2.00
Payout: 32.15%
Cash conversion cycle: 53.3 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q4 FY24
Income statement
	51.71	34.46	68.04	50.64	49.31	39.71	52.98	44.74	—
	-0.07	8.77	4.39	4.58	2.70	5.30	4.29	3.30	—
	51.65	43.23	63.65	55.22	52.01	45.00	57.27	48.04	—
	47.58	36.95	61.22	48.04	44.59	37.43	43.68	38.70	—
	29.03	17.50	32.76	28.23	27.33	22.71	28.28	22.85	—
	1.04	2.66	5.30	0.00	-0.88	0.00	0.00	—	—
	7.92	7.93	9.08	7.42	7.18	6.62	6.75	5.83	—
	0.11	0.10	0.08	0.08	0.11	0.10	0.09	0.10	—
	1.43	1.41	2.26	1.42	1.45	1.34	1.29	1.33	—
	10.25	8.13	12.25	11.54	9.39	8.08	8.43	8.09	—
	4.06	6.28	2.43	7.18	7.42	7.57	13.59	9.34	—
	0.00	0.00	-0.23	-0.39	0.00	0.00	0.00	0.00	—
	4.06	6.28	2.20	6.79	7.42	7.57	13.59	9.34	—
	1.16	0.80	-4.49	1.97	1.20	1.92	3.46	2.32	—
	2.90	5.48	6.70	4.82	6.22	5.65	10.13	7.02	—
	0.94	1.72	2.13	1.53	1.96	1.77	3.17	2.19	—
Key metrics
	5.60	7.79	4.54	8.29	8.98	9.01	14.97	10.77	—
	10.80%	22.60%	6.70%	16.40%	18.20%	22.70%	28.30%	24.10%	—
	5.60%	15.90%	9.80%	9.50%	12.60%	14.20%	19.10%	15.70%	—
	1.50%	—	0.80%	—	2.80%	—	5.10%	—	—
	4.90%	-13.20%	28.40%	13.20%	—	—	—	—	—
	-53.40%	-3.00%	-33.90%	-31.30%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	204.85	207.69	178.63	—
	17.67	8.18	16.97	—
	213.75	215.88	195.60	—
	193.79	191.27	153.65	—
	107.52	106.44	95.49	—
	9.00	9.89	0.00	—
	32.35	30.30	23.92	—
	0.37	0.38	0.43	—
	6.52	6.47	5.17	—
	42.17	41.26	29.43	—
	19.95	24.61	41.95	—
	-0.62	-0.62	0.00	—
	19.33	23.99	41.95	—
	-0.56	0.60	7.79	—
	19.90	23.39	34.16	—
	6.32	7.38	10.68	—
Key metrics
	26.22	30.84	47.55	—
	12.80%	14.80%	26.60%	—
	9.71%	11.30%	19.10%	—
	—	8.80%	15.80%	—
	9.70%	16.30%	—	—
	-31.43%	-31.50%	—	—
	—	17.84	-3.98	—
	—	1.00	0.14	—
	—	0.00	0.00	—
	—	-5.56	-5.52	—
	—	53.3	63.8	—
Balance sheet
	—	332.23	301.40	—
	—	74.44	63.39	—
	—	5.56	5.52	—
	—	31.95	32.02	—
	—	31.52	22.18	—
	—	4.30	1.93	—
	—	30.58	26.86	—
	—	33.14	22.97	—
	—	55.35	32.81	—
	—	0.00	0.00	—
	—	0.00	0.00	—
	—	0.00	0.00	—
	—	268.91	252.90	—
Cash flow
	—	23.29	4.82	—
	—	-14.29	-10.28	—
	—	-8.96	-1.38	—
	—	5.45	8.80	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q4 FY24
Income statement
	48.16	28.24	61.06	48.63	47.85	38.13	51.59	44.22	—
	0.30	9.13	-4.10	4.75	2.80	5.32	4.30	3.31	—
	48.46	37.37	56.97	53.38	50.65	43.45	55.89	47.52	—
	43.10	30.64	53.09	44.68	42.60	35.63	42.30	38.12	—
	26.73	16.27	31.40	26.16	26.36	19.98	27.33	22.51	—
	0.00	0.00	0.00	0.00	0.94	0.00	0.00	—	—
	7.19	7.17	8.31	6.69	6.81	6.41	6.57	5.74	—
	0.03	0.04	0.05	0.06	0.07	0.08	0.09	0.10	—
	1.18	1.17	2.00	1.17	1.33	1.27	1.28	1.33	—
	8.94	7.02	10.37	10.79	8.97	7.70	8.19	7.94	—
	5.37	6.73	3.88	8.70	8.05	7.82	13.59	9.40	—
	0.00	0.00	-0.23	-0.39	0.00	0.00	0.00	—	—
	5.37	6.73	3.65	8.32	8.05	7.82	13.59	9.40	—
	1.52	0.89	-3.64	2.12	1.35	1.96	3.46	2.34	—
	3.85	5.84	7.29	6.20	6.70	5.87	10.14	7.06	—
	1.20	1.82	2.28	1.94	2.09	1.83	3.17	2.21	—
Key metrics
	6.58	7.94	5.70	9.55	9.45	9.17	14.96	10.83	—
	13.70%	28.10%	9.30%	19.60%	19.70%	24.00%	29.00%	24.50%	—
	8.00%	20.70%	11.90%	12.70%	14.00%	15.40%	19.70%	16.00%	—
	1.90%	—	1.30%	—	3.00%	—	5.10%	—	—
	0.60%	-25.90%	18.40%	10.00%	—	—	—	—	—
	-42.50%	-0.50%	-28.10%	-12.20%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	186.09	195.67	176.72	—
	10.08	8.78	16.98	—
	196.18	204.45	193.69	—
	171.51	176.00	151.65	—
	100.56	103.89	94.20	—
	0.00	0.00	0.00	—
	29.36	28.22	23.62	—
	0.18	0.28	0.43	—
	5.52	5.77	5.16	—
	37.12	37.84	29.04	—
	24.68	28.45	42.05	—
	-0.62	-0.61	0.00	—
	24.07	27.84	42.05	—
	0.89	1.79	7.81	—
	23.18	26.05	34.24	—
	7.24	8.14	10.70	—
Key metrics
	29.77	33.89	47.64	—
	16.00%	17.30%	27.00%	—
	12.46%	13.30%	19.40%	—
	—	10.00%	15.80%	—
	2.37%	10.70%	—	—
	-22.14%	-23.90%	—	—
	—	27.51	-3.41	—
	—	1.22	0.15	—
	—	0.00	0.00	—
	—	-3.50	-5.48	—
	—	46.9	64.5	—
Balance sheet
	—	325.57	300.64	—
	—	73.33	62.83	—
	—	3.50	5.48	—
	—	25.65	31.22	—
	—	26.43	22.18	—
	—	2.96	1.60	—
	—	29.35	26.69	—
	—	26.92	22.18	—
	—	45.44	31.97	—
	—	0.00	0.00	—
	—	0.00	0.00	—
	—	0.00	0.00	—
	—	272.29	252.98	—
Cash flow
	—	31.70	5.21	—
	—	-25.21	-10.11	—
	—	-8.47	-1.97	—
	—	4.19	8.62	—

Compounded growth

Standalone

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +2.37%
Profit YoY (TTM): -22.14%

Consolidated

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +9.70%
Profit YoY (TTM): -31.43%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 69.63%

Quarter	September 2026	June 2026
Promoter %	69.63%	69.63%

Holder	Type	Holding	Previous	Change
BAJAJ HOLDINGS AND INVESTMENT LTD	Promoter Group	19.53%	19.53%	0.00%
JAMNALAL SONS PRIVATE LIMITED	Promoter Group	19.35%	19.35%	0.00%
BAJAJ SEVASHRAM PRIVATE LIMITED	Promoter Group	5.84%	5.84%	0.00%
HEINRICH DE FRIES GMBH	Public	5.00%	5.00%	0.00%
BACHHRAJ FACTORIES PRIVATE LIMITED	Promoter Group	3.86%	3.86%	0.00%
KIRAN BAJAJ	Promoter Group	3.55%	3.55%	0.00%
NIRAJ BAJAJ	Promoter	3.42%	3.42%	0.00%
DEVAJ RAVI JHUNJHUNWALA	Public	3.26%	3.26%	0.00%
SHEKHAR BAJAJ	Promoter	2.83%	2.83%	0.00%
POOJA BAJAJ	Promoter Group	1.73%	1.73%	0.00%
NIRAJ BAJAJ TRUST	Promoter Group	1.73%	1.73%	0.00%
VANRAJ ANANT BAJAJ	Promoter Group	1.73%	1.73%	0.00%
KUMUD BAJAJ A/c NEELIMA BAJAJ FAMILY TRUST	Promoter Group	1.58%	1.58%	0.00%
KUMUD BAJAJ A/c NIMISHA BAJAJ FAMILY TRUST	Promoter Group	1.58%	1.58%	0.00%
SHEKHAR HOLDINGS PVT. LTD.	Promoter Group	1.25%	1.25%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
INDO-MIM Limited	61,335	1,240.40	—	—	—	—	—
Aditya Infotech Limited	49,092	4,003.35	102.86	26.00%	—	—	+202.77%
Syrma SGS Technology Limited	29,119	1,510.10	63.38	14.80%	+62.42% TTM	+90.86% TTM	+92.49%
Zetwerk Manufacturing Businesses Limited	27,998	165.25	-28.27 FY26	6.71% Q1 FY27	+40.43% FY26	—	—
Honeywell Automation India Ltd. S	26,304	29,750.35	46.53	15.70%	+5.29% TTM	+9.54% TTM	-19.09%
Jyoti CNC Automation Limited	23,514	1,033.95	76.15	22.00%	+17.61% TTM	-10.78% TTM	+10.01%
KAYNES TECHNOLOGY INDIA LIMITED	22,352	3,325.10	64.66	12.00%	+34.85% TTM	+8.89% TTM	-49.97%
LMW Limited	18,543	17,357.75	90.41	5.90%	+19.37% TTM	+71.62% TTM	+9.94%
Tega Industries Limited	13,632	1,814.45	-14,687.86	6.10%	+84.88% TTM	-100.47% TTM	-6.81%
LLOYDS ENGINEERING WORKS LIMITED	12,845	82.98	53.81	12.30%	+82.99% TTM	+70.53% TTM	+38.32%
Bonfiglioli Transmissions Limited	12,422	660.75	—	—	—	—	—
Dynamatic Technologies Ltd.	8,595	12,655.05	202.56	9.20%	+17.28% TTM	+0.02% TTM	+49.53%
STANDARD ENGINEERING TECHNOLOGY LIMITED	8,333	417.70	93.99	14.70%	—	—	+133.94%
Kennametal India Limtied S	8,317	3,784.30	42.43	—	+29.08% TTM	+90.48% TTM	+80.46%
Omnitech Engineering Limited	8,215	664.25	—	18.30%	—	—	—
HMT Limited	8,132	54.44	-49.29	3.20%	+8.82% TTM	+6.28% TTM	-1.86%
Raymond Limited	7,637	1,147.10	93.20	-0.50%	-5.56% TTM	-98.52% TTM	+100.56%
Spectrum Electrical Industries Limited	7,293	4,268.25	126.77	16.30%	—	—	+190.47%
GMM Pfaudler Ltd.	5,943	1,322.00	87.49	9.00%	+13.91% TTM	+71.89% TTM	+3.00%
Lohia Corp Limited	5,726	541.95	—	—	—	—	—
Praj Industries Ltd.	4,691	255.20	137.98	4.90%	+1.76% TTM	-67.78% TTM	-24.66%
HD Fire Protect Limited	4,651	265.40	—	—	—	—	—
TEMPSENS INSTRUMENTS (INDIA) LIMITED	4,545	542.20	—	—	+37.74% FY25	+52.86% FY25	—
DEE DEVELOPMENT ENGINEERS LIMITED	4,287	569.75	53.51	14.50%	+40.01% TTM	+49.51% TTM	+131.18%
Shanthi Gears Ltd. S	3,802	495.65	65.56	22.90%	-14.22% TTM	-37.57% TTM	+5.08%
Indef Manufacturing Limited	603	188.35	30.29	8.80%	+9.70% TTM	-31.43% TTM	-49.35%

Some figures use IPO-document inputs. Growth periods are shown per value; FY means annual.

Filings & corporate actions

Recent announcements

Financial Results for the quarter and Half year ended September 30, 2026 is attached herewith.2 Nov 2026 · Result / Financial Results
Pursuant to Regulation 30 (read with Part A of Schedule III) and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ....2 Nov 2026 · Board Meeting / Outcome of Board Meeting
Pursuant to Regulation 30 (read with Part A of Schedule III) and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ....2 Nov 2026 · Board Meeting / Outcome of Board Meeting
Indef Manufacturing Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 02/11/2026 ,inter alia, to consider and approve un-audited standalone and ....27 Oct 2026 · Board Meeting / Board Meeting
Certificate under Regulation 74(5) of SEBI (DP) Regulation, 2018 for the quarter ended September 30, 2026.8 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Closure of Trading Window for the quarter and half year ending on September 30,2026.29 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Scrutiniser''s Report dated August 13, 2026, for the 4th Annual General Meeting held on August 12, 2026 is as enclosed.14 Aug 2026 · AGM/EGM / AGM
Proceedings of 4th AGM is enclosed herewith.12 Aug 2026 · AGM/EGM / AGM
Please find enclosed the financial results of the Company for the Quarter ended June, 202612 Aug 2026 · Result / Financial Results
Outcome For The Board Meeting Held Today i.e August 12, 202612 Aug 2026 · Board Meeting / Outcome of Board Meeting
Indef Manufacturing Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 12/08/2026 ,inter alia, to consider and approve the un-audited financial ....6 Aug 2026 · Board Meeting / Board Meeting
The revision pertains to updating certain disclosures that were inadvertently omitted and correcting certain disclosure-related information in the Annual Report. There is no impact on the ....31 Jul 2026 · Others / Reg. 34 (1) Annual Report
Please find enclosed Newspaper Advertisement of 4th AGM published in Newspaper dated July 18, 2026.18 Jul 2026 · Company Update / Newspaper Publication
The Annual Report for the F.Y. 2025-26 is enclosed herewith.17 Jul 2026 · Others / Reg. 34 (1) Annual Report
Notice of the 4th AGM along with Annual report is attached herewith.17 Jul 2026 · AGM/EGM / AGM
Newspaper Publication dated July 17, 2026 is enclosed.17 Jul 2026 · Company Update / Newspaper Publication
Please find attached the certificate under Regulation 74(5) of SEBI (DP) Regulations, 20186 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Closure of trading window for quarter ending June 30, 2026.26 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Please find attached the Annual Secretarial Compliance Report for the period ended March 31, 2026.26 May 2026 · Company Update / Reg.24(A)-Annual Secretarial Compliance
August 05, 2026 is the Record Date Fixed for Final Dividend F.Y. 2025-26 and attending AGM.25 May 2026 · Corp. Action / Record Date
Board has recommended the Final Dividend of Rs. 2/- per share for F.Y. 2025-26 and AGM date.25 May 2026 · Corp Action / Dividend/AGM
Audited results were approved by the board in its meeting held today i.e. May 25, 2026.25 May 2026 · Result / Financial Results
Appointment of Shri Mahendrakumar Gohel (08254455) as additional director (Non-executive Independent) and appointment of Smt. Pooja Bajaj (DIN: 09425947)as the additonal director (Non executive ....25 May 2026 · Company Update / Change in Management
Please find attached the Outcome for the Board meeting held today i.e. May 25, 2026.25 May 2026 · Board Meeting / Outcome of Board Meeting
Indef Manufacturing Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 25/05/2026 ,inter alia, to consider and approve a) To consider and approve ....19 May 2026 · Board Meeting / Board Meeting
Please find enclosed the scrutinizer Report along with voting results for the postal ballot concluded on May 15, 2026.18 May 2026 · AGM/EGM / Postal Ballot
Submission of Newspaper Advertisement published on April 16, 2026 informing the shareholders regarding postal ballot notice.16 Apr 2026 · Company Update / Newspaper Publication
Please refer to the enclosed postal ballot notice for revision in remuneration of Shri Amit Bhalla (DIN: 08215712), Managing Director.15 Apr 2026 · AGM/EGM / Postal Ballot
Please find attached herewith the Certificate under Regulation 74(5) of SEBI (DP) Regulations, 20189 Apr 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Closure of trading window for quarter and year ending March 31, 202631 Mar 2026 · Insider Trading / SAST / Closure of Trading Window
Intimation of Resignation of Shri Kiran Matkar, Operations Head, a Senior Management Personnel.6 Mar 2026 · Company Update / Change in Management
Results for Quater and nine month ended december 31, 2025.10 Feb 2026 · Result / Financial Results
Pursuant to Regulation 30 (read with Part A of Schedule III) and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as ....10 Feb 2026 · Board Meeting / Outcome of Board Meeting
Indef Manufacturing Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 10/02/2026 ,inter alia, to consider and approve unaudited financial results ....4 Feb 2026 · Board Meeting / Board Meeting
Please find attached herewith the Certificate unde rregulation 74(5) of SEBI (DP) Regulations, 2018.5 Jan 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Closure of trading window for quarter ending December 31, 202525 Dec 2025 · Insider Trading / SAST / Closure of Trading Window
Pursuant to Regulation 30 (read with Part A of Schedule III) and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as ....12 Nov 2025 · Board Meeting / Outcome of Board Meeting
Indef Manufacturing Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 12/11/2025 ,inter alia, to consider and approve Intimation of Board Meeting ....5 Nov 2025 · Board Meeting / Board Meeting
Please find attached the certificate under regulation 74(5).13 Oct 2025 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Trading window closure for quarter ending September 30, 2025.26 Sep 2025 · Insider Trading / SAST / Closure of Trading Window

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 2.0000	5 Aug 2026	5 Aug 2026	—
Final Dividend - Rs. - 2.0000	5 Aug 2025	5 Aug 2025	—

Board meetings

2 Nov 2026 Board Meeting - Financial Results
12 Aug 2026 Board Meeting - Financial Results