🧠 At a Glance
Indef Manufacturing Ltd (NSE: BAJAJINDEF) is in the business of material handling equipment — hoists, cranes, and ergonomic lifting systems. But recently, it seems to have also entered the business of handling investor emotions, as the stock has lifted itself 2.5x in under 6 months. Founded in 2022, listed in 2024, and suddenly a ₹1,750 Cr market cap player in 2025… this one’s got everyone asking — “Bhai, ye ho kya raha hai?”
1. 🎬 Introduction with Hook
From barely ₹200 to ₹548 in a few months…
- No viral product.
- No celebrity endorsement.
- No scam expose.
Just one thing — momentum so strong it’s got traders clicking “Buy” before they know what “Wire Rope Hoist” even means.
Let’s dissect if Indef is lifting fundamentals, or just levitating on fumes.
2. 🏢 WTF Do They Even Do?
Indef makes stuff that lifts other stuff. That’s it. But here’s their product stack broken down like a forklift manual:
🛠️ Product Portfolio:
- ✅ Electric Chain Hoists (makes heavy lifting look easy)
- ✅ Wire Rope Hoists (for serious industrial operations)
- ✅ EOT Cranes (the long boys you see in factories)
- ✅ Manual Hoists (because electricity is optional)
- ✅ Storage & Retrieval Systems (for high-tech warehouses)
- ✅ Ergonomic Handling (because labour laws are also a thing)
And the brand name? Indef — previously Bajaj Indef, with history rooted in Pune’s industrial belt.
3. 📊 Financials Overview – Profit, Margins, ROE, Growth
Let’s do a recap of their first full year of operations. And spoiler alert — there’s a big fat “Other Income” elephant here.
| Metric | FY25 (First full year) |
|---|---|
| 💸 Revenue | ₹177 Cr |
| 📈 EBITDA | ₹31 Cr |
| 💰 EBITDA Margin | 17% |
| 🧾 Net Profit | ₹34 Cr |
| 🤷♂️ Other Income | ₹17 Cr |
| 📊 ROCE | 33.1% |
| 💥 ROE | 27.1% |
Half of FY25 profits came from “Other Income”.
That’s like acing JEE because your dad owns the college.
4. 💸 Valuation – Cheap, Meh, or Crack?
At ₹548, here’s how it stacks up:
| Valuation Metric | Value |
|---|---|
| Market Cap | ₹1,750 Cr |
| P/E (TTM) | 51x |
| Price to Book | 6.93x |
| EV/EBITDA (Adj for Other Income) | ~30x |
So basically —
- P/E says “growth stock”
- Other income says “relax bhai”
- No past data, no comparison base
- Valuation? Priced like it’s already a global leader.
🧮 Fair Value Range:
If we remove the ₹17 Cr other income and consider ₹17 Cr core PAT, and assign 25x core P/E (reasonable for small industrial manufacturers):
FV = ₹17 Cr x 25 / 3.2 Cr shares = ₹133
Add back some premium for momentum and high ROE:
🎯 EduFair™ Range: ₹130–₹180
5. 🍳 What’s Cooking – News, Triggers, Drama
Oh boy, the exchange notices are more dramatic than Bigg Boss:
🔔 June 2025:
NSE asked: “Why is your stock up 20% with no volume?”
Company replied: “No idea bro. Market is wild.”
🔔 July 2025:
Price movement + volume again sparked queries. Again… no material disclosures.
🚫 No dividends, no buybacks, no major capex, no new clients.
But that share price? Leviosa-level flying.
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
🧮 Let’s crunch it:
| Item | FY25 |
|---|---|
| Equity Capital | ₹3 Cr |
| Reserves | ₹250 Cr |
| Debt | ₹4 Cr (basically zero) |
| Total Liabilities | ₹301 Cr |
| Fixed Assets | ₹35 Cr |
| Investments | ₹199 Cr (what even is this?) |
So 2/3rd of the balance sheet is financial investments.
Is this a manufacturing company, or a private equity desk?
7. 💵 Cash Flow – Sab Number Game Hai
🥲 Operating Cash Flow: ₹5 Cr
💸 Investing: -₹10 Cr
📉 Net Cash: -₹7 Cr
Low capex, low working capital strain, but not a free cash flow machine either.
8. 🔢 Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROE | 27.1% (🔥) |
| ROCE | 33.1% (🔥🔥) |
| OPM | 17% |
| Debtor Days | 64 |
| Inventory Days | 87 |
| Payable Days | 87 |
| CCC | 64 days |
Ratios scream “efficient”, but we repeat: half the PAT is Other Income.
If you cut that — ratios become average. Still, not bad for Year 1.
9. 💰 P&L Breakdown – Show Me the Money
Here’s how they earned in FY25:
- 🧾 Sales: ₹177 Cr
- 🧮 Gross Margin: ~35–40%
- 💡 Other Income: ₹17 Cr (could be investment gains or one-offs)
- 🎯 Core PAT (est): ₹17 Cr
- 🤓 EPS: ₹10.70
10. 📊 Peer Comparison – Who Else Lifts Heavy?
Let’s drop Indef into the industrial playground:
| Company | P/E | ROCE | OPM | Revenue |
|---|---|---|---|---|
| Indef | 51x | 33% | 17% | ₹177 Cr |
| Kaynes Tech | 140x | 14% | 15% | ₹2,700 Cr |
| Tega Inds | 56x | 17% | 20% | ₹1,600 Cr |
| Jyoti CNC | 73x | 24% | 27% | ₹1,800 Cr |
| Lloyds Eng | 108x | NA | 15% | ₹850 Cr |
🧠 Indef is small in revenue but high in ROCE, mid in OPM, and overvalued relative to size.
Also—less revenue, more P/E = operator magnet?
11. 🧿 Miscellaneous – Shareholding, Promoters, Red Flags?
- 👑 Promoters: 69.6% (solid)
- 🧳 FIIs: 1.57%
- 🧍 Public: 28.8% (Retail army deployed)
- 🔍 No pledging
- 🤷 No annual report yet (company is too new)
🧨 Red Flag Watch:
- No clarity on ₹199 Cr “Investments”
- Heavy reliance on other income
- Sharp price + volume moves + exchange notices
12. 📈 Verdict™ — EduInvesting Style
Indef is lifting industrial loads. But is it lifting value or valuations?
Right now, it looks like a well-oiled, lean machine with turbocharged “other income” nitro.
But when that extra fuel runs out — what’s left is a ₹177 Cr biz with big boots to fill.
Either it grows into a Kaynes-style compounder, or the hoist rope snaps.
⛔ And don’t even ask — no buy/sell. SEBI baba ki kasam.
✍️ Written by Prashant | 📅 July 5, 2025
Tags: Indef Manufacturing, Material Handling, Operator Stock, IPO, Smallcap, Capital Goods, EduInvesting
