Indo Farm Equipment Ltd Q2FY26 – From Himachal Hills to Heavy Cranes, This Tractor-Maker Is Shifting Gears Like a Bollywood Hero in Third Act

1.At a Glance

In the land of snowy hills and subsidy schemes,Indo Farm Equipment Ltd (BSE: 544328 | NSE: INDOFARM)has quietly rolled out its best quarter yet. Incorporated in1994, this Himachal-based agri-mech marvel makes everything fromtractors (16–110 HP)topick-and-carry cranes (9–30 tons). And if you blinked, you might’ve missed the company’s recenttower crane tech acquisition from China’s Beida Commercial, turning it from tractor-wallah to construction warrior overnight.

As ofQ2FY26 (Sep 2025), Indo Farm clockedsales of ₹103.9 crore, up20.7% YoY, andPAT of ₹4.98 crore, up a crisp38.3% YoY. The stock trades around₹217, giving it amarket cap of ₹1,045 croreand aP/E of 37.4x. For something that started in the mid-‘90s selling tractors to sugarcane farmers, it now exports 10% of its wares toAfrica, Latin America, and Europe.

The company’sROE stands at 5.56%andROCE at 7.74%—numbers that might not make Warren Buffett dance, but definitely keep Himachali accountants smiling. The IPO of₹260 crorein early 2025 added enough horsepower to set up a newcrane plant (capacity: 3,600 cranes p.a.)and repay debts.

As the Bhagavad Gita says,“Karmanye vadhikaraste, ma phaleshou kada chana”— Indo Farm has done its karma: making tractors, building cranes, and letting the stock market decide the fruit.

2.Introduction

Let’s be real—Indo Farm isn’t your typical “tractor stock.” It’s more like that quiet kid in class who suddenly shows up on Shark Tank pitching a crane startup. Founded in 1994, Indo Farm started with tractors for small farmers and is now revving up the construction scene withpick-and-carry and soon tower cranes.

While competitors likeEscorts KubotaandVST Tillersenjoy their fame in tractor memes and agri expos, Indo Farm is busy doing bothtractorandcranemath, blending agriculture with infrastructure like a true Made-in-India cocktail.

Post its IPO in January 2025, the company has turned heads with itsnew expansion plans, aChinese tower crane technology transfer, anda finance subsidiary (Barota Finance Ltd)to make buying Indo Farm products as easy as buying an EMI-based iPhone.

And guess what? The stock has zoomed42.8% in the last 6 months, though it cooled by8% in the last 3 months. Traders may call it consolidation; we call it the Himachali pause before another gear shift.

So buckle up—because Indo Farm’s story is about tractors that lift cropsandcranes that lift skylines.

3.Business Model – WTF Do They Even Do?

Imagine a company that can plough your field, lift your steel girders, and maybe one day help you build your farmhouse—all under the same brand. That’s Indo Farm.

Here’s how their business revs:

• Tractors (65.46% of revenue)– Ranging from16 HP to 110 HP, these tractors are the heart of the company. 2WD or 4WD, Indo Farm’s range covers everything from sugarcane patches in UP to commercial farms in Africa. They’re pushing out “air-conditioned tractors” and developingelectric tractors, because why shouldn’t farmers also have luxury?
• Pick-and-Carry Cranes (34.25%)– Ranging from9–30 tons, these cranes are the unsung heroes of India’s infrastructure boom. Indo Farm makes them in both 2WD and 4WD formats. And with the new tech import fromSichuan HongshengandBeida, tower cranes are next.
• Other Equipment (0.29%)– Harvesters, rotavators, and spare parts. Basically the “other” section of the menu no one orders from, but still adds flavor.

All of this comes from their127,840 sq. m. Baddi facility—a fully integrated setup within-house foundry,CNC machining, andhydraulic testing systems. Annual capacity?12,000 tractors and 720 cranes—soon to be doubled once the new plant goes live.

They also own