BAJAJINDEF - Indef Manufactur

📊 NSE: BAJAJINDEF 🏢 Industrial Products 📅 Last Updated: 11/13/2025 15:25

💰 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.