BAJAJINDEF - Indef Manufactur
📢 Recent Corporate Announcements
Indef Manufacturing Limited (BAJAJINDEF) has announced the resignation of Shri Kiran Prabhakar Matkar from his role as Operations Head. Mr. Matkar, classified as Senior Management Personnel, will be relieved of his duties effective from the close of business hours on March 12, 2026. The resignation is attributed to personal reasons as per the official disclosure. As the company is the resulting entity from the demerger of Hercules Hoists Limited, management continuity at the operational level is a factor for investors to observe.
- Shri Kiran Prabhakar Matkar resigns as Operations Head (Senior Management Personnel)
- Cessation of duties is scheduled for the close of business hours on March 12, 2026
- The resignation is cited as being due to personal reasons
- Indef Manufacturing is the demerged entity from Hercules Hoists Limited (Scrip Code: 544364)
Indef Manufacturing reported a consolidated revenue of ₹50.64 crore for Q3 FY26, a 13.2% increase from ₹44.74 crore in the same period last year. Despite the top-line growth, consolidated Net Profit fell by 30.3% YoY to ₹4.90 crore, impacted by a sharp rise in employee benefits and other operating expenses. The quarter's performance includes the operations of its new subsidiary, Daedalus Lift & Access Equipments, acquired in August 2025. Additionally, the company recognized a one-time exceptional charge of ₹38.89 lakhs due to the notification of new Labour Codes.
- Consolidated Revenue from Operations increased 13.2% YoY to ₹5,063.79 lakhs.
- Consolidated PAT declined to ₹489.50 lakhs from ₹701.95 lakhs in Q3 FY25.
- Total consolidated expenses surged by 24% YoY to ₹4,803.98 lakhs, outpacing revenue growth.
- Exceptional item of ₹38.89 lakhs recorded for gratuity and leave encashment liabilities under new Labour Codes.
- Basic and Diluted EPS decreased to ₹1.53 from ₹2.19 in the year-ago quarter.
Indef Manufacturing Limited reported a 13.2% YoY growth in consolidated revenue from operations, reaching ₹50.64 crore for the quarter ended December 31, 2025. Despite the top-line growth, consolidated net profit (PAT) attributable to owners fell by 30.3% YoY to ₹4.90 crore, down from ₹7.02 crore in the previous year. Profitability was impacted by a significant rise in total expenses, which jumped to ₹48.04 crore from ₹38.70 crore YoY. The results also include an exceptional charge of ₹38.89 lakhs related to increased liabilities from the newly notified Government Labour Codes.
- Consolidated Revenue from Operations increased 13.2% YoY to ₹50.64 crore.
- Consolidated Net Profit (PAT) attributable to owners declined 30.3% YoY to ₹4.90 crore.
- Total expenses surged to ₹48.04 crore in Q3 FY26 compared to ₹38.70 crore in Q3 FY25.
- Exceptional item of ₹38.89 lakhs recognized due to increased gratuity and leave encashment liabilities under new Labour Codes.
- Consolidated Earnings Per Share (EPS) dropped to ₹1.53 from ₹2.19 in the year-ago quarter.
Indef Manufacturing Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended December 31, 2025. The certificate, issued by MUFG Intime India Pvt. Ltd, confirms that all dematerialization requests were processed within the mandated timelines. It further verifies that security certificates were mutilated and cancelled after verification, and the names of depositories were updated in the register of members. This filing is a standard procedural requirement to ensure the integrity of the company's shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Issued by Registrar and Share Transfer Agent, MUFG Intime India Pvt. Ltd (formerly Link Intime).
- Confirms securities received for dematerialization were listed on stock exchanges where existing shares are traded.
- Verification that security certificates were mutilated and cancelled after due verification by the depository participant.
Indef Manufacturing Limited has announced the closure of its trading window for designated persons starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the upcoming quarterly financial results. The window will remain closed until 48 hours after the announcement of the unaudited financial results for the quarter ending December 31, 2025. The date for the board meeting to approve these results will be communicated separately.
- Trading window closure effective from January 01, 2026.
- Closure is related to the unaudited financial results for the quarter ending December 31, 2025.
- Restriction applies to all Designated Persons and their immediate relatives.
- Trading window will reopen 48 hours after the financial results are declared.
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.
Geopolitical Risks
General economic conditions and government policies are cited as factors that could materially impact results.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
Environmental Compliance
The Risk Management Committee monitors sustainability and ESG-related risks as part of its framework.
Taxation Policy Impact
The company follows applicable tax laws, though the specific effective tax rate is not disclosed.
Legal Contingencies
There are no instances of non-compliance necessitating penalties or strictures by Stock Exchanges or SEBI during the last three years.
Risk Analysis
Key Uncertainties
Market volatility and competitive pressures are identified as key uncertainties that could impact the business by more than 10% if not mitigated.
Geographic Concentration Risk
Manufacturing is concentrated in Maharashtra, with units in Raigad and Pune.
Third Party Dependencies
Significant dependency on Authorized Business Partners (ABPs) for market penetration and after-sales service.
Technology Obsolescence Risk
The company monitors cyber security and information risks through its Risk Management Committee to prevent digital disruption.
Credit & Counterparty Risk
Credit exposures are evaluated in terms of potential impact and likelihood, with mitigation strategies reviewed by the Audit Committee.