Indo Farm Equipment Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹555 Cr
- P/E
- 22.27
- ROE
- 4.82%
- PEG
- 1.30
- Price to sales
- 1.22
- Debt to equity
- 0.27
- 52W high / low
- ₹239 / ₹111
- Sales growth (5Y)
- 11.42%
- EBITDA margin
- 13.08%
- Net profit margin
- 6.27%
- Promoter holding
- 70.62%
- Sales (last year)
- ₹454 Cr
Incorporated in 1994, Indo Farm Equipment Limited is engaging in manufacturing Tractors, Pick & Carry Cranes, and other harvesting equipment.[1]
Guidance scorecard · Q1 FY27 call
What Indo Farm Equipment Ltd's management guided
and where it ranks in Agricultural, Commercial & Construction Vehicles
Agricultural, Commercial & Construction Vehicles
RevenueQ1 FY27 call
20–40%- Overall revenue growth for FY27 is expected around 20–25%.
- Tractor revenue is projected to grow by 25–30%.
- Crane revenue from the existing plant is expected to grow 15–20%.
- Tractor volumes are anticipated to grow 30–35% over the next 3-5 years.
- Crane volumes are expected to grow 20–25% over the next 3-5 years, primarily driven by the new plant capacity.
- New crane plant capacity is 3,600 units, with a target utilization of 70–80% in about three years.
- Tractor capacity stands at 12,000 units, currently utilized around 35–40%, with sufficient capacity to support growth without immediate expansion.
2 more points from Indo Farm Equipment Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Indo Farm Equipment Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- New project at the Bhud site: civil and construction work of the main shed, including pre-engineered building, is in full swing.
- Major machinery orders have been placed with most machines ready.
- Commercial production at the new facility is expected to start by end of November 2026 (FY27).
- Focus on new plant for cranes with a capacity of 3,600 units to augment current capacity.
- Gradual purchase of machines for crane production: may buy 6-8 machines initially to meet production needs, with full utilization by March 2027.
2 more points from Indo Farm Equipment Ltd's call on capex
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FundraisingQ1 FY27 call
See what Indo Farm Equipment Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- For tower cranes, there was a small, single-digit order book noted in the previous call.
- Commercial production for tower cranes is expected to start by November 2026.
- The company expects to complete the first lot of 10 tower cranes within the current quarter, subject to component receipt.
2 more points from Indo Farm Equipment Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Agricultural, Commercial & Construction Vehicles
on management's own guidance
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Agricultural, Commercial & Construction Vehicles companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | TIL | 20–40% | Up 2%+ | ₹1,894 Cr | — |
| 2 | BEML Ltd | 20–40% | Flat | ₹16,396 Cr | 91.9 |
| 3 | Indo Farm Equip.This stock | 20–40% | Flat | ₹630 Cr | 25.3 |
| 4 | 20–40% | Flat | ₹38 Cr | 6.2 | |
| 5 | 10–20% | Flat | ₹1.55L Cr | 20.9 | |
| 6 | 10–20% | Flat | ₹87,468 Cr | 23.5 |
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Pro shows every company guiding 40%+ revenue growth →Full Agricultural, Commercial & Construction Vehicles rankingFinancials of Indo Farm Equipment Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Indo Farm Equipment Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 74.96 | 86.09 | 96.17 | 129.97 | 96.26 | 103.89 | 105.87 | 133.99 |
| Expenses + | 62.88 | 73.15 | 81.34 | 111.54 | 83.09 | 91.13 | 92.35 | 115.37 |
| Operating Profit | 12.08 | 12.94 | 14.83 | 18.43 | 13.17 | 12.76 | 13.52 | 18.62 |
| OPM % | 16.12% | 15.03% | 15.42% | 14.18% | 13.68% | 12.28% | 12.77% | 13.90% |
| Other Income + | 0.58 | 0.30 | 0.14 | 1.61 | 1.75 | 1.86 | 1.76 | 1.17 |
| Interest | 6.34 | 5.89 | 6.53 | 5.16 | 4.41 | 4.41 | 4.38 | 4.25 |
| Depreciation | 2.57 | 2.49 | 2.75 | 3.00 | 2.99 | 3.04 | 3.04 | 3.18 |
| Profit before tax | 3.75 | 4.86 | 5.69 | 11.88 | 7.52 | 7.17 | 7.86 | 12.36 |
| Tax % | 34.40% | 25.93% | 30.05% | -13.80% | 27.66% | 30.40% | 29.26% | 29.53% |
| Net Profit + | 2.45 | 3.60 | 3.98 | 13.51 | 5.43 | 4.98 | 5.56 | 8.72 |
| EPS in Rs | 0.62 | 0.91 | 1.01 | 2.81 | 1.13 | 1.04 | 1.16 | 1.81 |
Financials of Indo Farm Equipment Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 245 | 268 | 320 | 356 | 360 | 368 | 440 |
| Expenses + | 211 | 227 | 266 | 297 | 299 | 310 | 382 |
| Operating Profit | 34 | 41 | 54 | 59 | 62 | 58 | 58 |
| OPM % | 14% | 15% | 17% | 17% | 17% | 16% | 13% |
| Other Income + | 2 | 0 | -2 | -0 | 1 | 3 | 7 |
| Interest | 20 | 21 | 24 | 28 | 28 | 24 | 17 |
| Depreciation | 8 | 8 | 9 | 9 | 10 | 11 | 12 |
| Profit before tax | 8 | 12 | 19 | 22 | 24 | 26 | 35 |
| Tax % | 39% | 28% | 29% | 31% | 36% | 10% | 29% |
| Net Profit + | 5 | 9 | 14 | 15 | 15 | 24 | 25 |
| EPS in Rs | 5.26 | 9.14 | 7.31 | 8.19 | 4.10 | 4.90 | 5.14 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Indo Farm Equipment Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 19 | 19 | 38 | 48 | 48 |
| Reserves | 245 | 253 | 256 | 272 | 280 | 483 | 508 |
| Borrowings + | 198 | 235 | 275 | 281 | 272 | 173 | 150 |
| Other Liabilities + | 34 | 53 | 70 | 52 | 59 | 57 | 64 |
| Total Liabilities | 486 | 550 | 620 | 623 | 648 | 762 | 770 |
| Fixed Assets + | 172 | 184 | 194 | 206 | 202 | 214 | 211 |
| CWIP | 18 | 14 | 20 | 8 | 5 | 9 | 29 |
| Investments | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Other Assets + | 296 | 352 | 405 | 408 | 441 | 539 | 530 |
| Total Assets | 486 | 550 | 620 | 623 | 648 | 762 | 770 |
Financials of Indo Farm Equipment Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 28 | 12 | 10 | 30 | 41 | 53 | 30 |
| Cash from Investing Activity + | -15 | -16 | -26 | -8 | -3 | -75 | 25 |
| Cash from Financing Activity + | -13 | 5 | 16 | -22 | -26 | 68 | -41 |
| Net Cash Flow | -0 | 1 | 0 | -0 | 12 | 46 | 14 |
| Free Cash Flow | 11 | -5 | -15 | 21 | 38 | 26 | 0 |
| CFO/OP | 88% | 33% | 22% | 61% | 73% | 100% | 61% |
Financials of Indo Farm Equipment Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 101 | 100 | 82 | 76 | 106 | 107 | 99 |
| Inventory Days | 345 | 347 | 299 | 264 | 273 | 279 | 252 |
| Days Payable | 48 | 37 | 86 | 50 | 58 | 52 | 44 |
| Cash Conversion Cycle | 398 | 410 | 295 | 290 | 320 | 334 | 307 |
| Working Capital Days | 109 | 117 | 103 | 92 | 104 | 184 | 179 |
| ROCE % | 7% | 9% | 9% | 9% | 8% | 7% |
Guidance history
How Indo Farm Equipment Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q3 FY26 call → | 20–40% | Up 0–2% | Planned | Planned | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
7 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −50.8% | 5% |
| Last 6 months | −15.5% | 29% |
| Last 3 months | −28.3% | 7% |
The price is 56.5% below its all-time high of ₹265.43 (23 Sept 2025). Stocks more than 20% below their peak have their score halved, so 15 became 7.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Indo Farm Equipment Ltd: 0.4 × 5 + 0.4 × 29 + 0.2 × 7 = 15, halved to 7 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
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