Indef Manufacturing Limited

BSE: 544364 NSE: BAJAJINDEF
Indef Manufacturing Limited - machinery and equipment in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
CIN L29308MH2022PLC390286 Incorporated 12 September 2022 ROC Mumbai HQ Mumbai, Maharashtra, India
Active Listed - NSE: BAJAJINDEF · BSE: 544364 Public Limited Company machinery and equipment
Data last updated
Market Cap
₹610 Cr
BAJAJINDEF · NSE
Share Price
₹197.37
+3.52% today
Revenue
₹208 Cr
FY 2025-26 · +16.3% YoY
EBITDA
₹22.66 Cr
Margin 10.9%
Net Profit
₹24.04 Cr
FY 2025-26 · -29.6% YoY
P/E (TTM)
29.4x
P/B 2.2x
ROE
8.9%
ROCE 9.2%
Debt / Equity
0.01
Interest cover 2.4x

About Indef Manufacturing Limited

Data last updated:

Indef Manufacturing Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of Hercules Hoists Limited. It operates in the material handling and storage equipment segment of the machinery and industrial equipment sector. It was incorporated on 12 September 2022.

Its director Shekhar Bajaj and family are #124 among India's richest people (2026).

The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L29308MH2022PLC390286. Its GSTIN is 27AAGCI8441Q1ZU (Maharashtra). The company holds 2 GST registrations, of which 1 is active. It is a listed company as per MCA records. Its shares are listed on BSE: 544364 and NSE: BAJAJINDEF.

The company has an authorised share capital of ₹4 Cr and a paid-up capital of ₹3.2 Cr. It is led by directors including Amit Bhalla (Managing Director) and Vandan Sitaram Shah.

Its last annual general meeting (AGM) was held on 12 August 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Bajaj Bhawan 2nd Floor 226 Jamnalal Bajaj Marg Nariman Point, Mumbai, Maharashtra, India – 400021.

As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹207.69 Cr, a growth of 16.3% compared to the previous year. For the same year it recorded a net profit of ₹24.04 Cr (net margin 11.6%) and EBITDA of ₹22.66 Cr (EBITDA margin 10.9%). The net worth stands at ₹269.77 Cr (up 6.7% YoY). Total assets are valued at ₹272.7 Cr (up 5.9% YoY).

The company has about 199 employees on its provident fund (EPFO) records.

The company is associated with 1 brand: Bajaj Indef. As per MCA filings, the company has open charges of ₹10 Cr on record. Court records list 2 cases involving the company, including 2 filed by the company.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website indef.com.

Company details

CIN L29308MH2022PLC390286
Registration Number 390286
Incorporation Date 12 September 2022
ROC Mumbai
Listing Status Listed - Listed on NSE (BAJAJINDEF); Listed on BSE (544364)
Company Status Active
Date of Last AGM 12 August 2025
Date of Balance Sheet 31 March 2026
Parent Company Hercules Hoists Limited
Compliance Status Active Compliant

CIN history

Indef Manufacturing has one previous CIN (Corporate Identification Number): U29308MH2022PLC390286. The current CIN is L29308MH2022PLC390286, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L29308MH2022PLC390286Current
U29308MH2022PLC390286Previous
Key People
Amit Bhalla Managing Director Vandan Sitaram Shah Director Shekhar Bajaj Director

Recognitions & Rankings of Indef Manufacturing

India's Richest People 2026 edition · 1 director · Source: Hurun India

Contact details

Indef Manufacturing Limited's registered office is in Mumbai, Maharashtra. Its website is indef.com. Its e-mail address and telephone number are in the company report.

  • Email
  • Telephone
  • Website
    indef.com
  • Social Media
  • Registered Address
    Bajaj Bhawan 2nd Floor 226 Jamnalal Bajaj Marg Nariman Point, Mumbai, Maharashtra, India – 400021
  • Industry
    Machinery and Equipment, Material Handling & Storage Equipment

To see the full contact details of Indef Manufacturing Limited, buy the company report.

Comprehensive company report
Indef Manufacturing Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included

Brands

Indef Manufacturing operates one associated brand: Bajaj Indef. Each brand links to its own profile.

BrandDescriptionWebsite
Bajaj Indef
Insights and engineering services are provided to various clients.indef.com

Business activity

The main business activity of Indef Manufacturing is manufacturing. In detail, this covers manufacture of food products.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
CManufacturing10Manufacture of food products

To see the full business activity and turnover split of Indef Manufacturing Limited, buy the company report.

Financials of Indef Manufacturing Limited

FY 2025-26 filings available

Indef Manufacturing Limited reported revenue of ₹207.69 Cr (up 16.3% YoY) for FY 2025-26.

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹208 Cr
+16.3% YoY
EBITDA
₹22.66 Cr
-25.9% YoY
Profit After Tax
₹24.04 Cr
-29.6% YoY
Net Worth
₹270 Cr
+6.7% YoY
Total Assets
₹273 Cr
+5.9% YoY
Total Debt
₹2.93 Cr
-24.3% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25
Income statement
Revenue208179
Revenue growth+16.3%-
EBITDA22.6630.58
EBITDA margin+10.9%+17.1%
Profit before tax23.9941.95
Net profit24.0434.16
Net profit margin+11.6%+19.1%
EPS (₹)7.3810.68
Balance sheet
Total assets273258
Net worth270253
Total debt2.933.87
Cash & bank6.506.17
Net working capital21.5432.37
Cash flow
Cash from operations23.524.82
Cash from investing(14.53)(9.69)
Cash from financing(8.96)(1.97)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue51.7134.4668.0450.6449.3139.7152.9844.74
Revenue growth (YoY)+4.9%-13.2%+28.4%+13.2%+15.3%+4.1%--
Other income(0.07)8.77(4.39)4.582.705.304.293.30
EBITDA5.67(0.98)8.943.716.283.7210.687.47
EBITDA margin+11.0%-2.8%+13.1%+7.3%+12.7%+9.4%+20.2%+16.7%
Depreciation1.431.412.261.421.451.341.291.33
Interest0.110.100.080.080.110.100.090.10
Profit before tax4.066.282.216.797.427.5813.599.34
Tax1.160.80(4.49)1.981.201.913.462.33
Net profit2.905.486.704.816.225.6710.137.01
EPS (₹)0.941.722.131.531.961.773.172.19
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23
Income statement
Revenue1961771800.00
Revenue growth+10.7%-1.6%--
EBITDA25.1230.6529.10(0.01)
EBITDA margin+12.8%+17.3%+16.2%-
Profit before tax27.8542.0437.52(0.01)
Net profit26.5034.2427.14(0.01)
Net profit margin+13.5%+19.4%+15.1%-
EPS (₹)8.1410.708.48(0.95)
Balance sheet
Total assets2752582250.00
Net worth2722532190.00
Total debt2.073.875.420.00
Cash & bank4.406.1412.580.00
Net working capital29.9632.6717.310.00
Cash flow
Cash from operations31.705.2129.46(0.01)
Cash from investing(25.21)(10.11)(31.02)0.01
Cash from financing(8.47)(1.97)(1.88)0.00
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue48.1628.2461.0648.6347.8538.1351.5944.22
Revenue growth (YoY)+0.7%-25.9%+18.4%+10.0%+11.9%-0.0%--
Other income0.309.13(4.10)4.752.805.324.303.31
Total expenses41.8829.4351.2643.8341.1934.2840.9236.69
EBITDA6.28(1.19)9.804.806.663.8510.677.53
EBITDA margin+13.0%-4.2%+16.0%+9.9%+13.9%+10.1%+20.7%+17.0%
Depreciation1.181.172.001.171.331.271.281.33
Interest0.030.040.050.060.070.080.090.10
Profit before tax5.376.733.658.328.067.8213.609.41
Tax1.520.89(3.64)2.121.351.953.452.34

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 11 Nov 2026
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue51.7134.4668.0450.6449.3139.7152.9844.74
Revenue growth (YoY)+4.9%-13.2%+28.4%+13.2%+15.3%+4.1%--
Other income(0.07)8.77(4.39)4.582.705.304.293.30
EBITDA5.67(0.98)8.943.716.283.7210.687.47
EBITDA margin+11.0%-2.8%+13.1%+7.3%+12.7%+9.4%+20.2%+16.7%
Depreciation1.431.412.261.421.451.341.291.33
Interest0.110.100.080.080.110.100.090.10
Profit before tax4.066.282.216.797.427.5813.599.34
Tax1.160.80(4.49)1.981.201.913.462.33
Net profit2.905.486.704.816.225.6710.137.01
EPS (₹)0.941.722.131.531.961.773.172.19
ParticularsFY 2025-26FY 2024-25
Revenue208179
Revenue growth+16.3%-
Other income8.1816.97
Total expenses185148
Employee cost30.3023.92
EBITDA22.6630.58
EBITDA margin+10.9%+17.1%
Depreciation6.475.17
Interest0.380.43
Profit before tax23.9941.95
Tax0.607.79
Net profit24.0434.16
Net profit margin+11.6%+19.1%
EPS (₹)7.3810.68
ParticularsFY 2025-26FY 2024-25
Equity & liabilities
Share capital3.203.20
Reserves & surplus267250
Shareholders' funds (net worth)270253
Minority interest(0.86)0.00
Secured loans0.000.00
Unsecured loans2.933.87
Total debt2.933.87
Total liabilities273258
Assets
Gross block66.1351.24
Net block45.6234.79
Capital work in progress0.172.48
Investments210199
Inventories31.5222.18
Sundry debtors31.9532.02
Cash & bank balances6.506.17
Loans & advances4.463.02
Total current assets74.4363.39
Total current liabilities52.8931.02
Net working capital21.5432.37
Total assets273258
ParticularsFY 2025-26FY 2024-25
Opening cash5.5212.37
Net cash from operating activities23.524.82
Net cash from investing activities(14.53)(9.69)
Net cash from financing activities(8.96)(1.97)
Net change in cash0.04(6.85)
Closing cash6.506.17
ParticularsFY 2025-26FY 2024-25
Growth
Sales growth+16.3%-
EBITDA growth-25.9%-
PBT growth-42.8%+9997.0%
Net income growth-29.6%-
Profitability & leverage
Net income margin+11.3%+19.1%
Return on capital employed+9.2%+16.5%
Return on net worth+9.0%+13.5%
Debt / equity0.010.02
Long-term debt / equity0.000.01
Interest cover2.351.69
Efficiency & per share
Fixed asset turnover3.543.49
Inventory turnover7.748.05
Debtors turnover6.495.58
EPS (₹)7.3810.68
Dividend per share (₹)2.000.00
Book value per share (₹)84.3079.03
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue48.1628.2461.0648.6347.8538.1351.5944.22
Revenue growth (YoY)+0.7%-25.9%+18.4%+10.0%+11.9%-0.0%--
Other income0.309.13(4.10)4.752.805.324.303.31
Total expenses41.8829.4351.2643.8341.1934.2840.9236.69
EBITDA6.28(1.19)9.804.806.663.8510.677.53
EBITDA margin+13.0%-4.2%+16.0%+9.9%+13.9%+10.1%+20.7%+17.0%
Depreciation1.181.172.001.171.331.271.281.33
Interest0.030.040.050.060.070.080.090.10
Profit before tax5.376.733.658.328.067.8213.609.41
Tax1.520.89(3.64)2.121.351.953.452.34
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23
Revenue1961771800.00
Revenue growth+10.7%-1.6%--
Other income8.7816.9813.300.00
Total expenses1711461500.01
Employee cost28.2223.6223.150.00
EBITDA25.1230.6529.10(0.01)
EBITDA margin+12.8%+17.3%+16.2%-
Depreciation5.775.164.330.00
Interest0.280.430.550.00
Profit before tax27.8542.0437.52(0.01)
Tax1.797.8010.380.00
Net profit26.5034.2427.14(0.01)
Net profit margin+13.5%+19.4%+15.1%-
EPS (₹)8.1410.708.48(0.95)
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23
Equity & liabilities
Share capital3.203.203.200.01
Reserves & surplus269250216(0.01)
Shareholders' funds (net worth)2722532190.00
Secured loans0.000.000.000.00
Unsecured loans2.073.875.420.00
Total debt2.073.875.420.00
Total liabilities2752582250.00
Assets
Gross block55.2851.0648.670.00
Net block35.2634.6233.790.00
Capital work in progress0.172.480.030.00
Investments2151991810.00
Inventories26.4322.1822.560.00
Sundry debtors25.6531.2219.470.00
Cash & bank balances4.406.1412.580.00
Loans & advances16.853.306.150.00
Total current assets73.3362.8460.760.00
Total current liabilities43.3730.1743.450.00
Net working capital29.9632.6717.310.00
Total assets2752582250.00
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23
Opening cash5.4812.3715.810.00
Net cash from operating activities31.705.2129.46(0.01)
Net cash from investing activities(25.21)(10.11)(31.02)0.01
Net cash from financing activities(8.47)(1.97)(1.88)0.00
Net change in cash(1.98)(6.88)(3.44)0.00
Closing cash4.406.1412.580.00
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23
Growth
Sales growth+10.7%-1.6%--
EBITDA growth-18.0%+5.3%--
PBT growth-33.8%+12.1%+9998.0%+9997.0%
Net income growth-22.6%+26.2%--
Profitability & leverage
Net income margin+13.3%+19.4%+15.1%-
Return on capital employed+10.6%+17.6%+33.9%0.0%
Return on net worth+9.9%+14.5%+24.8%0.0%
Debt / equity0.010.020.020.00
Long-term debt / equity0.000.010.020.00
Interest cover1.451.692.220.00
Efficiency & per share
Fixed asset turnover3.683.547.380.00
Inventory turnover8.057.9015.920.00
Debtors turnover6.886.9718.440.00
EPS (₹)8.1410.708.48(0.95)
Dividend per share (₹)0.000.000.000.00
Book value per share (₹)85.0979.0668.350.05

To see the full year-wise statements and ratios of Indef Manufacturing Limited, buy the company report.

Board of directors of Indef Manufacturing Limited

Indef Manufacturing has 8 current directors and 6 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Vandan Sitaram Shah
Also directs: Hind Rectifiers Limited, Sipra Engineers Private Limited, Sipra Services and Investments Pvt Ltd
Director27 May 20251 Years 5 MonthsCurrent
Amit Bhalla
Also directs: Consolidated Swift Industries Limited, Daedalus Lift & Access Equipments Private Limited
Managing Director01 Oct 20242 Years 1 MonthsCurrent
Shekhar Bajaj
Also directs: SRJB Family LLP, Bajaj Electricals Limited, Bajel Projects Limited and 5 more
Director12 Sep 20224 Years 1 MonthsCurrent
Girija Balakrishnan
Also directs: Hercules Investments Limited, I G Petrochemicals Limited, GFL Limited and 4 more
Director12 Aug 20242 Years 2 MonthsCurrent
Vikram Taranath Hosangady
Also directs: Bajaj Electricals Limited, Chemplast Sanmar Limited, MRF Limited and 1 more
Director12 Aug 20242 Years 2 MonthsCurrent
Jayavanth Kallianpur Mallya
Also directs: Hercules Investments Limited, Hindustan Housing Company Limited, Vidyavihar Containers Limited
Director12 Aug 20242 Years 2 MonthsCurrent
Showing 6 of 8 current directors. View all directors

Auditor

Indef Manufacturing Limited is audited by Kanu Doshi Associates LLP for the financial year 2025.

Auditor firmFinancial yearFirm registration number
Kanu Doshi Associates LLPFY 2025104746W/W100096

Shareholding

Shareholding for the quarter ended Sep 2026: promoters hold 69.60%, foreign institutional investors hold 1.10%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 29.30%.

Promoters: 69.60%FII (Foreign Institutional): 1.10%Retail & Others: 29.30%
Sep 2026
QUARTER
69.60% Promoters
1.10% FII (Foreign Institutional)
29.30% Retail & Others
Promoter holding - history
Now 69.60% · Sep 2026High 69.60% · Dec 2025Low 69.60% · Dec 2025
68%68.8%69.5%70.3%71%Dec 2025Mar 2026Jun 2026Sep 2026Dec 2025: 69.60%Mar 2026: 69.60%Jun 2026: 69.60%Sep 2026: 69.60%69.60%69.60%
Shareholding trend - last 6 quarters
Sep 2026Jun 2026Mar 2026Dec 2025
Promoters69.60%69.60%69.60%69.60%
Public30.40%30.40%30.40%30.40%

Charges & borrowings

Open charges
₹10 Cr
Satisfied charges
None
Breakdown by lending institutions
Hdfc Bank Limited₹10.00 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
06 Jan 2025101045206Hdfc Bank Limited₹10 CrOpen

Total charge records: 1 View all charges

MSME payment delays

No delayed payments to MSME suppliers are on our record for Indef Manufacturing Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.

Employees & EPFO

Indef Manufacturing Limited has a workforce of 199 employees on its EPFO records as of May 2026, across 1 active EPFO establishment.

Employee count
199
Active EPFO establishments
1
Employee growth
3.1%

Headcount by financial year

Financial yearEmployees (EPFO)
FY 2026-27199
FY 2025-26
FY 2024-25

To see the full employee and EPFO history of Indef Manufacturing Limited, buy the company report.

GST

Indef Manufacturing has 2 GST registrations: 1 active and 1 cancelled or inactive.

Total GSTINs
2
Active
1
Cancelled / inactive
1
GSTINStateStatusRegistered on
27AAGCI8441Q1ZUMaharashtraActive02 Aug 2024

To see the full GST registrations and return filing status of Indef Manufacturing Limited, buy the company report.

Recent activity

Indef Manufacturing Limited has 14 board changes on record since 2022: 8 appointments and 6 cessations. The latest: Mahendrakumar Amritlal Gohel was appointed as Additional Director on 25 May 2026.

Appointed
Mahendrakumar Amritlal Gohel was appointed as Additional Director.
Appointed
Pooja Bajaj was appointed as Additional Director.
Filing
Indef Manufacturing Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai I.
AGM
Indef Manufacturing Limited last Annual general meeting of members was held on 12 Aug 2025 as per latest MCA records.
Ceased
Vandan Sitaram Shah ceased to be Additional Director.
Ceased
Niravnayan Niraj Bajaj ceased to be Director.
Appointed
Vandan Sitaram Shah was appointed as Director.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 10.00 Cr with Charge ID 101045206 was registered on 06 Jan 2025.
Appointed
Amit Bhalla was appointed as Managing Director.
Appointed
Girija Balakrishnan was appointed as Director.
Ceased
Girija Balakrishnan ceased to be Additional Director.
Appointed
Jayavanth Kallianpur Mallya was appointed as Director.

6 earlier events are in the company report.

News

Frequently asked questions

Indef Manufacturing is an active public limited company based in Mumbai, Maharashtra, India. The company works in material handling and storage equipment, within the machinery and equipment industry. It was incorporated on 12 September 2022 (4+ years old) and is registered under CIN L29308MH2022PLC390286. Listed on BSE: 544364 and NSE: BAJAJINDEF.

Indef Manufacturing reported revenue of ₹207.69 Cr for FY 2025-26 (up 16.3% YoY) based on consolidated financials.

Indef Manufacturing has 8 current directors:

The latest financial statements of Indef Manufacturing on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 12 August 2025. Year-wise statements from FY 2023 are in the company report.

The GSTIN of Indef Manufacturing is 27AAGCI8441Q1ZU, registered in Maharashtra. The company has 2 GST registrations in all, of which 1 is active and 1 is cancelled or inactive.

The CIN (Corporate Identification Number) of Indef Manufacturing is L29308MH2022PLC390286. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Indef Manufacturing is a listed company as per MCA records. Its shares are listed on both BSE (code: 544364) and NSE (symbol: BAJAJINDEF).

Indef Manufacturing has 2 court cases on record: 2 filed by the company.

Indef Manufacturing was incorporated on 12 September 2022, making it 4+ years old. It is registered with the Registrar of Companies, Mumbai.

Mahendrakumar Amritlal Gohel was appointed as Additional Director on 25 May 2026. Pooja Bajaj was appointed as Additional Director on 25 May 2026. Vandan Sitaram Shah ceased to be Additional Director on 11 Aug 2025. Indef Manufacturing has 14 board changes on record in total.