---
title: "Indef Manufacturing Ltd (BAJAJINDEF) — Share Price, Financials & Analysis"
symbol: "BAJAJINDEF"
company: "Indef Manufacturing Ltd"
canonical: "https://tapetide.com/stocks/BAJAJINDEF"
isin: "INE0O9T01021"
nse_symbol: "BAJAJINDEF"
bse_code: "544364"
sector: "Capital Goods"
industry: "Industrial Products"
market_cap_cr: 703.68
generated_at: "2026-09-13T20:39:28.840Z"
---

# Indef Manufacturing Ltd (BAJAJINDEF)

Canonical page: https://tapetide.com/stocks/BAJAJINDEF

## Company

- **NSE Symbol:** BAJAJINDEF
- **BSE Code:** 544364
- **ISIN:** INE0O9T01021
- **Sector:** Capital Goods
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2025-02-25
- **CEO:** Mr. Amit Bhalla
- **Employees:** 188
- **Face Value:** ₹1
- **F&O Eligible:** No
- **Website:** indef.com

## About

Incorporated in 2022, Indef Manufacturing 
Ltd is in the manufacturing business[1]

## Latest Price

- **Price:** ₹228.57
- **Change:** +7.54 (+3.41%)
- **Open:** ₹222.9
- **Day High:** ₹237
- **Day Low:** ₹219.61
- **Previous Close:** ₹221.03
- **Volume:** 44398
- **As Of:** 2026-09-11T10:24:45+00:00

## Key Fundamentals

Observed at 2026-09-11T04:40:51.945894Z.

- **Market Cap:** ₹703.68 Cr
- **Classification:** Microcap
- **P/E (reported):** 30.1
- **P/E (TTM):** 31.14
- **EPS (TTM):** ₹7.34
- **Book Value:** ₹84.3
- **Price to Book:** 2.62
- **Dividend Yield:** 0.9%
- **ROE:** 8.7%
- **ROCE:** 8.8%
- **Debt to Equity:** 0.01
- **Revenue (yearly):** ₹215.9 Cr
- **Net Income:** ₹23.4 Cr
- **EBITDA:** ₹31.5 Cr
- **52-Week High:** ₹442.6
- **52-Week Low:** ₹207.25
- **RSI (14):** 44.71

## Tapetide Score

- **Score:** 45 / 100
- **Score date:** 2026-09-04
- **Archetype:** No Dominant Pattern
- **What it means:** The three pillars do not combine into a recognisable pattern. Read them individually rather than looking for one story — the lack of a pattern is itself the finding.
- **Pillar profile:** Quality: Average · Valuation: Fair · Momentum: Falling
- **Percentile:** 28.3 (of 4473 scored stocks)
- **Confidence:** 95%
- **Data coverage:** 90%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 83.64 | 9% |
| growth | 41.06 | 9% |
| momentum | 25.62 | 12% |
| ownership | 23.31 | 24% |
| quality | 58.61 | 22% |
| valuation | 52.5 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has reduced debt.
- Company is almost debt free.
- Company's working capital requirements have reduced from 36.0 days to 22.1 days

### Weaknesses

- Stock is trading at 2.71 times its book value
- Tax rate seems low
- Earnings include an other income of Rs.11.0 Cr.

## Growth Rates

| Metric | QoQ | 1Y | 3Y |
| --- | --- | --- | --- |
| cash flow growth | — | 387.97% | 783.72% |
| ebitda margin growth | 69.57% | -40.07% | — |
| net income growth | -19.12% | -31.58% | — |
| revenue growth | -32.18% | 10.38% | — |
| roce | 179.82% | -44.23% | — |
| roe | -19.47% | -35.6% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 42.77 | 44.74 | 52.98 | 39.71 | 49.31 | 50.64 | 68.04 | 34.46 |
| Expenses | 35.97 | 37.27 | 42.3 | 36 | 43.03 | 46.54 | 58.87 | 35.44 |
| Operating Profit | 6.8 | 7.47 | 10.68 | 3.71 | 6.28 | 4.1 | 9.17 | -0.98 |
| OPM % | 15.9 | 16.7 | 20.16 | 9.34 | 12.74 | 8.1 | 13.48 | -2.84 |
| Other Income | 5.84 | 3.3 | 4.29 | 5.3 | 2.7 | 4.19 | -4.62 | 8.77 |
| Interest | 0.11 | 0.1 | 0.09 | 0.1 | 0.11 | 0.08 | 0.08 | 0.1 |
| Depreciation | 1.36 | 1.33 | 1.29 | 1.34 | 1.45 | 1.42 | 2.26 | 1.41 |
| Profit before tax | 11.17 | 9.34 | 13.59 | 7.57 | 7.42 | 6.79 | 2.21 | 6.28 |
| Tax % | -0.98 | 24.95 | 25.46 | 25.23 | 16.17 | 29.16 | -203.17 | 12.74 |
| Net Profit | 11.28 | 7.02 | 10.13 | 5.65 | 6.26 | 4.9 | 6.82 | 5.5 |
| EPS in Rs | — | 2.19 | 3.17 | 1.77 | 1.96 | 1.53 | 2.13 | 1.72 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- |
| Sales | 179 | 208 | 202 |
| Expenses | 148 | 184 | 184 |
| Operating Profit | 31 | 23 | 19 |
| OPM % | 17 | 11 | 9 |
| Other Income | 17 | 8 | 11 |
| Interest | 0 | 0 | 0 |
| Depreciation | 5 | 6 | 7 |
| Profit before tax | 42 | 24 | 23 |
| Tax % | 19 | 2 | — |
| Net Profit | 34 | 23 | 23 |
| EPS in Rs | 10.68 | 7.38 | 7.34 |
| Dividend Payout % | 0 | 27 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2025 | Mar 2026 |
| --- | --- | --- |
| Equity Capital | 3 | 3 |
| Reserves | 250 | 267 |
| Borrowings | 4 | 3 |
| Other Liabilities | 45 | 60 |
| Total Liabilities | 301 | 332 |
| Fixed Assets | 35 | 46 |
| CWIP | 2 | 0 |
| Investments | 199 | 210 |
| Other Assets | 66 | 77 |
| Total Assets | 301 | 332 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2025 | Mar 2026 |
| --- | --- | --- |
| Cash from Operating Activity | 5 | 24 |
| Cash from Investing Activity | -10 | -15 |
| Cash from Financing Activity | -2 | -9 |
| Net Cash Flow | -7 | 0 |
| Free Cash Flow | -4 | 18 |
| CFO/OP | 33 | 132 |

### Ratios

| Item | Mar 2025 | Mar 2026 |
| --- | --- | --- |
| Debtor Days | 65 | 56 |
| Inventory Days | 85 | 102 |
| Days Payable | 89 | 107 |
| Cash Conversion Cycle | 62 | 51 |
| Working Capital Days | 50 | 22 |
| ROCE % | — | 9 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 69.61% | 69.61% | 69.61% | 69.61% | 69.61% | 69.61% | 69.61% |
| FIIs | 0% | 1.57% | 1.59% | 1.56% | 1.56% | 1.57% | 1.11% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0.13% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 20.18% | 20.62% | 20.55% | 20.82% | 20.73% | 20.64% | 21.27% |
| Others | 10.21% | 8.19% | 8.25% | 8% | 8.09% | 8.05% | 8.01% |
| No. of Shareholders | 19229 | 18762 | 20032 | 20682 | 20163 | 19622 | 19479 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Sell
- **Buy / Neutral / Sell:** 5 / 6 / 8

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 222.43 | Buy |
| EMA (10) | 223.18 | Buy |
| SMA (20) | 221.3 | Buy |
| EMA (20) | 223.7 | Buy |
| SMA (50) | 229.66 | Sell |
| EMA (50) | 230.48 | Sell |
| SMA (100) | 249.71 | Sell |
| EMA (100) | 243.84 | Sell |
| SMA (200) | 270.4 | Sell |
| EMA (200) | 265.4 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 54.79 | Neutral |
| MACD (12,26,9) | -1.56 | Buy |
| Stochastic (14,3,3) | 26.31 | Neutral |
| ADX (14) | 21.49 | Neutral |
| Williams %R (14) | -60.09 | Neutral |
| ATR (14) | 8.2 | High Volatility |
| ROC (12) | -0.47 | Sell |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 34.34 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-08-14 | [Shareholder Meeting / Postal Ballot-Scrutinizers Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=948b993b-1464-487b-bdf1-4837ee4dfec0.pdf) |
| 2026-08-12 | [Board Meeting Outcome for Outcome For The Board Meeting Held Today I.E August 12 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b714531e-6997-4f7b-bb64-e5a4449687b5.pdf) |
| 2026-08-12 | [Shareholder Meeting / Postal Ballot-Outcome of AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=67b9c6fe-baaf-4534-bde9-6cd7197b34d9.pdf) |
| 2026-08-06 | [Board Meeting Intimation for For Approval Of The Un-Audited Financial Results (Standalone & Consolidated).](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=acc4b865-2e6f-4a33-87f8-e52feb34aa50.pdf) |
| 2026-07-31 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3ec24a59-c7df-4025-8533-035702906d4f.pdf) |
| 2026-07-18 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=04d474ff-b2ba-46cd-8b50-f8c83c6d4fb3.pdf) |
| 2026-07-17 | [Notice Of The 4Th Annual General Meeting For The Financial Year 2025-26](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e7c24fe8-f397-43dd-b0b3-e5add8c539fb.pdf) |
| 2026-07-17 | [Notice Of The 4Th Annual General Meeting (AGM) Of The Company To Be Held On Wednesday August 12 2026 Through VC/OVAM At 05:00 P.M.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1d9120d0-5753-44ff-9de2-9a14e15ec8bd.pdf) |
| 2026-07-17 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cf0f8c08-7e14-4e90-b176-569c13ccd8dd.pdf) |
| 2026-07-06 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=844947f1-6906-47eb-9462-81aa59090c5b.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-12 | [Financial Results Of The Company For The Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ec036730-e6c6-457f-85bf-12e4422f8d9b.pdf) |
| 2026-05-25 | [Audited Financial Results Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5b4d1f52-1a0d-4602-b0df-b7661737e346.pdf) |
| 2026-02-10 | [Results For The Quarter And Nine Months Ended December 31 2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3d9f60d9-ccd1-4242-a68c-218f82df0d4d.pdf) |
| 2025-03-04 | [Financials Results For The Quarter And The Nine Year Ended December 31 2024 Which Were Already Uploaded To BSE. Wherein Limited Reviewed Report Was Inadvertently Not Uploaded.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=73304855-e8ce-47f7-9a11-c3d36e24ef2f.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 6 Mar - Operations Head Kiran Prabhakar Matkar resigns; cessation effective March 12, 2026. | [Announcement under Regulation 30 (LODR)-Change in Management 6 Mar - Operations Head Kiran Prabhakar Matkar resigns; cessation effective March 12, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9b1bccd5-0c11-4059-8741-16ba8d7ce70a.pdf) |
| 4 Feb - Board meeting on Feb 10, 2026 to approve unaudited Q3 and nine-month results ended Dec 31, 2025. | [Board Meeting Intimation for Intimation Under Regulation 29 Of The SEBI (LODR) Regulations, 2015 4 Feb - Board meeting on Feb 10, 2026 to approve unaudited Q3 and nine-month results ended Dec 31, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7fa76e85-ceab-440d-b46c-de8768e8983e.pdf) |
| 3 February 2026 - Income Tax search/seizure at Touchwood (Jan 28–31, 2026); company cooperative; no material impact. | [Disclosure of material issue 3 February 2026 - Income Tax search/seizure at Touchwood (Jan 28–31, 2026); company cooperative; no material impact.](https://nsearchives.nseindia.com/corporate/TOUCHWOOD_03022026191633_Reg30_Event_based_Disclosure.pdf) |
| 3 February 2026 - Income Tax Department conducted search & seizure at Touchwood corporate office Jan 28–31, 2026; company cooperated. | [Action(s) initiated or orders passed 3 February 2026 - Income Tax Department conducted search & seizure at Touchwood corporate office Jan 28–31, 2026; company cooperated.](https://nsearchives.nseindia.com/corporate/TOUCHWOOD_03022026192247_Reg30_Event_based_Disclosure.pdf) |
| 20 February 2026 - CFO Dinesh Singla resigned effective close of business, February 20, 2026. | [Resignation 20 February 2026 - CFO Dinesh Singla resigned effective close of business, February 20, 2026.](https://nsearchives.nseindia.com/corporate/TOUCHWOOD_20022026174844_FINAL_REG_30_RESIGINATION.pdf) |
| 16 February 2026 - Published unaudited standalone and consolidated financial results for quarter and nine months ended 31 Dec 2025 on Feb 16, 2026. | [Copy of Newspaper Publication 16 February 2026 - Published unaudited standalone and consolidated financial results for quarter and nine months ended 31 Dec 2025 on Feb 16, 2026.](https://nsearchives.nseindia.com/corporate/TOUCHWOOD_16022026121352_FINAL_NEWSPAPER_PUBLICATION.pdf) |
| 16 Apr - Submission of Newspaper Advertisement published on April 16, 2026 informing the shareholders regarding postal ballot notice. | [Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Apr - Submission of Newspaper Advertisement published on April 16, 2026 informing the shareholders regarding postal ballot notice.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/98634c7e-4f9a-49a6-8e2c-2938852fd158.pdf) |
| 14 February 2026 - Filed Q3 results: revenue ₹2,410.17 lakh; PAT ₹182.49 lakh; ₹5.10 crore forfeited; preferential issue variation. | [Integrated Filing- Financial 14 February 2026 - Filed Q3 results: revenue ₹2,410.17 lakh; PAT ₹182.49 lakh; ₹5.10 crore forfeited; preferential issue variation.](https://nsearchives.nseindia.com/corporate/TOUCHWOOD_14022026173553_FINAL_INTERGRATED_RESULT.pdf) |
| 14 February 2026 - Board approved unaudited Q3 and 9-month results to Dec 31, 2025: standalone revenue Rs 2410.17L, PAT Rs 182.49L. | [Outcome of Board Meeting 14 February 2026 - Board approved unaudited Q3 and 9-month results to Dec 31, 2025: standalone revenue Rs 2410.17L, PAT Rs 182.49L.](https://nsearchives.nseindia.com/corporate/TOUCHWOOD_14022026172316_FINAL_OUTCOME.pdf) |
| 10 Feb - Board approved unaudited Q3 and nine-month results; acquired 80% of Daedalus; labour-code impact Rs38.89 lakh. | [Board Meeting Outcome for Outcome Of Board Meeting Held Today I.E. February 10, 2026. 10 Feb - Board approved unaudited Q3 and nine-month results; acquired 80% of Daedalus; labour-code impact Rs38.89 lakh.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/4875f3fc-1188-47f1-944e-c60a7351613f.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2025 from nse](https://archives.nseindia.com/annual_reports/AR_27954_TOUCHWOOD_2024_2025_A_212593459_30082025160948.pdf) |
| from nse | [Financial Year 2024 from nse](https://archives.nseindia.com/annual_reports/AR_25372_TOUCHWOOD_2023_2024_3108202416848.pdf) |
| from nse | [Financial Year 2023 from nse](https://archives.nseindia.com/annual_reports/AR_23355_TOUCHWOOD_2022_2023_04092023134933_09042023140006.zip) |
| from nse | [Financial Year 2022 from nse](https://archives.nseindia.com/annual_reports/AR_20964_TOUCHWOOD_2021_2022_30082022155404_08302022160004.zip) |
| from nse | [Financial Year 2021 from nse](https://archives.nseindia.com/annual_reports/AR_19884_TOUCHWOOD_2020_2021_17122021121523_12172021130006.zip) |
| from nse | [Financial Year 2020 from nse](https://archives.nseindia.com/annual_reports/AR_17726_TOUCHWOOD_2019_2020_01102020122134_01102020130002.zip) |
| from bse | [Annual Report 2026 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/cf0f8c08-7e14-4e90-b176-569c13ccd8dd.pdf) |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b74ea9ab-f061-4be8-a49a-8b5f03968d1f.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| May 2023 | [Concall - May 2023](https://archives.nseindia.com/corporate/TOUCHWOOD_24052023150957_FINALip.pdf) |
| May 2022 | [Concall - May 2022](https://archives.nseindia.com/corporate/TOUCHWOOD_28052022171445_Fijnall.pdf) |
| Jun 2021 | [Concall - Jun 2021](https://archives.nseindia.com/corporate/TOUCHWOOD_30062021173828_Final.pdf) |
| Jul 2020 | [Concall - Jul 2020](https://archives.nseindia.com/corporate/TOUCHWOOD_01072020164444_InvestorPresentation.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T20:39:28.840Z.