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Black Bear Labs INDOFARM · Q1 FY27 · investor presentation

INDOFARM

Indo Farm Equipment Limited reported Q1 FY27 results with revenue from operations at ₹11,024.30 lakh, up 14.52% YoY. EBITDA increased to ₹1,551.35 lakh (+3.99% YoY), while PAT rose by 4.12% YoY to ₹565.74 lakh. The company highlighted progress on its new crane project and expansion into the high-growth tower crane market.

Growth by metric

Revenue from Operations+14.52% YOYEBITDA+3.99% YOYProfit After Tax (PAT)+4.12% YOY

Scale of reported figures

Revenue from Operations₹110 crEBITDA₹16 crProfit After Tax (PAT)₹6 cr

Key financials

Revenue from Operations₹110 crore+14.52% YoY
EBITDA₹15.51 crore+3.99% YoY
Profit After Tax (PAT)₹5.66 crore+4.12% YoY

Segment commentary

Tractor Division

Continues to provide steady operational support and remains an important contributor to the company's long-term growth journey.

Crane Division

Progress on new Pick & Carry Crane Project is in full swing, expected to start commercial production in the current FY. Orders for major machinery have been placed, and procurement is in progress.

NBFC (Barota Finance Ltd)

Wholly owned subsidiary with a loan book of ~₹135 crore and 5,000+ active customers. Intends to diversify into other verticals.

Guidance & outlook

  • Positive outlook for tractor division due to higher capacity utilisation and improved margins.
  • Entering high-growth tower crane market with purpose-built solutions for India's housing projects.
  • Diversification plans for NBFC segment to expand into new verticals.

Key takeaways

  • Strong revenue growth driven by tractor and crane segments.
  • Improved profitability despite margin compression in EBITDA.
  • Expansion into high-growth tower crane market with new projects.
  • Diversification efforts through NBFC subsidiary to enhance revenue streams.

In their words

“Making advanced equipment accessible through flexible financing solutions.”— Management
herofinancialssegmentstakeawaysquote
Educational analysis only. Not investment advice. Consult a SEBI-registered advisor before investing. Source: https://nsearchives.nseindia.com/corporate/IFEL_11082026183557_Intimation_for_Investor_Deck.pdf
Full transcript (1,525 words)
August 11, 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor Dalal Street, Mumbai – 400001 Plot No. C/1, “G” Block BSE Symbol: INDOFARM Bandra-Kurla Complex BSE Scrip Code: 544328 Bandra (E), Mumbai – 400 051 NSE Symbol: INDOFARM Dear Sir/Madam, Subject: Investor Presentation. Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed herewith the Investor Presentation of the Company. The same is also being made available on the website of the Company at www.indofarm.in. We request you to take the above on record. Thanking you, Yours faithfully, For Indo Farm Equipment Limited Navpreet Kaur Company Secretary & Compliance Officer Membership No. F8353 Encl: As Above ABOUT COMPANY Operational Snapshot Dealers 100+ 25+ Established in 1994 and headquartered in Chandigarh, Indo Farm Acres land bank Equipment Limited is a ISO 9001:2015 certified leading Crane Dealers 65+ manufacturer of pick & carry cranes (9-30 tons), tractors (16–110 Acres existing and upcoming manufacturing facilities HP). 225+ 30+ Tractor Dealers Export countries Operating from its advanced manufacturing facility in Baddi, Himachal Pradesh, Indo Farm delivers high-quality products under “Indo Farm” and “Indo Power” brands across India and over Installed Capacity per Annum Consolidated Financial Metrics 30 export markets worldwide. The company is supported by a Q1FY27 Q1FY27 1,280 Revenue from ₹ 11,024.30 lakhs wide dealer network comprising 225+ tractor and 25+ crane Operation Cranes dealers, serving key Indian states and global customers. EBITDA ₹ 1551.35 lakhs 12,000 Tractors Profit After Tax ₹ 565.74 lakhs 2 INDUSTRIES PRODUCT PORTFOLIO WE SERVE HYDRAULIC MOBILE CRANES AGRICULTURE Empowering farmers with Cabin with Cabin with Heavy-duty High ground High-torque reliable and efficient better four-side winch & heavy- clearance engines machinery. ergonomics visibility duty drag winch CONSTRUCTION AND Lower Air brakes Safe load Hydraulic Heavy-duty INFRASTRUCTURE maintenance indicator outrigger transmission and fuel Enabling progress through consumption strong lifting solutions and equipment. AGRICULTURAL TRACTORS RURAL & INFRASTRUCTURE EQUIPMENT FINANCE Making advanced High Efficient High Pulling Constant Oil Immerse High Capacity equipment accessible Back-up Engine Power Mash Gear Brakes Hydraulic Lift Torque Box through flexible financing solutions. 3 MANUFACTURING UNIT 65% 40% CRANE COMPONENTS TRACTOR COMPONENTS Manufactured In-House Manufactured In-House % in value terms % in value terms CRANES TRACTORS Deep Backward Rear transmission Chassis, Yoke, Engine Block & Clutch housing Integration housing Counter- weight Engine Head Front axle bracket Front transmission Hydraulic Cylinder Rear transmission Fenders & Bonnet- housing Winch housing Complete Sheet Manufacturing critical components Transmission Brake drums Front transmission Metal in-house, enhancing quality control, Gears Outriggers housing Front axle beam cost efficiency and supply chain Fabricated Transmission including 4 wheel resilience. components Gears drive Axle tubes Clutch housing Hydraulic housing Flywheel housing & Crane cabin & components Flywheel 4 MANUFACTURING FACILITY Foundry Division - Cylinder Block 3-Coordinate Gear Shop Casting Line Machining Centre Measuring Machine Tractor Assembly Line Tractor Final Testing & Crane Assembly Line Crane - Final Testing & Press Shop Pre-Delivery Inspection Pre-Delivery Inspection 5 INDUSTRY OVERVIEW Pick-and-Carry Tower Crane Sector Tractor Sector (India) Cranes Sector (India) (India) Market Size Market Size Market Size USD 9.4Bn USD 15.9Bn USD 1.58 Bn USD 2.18 Bn USD 897.79 Mn USD 1.395 Bn 2025 2034 2026 2031 2025 2035 CAGR CAGR CAGR 6.05% 6.70% 4.5% 2026 - 2031 2025 - 2034 2025 - 2035 Key Growth Drivers: Key Growth Drivers: Key Growth Drivers: Rapid urbanization & vertical Farm mechanization, precision Infrastructure push construction in metro and tier-1 farming, and construction use. cities. Smart Cities, Bharatmala, Make in India. Government focus on smart Government subsidies, rural cities, metro rail, highways, and credit, and infrastructure projects. infrastructure development. Urbanization in manufacturing, Increasing adoption of advanced Favorable monsoons, boosting and automated tower cranes with rural incomes logistics, real estate. better safety and efficiency. (Source: Imarc Group) (Source: Mordor Intelligence) (Source: Market Research Future) 6 FINANCIAL PERFORMANCE All figures are unaudited, and taken on consolidated basis . Revenue from 14,000 EBITDA 2,000 (₹ in lakhs) Operations 12,000 (₹ in lakhs) 1,500 10,000 8,000 13,399.28 1,000 1,979.40 6,000 11,024.30 1,551.35 9,626.11 1,491.88 4,000 500 2,000 YoY% YoY% 0 +3.99% +14.52% 0 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 PAT 1,000 PBT 1,400 (₹ in lakhs) (₹ in lakhs) 1,200 800 1,000 600 800 600 1,236.48 871.84 400 400 783.81 751.91 565.74 543.37 200 200 YoY% YoY% +4.12% +4.24% 0 0 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 8 REVENUE BIFURCATION TRACTOR CRANES NBFC Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 7,000 7,000 600 6,000 6,000 500 5,000 5,000 400 4,000 4,000 6,738.29 300 3,000 6,119.88 3,000 531.09 541.11 500.30 5,207.54 5,285.68 5,304.94 200 2,000 2,000 3,820.86 100 1,000 1,000 0 0 0 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 All figures are represented in ₹ Lakhs. 9 DRIVING EFFICIENCY & PROFITABILITY IN THE TRACTOR DIVISION THROUGH HIGHER CAPACITY UTILISATION Improving tractor industry Significant scope for capacity Higher utilisation levels expected demand expected to support utilisation improvement, to strengthen margins, volume-led growth opportunities enabling better operating profitability, and overall return leverage and fixed-cost ratios over the medium term absorption As the Company’s oldest and well-established business segment, the Tractor Division Positive continues to provide steady operational support and remains an important contributor to Outlook the Company’s long-term growth journey. 11 UPDATE ON NEW CRANE PROJECT Status New Pick & Carry Project erectioning is in full swing, Crane Project expected to start Commercial Bhud Site, Baddi production in the current FY CURRENT PROGRESS Orders for major machinery The civil construction work of the have been placed, and main shed, including the Pre- procurement is in progress. Engineered Building (PEB) structure and related infrastructure at Bhud Site, is in full swing. 12 TOWER CRANES: ENTERING A HIGH-GROWTH MARKET TECHNOLOGY VALIDATION PRODUCTION BUILT FOR A ACQUIRED COMPLETE READY GROWING INDIA Advanced manufacturing Cleared comprehensive With testing now complete, Purpose-built for India's technology acquired from evaluations across structural we are fully geared for booming housing market, China. Successfully integrity, operational commercial production with a sharp focus on developed and tested our first efficiency, reliability and commencing in Current FY affordable housing Tower Crane prototype. safety, meeting the highest projects in Metro and Tier II industry benchmarks cities. India's construction sector is expanding at an unprecedented pace, and quality tower cranes remain a WHY THIS significantly underpenetrated segment. By combining proven global technology with competitive domestic manufacturing, we are uniquely positioned to capture this opportunity and deliver high- MATTERS performance, cost-efficient solutions to a market that is ready and waiting. 13 BAROTA FINANCE LTD Wholly owned subsidiary RBI-registered (Non-Deposit Taking) NBFC A wholly owned subsidiary of Indo Primarily in the business of financing the ₹135+ Cr Farm, focused on financing tractors that are sold by Indo Farm & Agriculture & Construction other brands as well as pre-owned AUM Equipment. tractors for all brands. 5000+ Currently has a Loan book of ~₹135 Barota intends to diversify into other Crores having 5,000+ Active customers. verticals as well Active Customers 14 INVESTMENT RATIONALE Strong Entry Barrier Integrated Manufacturing Favorable Industry Landscape Strong Product Portfolio Capital-intensive industry with Strong in-house manufacturing Backed by rising mechanization Diversified portfolio across 20– 1,800+ components per of key components like engines and infrastructure spending, the 100 HP tractors and construction tractor/crane, long product and hydraulics, improving tractor industry is expected to equipment, supported by cycles, strict compliance norms, quality control, operational grow at 6-7% CAGR, while growing domestic reach and and strong brand positioning efficiency, and cost optimization. construction equipment is export presence. creating high entry barriers. projected at 5–7% CAGR. Experienced Leadership R&D and Innovation Diverse Product Range Led by first-generation Focused R&D and technology Balanced presence across promoters and supported by a partnerships driving continuous tractors and construction second-generation operations product innovation, feature equipment segments, enabling team with strong industry enhancement, and expansion diversified revenue streams and experience and execution into advanced equipment broader market opportunities. capabilities. categories. 15 STATEMENT OF PROFIT AND LOSS All figures are on a consolidated basis, unaudited and represented in ₹ Lakhs. Particulars Q1FY27 Q1FY26 YoY% Q4FY26 QoQ% FY 2025-26 Revenue from Operations 11,024.30 9,626.11 14.52% 13,399.28 (17.72%) 44,002.05 Other Income (Net) 105.05 175.39 (40.10%) 117.16 (10.34%) 654.15 Total Income 11,129.35 9,801.50 13.55% 13,516.44 (17.66%) 44,656.20 Operating expense 9,578.00 8,309.62 15.26% 11,537.04 (16.98%) 38,194.38 EBITDA 1,551.35 1,491.88 3.99% 1,979.40 (21.63%) 6,461.82 EBITDA margin 14.07% 15.50% (143 bps) 14.77% (70 bps) 14.69% Depreciation & Amortisation Cost 362.43 298.78 21.30% 317.94 13.99% 1,225.23 Finance Cost 405.11 441.19 (8.18%) 424.98 (4.68%) 1,745.52 PBT 783.81 751.91 4.24% 1236.48 (36.61%) 3,491.08 Tax 218.06 208.53 4.57% 364.64 (40.20%) 1,021.73 PAT 565.74 543.37 4.12% 871.84 (35.11%) 2,469.35 PAT Margin 5.13% 5.64% (51 bps) 6.51% (138 bps) 5.61% 16 GEOGRAPHICAL FOOTPRINT Indo Farm exports its products to over 30 countries Within India, Indo Farm operates through a comprehensive network comprising: 6 regional offices 225+ dealers Asia Africa Afghanistan Kuwait Algeria Kenya Bangladesh Myanmar Ethiopia Mauritius Bhutan Nepal Gabon Sudan Jordan Syria Ghana Europe South America Belgium Brazil Germany Chile Hungary Italy 17 THANK YOU Indo Farm Equipment Limited Abhishek Bhutra | Himanshu Jain www.indofarm.in +91 80006 85556 |+91 89051 81853 ir@indofarm.in ir@finportalin.com Request Meeting & Investor kit