Indef Manufacturing Limited (BAJAJINDEF) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Indef Manufacturing Limited ₹87.24, price ₹209, upside -58.2%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
19‑month range ₹205.78 – ₹545.27 · fair‑value band ₹50.65 – ₹140.42 · the ₹208.52 price screens above the ₹87.24 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Indef Manufacturing Limited provides material handling solutions in India. It also manufactures, sells, distributes and markets mechanical hoists, ergonomic handling solutions, overhead crane, EOT crane, electric chain hoists and wire rope hoists, stackers, and storage and retrieval solutions.
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Indef Manufacturing Limited provides material handling solutions in India. It also manufactures, sells, distributes and markets mechanical hoists, ergonomic handling solutions, overhead crane, EOT crane, electric chain hoists and wire rope hoists, stackers, and storage and retrieval solutions. The company serves the oil and gas, engineering, auto and auto ancillary, cement, metals, and other industries. Indef Manufacturing Limited was incorporated in 2022 and is headquartered in Navi Mumbai, India.
Stock analysis
Indef Manufacturing Limited (BAJAJINDEF) currently trades at ₹208.52, while our model-based Fair Value estimate is ₹87.24, 58.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹183.23 per share, and 1 of the 20 models we run sit above the ₹208.52 price.
Bear case: the Economic Profit group reads lowest at ₹35.21, and 19 of the 20 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹50.65 (bear) to ₹140.42 (bull), the price of ₹208.52 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Indef Manufacturing Limited reported revenue of ₹2.1B in FY2026 versus ₹0 in FY2024. Reported net income was ₹236M in FY2026.
Key figures
Market cap ₹8.0B (≈ $84.0M) · P/E ratio 28.2 · P/S ratio 3.21 · EPS (TTM) ₹7.39 · Dividend yield 1.0% · Net margin 11.4% · Return on equity 9.0% · Return on assets (EBIT) −56.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 51% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at −58%, BAJAJINDEF screens richer than that median.
Fair Value models
Bear ₹50.65Fair Value ₹87.24Bull ₹140.42
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹2.72 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: only 3 usable fiscal years, at least 4 required
not computed
Growth Forecast
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+34.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +29.3% a year for the price.
Compare Indef Manufacturing Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Farm & Heavy Construction Machinery · 147 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−58.2% · Bottom 25%
Profitability
Return on equity (TTM)9.0% · Above median
Return on assets3.3% · Below median
Net margin (TTM)11.4% · Top 25%
Operating margin (TTM)10.2% · Above median
Growth and dividend
Revenue growth28.4% · Top 25%
Dividend yield (TTM)1.0% · Below median
Valuation Multiplesvs Farm & Heavy Construction Machinery median · lower = cheaper
P/E (TTM)28.2× · Pricier than median
P/B2.98× · Priciest 25%
P/S (TTM)3.88× · Priciest 25%
P/FCF44.1× · Priciest 25%
EV/EBITDA37.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 36
FUTURE (revenue growth)100· sector 43
PAST (return on equity)36· sector 35
HEALTH (low debt)0· sector 93
DIVIDEND (yield)19· sector 40
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Indef Manufacturing Limited (BAJAJINDEF) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹87.24 versus a price of ₹208.52, about −58% upside (overvalued).
What is the fair value of BAJAJINDEF?
Our model-based fair value for Indef Manufacturing Limited is ₹87.24 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹208.52.
What is the quality score of BAJAJINDEF?
Indef Manufacturing Limited has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Indef Manufacturing Limited (BAJAJINDEF)?
Our model-based price target is the fair value of ₹87.24 (as of Sep 27, 2026) from 20 valuation models. Cautious scenario ₹50.65, optimistic scenario ₹140.42. It is a calculation from audited fundamentals, not an analyst target.
What is the Indef Manufacturing Limited stock forecast for 2026?
Our models put fair value at ₹87.24, about −58% upside versus a price of ₹208.52 (overvalued). Cautious scenario ₹50.65, optimistic scenario ₹140.42. The calculation is refreshed regularly with new filings.
What is the revenue of Indef Manufacturing Limited (BAJAJINDEF)?
Indef Manufacturing Limited reported trailing-twelve-month revenue of about ₹2.1B (latest available figure, as of Sep 27, 2026).
Does Indef Manufacturing Limited pay a dividend?
Indef Manufacturing Limited currently shows a dividend yield of about 0.96% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Indef Manufacturing Limited (BAJAJINDEF)?
For today's price to be fair in a discounted-cash-flow model, Indef Manufacturing Limited would have to grow free cash flow by +34.7 % per year for five years (discount rate 15.4 %, then slowing evenly to 2 % perpetual growth by year ten). As of Sep 27, 2026.
What discount rate (WACC) does the fair value of BAJAJINDEF use?
Our models discount Indef Manufacturing Limited at 15.4 %: a base by market capitalisation (micro), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Indef Manufacturing Limited that is +34.7 % per year a year over ten years, using the same discount rate (15.4 %) and the same formula as our fair value.
How fast is the sector of Indef Manufacturing Limited (BAJAJINDEF) growing?
The median revenue growth in the sector is +5.7 % a year. That is the yardstick for the growth priced into Indef Manufacturing Limited (+34.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Indef Manufacturing Limited (BAJAJINDEF)?
The free-cash-flow yield on the price is 2.74 %: that much free cash flow Indef Manufacturing Limited produces per unit of market value. When it exceeds the discount rate of our models (15.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Indef Manufacturing Limited (BAJAJINDEF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Indef Manufacturing Limited it is ₹87.24 per share (as of Sep 27, 2026), against a price of ₹208.52. It is the blended result of 20 valuation models (cash flow, earnings, asset, dividend).
Is Indef Manufacturing Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, BAJAJINDEF trades above its calculated fair value: price ₹208.52, fair value ₹87.24, a gap of about −58% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BAJAJINDEF?
No. The price is what the market pays today (₹208.52); the fair value is what the company's own numbers justify (₹87.24). For Indef Manufacturing Limited the two are ₹121.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is Indef Manufacturing Limited worth?
The market values Indef Manufacturing Limited at about ₹8.0B (market capitalisation, as of Sep 27, 2026). Per share that is ₹208.52; our models calculate a fair value of ₹87.24 per share.
What do the bullish and bearish scenarios say about BAJAJINDEF?
Our models span a range for Indef Manufacturing Limited: cautious scenario ₹50.65, base ₹87.24, optimistic ₹140.42 per share (as of Sep 27, 2026, price ₹208.52). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BAJAJINDEF?
Indef Manufacturing Limited trades at a price-to-earnings ratio of 28.2 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹87.24 is built from several models across several years. Other multiples: P/B 3.0, P/S 3.9, EV/EBITDA 37.5.
How solid is the balance sheet of Indef Manufacturing Limited (BAJAJINDEF)?
Balance-sheet figures for Indef Manufacturing Limited (as of Sep 27, 2026): return on equity 9.0%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is BAJAJINDEF from its 52-week high?
Indef Manufacturing Limited trades at ₹208.52, about 51% below its 52-week high of ₹421.59 and 1% above the low of ₹207.26 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹87.24 is for.
Which stocks are comparable to Indef Manufacturing Limited?
From the same area (Industrials) we also value Caterpillar Inc, Deere & Company, PACCAR Inc, Daimler Truck Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Indef Manufacturing Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹208.52, calculated fair value ₹87.24 (−58%), Quality Score 57/100, from 20 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BAJAJINDEF calculated?
We run Indef Manufacturing Limited through 20 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹87.24, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. Indef Manufacturing Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Indef Manufacturing Limited (BAJAJINDEF)?
The closing price on Oct 1, 2026 was ₹208.52. Our model-based fair value is ₹87.24, about −58% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Indef Manufacturing Limited right now?
The price sits above even our optimistic bull case (₹140.42). The favourable scenario is already priced in. The model range is unusually wide (₹50.65 to ₹140.42). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Indef Manufacturing Limited
How large is the market capitalisation of Indef Manufacturing Limited (BAJAJINDEF)?
The market capitalisation of Indef Manufacturing Limited is ₹8.0B (≈ $84.0M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Indef Manufacturing Limited (BAJAJINDEF)?
The price-to-sales ratio of Indef Manufacturing Limited is 3.21 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Indef Manufacturing Limited (BAJAJINDEF)?
Earnings per share at Indef Manufacturing Limited are ₹7.39 (price ÷ EPS = P/E 28.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Indef Manufacturing Limited (BAJAJINDEF)?
The dividend yield of Indef Manufacturing Limited is 1.0% (payout 27.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Indef Manufacturing Limited (BAJAJINDEF)?
The net margin of Indef Manufacturing Limited is 11.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Indef Manufacturing Limited (BAJAJINDEF)?
The return on equity (ROE) of Indef Manufacturing Limited is 9.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Indef Manufacturing Limited (BAJAJINDEF)?
On an EBIT basis the return on assets of Indef Manufacturing Limited is −56.2% (avg 3y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Indef Manufacturing Limited (BAJAJINDEF)?
The operating margin of Indef Manufacturing Limited is 10.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Indef Manufacturing Limited (BAJAJINDEF)?
Revenue at Indef Manufacturing Limited is growing +28.4% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Indef Manufacturing Limited (BAJAJINDEF)?
Earnings per share at Indef Manufacturing Limited are growing −32.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Indef Manufacturing Limited (BAJAJINDEF) hold?
Indef Manufacturing Limited holds more cash than debt, ₹35.7M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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