Indo Farm Equipment LimitedCapital Goods & EngineeringINDOFARM
Q1 FY27 earnings callIndo Farm Equipment Limited
The company posted 15% revenue growth led by a 36% jump in tractor sales, with crane sales flat due to emission norm transitions and capacity constraints, while gearing up for new production lines and dealer expansion.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from operations | ₹104.93 crore | 14.98% | |
| EBITDA | ₹13.09 crore | 10.84% | |
| Tractor segment revenue | ₹52.08 crore | 36.29% | |
| Crane segment revenue | ₹52.86 crore | almost flat |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹96.17 Cr— YoY+11.7% QoQ | ₹3.98 Cr— YoY+10.6% QoQ | ₹1.02— YoY+12.1% QoQ |
| Q2 FY25 | ₹86.09 Cr— YoY— QoQ | ₹3.60 Cr— YoY— QoQ | ₹0.91— YoY— QoQ |
TL;DR
- Revenue grew 14.98% YoY to ₹104.93 crore.
- Tractor revenue surged 36.29% YoY while crane revenue was flat.
- EBITDA grew 10.84% YoY to ₹13.09 crore.
- Commercial production at new Bhud plant for cranes is expected to start by November 2026.
- Tower crane prototype testing is complete and ready for commercial production.
- Maintained FY27 guidance: 20-25% overall revenue growth, 25-30% for tractors, 15-20% for cranes.
Said on the call
“The first quarter was flat, and therefore we are expecting around 15–20% growth.”
From the Q&A
| Topic | What management said |
|---|---|
| Crane profitability and cost pass-through | Management stated that cost increases from emission norm transitions should be fully passed on to customers from Q2 onwards as demand improves. |
| Tower crane order pipeline and timeline | The first lot of 10 tower crane machines is expected to be completed in Q2, subject to receipt of some components, with commercial production set for the current financial year. |
| Crane dealer network and capacity absorption | Dealer count is stagnant at 25, with plans to increase to a bare minimum of 60+ to cover the country, but appointment is tied to the right partner and will take time (a year to a year and a half). |
| Capacity utilization and growth plans | Existing crane plant is running at full capacity; the new plant (3,600 unit capacity) is expected to start at 30% utilization in its first year, with growth coming from this addition. |
| Tractor capacity utilization | Tractor assembly capacity utilization is around 35-40%, but the machine shop is 80-85% utilized due to in-house component manufacturing for cranes. |
Guidance
- Overall revenue growth of around 20–25% for FY27.
- Tractor revenue growth of around 25–30%.
- Crane revenue growth of around 15–20% from the existing plant.
- Standalone EBITDA margin in the range of 12.5% to 13%.
- Commercial production at the new Bhud site expected to start by November 2026.
- Expect to utilize around 30% of the new crane plant's 3,600-unit capacity in the first year.
Source
Summary written from the transcript filed by Indo Farm Equipment Limited for the call held on 12 Aug 2026; published 21 Aug 2026, 23:22 IST.