Indo Farm Equipment Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Indo Farm Equipment Ltd filed with BSE on 29 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Indo Farm Equipment reported Q4 FY26 revenue of ₹128.58 crore, up 2.73% year-on-year, with tractor segment revenue growing 21.03% and crane segment revenue declining 9.67%. For FY26, turnover grew 14.39% to ₹419.54 crore and EBITDA grew 6.98% to ₹53.50 crore, driven by tractor segment growth of 42.85% while the crane segment declined about 3%. Management discussed delays and progress at its new pick-and-carry crane and tower crane facility at Bhud, expected to begin commercial production in Q2 FY27, and outlined growth expectations of 20-25% overall revenue for FY27.
Numbers mentioned
Revenue from operations: ₹128.58 crore (Q4 FY26)
p. 3
“Revenue from operations: ₹128.58 crore v/s ₹125.16 crore - YoY growth of 2.73% and QoQ growth of 27.77%.”
Mr. Ranbir Singh Khadwalia, page 3 of the filed PDF · View the filing
EBITDA: ₹17.47 crore (Q4 FY26)
p. 3
“EBITDA: ₹17.47 crore v/s ₹17.37 crore - a marginal growth of 0.57%, but QoQ growth of 43.7%.”
Mr. Ranbir Singh Khadwalia, page 3 of the filed PDF · View the filing
Tractor segment revenue: ₹61.2 crore (Q4 FY26)
p. 3
“Tractor segment revenue: ₹61.2 crore v/s ₹50.56 crore - YoY growth of 21.03%, and QoQ growth of 27.74%.”
Mr. Ranbir Singh Khadwalia, page 3 of the filed PDF · View the filing
Crane segment revenue: ₹67.38 crore (Q4 FY26)
p. 4
“Crane segment revenue: ₹67.38 crore v/s ₹74.6 crore - a decline of 9.67% YoY, but a growth of 27.8% QoQ.”
Mr. Ranbir Singh Khadwalia, page 4 of the filed PDF · View the filing
Turnover: ₹419.54 crore (FY26)
p. 4
“Turnover: ₹419.54 crore v/s ₹366.77 crore – YoY growth of 14.39%.”
Mr. Ranbir Singh Khadwalia, page 4 of the filed PDF · View the filing
EBITDA: ₹53.50 crore (FY26)
p. 4
“EBITDA: ₹53.50 crore v/s ₹50.01 crore - YoY growth of 6.98%.”
Mr. Ranbir Singh Khadwalia, page 4 of the filed PDF · View the filing
Tractor segment revenue: ₹201.45 crore (FY26)
p. 4
“Tractor segment: ₹201.45 crore v/s ₹141.02 crore - growth of 42.85%.”
Mr. Ranbir Singh Khadwalia, page 4 of the filed PDF · View the filing
Crane segment revenue: ₹218.09 crore (FY26)
p. 4
“Crane segment: ₹218.09 crore v/s ₹225.05 crore - a marginal YoY decline of around 3%.”
Mr. Ranbir Singh Khadwalia, page 4 of the filed PDF · View the filing
Tractor volume: 3,006 units (FY26)
p. 5
“In the last financial year, the tractor number was around 3,000, 3,006 exactly and the crane number was 1,000-plus, 1,003 exactly.”
Mr. Ranbir Singh Khadwalia, page 5 of the filed PDF · View the filing
Crane volume: 1,003 units (FY26)
p. 5
“In the last financial year, the tractor number was around 3,000, 3,006 exactly and the crane number was 1,000-plus, 1,003 exactly.”
Mr. Ranbir Singh Khadwalia, page 5 of the filed PDF · View the filing
New dealers added (Tractor Division): 23 (Q4 FY26)
p. 4
“During the quarter ended March 2026, the company added 23 new dealers in the Tractor Division, taking the total dealer network to 225-plus dealers.”
Mr. Ranbir Singh Khadwalia, page 4 of the filed PDF · View the filing
Crane dealer network: 25-plus dealers
p. 4
“The total dealer network for the crane segment is 25-plus dealers.”
Mr. Ranbir Singh Khadwalia, page 4 of the filed PDF · View the filing
Total capex for new crane/tower plant: ₹70-plus crore
p. 10
“The total capex is around ₹70-plus crore, out of which we have already done around ₹25 crore till date.”
Mr. Ranbir Singh Khadwalia, page 10 of the filed PDF · View the filing
Existing facility capacity utilization: around 80% (FY26)
p. 10
“the existing facility's capacity utilization this year remained around 80%+, around 80%.”
Mr. Ranbir Singh Khadwalia, page 10 of the filed PDF · View the filing
Tractor segment capacity utilization: around 35% (FY26)
p. 10
“In the tractor segment, ma'am, we made around 3,000 tractors. If you see the capacity utilization in tractors, it's almost 35%, around 35%”
Mr. Ranbir Singh Khadwalia, page 10 of the filed PDF · View the filing
Other costs: ₹64 crore (FY26)
p. 12
“Last year it was around ₹56-odd crore; this year it has gone from ₹56 crore to ₹64 crore only.”
Mr. Ranbir Singh Khadwalia, page 12 of the filed PDF · View the filing
Export revenue: ₹21 crore (FY26)
p. 15
“last year we did around ₹21 crore of export.”
Mr. Ranbir Singh Khadwalia, page 15 of the filed PDF · View the filing
Tractor sales financed through Barota: around +20%
p. 15
“It's around +20%.”
Mr. Ranbir Singh Khadwalia, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Overall revenue growth — 20-25% · FY27
stated firmly by Mr. Ranbir Singh Khadwalia
p. 4
“The company expects to achieve overall revenue growth of around 20–25% for financial year 2026–27.”
Mr. Ranbir Singh Khadwalia, page 4 of the filed PDF · View the filing
Tractor revenue growth — 25-30% · FY27
stated firmly by Mr. Ranbir Singh Khadwalia
p. 4
“Tractor revenue is expected to grow around 25–30%.”
Mr. Ranbir Singh Khadwalia, page 4 of the filed PDF · View the filing
Crane revenue growth (existing plant) — 15-20% · FY27
stated firmly by Mr. Ranbir Singh Khadwalia
p. 4
“Crane revenue of existing plant is expected to grow around 15–20%.”
Mr. Ranbir Singh Khadwalia, page 4 of the filed PDF · View the filing
New pick-and-carry crane project commercial production — Q2 FY27
stated firmly by Mr. Ranbir Singh Khadwalia
p. 4
“the project is expected to start commercial production in the second quarter of financial year 2026–27.”
Mr. Ranbir Singh Khadwalia, page 4 of the filed PDF · View the filing
Overall EBITDA margin — around 12.5% · FY27
stated conditionally by Mr. Ranbir Singh Khadwalia
p. 5
“Ma'am, we are expecting the margin in the range of around 12.5% operating EBITDA.”
Mr. Ranbir Singh Khadwalia, page 5 of the filed PDF · View the filing
Tractor business EBIT margin — Around 10%
stated as an aspiration by Mr. Ranbir Singh Khadwalia
p. 7
“Around 10% at EBIT level.”
Mr. Ranbir Singh Khadwalia, page 7 of the filed PDF · View the filing
New crane facility utilization — 30-35% · first six months
stated conditionally by Mr. Ranbir Singh Khadwalia
p. 7
“Once the new facility is installed or becomes operational, from there also we are expecting around 30–35% utilization of the plant in the first six months' time.”
Mr. Ranbir Singh Khadwalia, page 7 of the filed PDF · View the filing
Crane volume from new facility — 500 to 600 numbers minimum
stated conditionally by Mr. Ranbir Singh Khadwalia
p. 7
“That would be around 500 to 600 numbers minimum, which we are expecting from that point.”
Mr. Ranbir Singh Khadwalia, page 7 of the filed PDF · View the filing
Tower crane volume — 60 to 80 numbers · next six months
stated conditionally by Mr. Ranbir Singh Khadwalia
p. 5
“we are expecting around 60 to 80 numbers in the next six months time.”
Mr. Ranbir Singh Khadwalia, page 5 of the filed PDF · View the filing
Tower crane manufacturing capacity — 240 to 250 machines per year
stated firmly by Mr. Ranbir Singh Khadwalia
p. 6
“It would be around 240 to 250 machines per year capacity.”
Mr. Ranbir Singh Khadwalia, page 6 of the filed PDF · View the filing
Tower crane capacity utilization — 50-60% · FY27
stated conditionally by Mr. Ranbir Singh Khadwalia
p. 8
“In the first year, we are expecting maybe the capacity utilization maybe 50–60%.”
Mr. Ranbir Singh Khadwalia, page 8 of the filed PDF · View the filing
Full utilization of pick-and-carry crane and tower crane capacity — complete capacity · FY28-29
stated as an aspiration by Mr. Ranbir Singh Khadwalia
p. 11
“Maybe by FY28–29 we will be able to utilize the complete capacity of the pick-and-carry crane and the tower crane also.”
Mr. Ranbir Singh Khadwalia, page 11 of the filed PDF · View the filing
Other costs as % of revenue — 11-12%
stated conditionally by Mr. Ranbir Singh Khadwalia
p. 12
“Going forward, it should hover in the range of around 11–12%, sir. Going forward, around 11–12% is what we are expecting.”
Mr. Ranbir Singh Khadwalia, page 12 of the filed PDF · View the filing
Cost structure parity with industry — at par with industry · FY28-29
stated as an aspiration by Mr. Ranbir Singh Khadwalia
p. 12
“By FY28–29, I feel it will be at par with the industry, because that's when sales will increase.”
Mr. Ranbir Singh Khadwalia, page 12 of the filed PDF · View the filing
Average annual growth (internal plan) — around 25% average growth
stated as an aspiration by Mr. Ranbir Singh Khadwalia
p. 13
“Around 25% average growth, minimum this is the internal plan.”
Mr. Ranbir Singh Khadwalia, page 13 of the filed PDF · View the filing
Crane plant utilization — 70% to 80% · FY29-30
stated as an aspiration by Mr. Ranbir Singh Khadwalia
p. 13
“for the new crane plant, we expect that in FY29–30 at least around 70% to 80% utilization of the crane plant”
Mr. Ranbir Singh Khadwalia, page 13 of the filed PDF · View the filing
Working capital days — under 200 days · FY28-29
stated as an aspiration by Mr. Ranbir Singh Khadwalia
p. 15
“It should come under 200 days.”
Mr. Ranbir Singh Khadwalia, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the decline mainly to the transition from Term III to Term V emission norms across the industry.
Answered by Mr. Ranbir Singh Khadwalia
Asked by Disha C: What caused the crane segment de-growth this year?
p. 5
“The first reason was the new emission norm: it has shifted from Term III to Term V emission norms. Though the market is accepting the new emission norms, it has taken a little more time.”
Mr. Ranbir Singh Khadwalia, page 5 of the filed PDF · View the filing
Management explained that the prior peak included a one-time custom hiring order and export business that has since become unviable.
Answered by Mr. Anshul Khadwalia
Asked by Rohan Patel: Why did tractor volumes not recover to the 4,500 unit level seen in FY22?
p. 6
“That custom hiring was a one-time order, which is why you see the spike in the numbers.”
Mr. Anshul Khadwalia, page 6 of the filed PDF · View the filing
Management said the company had absorbed part of the emission-norm-related engine upgrade cost rather than fully passing it to customers.
Answered by Mr. Ranbir Singh Khadwalia
Asked by Sandesh Kumar: Why did crane segment profitability drop sharply while revenue de-growth was modest?
p. 9
“Initially, we didn't want to pass on the whole of this expenditure, because of the cost incurred in upgrading the engine and all. Partially we were able to collect it from the customer, and a little more burden we took on ourselves”
Mr. Ranbir Singh Khadwalia, page 9 of the filed PDF · View the filing
Management attributed the gap to additional provisioning required due to changes in NPA norms at the NBFC subsidiary.
Answered by Mr. Ranbir Singh Khadwalia
Asked by Sandesh Kumar: Why is consolidated tractor segment profitability lower than standalone?
p. 9
“Yes, that is because of the NBFC. In the NBFC, there is a change in the norms. the NPA norms. Because of this change in the norms, we have to make a little more provisioning.”
Mr. Ranbir Singh Khadwalia, page 9 of the filed PDF · View the filing
Management explained the delays were caused by monsoon disruption, terrain/mining permission issues in Himachal Pradesh, and gas supply issues affecting the prefabricated shed.
Answered by Mr. Ranbir Singh Khadwalia
Asked by Sandesh Kumar: Why did the crane facility timeline shift from October to March to Q2, and why the fund under-utilization?
p. 8
“Last year, because of unexpected monsoon rain, the work progress couldn't be as we expected.”
Mr. Ranbir Singh Khadwalia, page 8 of the filed PDF · View the filing
Management attributed the rise to business promotion, quantity discounts, freight and admin costs linked to geographic expansion.
Answered by Mr. Ranbir Singh Khadwalia
Asked by Ankur Aggarwal: Why have other costs risen to about 15% of revenue from 7-8% previously?
p. 12
“This is because of some business promotions; we have given some quantity discounts. It includes freight, admin cost, freight component, incentive part and the business promotion part, largely.”
Mr. Ranbir Singh Khadwalia, page 12 of the filed PDF · View the filing
Management said the increase in working capital days was due to backward integration and expanded product range, and expects it to normalize as volumes rise.
Answered by Mr. Ranbir Singh Khadwalia
Asked by Rohan Patel: Can working capital days improve with scale-up of facilities?
p. 15
“Now we are not adding more and more models, basically, because we have got the complete range in tractors now available with us, and in crane also we have got the largest range.”
Mr. Ranbir Singh Khadwalia, page 15 of the filed PDF · View the filing
Risks flagged
Delay in emission norm transition affecting crane market demand
p. 5
“The first reason was the new emission norm: it has shifted from Term III to Term V emission norms. Though the market is accepting the new emission norms, it has taken a little more time.”
Mr. Ranbir Singh Khadwalia, page 5 of the filed PDF · View the filing
Geopolitical situation affecting export business in Nepal and Myanmar
p. 6
“We were also doing a reasonable amount of export business in Nepal and Myanmar, which, unfortunately, due to the whole geopolitical situation and some external factors, is now not very fruitful for any tractor player.”
Mr. Anshul Khadwalia, page 6 of the filed PDF · View the filing
Monsoon and terrain-related delays in new facility construction
p. 8
“Last year, because of unexpected monsoon rain, the work progress couldn't be as we expected. And there is a lot of that kind of terrain in Himachal on one side there is a filling of 15 feet, and on the other side we have to cut the sand.”
Mr. Ranbir Singh Khadwalia, page 8 of the filed PDF · View the filing
Gas supply issues affecting prefabricated shed construction
p. 8
“now, unfortunately, after this Middle East crisis, some gas issues came up.”
Mr. Ranbir Singh Khadwalia, page 8 of the filed PDF · View the filing
Steel input price increases pressuring crane margins
p. 9
“in Q4 there was some drastic increase in input pricing, as in steel. Due to that also you can see some minor dip in the margins”
Mr. Anshul Khadwalia, page 9 of the filed PDF · View the filing
NBFC NPA norm changes requiring higher provisioning
p. 9
“Because of this change in the norms, we have to make a little more provisioning.”
Mr. Ranbir Singh Khadwalia, page 9 of the filed PDF · View the filing
Export markets in Syria and Afghanistan facing problems
p. 15
“unfortunately these markets are not doing well because of some problems.”
Mr. Ranbir Singh Khadwalia, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.