Indef Manufacturing Limited was incorporated in Mumbai, Maharashtra as a public company, pursuant to a certificate of incorporation dated 12th September, 2022, issued by the Registrar of Companies, Mumbai. The Company was incorporated with a view to undertake the businesses of manufacturing of hoists, cranes and other material handling equipment, specifically the Manufacturing Business of Hercules Hoists Limited.
The company's formation represents a strategic corporate restructuring within the Bajaj Group. As part of a significant restructuring, Hercules Hoists Limited (HHL) underwent a demerger on August 2, 2024, following an Order from the Hon'ble National Company Law Tribunal, Mumbai. This transformation resulted in the creation of two distinct companies—HHL and Indef Manufacturing Limited (IML)—each focused on their respective core competencies. The Scheme of Arrangement for Demerger between Hercules Hoists Limited (HHL) and the Company was implemented in August 2024. After demerger approval from the respective authority, the Company commenced its manufacturing business upon transfer of the Demerged Undertaking of Hercules Hoists Limited as a going concern. The Scheme of Arrangement for Demerger was given effect on September 30, 2024.
Indef Manufacturing Limited manufactures hoists, cranes, and material handling equipment, serving industries like oil and gas, engineering, and cement with products ranging from 50T to 70T capacities. The company's comprehensive product portfolio includes multiple categories of material handling solutions:
- EOT Cranes
- Manual Hoists
- Storage and Retrieval
- Wire Rope Hoists
- Material Handling
- Electric Chain Hoists
- Ergonomic Handling Solutions
- Overhead Cranes
IML carries forward the renowned Bajaj Indef brand—a name synonymous with innovation, reliability, and excellence in the material handling industry. For decades, the Bajaj Indef brand has been a leader in manufacturing hoists, cranes, and lifting solutions, known for its commitment to quality and sustainability. Under its new identity, IML will focus exclusively on manufacturing operations, ensuring that the legacy of the Bajaj Indef brand continues to grow. With the freedom to concentrate on expanding its product lines and markets, IML is poised to reinforce its leadership in material handling solutions and drive future growth.
The company has demonstrated solid financial performance in recent quarters. Net profit of Indef Manufacturing rose 26.07% to Rs 7.06 crore in the quarter ended December 2024 as against Rs 5.60 crore during the previous quarter ended December 2023. Sales rose 10.72% to Rs 44.22 crore in the quarter ended December 2024 as against Rs 39.94 crore during the previous quarter ended December 2023.
Key financial metrics as of December 2024 quarter:
- Revenue: Rs 44.22 crore (up 10.72% YoY)
- Net Profit: Rs 7.06 crore (up 26.07% YoY)
- Operating Profit Margin: 15.07%
- Profit Before Tax: Rs 9.40 crore (up 12% YoY)
The company is almost debt-free. This strong balance sheet position provides financial flexibility for future growth and expansion plans.
The market cap of Indef Manufacturing Ltd (BAJAJINDEF) is ₹735.65 Cr as of 26th May 2025. However, recent data shows varying market capitalization figures, with Indef Manufacturing Ltd having a market capitalisation of Rs 718 crore as per Business Standard, indicating some fluctuation in market valuation.
The 52-week high of Indef Manufacturing Ltd (BAJAJINDEF) is ₹295.05 and the 52-week low is ₹199.24. The stock belongs to the Industrials sector, specifically classified under the Heavy Machinery sub-sector.
- Q3 FY2024-25 Performance (Dec 2024): Net Sales of Rs 44.22 crore, Net Profit of Rs 7.06 crore
- Market Capitalization: ₹735.65 Crore (as of May 26, 2025)
- 52-Week High: ₹295.05
- 52-Week Low: ₹199.24
- Promoter Holding: 69.61% (as of Mar 2025)
Promoter holding in Indef Manufacturing Ltd has remained stable at 69.61 per cent as of Mar 2025 from 69.61 per cent as of Dec 2024. This stable promoter holding indicates strong management confidence and commitment to the business.
In terms of the said Scheme, the Company has issued and allotted 3,20,00,000 Equity Shares to the shareholders of Hercules Hoists Limited (HHL) on 11 October, 2024 in the ratio of 1:1, i.e., 1 equity share of the face value of Re 1 each fully paid-up of the Company is issued and allotted for every 1 equity share of face value of Re 1 each fully paid up held by equity shareholders of Hercules Hoists Limited.
In line with this transition, Amit Bhalla has been appointed as the Managing Director of Indef Manufacturing Limited. Having served as President & CEO of Hercules Hoists Limited, Amit Bhalla expresses his excitement for this new chapter and the opportunity to lead the company forward.
The leadership team brings extensive experience in the material handling industry, ensuring continuity of operations and strategic direction. The demerger signifies not only a structural change but also a commitment to maintaining the high standards of quality and reliability that customers have come to expect. Customers will continue to work with the same dedicated team that has always supported them, ensuring seamless service throughout the transition.
The material handling equipment industry in India is closely tied to the country's industrial growth and capital expenditure cycles. The company's business is intricately linked to investments in new projects, expansion of existing capacities, and the overall sentiment in industrial production activities. As the Indian economy continues to strengthen, there will be a notable surge in demand for manufactured goods, thereby creating significant opportunities for suppliers offering a diverse range of material handling products and services, the company said.
The management anticipate that industry growth will taper down and stabilise to a more sustainable long-term rate, hovering within the range of 7-10 per cent which provides a realistic outlook for the sector's future growth trajectory.
As of October 1, 2024, this demerger marks a pivotal moment for both organizations, enabling them to focus on their core strengths and expand their operational capabilities in the material handling industry. Under this new structure, HHL will operate as an unregistered Core Investment Company (CIC) in compliance with the Reserve Bank of India's CIC Regulations, 2020. The company will concentrate on investment management across both listed and unlisted companies within the group, thereby facilitating strategic growth and enhancing its overall portfolio.
With the establishment of IML, the management of manufacturing, sales, distribution, and marketing of material handling equipment will now rest solely with this new entity. HHL will focus on driving growth and expansion through its investment portfolio, while IML will continue to innovate and deliver exceptional material handling solutions.
The demerger strategy allows Indef Manufacturing to operate with greater focus and agility in the competitive material handling equipment market while maintaining the strong brand heritage and technical expertise that has made it a trusted name in the industry.
