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Indo Farm Equipment IPO
Price Band
₹204.0–215.0
Issue Size
₹260.15 Cr
Lot Size
69 shares
Min Investment
₹14,835
GMP
+₹76.0 (35.35%)
Issue Price
₹215.0
Subject to Sauda
₹4000
Paid only if allotted
Indo Farm Equipment IPO AI Summary
- Indo Farm Equipment IPO is listed on BSE, NSE in the Tractors sector.
- Price band: ₹204.0–₹215.0 per share, lot size 69 shares (min. investment ₹14,835).
- Subscription window: 31 Dec–02 Jan 2025, listing on 07 Jan 2025.
- Current GMP is +₹76.0 (35.35%), an estimated listing price of ₹291 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Indo Farm Equipment IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 02 Jan 2025 — not a current signal.
9 of 10 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Indo Farm Equipment IPO Grey Market Premium (GMP) Today
GMP
+₹76.0
GMP %
+35.35%
Est. Listing
₹291.0
Updated: 25 Jul 2026 14:15
About the Company
Incorporated in 1994, Indo Farm Equipment Limited is engaging in manufacturing Tractors, Pick & Carry Cranes, and other harvesting equipment. The Company operates two brands: Indo Farm and Indo Power, They export their products to countries like Nepal, Syria, Sudan, Bangladesh, Myanmar, etc. The Company manufactures tractors range 16 HP to 110 HP and pick & carry cranes range 9 to 30 tons. The facility in Baddi, Himachal Pradesh, spans 127,840 sq. meters and includes a foundry, machine shop, and assembly units. The Company has 12000 tractors and 1,280 Pick & Carry Cranes production capacity annually. The Company spans 127,840 sq. meters of industrial land in Baddi, Himachal Pradesh, housing a captive foundry, machine shop, and fabrication and assembly units for tractors, pick & carry cranes, and other equipment. They have acquired additional industrial land near the current facility to build a new pick & carry crane manufacturing unit, aiming to increase capacity by 3,600 units per year. As of June 30, 2024, They had 938 employees on payroll. Competitive Strengths: Fully Integrated and established Manufacturing Setup Well Educated & Experienced Management In-House NBFC Setup Manufacturing Wide Range of Products Product acceptability in multiple countries and a wide variety of financial institutions
Company Financials (₹ Cr)
As of 2024-06-30
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 644.27 | 647.95 | 622.84 | 619.83 |
| Total Income | 75.54 | 375.95 | 371.82 | 352.52 |
| Profit After Tax | 2.45 | 15.60 | 15.37 | 13.72 |
| NET Worth | 342.25 | 317.06 | 290.37 | 274.80 |
| Total Borrowing | 245.36 | 270.54 | 280.65 | 275.00 |
Key Ratios
EPS
₹3.95
NAV
₹84.43
ROE
5.13%
ROCE
8.96%
RoNW
4.92%
P/B Value
2.55
P/E Ratio
54.39
Market Cap
₹1033.11 Cr
PAT Margin
4.16%
Debt/Equity
0.85
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Action Construction Equipment Ltd. | 103.28 | 30.78% | 47.42 | 27.56 | 27.56 |
| Escorts Kubota Limited | 830.43 | 11.44% | 36.79 | 96.24 | 96.24 |
| Indo Farm Equipment Limited This IPO | 84.43 | 4.92% | — | 4.15 | 4.15 |
Promoters
Ranbir Singh Khadwalia and Sunita Saini
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Setting up new Dedicated Unit for Expansion of the Pick & Carry Cranes Manufacturing Capacity 71.13 2 Repayment or pre-payment, in full or part, of certain borrowings availed by the Company 50.00 3 Further Investment in our NBFC Subsidiary (Barota Finance Ltd.) for financing the augmentation of its capital base to meet its future capital requirements. 45.00 4 General Corporate Purposes 2.99
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹352.52 Cr in the year ending March 31, 2022, rising to ₹371.82 Cr by March 31, 2023, and further increasing to ₹375.95 Cr by March 31, 2024. However, the most recent figure of ₹75.54 Cr as of June 30, 2024, is a 9-month figure and not directly comparable to the full fiscal years.
Profit Trend
Profit after tax was ₹13.72 Cr in the year ending March 31, 2022, increasing to ₹15.37 Cr by March 31, 2023, and further to ₹15.60 Cr by March 31, 2024. The latest figure of ₹2.45 Cr as of June 30, 2024, is also a 9-month figure, making it not directly comparable to the previous full-year results.
Valuation
At the issue price of ₹215.0, Indo Farm Equipment Limited has an implied P/E ratio of approximately 54.39 based on its earnings per share of ₹3.95. This is higher than its peers, which have P/E ratios ranging from 36.79 to 47.42.
Grey Market Premium, Explained
The grey market premium (GMP) is an unofficial indicator of the potential listing price of an IPO. It reflects the demand for the shares before they are officially listed on the stock exchange. A higher GMP suggests strong demand, while a lower GMP may indicate weaker interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk tolerance and market conditions. It's essential to consider the company's fundamentals and growth potential before making an investment decision.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid IPOs in sectors with high volatility or uncertainty. Those looking for immediate gains might also consider the inherent risks associated with new market entrants.
IPO Timeline, Explained
The IPO opens on December 31, 2024, and closes on January 2, 2025. Allotment of shares will be done on January 3, 2025, and the shares are expected to be listed on the stock exchange on January 7, 2025.
Listing Gains — The Risk
Listing day gains can be unpredictable and are influenced by market sentiment, demand for the shares, and overall market conditions. Investors should be prepared for the possibility of price volatility on the listing day.
This evaluation is generated from Indo Farm Equipment's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Indo Farm Equipment IPO GMP today?
Indo Farm Equipment IPO GMP today is +₹76.0 (35.35%), indicating an estimated listing price of ₹291. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Indo Farm Equipment IPO?
The price band of Indo Farm Equipment IPO is ₹204.0–₹215.0 per share.
When does Indo Farm Equipment IPO open and close?
Indo Farm Equipment IPO opens on 31 December 2024 and closes on 02 January 2025.
When does Indo Farm Equipment IPO list on the stock exchange?
Indo Farm Equipment IPO listed on 07 January 2025 at ₹291.0.
What is the lot size for Indo Farm Equipment IPO?
The lot size for Indo Farm Equipment IPO is 69 shares, requiring a minimum investment of ₹14,835.
What is the price band for the IPO?
The price band for the IPO is ₹204.0 to ₹215.0.
What is the minimum investment required?
The minimum investment required is ₹14,835.
What is the lot size for the IPO?
The lot size for the IPO is 69 shares.
When is the listing date for the shares?
The listing date for the shares is January 7, 2025.
What does GMP stand for?
GMP stands for Grey Market Premium, which indicates the expected demand for the shares before they are listed.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
31 Dec 2024
Close
02 Jan 2025
Allotment
03 Jan 2025
Listing
07 Jan 2025
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