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Revenue
₹133.99 Cr
verified against source
Revenue YoY
2.73%
reported change
EBITDA
₹17.47 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indo Farm Equipment reported Q4 FY26 standalone revenue of ₹128.58 crore, up 2.73% YoY, with EBITDA of ₹17.47 crore (margin 13.59%). Tractor segment grew 21% YoY to ₹61.2 crore, while crane revenue declined 9.67% to ₹67.38 crore due to emission norm transition and steel cost inflation. For FY27, management guided overall revenue growth of 20-25%, with tractor up 25-30% and crane up 15-20%. The new pick-and-carry crane plant (3,600 units capacity) and tower crane facility (250 units/year) are expected to commence commercial production in Q2 FY27. Tower cranes have initial orders in single digits. Key risk: execution delays in new plant ramp-up and margin pressure from new product launches and input cost volatility.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects consolidated revenue to grow 20-25% in FY27, driven by tractor (25-30%) and crane (15-20%) segments.
- Tractor revenue expected to grow 25-30% in FY27, supported by dealer expansion and captive finance company.
- Crane revenue expected to grow 15-20% in FY27, with new plant contributing from Q2.
- Pick-and-carry crane and tower crane plants at Baddi to start commercial production in Q2 FY27.
Risks flagged
- The Baddi plant has faced delays due to heavy rains, terrain issues, and gas supply problems; further delays could impact growth guidance.
- Management guided EBITDA margin of ~12.5% for FY27, down from 13.59% in Q4 FY26, due to new product launches and steel cost inflation.
- Working capital days remain high at ~307 days; management expects improvement but no specific timeline, posing cash flow risk.
- Crane revenue declined 9.67% YoY in Q4 and full-year margins dropped ~20% due to emission norm transition and steel costs; recovery uncertain.
Key quotes
- We are expecting around 60 to 80 numbers in the next 6 months time... the average selling price is around 60 to 70 lakh per machine.
- Since the past few years the main constraint always has been production. So once the capacity is unlocked we can add resources in the marketing side.
- We are expecting the margin is similar to this other cranes because in that crane also there is only two big players.
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