- Indef Manufacturing is a specialist in a deceptively simple industrial problem: how to lift, move, and store heavy things safely and efficiently inside a factory or warehouse. The company was born from a surgical demerger - the manufacturing division of Hercules Hoists was carved out and listed independently, carrying forward a 97-year Bajaj Group legacy into a focused, debt-free entity. Its recurring approach is to be a single-source provider for the entire overhead handling chain, from a basic chain pulley block to an automated crane, sold through a national network of partners who also run branded repair clinics - so the company stays with the customer long after the first sale.
Business segments
Two engines at different stages - a core manufacturing business that spans the full spectrum of lifting and handling equipment, and a newly acquired access-platform subsidiary that extends the logic upward and outward.
1. Hoists, cranes and handling systems: the factory's backbone
The company designs and makes the equipment that factories, warehouses and construction sites use to lift and move materials overhead - from a manual chain hoist to a full electric crane - and earns on the sale, the installation and the aftercare.
- Everything from a hook to a crane - the product range starts with simple mechanical hoists (chain pulley blocks and ratchet lever hoists), moves up to electric chain and wire rope hoists, and extends to electric overhead travelling (EOT) cranes, gantry cranes, jib cranes and light profile cranes, so a customer can source an entire lifting system from one supplier.
- A brand for every wallet - the flagship 'Bajaj Indef' range sits alongside 'iCrane' and 'iStacker' for storage and retrieval, while the acquired 'SWIFT' brand is aimed squarely at the price-sensitive MSME segment, giving the company a product ladder that reaches from small workshops to large corporates and EPC contractors.
- Sold through a service network, not just a sales force - a pan-India ecosystem of Authorized Business Partners and sub-dealers is the route to market, and many of these partners run "Indef Clinics" that provide specialised after-sales support, turning a capital-equipment sale into an ongoing service relationship.
- Two plants, no debt - manufacturing runs out of two ISO-certified facilities in Maharashtra (Khalapur and Chakan, Pune), and the company carried no borrowings or interest obligations during FY25, which means its balance sheet is not strained by the working-capital cycles typical of industrial supply.
- Demand rides on factory investment - the customer base spans automotive, energy, metals, chemicals, logistics, textiles and food processing, so the order book is tied to broader capital-expenditure cycles; the industry saw a temporary slowdown in FY25 as national elections delayed project approvals and spending decisions.
2. Mobile elevating work platforms: the access-equipment extension
Through an 80% acquisition completed in September 2025, the company now sells and services mobile platforms that lift people and tools to temporary heights - a natural complement to its overhead cranes and hoists.
- Bought, not built - the company acquired a controlling stake in Daedalus Lift & Access Equipments Private Limited, a small but growing player in the Mobile Elevating Work Platforms (MEWP) industry, for a cash consideration of Rs. 5,07,80,042, with a portion held back as retention money for potential claims.
- A bolt-on to the core portfolio - where the main business moves materials overhead on fixed installations, Daedalus provides the mobile equipment that puts workers and gear at height temporarily, so the combined offering covers both permanent and temporary lifting needs on an industrial site.
- Small today, adjacent tomorrow - Daedalus reported turnover of Rs 6.71 crore in FY 2024-25, up from Rs 2.78 crore two years earlier, indicating a growth trajectory that the parent company can accelerate through its existing distribution network and brand.
Group structure and partners
A clean holding structure with a mirror shareholding pattern, two operating subsidiaries, and no joint ventures - the company is a focused manufacturing entity with the promoter group holding just under 70%.
- Born from a demerger, listed with a mirror - Indef Manufacturing was incorporated as a wholly-owned subsidiary of Hercules Hoists Limited, and when the manufacturing undertaking was demerged, IML shares were issued to HHL shareholders in a 1:1 ratio while HHL's own shares in IML were cancelled, replicating the exact same shareholding pattern in the new listed entity.
- Promoter-anchored - as of March 31, 2025, the promoter and promoter group held 69.61% of the company, with the Chairman being Shri Shekar Bajaj and the Managing Director being Shri Amit Bhalla, the former President and CEO of Hercules Hoists.
- Two subsidiaries, two purposes - Consolidated Swift Industries Limited, a wholly-owned subsidiary incorporated in September 2024, houses the 'SWIFT' brand for the value-conscious MSME segment; Daedalus Lift & Access Equipments Private Limited, an 80% subsidiary acquired in September 2025, carries the access-platform business.