IFB Industries financials and balance sheet

NSE: IFBINDBSE: 505726Consumer DurablesSmall Cap

₹1,051.90₹37.90 (3.48%)BSE ₹1,052.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,089.80.

52-week range of traded prices to 23 Oct 2026

₹883.20Low, 30 Mar 2026₹2,019.80High, 31 Oct 2025

Next results date: the board meets on 27 Oct 2026 to consider: financial results.

Market cap: ₹4,262 Cr802nd largest listed
P/E: 26.6
P/B: 4.3
Dividend yield: Nonein the last 12 months
ROE: 17.5%
ROCE: 21.7%
Debt to equity: 0.02
Volume, NSE: 56,45051.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.IFB Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹5,619 Cr, year to Mar 2026A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 15.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,619
Materials and goods−3,433
Employee costs−436
Other expenses−1,433
Operating profit318
Depreciation−122
Other income+33
One-off items−14
Finance costs−21
Profit before tax194
Tax−49
Joint ventures−1.4
Net profit144

What the company owns

Plant, investments and other assets₹1,028 Cr
Inventory₹635 Cr
Receivables₹437 Cr
Current investments₹262 Cr
Cash and bank₹122 Cr

What pays for it: net worth and liabilities

Net worth₹995 Cr
Owed to suppliers₹993 Cr
Other liabilities₹480 Cr
Borrowings₹16 Cr

IFB Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.IFB Industries segment results by quarter

Revenue by segment

₹5,739 CrTotal

Home appliances₹4,461 Cr77.7% of total
Engineering₹1,007 Cr17.6% of total
Steel₹194 Cr3.4% of total
Motor₹76 Cr1.3% of total

Profit by segment

Home appliances₹119 Cr49.5% of total
Engineering₹114 Cr47.5% of total
Steel₹7 Cr3.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Home appliances
Revenue, ₹ crore
2,113
2,128
2,273
2,723
3,315
3,472
4,060
4,461
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
58
25
120
−39
40
82
112
119
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Engineering
Revenue, ₹ crore
477
459
486
617
754
837
900
1,007
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
67
28
32
25
54
88
111
114
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Steel
Revenue, ₹ crore
124
76
75
122
142
157
185
194
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
−3
−1
0
2
−1
6
7
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Motor
Revenue, ₹ crore
27
34
49
71
67
66
76
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
−5
−2
2
0
−3
−1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,713	2,690	2,868	3,512	4,282	4,533	5,211	5,739
Company revenue, as in its results	2,659	2,637	2,801	3,415	4,195	4,438	5,092	5,619
Revenue	2,113	2,128	2,273	2,723	3,315	3,472	4,060	4,461
Revenue growth	–	0.7%	6.8%	19.8%	21.7%	4.7%	16.9%	9.9%
Profit	58	25	120	−39	40	82	112	119
Profit growth	–	−57.2%	381.3%	–	–	105.4%	35.4%	6.4%
Margin	2.8%	1.2%	5.3%	−1.4%	1.2%	2.4%	2.8%	2.7%
Return on capital	15.4%	8.0%	35.5%	−13.9%	17.6%	43.0%	39.9%	34.6%
Assets	850	1,040	1,241	1,366	1,356	1,393	1,559	1,559
Liabilities	471	727	902	1,088	1,129	1,201	1,279	1,215
Capital employed	379	313	339	277	227	192	280	344
Revenue	477	459	486	617	754	837	900	1,007
Revenue growth	–	−3.6%	5.8%	27.0%	22.2%	11.0%	7.5%	12.0%
Profit	67	28	32	25	54	88	111	114
Profit growth	–	−57.7%	13.5%	−21.1%	114.0%	62.7%	25.8%	2.5%
Margin	14.1%	6.2%	6.6%	4.1%	7.2%	10.6%	12.4%	11.3%
Return on capital	31.7%	14.8%	15.0%	11.8%	27.0%	45.3%	44.4%	41.8%
Assets	297	398	421	456	426	362	402	450
Liabilities	86	207	207	241	225	167	152	178
Capital employed	211	191	214	215	201	195	250	273
Revenue	124	76	75	122	142	157	185	194
Revenue growth	–	−38.9%	−0.8%	62.8%	16.3%	10.5%	17.5%	4.9%
Profit	−2	−3	−1	0	2	−1	6	7
Profit growth	–	–	–	–	384.4%	–	–	28.3%
Margin	−1.4%	−3.5%	−2.0%	0.3%	1.1%	−0.8%	3.0%	3.7%
Return on capital	−26.8%	−26.1%	−7.1%	1.2%	4.6%	−3.7%	14.4%	17.1%
Assets	58	39	37	41	69	65	73	74
Liabilities	51	28	16	16	35	32	34	32
Capital employed	6	10	21	26	34	34	38	42
Revenue	–	27	34	49	71	67	66	76
Revenue growth	–	–	25.3%	46.3%	43.8%	−5.8%	−1.6%	15.8%
Profit	–	−1	−5	−2	2	0	−3	−1
Profit growth	–	–	–	–	–	−91.6%	–	–
Margin	–	−2.0%	−14.0%	−4.5%	3.0%	0.3%	−4.1%	−1.4%
Return on capital	–	−2.8%	−30.4%	−18.0%	16.3%	1.3%	−21.1%	−9.9%
Assets	–	31	29	31	32	34	33	31
Liabilities	–	12	13	19	19	20	20	20
Capital employed	–	19	16	12	13	14	13	10

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.IFB Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 7 Jul	Mar 2021Filed 15 Jun	Mar 2022Filed 30 May	Mar 2023Filed 28 May	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 25 May
Revenue from operations	1,758	2,259	2,659	2,637	2,801	3,415	4,195	4,438	5,092	5,619
	1,664	2,103	2,532	2,516	2,591	3,360	4,032	4,221	4,789	5,301
Materials and goods bought	1,019	1,252	1,568	1,494	1,565	2,062	2,558	2,636	3,103	3,433
Employee costs	167	–	264	299	307	372	405	439	438	436
Other expenses	477	–	700	724	719	925	1,069	1,146	1,248	1,433
Operating profit before depreciation	95	156	127	121	210	55	163	217	302	318
Operating margin	5.4%	6.9%	4.8%	4.6%	7.5%	1.6%	3.9%	4.9%	5.9%	5.7%
Materials, % of revenue	58.0%	–	59.0%	56.6%	55.9%	60.4%	61.0%	59.4%	60.9%	61.1%
Employee costs, % of revenue	9.5%	–	9.9%	11.3%	11.0%	10.9%	9.7%	9.9%	8.6%	7.8%
Other expenses, % of revenue	27.1%	–	26.3%	27.4%	25.7%	27.1%	25.5%	25.8%	24.5%	25.5%
Depreciation and amortisation	44	54	58	92	102	115	122	124	132	122
Operating profit after depreciation	51	102	69	29	107	−60	41	93	171	196
Other income	12	19	13	13	22	18	23	32	35	33
Finance costs	4	5	7	16	31	32	29	28	24	21
Profit before one-off items and tax	58	115	75	25	99	−74	35	97	182	208
One-off items	0	0	19	1	0	0	0	0	0	−14
Profit before tax	58	115	94	27	99	−74	35	97	182	194
	11	36	23	1	35	−26	17	23	45	49
Current tax	8	37	29	2	38	−3	0	19	50	49
Deferred tax	3	−1	−6	−1	−3	−22	17	4	−6	0
Share of profit of joint ventures and associates	–	–	–	–	–	–	−2	−24	−18	−1
	49	79	71	26	64	−48	15	50	119	144
Belonging to the company's shareholders	49	79	73	27	64	–	15	50	119	144
Belonging to outside owners of subsidiaries	–	–	−2	−2	–	–	0	0	0	0
Other comprehensive income	–	–	−2	−5	−1	1	4	0	5	9
Total comprehensive income	–	–	69	21	64	−48	19	50	124	153
Net margin	2.8%	3.5%	2.7%	1.0%	2.3%	−1.4%	0.4%	1.1%	2.3%	2.6%
Net margin without joint ventures and associates	–	–	–	–	–	–	0.4%	1.7%	2.7%	2.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2022: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 8 Jun	Mar 2020Filed 7 Jul	Mar 2021Filed 15 Jun	Mar 2022Filed 30 May	Mar 2023Filed 28 May	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 25 May
	620	647	696	648	667	718	842	995
	618	646	696	648	667	718	842	995
Share capital	41	41	41	41	41	41	41	41
Reserves	577	605	655	607	626	676	801	954
Belonging to outside owners of subsidiaries	2	0	–	0	–	–	0	0
	21	289	198	239	204	69	98	16
Repayable after a year	6	254	172	115	64	22	13	6
Repayable within a year	15	35	27	124	140	48	85	10
	567	626	873	1,079	1,139	1,249	1,263	1,233
Trade payables	457	476	655	812	830	983	943	993
Other financial liabilities	21	22	74	38	44	47	64	66
Other liabilities	69	88	111	96	114	154	153	145
Provisions	4	4	6	9	10	14	15	14
Tax owed	0	–	1	0	0	3	3	3
	81	392	322	303	300	213	252	256
Other financial liabilities	0	0	39	104	121	65	116	109
Other liabilities	10	61	26	33	49	47	47	35
Provisions	54	66	59	51	52	60	61	78
Deferred tax	10	11	27	0	16	20	14	14
Total assets	1,268	1,665	1,891	2,030	2,107	2,180	2,358	2,484
	440	722	708	766	863	759	812	837
Plant in use, after depreciation	306	491	528	518	502	488	502	519
Plant being built	18	9	19	12	12	13	11	15
Intangible assets	29	109	33	29	22	22	18	18
Goodwill	23	24	24	20	20	20	20	21
Intangible assets being developed	6	1	2	3	9	3	2	1
Property held to earn rent	0	0	0	0	0	0	0	0
Investments	0	24	2	2	0	71	0	0
Stakes in joint ventures and associates	0	–	0	0	97	0	52	51
Loans given	1	1	1	1	1	1	0	0
Other financial assets	11	–	18	17	20	23	28	32
Deferred tax	–	18	0	14	15	6	2	4
Other assets	46	45	81	150	165	113	175	176
	829	943	1,184	1,264	1,244	1,421	1,546	1,646
Inventories	404	383	462	577	573	539	670	635
Trade receivables	248	205	266	310	413	463	430	437
Cash and cash equivalents	72	105	98	70	76	104	109	121
Other bank balances	25	20	24	23	21	7	1	2
Current investments	27	153	258	227	89	192	202	262
Loans given	1	1	1	1	1	1	1	1
Other financial assets	2	4	3	5	11	17	17	33
Tax paid in advance	8	72	6	0	–	3	–	0
Other assets	42	–	65	51	60	95	116	157
Net debt	−103	11	−183	−81	18	−233	−213	−368

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 15 Jun	Mar 2022Filed 30 May	Mar 2023Filed 28 May	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 25 May
	292	51	106	351	118	299
	298	56	109	361	163	351
	83	−1	−63	137	−154	32
Receivables	−62	−45	−102	−49	30	−4
Inventories	−79	−115	3	34	−130	36
Payables	187	157	18	157	−24	37
Other working capital	37	2	18	−4	−29	−37
Tax paid	−7	−6	−3	−10	−45	−52
Capital spending	93	74	67	65	106	109
Free cash flow	199	−23	39	285	12	190
	−187	−27	−6	−138	−90	−152
Plant and property sold	2	1	1	0	0	0
Companies bought	−14	0	0	0	0	0
Interest received	5	3	2	2	2	3
	−112	−51	−94	−186	−23	−138
Borrowings raised	98	207	28	2	73	3
Borrowings repaid	−155	−204	−68	−132	−39	−86
Interest paid	−23	−18	−14	−12	−6	−3
Lease payments	−32	−36	−40	−44	−51	−52
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−6	−28	5	27	5	9

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 7 Jul	Mar 2021Filed 15 Jun	Mar 2022Filed 30 May	Mar 2023Filed 28 May	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 25 May
Earnings per share	₹12.12	₹19.98	₹18.00	₹6.76	₹15.61	₹11.89	₹3.69	₹12.43	₹29.35	₹35.43
Diluted earnings per share	₹12.12	₹19.98	₹18.00	₹6.76	₹15.61	₹11.89	₹3.69	₹12.43	₹29.35	₹35.43
Book value per share	–	–	₹149.80	₹156.55	₹168.58	₹159.99	₹161.69	₹173.84	₹203.97	₹241.00
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	2,622	4,629	3,963	1,079	4,504	4,217	2,988	6,102	5,388	3,623

Ratios

Consolidated, years to March.IFB Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 7 Jul	Mar 2021Filed 15 Jun	Mar 2022Filed 30 May	Mar 2023Filed 28 May	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 25 May
Revenue growth	–	28.5%	17.7%	−0.8%	6.2%	21.9%	22.8%	5.8%	14.7%	10.4%
Operating profit growth	–	64.2%	−18.4%	−4.8%	73.7%	−73.6%	193.5%	33.4%	39.3%	5.2%
Net profit growth	–	61.5%	−10.3%	−63.7%	148.8%	–	–	237.1%	136.1%	20.7%
Earnings per share growth	–	64.9%	−9.9%	−62.4%	130.9%	−23.8%	−69.0%	236.9%	136.1%	20.7%
	–	–	11.8%	4.3%	9.6%	–	2.3%	7.3%	15.2%	15.6%
	–	–	–	−7.5 pts	5.2 pts	–	–	5.0 pts	8.0 pts	0.4 pts
From the net margin	–	–	–	−7.3 pts	5.2 pts	–	–	5.0 pts	7.7 pts	1.4 pts
From asset turnover	–	–	–	−0.6 pts	−1.2 pts	–	–	0.2 pts	1.3 pts	0.6 pts
From borrowing	–	–	–	0.5 pts	1.2 pts	–	–	−0.1 pts	−1.0 pts	−1.6 pts
Return on capital employed	–	–	10.8%	3.1%	12.0%	−6.8%	4.7%	11.8%	18.1%	19.4%
Cash conversion	–	–	–	–	455.3%	–	706.4%	696.2%	99.2%	208.3%
Interest cover	12.6	18.7	9.6	1.8	3.5	–	1.4	3.3	7.1	9.2
Debt to equity	–	–	0.03	0.45	0.28	0.37	0.31	0.10	0.12	0.02
Receivable days	–	–	34	28	35	33	36	38	31	28
Inventory days	–	–	94	94	108	102	82	75	79	68
Payable days	–	–	106	116	153	144	118	136	111	106
Cash conversion cycle, days	–	–	22	6	−10	−8	−1	−23	−1	−10
Working capital days	–	–	21	10	−6	−1	5	−7	4	3
Asset turnover	–	–	2.10	1.80	1.58	1.74	2.03	2.07	2.24	2.32
Assets per rupee of net worth	–	–	2.05	2.32	2.65	2.92	3.14	3.09	2.91	2.64
Sales per rupee of plant	–	–	8.70	5.37	5.30	6.59	8.36	9.10	10.15	10.83
Capital spending to depreciation	–	–	–	–	0.91	0.64	0.55	0.52	0.81	0.89
Plant being built, % of plant in use	–	–	6.0%	1.8%	3.6%	2.3%	2.5%	2.7%	2.3%	2.8%

Interest cover is left blank for the year to Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.9%
Cash from operations against operating profit: 94.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	14.9%	10.2%
Profit growth, yearly rate	–	17.5%	112.6%
Return on equity, average	–	10.1%	12.7%
Return on capital employed, average	–	9.5%	16.4%
Operating margin, average	5.1%	4.4%	5.5%
Net margin, average	1.7%	1.0%	2.0%
Asset turnover, average	–	2.08	2.21
Cash conversion cycle, days, average	–	−9	−11
Interest cover, average	7.5	5.3	6.5
Debt to equity, average	–	0.18	0.08

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	924	768	299
Cash from investing	−413	−380	−152
Cash from financing	−493	−347	−138
Capital spending	421	280	109
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	313	78	3
Borrowings repaid	529	257	86

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	5	7	9	7	8
Altman Z-scorePublished threshold 1.81	–	–	6.98	3.05	4.69	3.97	3.84	5.31	5.24	4.77
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.89	−2.44	−2.21	−3.17	−2.27	−2.71
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.32	−3.65	−4.09	−7.59	4.01	−0.14
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	14.50	29.56	3.12	2.45
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−16.79	23.68	−5.15	10.39	6.23	−21.86	−8.73
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−0.34	15.83	−7.04	−24.68	−8.95	6.48	−15.78
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.93	−0.07	−0.53	0.35	1.00	0.36	0.99
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.03	0.14	0.11	0.12	0.12	0.08	0.10
Effective tax ratePublished threshold 17.16 per cent	18.73	31.14	24.48	3.66	35.18	–	49.84	23.29	24.51	25.22
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	41.17	12.86	−0.02	−1.55

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
15 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial PaperShort-term scale	Crisil A1+Ratings Reaffirmed		50
15 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	Crisil AARatings Upgraded	Stable	450
20 Oct 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+Review, Re-affirm	Stable	386.10

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.