In a strategic move to expand its footprint in the material handling and access equipment sector, Indef Manufacturing Ltd. has announced the execution of a Share Purchase Agreement (SPA) to acquire a majority stake in Daedalus Lift & Access Equipments Pvt. Ltd., a Pune-based original design manufacturer (ODM) of Mobile Elevating Work Platforms (MEWPs).
The acquisition, valued at ₹50.7 million (₹5.07 crore), will give Indef Manufacturing an 80% equity stake in Daedalus, marking a significant step in its post-demerger growth strategy. The deal was approved by the Board of Directors on July 29, 2025, and disclosed under Regulation 30 of SEBI (LODR) Regulations, 2015.
Strategic Rationale
Indef Manufacturing, which emerged from the demerger of Hercules Hoists Ltd., has been actively pursuing opportunities to diversify and deepen its product offerings. With Daedalus’ expertise in designing and manufacturing MEWPs, the acquisition aligns with Indef’s goal to become a comprehensive provider of lifting and access solutions across industrial sectors.
Daedalus products are widely used in:
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Space centers
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Railways
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Warehouses and infrastructure
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Automotive and aviation
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Pharmaceuticals
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Construction and automation
This acquisition is expected to unlock synergies in design innovation, manufacturing efficiency, and market access, especially in high-growth sectors where safety and precision in elevation equipment are critical.
Market Impact
Following the announcement, Indef Manufacturing’s stock (NSE: BAJAJINDEF) showed positive momentum, trading at ₹428.05 on July 31, 2025, with a market capitalization of ₹1,369.76 crore. The company has demonstrated strong fundamentals, including:
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ROCE: 16.49%
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ROE: 13.53%
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EPS: ₹3.17
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Debt-to-equity ratio: 0.02
The acquisition is expected to be earnings-accretive in the medium term, with Daedalus contributing to both top-line growth and margin expansion.
About Daedalus Lift & Access Equipments
Founded in 2017 and headquartered in Pune, Daedalus is known for its indigenously designed MEWPs that offer:
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Robust build quality
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Long-lasting efficiency
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Excellent value proposition
Its ODM model allows for customization and scalability, making it a preferred partner for industrial clients across India.
Post-Demerger Strategy
This acquisition is part of Indef’s broader strategy following its demerger from Hercules Hoists Ltd., which was sanctioned by the National Company Law Tribunal (NCLT) in August 2024. The demerger allowed Indef to focus exclusively on manufacturing hoists, cranes, and access equipment, while unlocking shareholder value and operational agility.
What’s Next?
With the SPA executed, Indef Manufacturing will integrate Daedalus’ operations and explore cross-selling opportunities across its existing client base. The company is also expected to leverage Daedalus’ design capabilities to enhance its R&D pipeline and accelerate product innovation.
Investors and industry watchers will be keenly observing how this acquisition translates into market share gains and operational efficiencies in the coming quarters.
Sources: Indef Manufacturing Ltd. Disclosure – SEBI Regulation 29, Daedalus Lift & Access Equipments Pvt. Ltd. – Company Profile, m.Stock, Trendlyne
