Indo-MIM logo

Indo-MIM

INDOMIM NSE

Key Fundamentals

Midcap
Market Cap
₹48,860 Cr
Volatility
High Risk
P/E Ratio
93.2
EBITDA
₹1,199 Cr
Return on Equity
18.92%
Debt to Equity
0.49
Book Value
₹67.15
52W High
₹1,028.5
52W Low
₹485

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 60.1%

Growth Rate

Revenue Growth
28.06% higher than 3Y
Net Income Growth
25.91% higher than 3Y
Cash Flow Change
113% lower than 3Y
ROE
-1.82% lower than 3Y
ROCE
3.9% lower than 3Y
EBITDA Margin (Avg.)
-4.21% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Indo-MIM Ltd is the world's largest metal injection molding (MIM) manufacturer by revenue, holding a 6.8% global market share. The company reported FY2026 revenue of ₹4,193 crore (up ~26% YoY) with a consolidated ROE of ~23% and EBITDA margins near 28%. The stock trades at a PE of ~93x with a market cap of ~₹48,860 crore, reflecting a significant premium to broader industrials.

Bull Case 8
  • Revenue grew ~26% YoY in FY2026 to ₹4,193 crore, accelerating from 16% growth in FY2025, indicating strong demand momentum
  • Consistent ROE track record — 3-year average ROE of ~21-28% and last reported ROE of ~23%, well above cost of equity for an industrial company
  • World's largest installed MIM capacity with 6.8% global market share held for six consecutive years, providing scale and cost advantages through in-house feedstock production
  • Q1 FY2027 standalone net profit rose ~32% YoY to ₹223 crore on revenue of ₹1,003 crore, suggesting the growth trajectory is sustaining into the current fiscal year
  • Healthy dividend payout ratio of 60.1% demonstrates shareholder-friendly capital allocation and confidence in cash flow generation
  • Diversified across 9,000+ component types serving 1,100+ customers in 55 countries, reducing single-customer or single-geography concentration risk
  • Compounded sales CAGR of 15-16% over 3 and 5 years respectively, showing sustained top-line compounding through business cycles
  • Early adoption of metal 3D printing via Desktop Metal Production System positions the company in next-generation additive manufacturing for mass production
Bear Case 8
  • PE ratio of ~93x is significantly elevated relative to broader industrial sector averages of 25-40x, leaving limited room for execution misses
  • Compounded profit CAGR of just 1% over 5 years and 8% over 3 years lags the sales CAGR of 16% and 15% respectively, indicating margin or cost pressures historically
  • ~90% of revenue is export-driven, creating material exposure to currency fluctuation, trade tariffs, and geopolitical disruption in key markets like the US and Europe
  • Price-to-book ratio of ~15x is steep for a capital-intensive manufacturing business, implying the market is pricing in substantial future growth that may not materialise
  • Dividend yield of only 0.66% despite the 60.1% payout ratio means most of the return thesis depends on capital appreciation at current valuations
  • The IPO included ~₹400 crore earmarked for debt repayment, indicating the company carried meaningful leverage pre-listing that needed to be addressed
  • FY2024 revenue growth decelerated sharply to ~6.6% before recovering in FY2025-26, highlighting cyclicality in end-market demand
  • Niche MIM technology, while growing, represents a relatively small global market, potentially capping the long-term addressable opportunity versus broader precision engineering peers

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 5
  • Rich valuation at 88x PE Aug 19

    Indo-MIM trades at a P/E of 88.16x, a significant premium to the industrial products sector average of ~52x, implying investors are pricing in sustained 25-30% earnings growth.

  • Raw material cost reversal risk Aug 19

    With 60.95% of raw materials imported, a 10% reversal in raw material costs could compress EBITDA margins by ~165 basis points to around 31.7%. Steel prices expected to remain firm with limited downside.

  • Employee costs outpacing revenue Aug 19

    Employee benefits expense grew 21% YoY in Q1 FY27, well above the 9.4% revenue growth, potentially offsetting operational efficiency gains if the trend continues.

  • Thin subsidiary profitability Aug 19

    Subsidiary net margin remains thin at 0.84% on significant revenue, indicating room for improvement in the consolidated business beyond the standalone entity.

  • Pre-results stock dip Aug 17

    Shares fell 0.82% to ₹842.40 ahead of Q1 results, reflecting market uncertainty despite the stock trading 73.69% above its IPO issue price of ₹485.

Positives 6
  • Q1 PAT surges 31.6% YoY Aug 18

    Consolidated net profit jumped 31.6% YoY to ₹240.12 crore on revenue of ₹1,218.74 crore (up 9.4%), with EBITDA margin expanding 403 bps to 33.35% driven by operating leverage.

  • Stock hits 10% upper circuit Aug 18

    Shares surged to ₹951.30 (10% upper circuit) on Aug 18 with volume of 10.2 million shares — 8.5x the average consolidation period volume, signalling broad-based buying conviction.

  • Raw material costs decline 11% Aug 19

    Raw material costs fell 11% YoY to ₹205.36 crore from ₹230.44 crore, saving ₹25.08 crore (~2.1% of revenue) that flowed directly to the bottom line.

  • Finance costs drop 41.6% Aug 19

    Finance costs declined 41.6% YoY to ₹26.57 crore, aided by ₹400 crore of IPO proceeds directed toward debt clearance.

  • Generous dividend of ₹6.80/share Aug 18

    Board approved aggregate interim dividend of ₹6.80 per share (₹3.50 + ₹3.30), resulting in total cash outflow of approximately ₹329.23 crore.

  • Global MIM leader, 6.8% share Aug 19

    Indo-MIM is the world's largest Metal Injection Molding manufacturer with 6.8% global market share, serving 1,100+ customers across 55 countries with diversified end-market exposure.

Neutral 3
  • Analyst meets scheduled Sep 9-11 Sep 3

    Indo-MIM scheduled an Institutional Investor Meet in Bengaluru on Sep 9 and Axis Capital Consumer & Technology Conference in Mumbai on Sep 11, 2026.

  • 30th AGM set for Sep 22 Aug 29

    AGM scheduled for Sep 22, 2026 with key agenda items including ratification of ESOP 2024 plan for up to 7.23 crore shares and appointment of secretarial auditors.

  • Annual report filed for FY26 Aug 29

    Indo-MIM filed its 30th annual report for FY ended March 31, 2026 with NSE and BSE, with the document available on the company website.

TL;DR: Indo-MIM delivered a strong Q1 FY27 with 31.6% PAT growth on just 9.4% revenue growth, showcasing powerful operating leverage as the business scales past its breakeven threshold. The stock has nearly doubled from its IPO price of ₹485 to ~₹967, but trades at a rich 88x PE — well above the sector average of 52x. Key risks include potential raw material cost reversals, employee cost inflation outpacing revenue, and thin subsidiary margins. Sustainability of current margins through Q2 FY27 and the commissioning of the iron powder facility in Gowribidanur by end-FY27 will be critical catalysts to watch.

Quarterly Results

Particulars Jun 2025Mar 2026Jun 2026
Sales
1,114
1,048
1,219
Expenses
787
847
812
Operating Profit
327
201
407
OPM %
29%
19%
33%
Other Income
13
85
3
Interest
46
47
27
Depreciation
49
53
58
PBT
245
185
325
Tax %
26%
25%
26%
Net Profit
182
139
240
EPS in Rs
3.78
2.87
4.96
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
1,975
2,503
2,753
2,888
3,330
4,193
Expenses
1,121
1,585
1,939
2,131
2,397
3,122
Operating Profit
854
918
814
757
933
1,071
OPM %
43%
37%
30%
26%
28%
26%
Other Income
21
14
25
33
-57
50
Interest
50
40
60
96
96
167
Depreciation
105
123
150
171
199
220
PBT
718
769
629
521
581
734
Tax %
23%
22%
25%
33%
27%
27%
Net Profit
553
598
471
352
424
534
EPS in Rs
57.59
62.29
49.1
7.29
8.79
11.02
Div. Payout %
67%
43%
8%
51%
67%
62%
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
48
48
48
48
48
48
Reserves
1,258
1,612
1,962
2,038
2,151
2,771
Borrowings
588
670
804
1,257
1,433
1,368
Other Liabilities
311
334
504
519
508
710
Total Liabilities
2,205
2,664
3,318
3,862
4,141
4,897
Fixed Assets
975
1,164
1,263
1,774
1,748
2,172
CWIP
20
53
388
176
209
181
Investments
0
0
0
10
13
10
Other Assets
1,210
1,447
1,667
1,901
2,171
2,535
Total Assets
2,205
2,664
3,318
3,862
4,141
4,897
Figures in ₹ Crores

Cash Flow

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
601
502
641
456
506
1,077
Investing
-247
-299
-464
-478
-327
-506
Financing
-294
-177
-57
-86
-238
-356
Net Cash Flow
60
27
120
-108
-58
215
Free Cash Flow
346
202
175
77
133
662
CFO/OP
89
78
97
82
74
122
Figures in ₹ Crores

Ratios

Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
67
58
59
57
71
66
Inventory Days
733
584
537
623
687
373
Days Payable
287
225
193
182
171
83
Cash Conversion Cycle
514
417
402
498
586
356
Working Capital Days
39
57
65
7
78
71
ROCE %
—
38%
27%
20%
22%
25%

Shareholding Pattern

Promot.93.34%Others6.66%As ofSep 2025
A trend needs at least two reported periods.

Documents

Frequently Asked Questions about Indo-MIM

What does Indo-MIM Ltd do?
Business Overview:[1] Incorporated in 1996, Indo-MIM is a global leader in manufacturing precision engineering components using metal injection molding (MIM) technology. The company offers end-to-end solutions including mold design, tooling, finishing, and assembly. Along with MIM, the company al...
Where is Indo-MIM Ltd (1286054) listed?
Indo-MIM Ltd trades as INDOMIM on the NSE and under code 544837 on the BSE.
Which sector does Indo-MIM Ltd belong to?
Indo-MIM Ltd is classified under the Industrials sector, in the Industrial Manufacturing industry.
What is the market capitalisation of Indo-MIM Ltd?
Indo-MIM Ltd has a market capitalisation of ₹48,860 Cr, which places it in the Large Cap band.
What is the PE ratio of Indo-MIM Ltd?
Indo-MIM Ltd trades at a PE ratio of 93.20, against a book value of ₹67.15 per share.
What is the 52-week high and low of Indo-MIM Ltd?
Over the last 52 weeks Indo-MIM Ltd has traded between ₹485 and ₹1,028.5.
Does Indo-MIM Ltd pay dividends?
Indo-MIM Ltd has a dividend yield of 0.66%.
What is the Return on Equity (ROE) of Indo-MIM Ltd?
Indo-MIM Ltd reported a return on equity of 18.92%. Its debt-to-equity ratio is 0.49.

Company Information

Business Overview:[1] Incorporated in 1996, Indo-MIM is a global leader in manufacturing precision engineering components using metal injection molding (MIM) technology. The company offers end-to-end solutions including mold design, tooling, finishing, and assembly. Along with MIM, the company also use advanced technologies such as investment casting, precision machining, ceramic injection molding, and 3D metal printing to serve diverse industries. In FY25, it has manufactured over 6,400 products, catering to automotive, defence, medica, consumer, and aerospace industries. Product Portfolio:[1] a) Automotive: Safety, fuel systems, powertrain, and interiors b) Defence: Firearm components like triggers, hammers, and sights c) Aerospace: Manifolds, housings, nozzles, locking rings, clevises, and brackets for OEMs The company has global sales capabilities with dedicated sales team that provides customer support. As of March 31, 2026, it has three sales offices in China, Germany and the United States, with 13 sales representatives in Czech Republic, France, Italy, Japan, South Korea, Israel, Poland and Turkey. In Fiscal 2026, it has served more than 1,100 customers d) Medical: Parts for surgical devices in endoscopy, laparoscopy, dental robotics, and orthopedics e) Consumer: Fashion accessories, crossbows, cellphone parts, tools, and hardware f) Manufacturing: The company operates 15 manufacturing facilities across India, the US, the UK, and Mexico, and hold the world’s largest installed MIM capacity (Source: F&S Report). Its global presence includes sales offices in China, and Germany, and the US, and sales reps across Europe and Asia. Competitive Strengths:[1] a) Global leadership in manufacturing precision engineering components using MIM technology b) Long-standing relationships with Indian and global OEM customers c) Diversified product portfolio catering to applications across the multiple industries d) Backward integrated, dual-shore manufacturing capabilities d) Export driven player with extensive global distribution capability User Industries:[1] Automotive, Aerospace, Medical, Defence and Consumer products. Acquisitions:[1] Conway Marsh Garrett Technologies Ltd CMG Technologies (UK), Triax Industries, LLC (USA), and Phoenix DeVentures II Inc. These have added to INDO-MIM’s capabilities in MIM and advanced machining, strengthening its global footprint

Website indo-mim.com
Listed 2026-07-30
Face Value ₹ 1

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