Indo-MIM
Indo-MIM manufactures precision engineering components using metal injection molding (MIM) technology. MIM is a manufacturing process merging plastic injection molding and powder metallurgy. In addition to MIM technology, it also leverages technologies such as investment casting, precision machining, ceramic injection molding and metal three-dimensional (3D) printing. These technologies have strengthened its manufacturing capabilities and enabled it to address the evolving needs of customers across industries.
The company manufactures and supplies critical and complex products for automotive, defence, medical, consumer and aerospace sectors, which are required to meet precise and specific requirements including in terms of quality, measurements and tolerances. It manufactures over 9,000 types of products in Fiscal 2026. The automotive products group (APG) of the company manufactures components used in vehicle safety, fuel systems, powertrains, and interior applications, all of which are essential for automobiles. The defence products group (DPG) manufactures firearm components with applications in the defence industry such as triggers, hammers and sights. Its medical products group (MPG) manufactures a range of components for surgical devices used in endoscopy, laparoscopy, dental robotics and orthopedics. For the consumer industry, the consumer products group (CPG) of it supply products for fashion accessories, crossbow parts, cellphone components, tools and hardware applications. The aerospace products group (Aerospace) manufacture components such as manifolds and precision housings, adaptors and tees, servo motor housing, nozzles and locking rings and clevises and brackets for OEMs in the aerospace industry.
With over 25 years of experience in the MIM industry, the company is the largest manufacturer globally of precision engineering components using MIM technology, with a market share of 6.8% in terms of revenue from MIM in Calendar Year 2025 and has held this position for the last six years.
The company has a diverse customer base and has long-standing relationships with several Indian and global OEMs. The company focuses on direct sales to its customers and leverages its existing relationships to sell its products.
The company has in-house capabilities to supply finished components, utilizing various surface treatment processes. This allows it to deliver fully finished, quality components that meet the customer specifications. With over 80 different alloying options as of March 31, 2026, it offers customers a range of material choices, further enhancing the versatility of its solutions.
With its experience and capabilities in mold designing, tooling, product development as per design specifications and material selection coupled with finishing and assembly operations, it offer end-to-end solutions to the manufacturing needs of its customers.
It collaborates with its customers to understand their challenges which enableit to deliver tailored solutions to them. Its approach of focusing on its customers? specific industry requirements helps strengthen its relationship with them and enables it to establish itself as a preferred partner within their value chain.
Over the last three fiscals, the company has supplied its products to customers in 55 countries. Ithas global sales capabilities with a dedicated sales team that provides customer support. As of March 31, 2026, the company has three sales offices in China, Germany and the United States and 13 sales representatives in Czech Republic, France, Italy, Japan, South Korea, Singapore, Israel, Poland and Turkey.
Revenue from operations from outside India accounted for about 77.2% [North America 43.68%, Europe 19.97%, ASEAN 2.65%, and Non-India Rest of the world 10.9%] in FY26 and 89.92% [North America 50.31%, Europe 21.73%, ASEAN 2.61%, and Non-India Rest of the world 15.27%] in FY25. Revenue from operations from India stood at 22.8% and 10.08% in FY26 and FY25 respectively.
Developing high-quality and commercially scalable precision products requires significant capital investment and extensive research and development, creating substantial entry barriers for new players. Further both Indian and global OEM customers have stringent selection procedures and product specifications for procurement from third party suppliers. Its commitment to innovation and efficiency is evident from its ability to produce 45 to 50 new tools per month, which has led it to be among the fastest in the MIM industry towards new product introductions.
As of July 17, 2026, it operated 15 manufacturing facilities, of which, six are in India, six in the United States, two in the United Kingdom and one in Mexico. The strategic location of its manufacturing facilities in India provides it with cost and logistical advantages. Its dual-shore manufacturing capabilities, enables it to serve both Indian and global OEMs, helping it benefit from economies of scale.
The company?s integrated manufacturing set-up includes the MIM manufacturing process and in-house secondary processes for MIM components. It also has vertically integrated finishing technologies such as electroless nickel and trivalent chromium plating, vacuum and sealed quench heat-treating, as well as precision grinding and computer numerical control (CNC) machining to micron tolerances. The company focuses on developing its backward integration capabilities to provide more material options for its customers. In the past, the company has initiated the manufacturing of stainless-steel powder as part of its backward integration strategy and is in the process of establishing a manufacturing facility for iron powder production. It also offers plastic- injection and insert-molding, along with a range of product assembly and integration services.
The company and AUFLEX Co Ltd (South Korea) are in the process of setting up a joint venture company named INDO Flex Precision Private Limited pursuant to the joint venture agreement dated November 30, 2024. INDO Flex Precision Private Limited intends to engage in the business of specialized production and sale of foldable hinge modules in India and other locations. Further, a new subsidiary, INDO-MIM Arms Components Private Limited has been incorporated on December 5, 2025, to carry out the business of manufacturing of engineering metal parts.
The issue and objects of the offer
The offer comprises afresh issue of equity shares aggregating upto Rs 500 crore and the offer for sale of up to 68291022 equity shares by the promoter selling shareholders[60524322 by Green Meadows Investments and 5459000 equity shares by Anuradha Koduri] and other selling shareholders[IIT Madras 2307700 equity shares]. Post Issue IIT Madras will hold 2307685 equity shares or 0.47% of post issue expanded equity on upper price band.
Of the net proceeds from the fresh issue, the company proposes to utilize Rs 400 crore towards repayment/prepayment, in full or part, of all or certain outstanding borrowings; and balance for general corporate purposes.
Outstanding borrowings on a consolidated basis as of May 31, 2026, stood at Rs 1212.349 crore.
Strengths
Global leadership in manufacturing precision engineering components using MIM technology. As of March 31, 2026, it has the world?s largest installed capacity for MIM products.
The diversified product portfolio catering to applications across multiple industries
Long-standing relationships with Indian and global OEM customers. In the fiscals 2026, 2025 and 2024, its repeat customers contributed 91.60%, 90.91% and 93.76%, respectively, of its revenue from operations.
End-use industry-wise breakdown of revenue from operations in FY26 is APG 24.61%, CPG 10.8%, DPG 18.68%, MPG 18.08% and Aerospace 11.96%. Top 1/3/5/10 customers accounted for 7.97%/21.65%/28.95%/38.41% of revenue from operations in FY26 reflecting diversification of revenue across multiple customers and multiple industries.
Backward integrated, dual-shore manufacturing capabilities both in India and countries such as the United States, United Kingdom and Mexico, with focus on efficiency enable the company to cater to the needs of customers who require domestic manufacturing for their components with supply chain security.
Weaknesses
Any slowdown, postponement or cancellation of procurement plans by customers, especially in overseas markets, could disproportionately affect its revenues, capacity utilisation and operating leverage given long gestation periods, qualification timelines and customer-specific nature of its products.
Failure by suppliers to deliver primary raw materials such as metal powders and polymers may have an adversely impact its ability to continue manufacturing process without interruption.
Any change in EXIM policy of any market of the country or restrictions of imports of RM of the company by India could adversely affect the business of the company considering significantly large exports and imports (60.95% of RM is imported in FY26). Currency exchange rate fluctuations may have an adverse effect on the business of the company.
Manufacturing facilities in India are concentrated in south India especially the state of Karnataka, TN & AP and any adverse developments affecting this region/states could have an adverse effect on business.
Promoters, Directors and KMPs have received certain show cause notices for alleged non-compliance with mandatory appointment of a cost auditor and for a mandatory cost audit.
The name of Krishna Chivukula, one of the promoters and CMD of the company has appeared in the list of disqualified directors in the past.
Business of the company is subjected to social, economic, political, geopolitical and legal risks in multiple countries given global manufacturing footprint and exports.
Statutory auditors have included emphasis of matters for Fiscals 2025 and 2024 and negative remarks in accordance with the Companies (Auditor?s Report) Order, 2020 in the audit reports issued on the audited Ind AS financial statements for Fiscals 2026, 2025 and 2024.
Ravi Chandrasekhar, one of the members of the promoter group, has an estranged relationship with Jagadamba Chandrasekhar, one of its promoters. Therefore, the company will not be able to obtain any details regarding this member of Promoter Group which are required to be disclosed in relation to Promoter Group under the SEBI ICDR Regulations in this RHP.
Pricing pressure from customers may adversely affect its ability to increase prices.
The global manufacturing industry in general and certain of its sectors in particular tend to be cyclical or seasonal.
Have in the past entered related party transactions and may continue to do so in the future.
There have been delays in payment of statutory dues by the company and its subsidiaries in the past.
Contingent liability as of March 31, 2026, stood at Rs 227.449 crore.
High tooling and part development costs limit the viability for low-volume parts. And given energy-intensive debinding and sintering process in MIM and feedstock price volatility leads to margin pressure during energy and raw material upcycles.
Exposed to the risk of concentrated supply of MIM-grade powders; strict requirements on particle size, shape, and purity; limited recycled content usage.
Valuations
Consolidated re-stated sales stood higher by 26% to Rs 4192.99 crore in FY 2026. With the OPM contract by 250 bps to 25.5%, the growth of OP was 15% to Rs 1070.92 crore. As other income jumped by 188% to Rs 127.72 crore, the PBIDT stood higher by 23% to Rs 1198.64 crore. Other income jumped by 188% largely due to Rs 36.865 crore (nil in FY25) compensation received from customers on cancellation of contracts and higher forex exchange gain of Rs 80.217 crore (against Rs 27.574 crore in FY25). After accounting for higher interest and depreciation cost, the PBT was up by 19% to Rs 55.09 crore. EO Exp was lower by 23% to Rs 78.04 crore and thus the PBT after EO was up 26% to Rs 733.74 crore. EO Exp for FY26 of Rs 78.036 crore (RS 101.078 crore in FY25) is net of reversal of impairment of property, plant and equipment ? Triax Industries, LLC, USA of income of Rs 2.732 crore (against expense of Rs 103.113 crore in FY25); impairment of goodwill at UK based Conway Marsh & Garrett Technologies Limited amounting Rs 71.128 crore (Rs 12.043 crore in FY25); impairment of property, plant and equipment and right of use assets of Conway Marsh & Garrett Technologies amounting Rs 9.64 crore ( nil in FY25) and gain on sale of fractional ownership of jet in subsidiary company amounting nil (against Rs 14.078 crore in FY25). Finally, profit after MI was up 26% to Rs 533.54 crore.
On an expanded equity (at the upper price band) the EPS for FY2026 was Rs 11.9. The P/E at the upper price band works out to 40.8 times the FY2026 EPS. The company quotes at a P/BV of 7.2 times. The company trades at EV/sales 5.9 times on FY2026 sales.
Consolidated total borrowings as of May 31, 2026, stood at Rs 1212.349 crore and the company proposes to utilize Rs 400 crore of the net proceeds from fresh issue towards prepayment of the borrowing. Repayment of Rs 400 crore will bring the borrowings down by about 32.998% resulting in lower interest outgo and boosting the net-profit substantially. The EPS forFY26 works out to Rs 12.7 if 32.998% of its interest cost is removed, keeping all other items, including tax rate, same. The re-worked P/E at the upper price band moderates to 38.2 times its FY26 EPS.
There are no listed companies or peers in India that engage in a business similar as that of the company. Investment & Precision Castings is smaller in size but uses investment casting method to manufacture components quotes at a PE of 73.5 times of its FY26 EPS. Some other typical casting companies such as Alican Castalloys, Nelcast, Electrosteel Castings, Magna Electro Castings, Simplex Castings and Steelcast and Bhagwati Autocast quotes at a PE of 26.02 times, 25.41 times, 23.71 times, 26.32 times, 18.76 times, 35.72 times and 12.5 times, respectively.
| Indo-MIM : Re-stated Consolidated Financials |
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| 2403 (12) | 2503 (12) | 2603 (12) | |||
| Sales | 2870.40 | 3329.58 | 4192.99 | |||
| OPM (%) | 25.9 | 28.0 | 25.5 | |||
| OP | 743.46 | 932.60 | 1070.92 | |||
| Other income | 29.99 | 44.40 | 127.72 | |||
| PBIDT | 773.45 | 976.99 | 1198.64 | |||
| Interest | 87.41 | 96.10 | 166.80 | |||
| PBDT | 686.04 | 880.89 | 1031.84 | |||
| Depreciation | 174.36 | 198.81 | 220.06 | |||
| PBT | 511.68 | 682.08 | 811.78 | |||
| EO Exp | 76.47 | 101.08 | 78.04 | |||
| PBT after EO | 435.21 | 581.00 | 733.74 | |||
| Tax | 151.47 | 157.27 | 200.20 | |||
| PAT | 283.73 | 423.73 | 533.54 | |||
| Share of Profit from Associates | 0.00 | 0.00 | 0.00 | |||
| Minority Interest | 0.00 | 0.00 | 0.00 | |||
| Net profit after MI | 283.73 | 423.73 | 533.54 | |||
| EPS (Rs)* | 6.7 | 10.1 | 11.9 | |||
| * on post IPO fully dilluted equity (on upper price band) of Rs 49.45 crore. Face Value: Rs 1 | ||||||
| EPS is calculated after excluding EO and relevant tax | ||||||
| Figures in Rs crore | ||||||
| Source: Capitaline Corporate database | ||||||
| Indo-MIM : Issue Highlights |
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| Fresh Issue (Rs crore) | 500 |
| Offer for sale (in nos.) | 68291022 |
| Price band (Rs.) ** |
|
| Upper | 485 |
| Lower | 461 |
| Post-issue equity (Rs crore) | |
| in Upper price band | 49.45 |
| in Lower Price Band | 49.50 |
| Post-issue promoter (including promoter group) stake (%) | |
| in Upper price band | 77.65 |
| in Lower Price Band | 77.57 |
| Minimum Bid (in nos.) | 30 |
| Issue Open Date | 23-07-2026 |
| Issue Close Date | 27-07-2026 |
| Listing | BSE, NSE |
| Rating | 47/100 |
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