Indo-MIM IPO
Indo-MIM IPO is a mainboard IPO raising ₹3,811 Cr at ₹461 – ₹485 a share. It listed on 30 Jul 2026 at ₹700, +44.3% against its issue price of ₹485, and trades at ₹1,014 today (+109.2% since issue). It was subscribed 72× in total.
72.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
INDO-MIM Limited makes precision engineering components, primarily using metal injection molding (MIM), and also investment casting, precision machining, ceramic injection molding, and metal 3D printing. Their products (triggers, turbocharger vanes, surgical instrument jaws, manifolds, cellphone parts, etc.) are sold to OEM customers in automotive, defence, medical, consumer, and aerospace sectors. They operate 15 factories across India, the US, the UK, and Mexico and exported over 210 million components in FY2026. (FY2026 revenue from operations: ₹41,929.85 million ≈ ₹4,193 crore; 1 crore = 10 million)
How it earns
Direct sales of manufactured precision components to OEM customers across automotive, defence, medical, consumer, and aerospace end-use industries, with 77.20% of FY2026 revenue (₹3,236.97 crore) coming from outside India.
Who buys
Served more than 1,100 customers in FY2026 across 738 unique customer accounts. Customer concentration is low: top 1 customer = 7.97% of revenue (₹334.19 crore), top 3 = 21.65%, top 5 = 28.95%, top 10 = 38.41%. Repeat customers contributed 91.60% of revenue (₹3,840.66 crore). Top 5 customers by FY2026 revenue and their relationship lengths: a defence customer since Fiscal 2010 (17 years), an ECM customer since Fiscal 2024 (3 years), a medical customer since Fiscal 2010 (17 years), an ECM customer since Fiscal 2026 (1 year), and a defence customer since Fiscal 2014 (13 years). Named customers who have given awards: Cummins, Bajaj BAVA, Bosch, Schaeffler, RTX, BHEL, StanleyBlack&Decker, SMP Oil & Gas, Caterpillar, Hero Motors.
Scale
15 manufacturing facilities (6 India, 6 US, 2 UK, 1 Mexico); 4,424 permanent employees in India (4,100 engineers, metallurgists, designers, toolmakers, technicians) plus 497 trainees; 3 sales offices (China, Germany, US) and 13 sales representatives in 9 other countries; over 9,000 types of products manufactured in FY2026; exported over 210 million components in FY2026.
What it says sets it apart
- Largest global MIM manufacturer with 6.8% market share in CY2025, ranked #1 for the last six consecutive years (F&S Report)
- World's largest installed MIM manufacturing capacity as of March 31, 2026 (F&S Report), with 15 plants across India (6), US (6), UK (2), and Mexico (1) for dual-shore supply
- Diversified technology stack spanning MIM, investment casting, precision machining, ceramic injection molding, and metal 3D printing, with over 80 alloying options available as of March 31, 2026
- Fast new-product introduction: 45-50 new tools produced per month, classified among the fastest in the MIM industry (F&S Report)
- High level of manufacturing automation: 436 robots and 476 IoT-enabled machines deployed as of March 31, 2026
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs485 / stated EPS Rs10.87 (FY26 (year ended March 31, 2026) diluted EPS, restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹4,193 Cr+26% | ₹534 Cr+26% | 12.7% | ₹2,820 Cr | ₹1,090 Cr |
| FY2025 | ₹3,330 Cr+16% | ₹424 Cr+49% | 12.7% | ₹2,199 Cr | ₹1,247 Cr |
| FY2024 | ₹2,870 Cr | ₹284 Cr | 9.9% | ₹2,051 Cr | ₹1,085 Cr |
Where the money goes
The offer →87% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How its cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 204× their allocation. Retail: 6.67×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 13risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Axis Capital Limited — median +35.0% across the 112 of its issues we can price. All lead managers →
What happens when
What to watch
- 87% of the issue is offer for sale — only ₹500 Cr of new money reaches the company.
- The asking multiple is 44.6× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Exports 77-90% of revenue exposed to US tariffs (prospectus page 23).
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track INDO-MIM LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.