INDO-MIM Limited

Industrials — Metal Fabrication · NSE

₹1,186.00+₹18.40 (+1.58%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, with modest growth. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of INDO-MIM Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

INDO-MIM Limited provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology in India, North America, Europe, Southeast Asia, and internationally.

IndustryMetal Fabrication

SectorIndustrials

Employees4,424

Annual revenue₹414 Cr

How does it make money?

Turns over ₹414 Cr a year. Of every ₹100 of sales, about ₹13 reaches shareholders as profit, with ₹26 left at the operating level before interest, tax and depreciation. Each of its 4,424 employees supports ₹9.4 lakh of revenue a year, the signature of a people-led business.

EBITDA margin25.9%

Net margin12.9%

Revenue / employee₹9.4 lakh

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, HINDALCO INDUSTRIES LTD, VEDANTA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

TATA STEEL LIMITEDP/E 19.8x · ROE 10.8%

JSW STEEL LIMITEDP/E 12.0x · ROE 24.7%

HINDALCO INDUSTRIES LTDP/E 12.3x · ROE 12.0%

VEDANTA LIMITEDP/E 10.4x · ROE 18.7%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 22.8%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 18.9% against a peer median of 18.7% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE22.8%

ROE18.9%

Peer median ROE18.7%

What is the outlook?

3 analysts covering the stock expect revenue to grow about 20.3% and earnings to grow about 22.0% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+20.3%

Est. earnings growth+22.0%

Analysts3

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +55% while net margin moved -26% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+55%

Margin effect-26%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 98.3x is demanding — it needs sustained high growth to justify
✗ P/B of 20.37x is a steep premium to book

Quality vs. Valuation

Company Quality

70/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

23/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

98.3x

Sector Median

12.2x

median of 4 sector peers

⚠️Against its sector it trades 709% above the peer median of 12.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

12.2x median of 4 peers · +709%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

98.3x

P/B

20.37x

EV/EBITDA

547.2x

PEG

20.22

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Cash generation is improving
Free cash flow is up 223% over 3 years.
High return on capital employed
ROCE of 22.8% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Margins are compressing
EBITDA margin has slipped from 31.6% to 25.9% over 3 years.
Debt is rising
Total debt is up 39% over 3 years — worth checking what it funded.
Return on equity is falling
ROE has dropped from 23.1% to 18.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 25.4% to 22.8% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 5.7 points, from 31.6% to 25.9%.
🟡Debt is increasingFinancial
Total debt is up 39% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 22.8% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹66 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 31.6% to 25.9%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
A premium to the sector to defend
It trades 709% above the peer median. That premium needs a reason that persists, or it closes.
Returns on shareholder capital are falling
ROE has dropped from 23.1% to 18.9%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 12% a year✓ 15.8% CAGR
Latest reported year was 9.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 24%✓ 25.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹66 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 20%✓ 22.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

11 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹58,645 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

98.3x

Expensive

Expensive — verify against sector peers

P/B Ratio

20.37x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹12.06

Profitable

Profitable on a per-share basis

ROE

18.9%

Strong

Strong capital efficiency

ROCE

22.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.49x

Low

Conservative leverage

Revenue Growth (YoY)

9.4%

Modest

Modest growth

Profit Growth (YoY)

31.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹66 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹1,186

P/E (Forward)

52.6x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

28.6%

Good

Healthy core-business profitability

Net Margin

13.8%

Good

Strong bottom-line conversion

Current Ratio

2.09

Comfortable

Healthy short-term liquidity

52W Range Position

72%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1242.9 / 1042.5

Bullish alignment (short > long)

RSI (14)

39.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹267 Cr	₹284 Cr	₹328 Cr	₹414 Cr	+15.8%
EBITDA	₹84 Cr	₹71 Cr	₹97 Cr	₹107 Cr	+8.4%
EBITDA Margin	31.6%	25.1%	29.4%	25.9%	—
PAT (Net Profit)	₹46 Cr	₹28 Cr	₹42 Cr	₹53 Cr	+4.9%
ROE	23.1%	13.8%	19.3%	18.9%	—
ROCE	25.4%	18.1%	23.3%	22.8%	—
Total Debt	₹98 Cr	₹127 Cr	₹143 Cr	₹137 Cr	+11.6%
Free Cash Flow	₹20 Cr	₹8 Cr	₹13 Cr	₹66 Cr	+47.8%

🟢 Revenue has grown at 15.8% a year over 3 years.

🟢 EBITDA has grown at 8.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 31.6% to 25.9% over 3 years (-5.7 pts).

🟢 PAT (Net Profit) has grown at 4.9% a year over 3 years.

🔴 ROE has fallen from 23.1% to 18.9% over 3 years (-4.2 pts).

🔴 ROCE has fallen from 25.4% to 22.8% over 3 years (-2.6 pts).

🔴 Total Debt has grown at 11.6% a year over 3 years.

🟢 Free Cash Flow has grown at 47.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹490 Cr

Total Liabilities

₹208 Cr

Total Debt

₹137 Cr

Cash & Equivalents

₹39 Cr

Operating Cash Flow

₹108 Cr

Capex

-₹42 Cr

Shareholding (proxy)

Institutional Holding

10.6%

Insider Holding

79.6%

Analyst Consensus

Recommendations

2 Buy · 0 Hold · 1 Sell

Target Price (Mean)

₹1,139

-4.0% vs CMP

Target Range

₹900 – ₹1,407

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
HINDALCO INDUSTRIES LTD	12.3x	12.0%
VEDANTA LIMITED	10.4x	18.7%

Recent News

1 mixed5 general

INDO-MIM LIMITED Share Price

Upstox, 16 Oct

Indo-MIM Ltd. IPO Review - Indo-MIM Ltd. IPO Dates, Issue Price, Subscription and Allotment Status

The Economic Times, 13 Oct

INDO-MIM Ltd Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 29 Aug

INDO-MIM surges 21% in 3 days; up 137% from IPO price in less than 2 months

Business Standard, 21 Sept

Indo-MIM shares rise sharply following stock market debut

PIM International magazine, 10 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

INDO-MIM Limited (INDOMIM) Share Price NSE

TechGraph, 07 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong15.4/20

🟢Financial HealthStrong17.8/20

🟡GrowthModest10/20

🟡ProfitabilityModerate9.5/15

🔴ValuationDemanding3.2/15

🟡RiskModerate5.8/10

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 12% a year15.8% CAGR
✓EBITDA margin holds above 24%25.9%
✓Free cash flow remains positive₹66 Cr
✓Debt / EBITDA stays below 2x1.3x
✓ROCE stays above 20%22.8%