Global MIM leader, new listing
INDO-MIM Ltd. is a global precision engineering company specializing in Metal Injection Molding (MIM), precision casting, machining, and medical instruments. It serves the automotive, aerospace, medical, industrial, and consumer sectors with high-precision components.
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. The company's products include vehicle safety, fuel systems, powertrains, and interior applications for automobiles; firearm components, such as triggers, hammers, and sights; components for surgical devices in various fields, including endoscopy, laparoscopy, dental robotics, and orthopedics; and manifolds and precision housings, adaptors and tees, servo motor housing, nozzles and locking rings, and clevises and brackets for original equipment manufacturers in the aerospace industry. It serves the automotive, defence, medical, consumer, and aerospace sectors. The company was incorporated in 1996 and is based in Bengaluru, India. INDO-MIM Limited operates as a subsidiary of Green Meadows Investments Ltd.
Key people: Mr. Krishna Chivukula (MD & Chairman) · Mr. Krishna Chivukula Jr. (CEO & Whole-Time Director) · Mr. Parasuraman Balasubramanian (VP of Finance & CFO) · Mr. Santosh Kumar Dash (Company Secretary & Compliance Officer) · Mr. Tirumani Srinivasan Shivashankar (Vice President of Operations) · Mr. Jagadish Govindrao Holla (Senior Vice President of Marketing of Indo-MIM Inc.)
INDO-MIM major competitors are Thermax, Kirloskar Oil Engine, Jyoti CNC Automation, SPR Auto Tech., Inox India, Azad Engineering, Triveni Turbine. Market Cap of INDO-MIM is ₹58,636 Crs. While the median market cap of its peers are ₹21,216 Crs.
INDO-MIM seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
Indo-MIM is the world's largest metal injection moulding (MIM) component maker by revenue with ~6.8-7% global MIM market share held for six consecutive years, making 9,000+ precision parts (280 mn parts in FY26) for 1,100+ customers across automotive (24.6% of FY26 revenue), defence (18.7%), medical (18.1%), aerospace (12.0%) and consumer (10.8%). It runs 15 plants (6 India, 6 USA, 2 UK, 1 Mexico); exports were 77% of FY26 revenue and top-10 customers 38%. Listed on 30-Jul-2026 after a Rs 3,812 cr IPO (Rs 501 cr fresh + Rs 3,311 cr OFS) at Rs 485; shares opened at ~Rs 700 and closed day one at Rs 741.75 (+53%).
No listed history (IPO Jul-2026). Stock is ~95% above the Rs 485 IPO price, i.e. ~88x FY26 EPS vs 45x at issue; global MIM peer Jiangsu Gian trades at 148x with 3.1% RoNW. EV/EBITDA n.m.; dividend yield 0.0%.
| Sundram Fasteners | Sundram (42.5x, ROE 14.9%, FY26 PAT +Rs 593 cr) is a mature auto-fastener business growing single digits; Indo-MIM has higher ROE (21-23%), 33% EBITDA margins vs ~17%, and a global technology moat, though at a much richer 72.6x. |
| Bharat Forge | Bharat Forge trades at 93.5x TTM with a Q1FY27 loss (Rs -90 cr), ROE 12% and Rs 7,309 cr debt; Indo-MIM offers higher ROE, positive Q1 growth and lower leverage at a lower multiple. |
| No direct listed Indian MIM peer | The RHP names only Jiangsu Gian (China, 148x P/E, 3.1% RoNW) as a comparable; Indo-MIM's 13% PAT margin vs Gian's ~2% makes it the scarce listed play on MIM. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Industrials — 4.8%: stock-specific ideas inside a sector we are cautious on
The house is cautious on the capex complex — defence, railways, capital goods, renewables — not because the businesses are poor but because the valuations already discount years of order-book growth and the retail ownership is crowded. That caution is not a ban. The strategy is sector-agnostic and stock-selective, and four of our industrial positions are exactly that: L&T is the one large-cap engineering franchise whose multiple (28x FY28E) is below its growth (order book ₹7.8 lakh crore, +27% YoY; inflow guidance 10–12%) because the market treats it as a cyclical; Astral is a building-products compounder that sold off with PVC prices; Indo-MIM is the world's largest metal-injection-moulding company and a new listing; Dilip Buildcon is a road contractor at 20x FY28E where the balance-sheet repair is done and the bid pipeline is not. The macro backdrop is supportive at the margin: central capex is ₹12.2 lakh crore in FY27 (+11%), 28% of it already spent in the first months versus 24.5% last year, capital-goods order inflows are up 15–20%, the NHAI awarding target is 4,500 km with a ₹1.4 lakh crore bid pipeline, and manufacturing capacity utilisation at 74–78% is around the level at which private machinery capex historically begins. We would rather own the executors of that spend at reasonable prices than the order-book multiples of defence and railway names.
We own no defence (HAL, BEL, BDL: 40–60x for government-monopsony order books), no railways (RVNL, IRFC, Titagarh) and no renewables (Suzlon, Inox Wind, Waaree) — great businesses for an extended period, but the valuations and investor faith are extreme. Among capital-goods bellwethers, ABB, Siemens and Cummins at 50–70x price a private-capex boom that machinery data (26% of GFCF) does not yet confirm. Bharat Forge is a good company at 40x with a defence premium; we prefer RK Forgings (Autos) for the same end-markets at a cyclical trough. Supreme Industries is owned only in AIF I; in the PMS Astral is the pipes expression.
| Global MIM Precision Components Manufacturer - Market Share | 6.80 % | as of Dec 25 |