Global MIM leader, new listing
| Peer | Status | P/E | ROE | Mkt cap | Why we do not hold it (approved text) | Links |
|---|---|---|---|---|---|---|
| Indo-MIM | Held | 114 | 18.92% | 60,905 Cr | Global MIM leader, new listing | |
| Sundram Fasteners | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| Bharat Forge | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| No direct listed Indian MIM peer | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).
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.
All sectors we avoid or underweight →L&T (2.4%, Core): ₹7.8 lakh crore order book (+27% YoY), inflows led by West Asia and energy transition, working-capital discipline, and a multiple below the small-cap capex names it out-executes. Astral (1.0%, Core): the CPVC leader, 10x book but 50x FY28E against an 80x history, buying a volume recovery after a destocking year. Indo-MIM (0.8%, Core): 6.8% global MIM share, 25%+ margins, aerospace/medical/firearms customers, listed July 2026. Dilip Buildcon (0.6%, Cyclical): one of the largest road EPC players, deleveraged via HAM asset sales, 20x FY28E as margins normalise.
| Global MIM Precision Components Manufacturer - Market Share | 6.80 % | as of Dec 25 |