Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: INDOMIM· IndustrialsCore · Aug 26Mid cap

Indo-MIM

Global MIM leader, new listing

Last close: ₹1,248.15; 29 Sept 2026 · reference
1D · 1M: +1.7% · +43.8%; price-only
Weight: 0.8%; 31 Jul 2026 · Aug rank 30
Thesis review: 8 Sep 2026; Why We Own, p54

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

3.5

Profitability

4.3

Balance sheet

2.8

Cash conversion

4.5

Valuation

0.0

Sales4,193 cr FY26

Net Profit534 cr FY26

Operating margin25.5% FY26

ROCE26.5% FY26

Revenue CAGR 3y

15.9%

5y 16.2%

Net profit CAGR 3y

4.9%

5y −0.7%

Operating margin

25.5%

3y avg 27.7%

CFO / PAT, 3y

1.64x

FCF ₹882 cr cumulative

ROCE

26.5%

3y avg 24.8%

Debt / equity

0.39x

interest cover 5.4x

Cash conversion cycle

51 days

-59 days three years earlier

P/E

119.1x

PEG 24.3 on 3y PAT growth

Promoter holding

77.7%

FII 2.3% · DII 5.6%

Growth. Revenue compounded 15.9% a year over FY23–FY26, net profit 4.9%; the latest year grew 25.9% (profit 25.9%). · Tijori P&L, annual
Margins. Operating margin 25.5% in FY26, −2.1 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 1.64x reported profit across the last three years; free cash flow of ₹882 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 26.5% and ROE 18.9% in FY26 (three-year average ROCE 24.8%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.39x, interest covered 5.4x by EBIT in FY26. · Tijori ratios sheet
Working capital. Cash conversion cycle lengthened from -59 to 51 days over three years. · Tijori ratios sheet
Valuation. 119.1x trailing earnings, 0.6x EV/EBITDA, 0.0x book — 24.3x the three-year profit growth rate. · Tijori valuation ratios at the latest price

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Company is depreciating a lower percentage of assets. this is contributing to an increase in net profit
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Unable to calculate due to limited data
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

Capex vs ROCE: Roce of the company has increased over the last three years
ROE: Asset turnover is responsible for roe increase over last 10 years
Working Capital: Working capital of the company seems to be under control
Current vs Historic Valuation: Unable to calculate due to limited data
Debt: Company should not have issues servicing its debt
Share price: Share price has increased over last 10 years but more due to rerating
Sales Growth: Unable to calculate due to limited data
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. but it might have issues paying it suppliers

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Indo-MIM

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	18.92%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	18.92%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	21.30%
Net profit	Tijori P&L	FY26	consolidated, annual	₹534 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months	₹422 cr
	House model (one-pager)	FY26	standalone, annual	₹534 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹240 cr
P/E	Tijori screener	TTM at 2026-09-28	price ÷ trailing EPS	113.60x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/E	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	0.00x
P/B	Tijori screener	at 2026-09-28	price ÷ book value per share	21.60x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	0.00x
Market cap	BSE master	2026-09-28	BSE full market cap	₹62,156 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹60,905 cr
	House one-pager	31-Jul-26	as printed	₹36,678 cr
Promoter holding	Tijori screener	latest filing	% of shares	77.65%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	2,888	3,330	4,193
EBITDA (₹ cr)	757	933	1,071
Net profit (₹ cr)	352	424	534
ROE (%)	n.a.	n.a.	21.3

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Sales	1,152	1,400	1,549	1,975	2,503	2,693	2,870	3,330	4,193
Operating Expenses	799	958	994	1,121	1,585	1,910	2,127	2,397	3,122
Raw Material	162	196	180	221	363	390	450	583	875
Material Cost (%)	4.29	14.91	9.59	8.88	11.92	13.91	14.46	14.35	20.91
Employee Cost	261	259	301	333	324	554	648	697	899
Power & Fuel Cost	49	52	51	57	71	86	94	110	117
Operating Profit	353	442	555	854	918	783	743	933	1,071
Other Income	25	21	36	21	14	68	30	48	128
OPM (%)	30.67	31.57	35.81	43.23	36.66	29.06	25.90	28.01	25.54
Depreciation and Amortisation	81	84	91	105	123	151	174	199	220
Interest	50	39	41	50	40	81	87	99	167
Profit Before Tax	248	339	458	718	769	619	435	581	734
Tax	94	126	100	166	171	156	151	157	200
Net Profit	154	214	359	553	598	463	284	424	534
Dividend Payout Ratio(%)	48.62	50.51	24.25	66.85	20.79	41.49	132.00	67.23	0.00

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	6.00	9.61	12.11	15.24	20.20	8.68	5.98	6.85	5.40
Cash Conversion Cycle	-593.00	-60.45	-130.00	-133.00	-81.10	-59.20	-33.18	-10.24	51.04
Inventory Days	70.26	58.09	59.11	58.32	60.53	73.03	81.17	86.39	78.09
Days Receivable	61.38	53.61	58.75	59.67	55.43	61.14	67.39	65.67	61.27
Days Payable	725.00	172.00	248.00	251.00	197.00	193.00	182.00	162.00	88.32
Debt to Equity Ratio	0.55	0.50	0.50	0.45	0.40	0.40	0.53	0.57	0.39
Free Cash Flow/Sales (%)	-2.27	3.18	14.79	17.54	8.07	7.68	3.03	3.99	15.79
Free Cash Flow(est) (Crs)	-26.12	44.56	229.00	346.00	202.00	207.00	86.95	133.00	662.00
Gross Margin (%)	95.71	85.09	90.41	91.12	88.08	86.09	85.54	85.65	79.09
Op Profit Margin (%)	30.67	31.57	35.81	43.23	36.66	29.06	25.90	28.01	25.54
Net Profit Margin (%)	13.38	15.27	23.15	27.99	23.89	17.18	9.88	12.73	12.72
ROCE (%)	25.12	30.69	31.23	45.75	38.21	25.85	20.92	27.02	26.49
ROIC (%)	16.88	21.46	30.85	47.65	38.37	20.37	14.55	20.06	19.51
ROE (%)	21.03	27.12	34.54	42.31	36.01	23.14	13.84	19.27	18.92
Net Profit Margin (%)	13.38	15.27	23.15	27.99	23.89	17.18	9.88	12.73	12.72
P/E	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
Price to Book	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EV/EBITDA	1.01	0.79	0.53	0.44	0.53	0.62	1.14	1.14	0.56

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.