INDO-MIM Revenue Hits ₹4,192.99 Cr in FY 25-26

News

INDO-MIM Limited’s Red Herring Prospectus, filed with SEBI on 2026-07-17, provides a detailed look at the company's financial trajectory and operational metrics leading up to its listing on 2026-07-30. The restated consolidated figures reveal that revenue from operations grew to ₹4,192.99 crore in FY 25-26, marking a 25.93% increase from the previous year. This growth was supported by an expansion in the domestic market, where India accounted for 22.8% of total revenue, up significantly from 10.08% in FY 24-25. The prospectus clarifies that this rise in the India share was driven by the "Others" segment—which includes metal powder, tooling, and traded products—rather than a shift in the core components business.

The company's revenue mix by end-use shows a diversification away from traditional automotive reliance. In FY 25-26, the Automotive segment contributed 24.61% of revenue, down from 30.42% in FY 23-24, while Defence accounted for 18.69%. Conversely, Aerospace grew to 11.96% and Consumer applications rose to 10.8%. Geographically, North America remained the largest market at 43.68%, followed by Europe at 19.97%. The company served more than 1,100 customers in FY 25-26, with its top ten customers comprising three domestic and seven overseas entities. The prospectus notes that the composition of these top ten customers differs from year to year, reflecting a broad and evolving client base.

Customer Concentration and Retention

The filing details the distribution of revenue across the customer base, highlighting high retention rates. In FY 25-26, repeat customers—defined as those who purchased in either of the two preceding fiscal years—accounted for 91.6% of revenue and represented 79.64% of the customer count. This indicates a stable core business with strong recurring demand. However, the concentration among the largest clients decreased over the period. The largest customer's share fell from 13.69% in FY 23-24 to 7.97% in FY 25-26. Similarly, the top three customers' combined share dropped from 24.5% to 21.65%, and the top five customers' share moved from 30.97% to 28.95%. The top ten customers collectively accounted for 38.41% of revenue in FY 25-26, down from 42% in FY 23-24.

Raw Material Sourcing and Hedging

INDO-MIM Limited sourced raw materials from a wide network of suppliers, totaling 753 in FY 25-26, including 146 international suppliers. Imported raw materials constituted 60.95% of total purchases, primarily originating from China, Japan, the UK, Germany, and France. While stainless-steel powder is manufactured in-house, the company relies on imports for other essential inputs. Materials consumed represented 20.87% of revenue in FY 25-26, up from 15.68% in FY 23-24. The top ten suppliers accounted for 42.91% of raw-material purchases in FY 25-26, a significant increase from 29.55% in FY 24-25 but lower than the 44.68% recorded in FY 23-24. To manage currency fluctuations, the company reported an unhedged foreign-currency exposure of ₹21.4 crore at 31 March 2026, compared to ₹263.3 crore a year earlier, with ₹282.0 crore hedged. Exports and imports are primarily transacted in US dollars.

Installed Capacity and Utilisation Rates

The prospectus outlines the company's production capabilities across six plants located in Karnataka, Tamil Nadu, Andhra Pradesh, the US, and the UK. For Metal Injection Moulding (MIM), installed capacity stood at 874.56 million parts in FY 25-26, with actual production reaching 267.42 million parts, resulting in a utilisation rate of 30.58%. This represents an improvement from 27.66% in FY 23-24 but a decline from 35.76% in FY 24-25. Investment casting capacity, spread across Tirupati and Triax Industries in the US, increased to 20.16 million parts, with production at 11.8 million parts and utilisation at 58.55%. Precision machining capacity at Dodaballapura reached 1.41 million parts, utilised at 54.75%.

The company states in the prospectus that its focus is on increasing capacity utilisation at its production facilities by increasing overall production volumes. It further notes that improving capacity utilisation will remain a key lever for margin enhancement and operational resilience as it expands its product portfolio and customer base. The filing acknowledges that low-volume, high-precision customer requirements can leave installed capacity under-utilised. Despite this, the company developed 608 new tools in FY 25-26, contributing to a steady output of ₹1,070.92 crore in EBITDA and a PAT of ₹533.54 crore.

Expansion Plans and Joint Ventures

INDO-MIM Limited has outlined specific infrastructure developments to support future growth. An iron-powder manufacturing facility is being set up at Gowribidanur Industrial Area, Chikkaballapur, Karnataka, for completion by the end of FY 27. The land for this facility is leased from a third party until February 2120. Additionally, a manufacturing facility is under construction at Plot L-2 & L-3, SIPCOT Aerospace Park, Vallam Vadagal, Sriperumbudur, Tamil Nadu, on a 99-year lease deed dated June 2, 2022. The company has obtained necessary consents, factory licences, and fire and building approvals for this site. Furthermore, under a joint venture agreement dated November 30, 2024, with Auflex Co. Ltd, INDO Flex Precision Private Limited is to be established. This entity will make and supply foldable hinge modules in India using technology licensed from Auflex, with an initial capital of ₹100 million held 49:51 by the company and Auflex respectively.

What to Watch

Investors and analysts may monitor the completion timeline of the iron-powder manufacturing facility in Chikkaballapur, targeted for the end of FY 27. The progress of the Sriperumbudur aerospace park facility, which has secured all necessary regulatory approvals, will also be a focal point. Additionally, the operational launch of INDO Flex Precision Private Limited, the joint venture focused on foldable hinge modules, represents a new avenue for product diversification.

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Published by FinBizNet Desk — written from exchange filings, offer documents and FinBizNet's own market data. This article is market data and research for educational purposes only; it is not investment advice, a recommendation, or a solicitation to transact. FinBizNet is not a SEBI-registered investment advisor. Please consult a registered advisor before making investment decisions.