INDO-MIM Limited

Incorporated in 1996 by Krishna Chivukula, INDO-MIM Ltd manufactures small, complex precision metal components for global OEMs using Metal Injection Molding (MIM), where it is the world's largest player with a 6.8% share of global MIM revenue (CY25). It also does investment casting, precision machining, ceramic injection molding and 3D printing. FY26 revenue mix: automotive 24.6%, defence 18.7%, medical 18.1%, others 15.9%, aerospace 12.0%, consumer 10.8%. It serves 1,100+ customers across 55 countries from 15 plants; exports were 77.2% of FY26 revenue.

DRHP filed: September 26, 2025

IPO open & close: July 23, 2026 to July 27, 2026

Listing date: July 30, 2026 (tentative)

BRLM: Kotak Mahindra Capital Company Ltd, Axis Capital Ltd, JM Financial Ltd, J.P. Morgan India Pvt Ltd and HDFC Bank Ltd

Auditor: Suri & Co., Chartered Accountants

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Delta's View:

May Subscribe for Listing Gains | Track

INDO-MIM leads globally in producing precision metal components through MIM technology. The industry overall is fragmented and China dominates globally with ~53% production share. INDO-MIM has better operating margins (~25.5%) than its near size Chinese competitor (Jiangsu Gian) (14.7%). The industry has structural entry barriers and backward integration is deepening, repeat customers contribute more than 90% of revenue and company is increasing new customers every year. The global MIM market is expected to grow at 9-12% by various research houses, with adjacent markets such as investment casting & Metal 3D printing also being large & fast growing. It was founded by Krishna Chivukula (IIT Bombay B.Tech, IIT Madras M.Tech, Harvard MBA) who donated IIT Madras its highest ever donation (~228 cr worth equity shares). At an IPO ask valuation of ~45x P/E and ~23x EV/EBITDA, the price is on a higher side at this point. We would closely track the company post listing.

One can expect good listing gains as per current GMP ~39% (27 July 2026), provided the GMP sustains.

•    Largest MIM manufacturer globally with a 6.8% share of CY25 MIM revenue, a position held for six years (according to Frost & Sullivan report) (Other Independent houses also imply a 4-6% market share). The second largest peer, China's Jiangsu Gian is very close, with the global market being fragmented, and top 10 players making ~37% of market. China dominates production at 53% of total share. In India, INDO-MIM is ~57% of national MIM output; NNF Tech, Vasantha Tool Crafts and Orange Koi hold very negligible share.

•    The industry has structural entry barriers with OEM qualification taking 2-3 years, customized & dedicated products, MIM being economically viable above ~100,000 units a year. F&S research notes components are typically single-sourced by customers because dual sourcing becomes uneconomic. It has 15 plants - 6 India, 6 USA, 2 UK, 1 Mexico – and sales offices in China, Germany and the USA and 13 sales reps across 9 countries. Exports were 77.2% of FY26 revenue.

•    It served 1,100+ customers in FY26 with 308 new additions, against 269 in FY25 and 194 in FY24. Repeat customers contributed 91.6% of FY26 revenue. Top-5 relationships run 17, 3, 17, 1 and 13 years. Concentration is low and falling - the largest customer was 7.97% of revenue (FY26) versus 13.69% in FY24. Supplier awards have come from Cummins, Bosch, Schaeffler, RTX, Caterpillar and Stanley Black & Decker.

•    FY26 EBITDA margin of 25.5% compares with 14.7% at Jiangsu Gian, the second-largest global MIM player and its only listed peer. On near-identical revenue (Rs 4,193 cr versus Rs 4,061 cr), INDO-MIM earned Rs 533 cr of PAT against Rs 94 cr, and a two-year revenue CAGR was 20.9% against Gian's 15.1%.

•    MIM revenue was Rs 2,454 cr in FY26, or 58.5% of total revenue. The global MIM market is estimated at $4.0-6.4bn growing at 9-12% to 2030 (F&S, Grand View, 360iResearch). Demand is led by defence (35%), automotive (29%) and medical (17%, the fastest at 11.6%). MIM capacity utilisation was only 30.6% in FY26, so volumes could nearly triple on existing assets. India's MIM market is forecast at 10.3%, supported by China+1 sourcing and the PLI scheme.

•    Adjacent markets are considerably larger. Investment casting is a $19.7bn market growing at 7.7% to $28.5bn by 2030 - five times MIM - and already runs at 58.6% utilisation. Metal 3D printing is $23bn growing at 22.3%. The company operates in both through Tirupati, Triax (USA) and Conway Marsh Garrett (UK). Phoenix DeVentures, acquired in May 2025 for $15.8mn, adds medical device design in the fastest-growing MIM end-market.

•    Backward integration is deepening. Stainless steel powder is made in-house at Doddaballapura and Gowribidanur, and an iron powder facility is under construction. The company also produces its own feedstock through the elemental route and makes 45-50 new tools a month (608 developed in FY26).

•    Krishna Chivukula (79) - IIT Bombay B.Tech, IIT Madras M.Tech, Harvard MBA and formerly Group President & CEO of Hoffman Industries, USA - founded the company in 1996 when MIM barely existed in India. Operations began in 1997 as a JV with Precision Castparts, then the global MIM leader. After the partner failed to meet its obligations in 1998-99, debt was rescheduled with IDBI and EXIM and repaid within the revised timeline; PCC was bought out in 2001. He gifted shares worth Rs 228 cr to IIT Madras in Feb 2024, its largest ever donation.

•    However, Promoters did draw huge salaries and paid out dividends over past few years. Krishna Chivukula and Krishna Chivukula Jr drew Rs 57.1 cr and Rs 38.5 cr in FY26, together 18% of PAT (34% in FY24), under contracts running to March 2029 that carry an automatic 10% annual escalation with no performance linkage. Promoters hold 93% pre-offer, of which 90.4% sits with Green Meadows (Mauritius), falling to 77.65% post-offer. FY24-25 dividends of Rs 658 cr were 93% of two-year PAT, ~Rs 598 cr of it to Green Meadows; borrowings rose ~Rs 431 cr over the same period and funded capex.

Business

•    INDO-MIM manufactures small, complex precision metal components for OEMs using Metal Injection Molding, supplemented by investment casting, precision machining, ceramic injection molding and metal 3D printing. Incorporated in 1996 in Bengaluru, it is the largest MIM manufacturer globally with a 6.8% share of CY25 MIM revenue.

•    Revenue by end-use industry (FY26): automotive 24.6% (vehicle safety, fuel systems, powertrain, interiors), defence 18.7% (firearm triggers, hammers and sights), medical 18.1% (endoscopy, laparoscopy, dental robotics, orthopaedics), others 15.9% (powder, tools and traded products), aerospace 12.0% and consumer 10.8%.

•    MIM is the core process - metal powder is mixed with a binder, injection moulded, the binder is removed and the part sintered into solid metal. It suits parts under ~100g and ~10cm where the geometry is too complex to machine economically, and works only above ~100,000 units a year because of tooling cost. Investment casting at Tirupati and Triax handles larger aerospace and industrial parts. Ceramic moulding and 3D printing are used largely in-house.

•    All sales are direct to OEMs - no distributors or retail. More than 1,100 customers were served in FY26 with 308 new additions. The largest customer was 7.97% of revenue and the top ten 38.4%, both down from FY24. By geography, North America was 43.7%, India 22.8%, Europe 20.0% and rest of world 13.5%. India revenue rose from Rs 336 cr to Rs 956 cr in one year, cutting the export share from 89.9% to 77%.

•    It operates 15 manufacturing facilities - 6 in India, 6 in the USA, 2 in the UK and 1 in Mexico - with a new tool room and machining unit under construction at Sriperumbudur, Tamil Nadu. Key Indian sites are Doddaballapura, Hoskote and Tirupati. MIM capacity utilisation was 30.6% in FY26 against 35.8% in FY25, and investment casting 58.6%.

Promoters and Leadership

•    Founded in 1996 by Krishna Chivukula (79), who holds a B.Tech from IIT Bombay, an M.Tech from IIT Madras and an MBA from Harvard, and was previously Group President & CEO of Hoffman Industries, USA. He is Chairman & Managing Director. His son Krishna Chivukula Jr (54), an MS from the University of Rochester, has run operations since 2007 and been group CEO since July 2012. Both are US nationals.

•    CFO Parasuraman Balasubramanian has been with the company 28 years and Company Secretary Santosh Kumar Dash 16 years, while senior managers average 20-29 year tenures. Attrition was 7.91% in FY26.

•    Combined promoter remuneration was Rs 95.6 cr in FY26, or 18% of PAT, under five-year contracts to March 2029 carrying an automatic 10% annual escalation with no disclosed performance linkage, paid from both the Indian parent and the US subsidiary. Promoters hold no ESOPs.

Shareholding Pattern

•    Promoters and promoter group hold 92.94% pre-offer, falling to 77.65% post-offer. Of this, 90.44% sits with Green Meadows Investments Ltd (Mauritius), whose voting control in turn runs through Jagada Investments Ltd (Mauritius). Krishna Chivukula Jr and Raj Chivukula hold no shares in the company directly - their economic interest is held one level up.

•    The company has raised only ~Rs 119 cr of primary equity since 1996, all of it from the promoter group or employees. There has never been a VC, PE or any institutional round. Rs 106 cr of that came in a single preferential allotment to Green Meadows in June 2023 at Rs 496 per share, which is above the current IPO price band.

•    Only two secondary transactions have occurred, both gifts by Krishna Chivukula at nil consideration - 11.2 lakh shares to his wife Jagadamba Chandrasekhar in June 2022, and 46.2 lakh shares to IIT Madras in February 2024. IIT Madras holds 0.95% pre-offer and is selling about half of it in this IPO.

Issue Details

Fresh issue size - Amount → 500 cr ; To be utilized in -

•    Repayment or pre-payment of certain outstanding borrowings → 400 cr

•    General Corporate Purposes & Others → balance (also absorbs the company's share of offer expenses)

Offer For Sale size - Amount → 3,312 cr;

•    Green Meadows Investments Ltd, the corporate promoter (Mauritius), will sell 6,05,24,393 shares worth ~2,935 cr, taking its stake from 90.44% to 76.32%.

•    Anuradha Koduri, promoter group and sister of the founder, will sell her entire holding of 54,59,000 shares worth ~265 cr, exiting completely.

•    Indian Institute of Technology Madras will sell 23,07,629 shares worth ~112 cr, roughly half its holding, retaining 0.47% post-offer.

Financials