Altman Z″
Needs current assets and current liabilities.
INDOMIM · Engineering · INE084101034
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
INDO-MIM Limited is globally the largest manufacturer of precision engineering components using Metal Injection Molding (MIM) technology, commanding a 6.8% global market share. The company operates a backward-integrated, dual-shore manufacturing model with 15 facilities spread across India, the United States, the United Kingdom, and Mexico. This scale allows it to serve a highly diversified customer base of over 730 active customers worldwide, heavily mitigating concentration risk. In Fiscal 2026, exports formed 77.20% of its revenue from operations. The company's products—ranging from turbocharger vanes to surgical laparoscopy jaws and assault rifle components—cater to the Automotive (24.61%), Defence (18.69%), Medical (18.08%), Aerospace (11.96%), and Consumer Products (10.80%) sectors. A key operational vulnerability is its supply chain dependence; it imports roughly 61% of its raw materials, and in Fiscal 2026, its top 10 suppliers accounted for 95.24% of its material purchases. The company's unique edge stems from its massive installed capacity, dedicated in-house tooling operations capable of rapidly developing new molds, and successful integration of adjacent technologies like vacuum casting.
Global market leadership (6.8% share) in Metal Injection Molding with immense installed capacity, extensive backward integration in mold design and tooling, and high entry barriers due to significant capital and technological expertise requirements.
INDO-MIM Limited provides end-to-end solutions for manufacturing precision engineering components using metal injection molding (MIM), investment casting, and precision machining technologies. The company earns revenue primarily through the direct sale of these precision components to original equipment manufacturers (OEMs) across the automotive, defence, medical, aerospace, and consumer product sectors.
Source: RHP Our Business p. 192-204
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Automotive Products Group (APG) | 24.61 | RHP p. 194 |
| Defence Products Group (DPG) | 18.69 | RHP p. 194 |
| Medical Products Group (MPG) | 18.08 | RHP p. 194 |
| Aerospace | 11.96 | RHP p. 194 |
| Consumer Products Group (CPG) | 10.8 | RHP p. 194 |
| Others | 15.86 | RHP p. 194 |
The global Metal Injection Molding (MIM) industry provides a competitive alternative to traditional stamped or machined parts by offering immense design flexibility, enabling the mass production of highly complex, small-geometry components with superior strength and corrosion resistance. The market is primarily driven by rising demand from the medical devices, aerospace, automotive, and consumer electronics sectors. The industry presents substantial entry barriers due to the need for high capital investments in specialized equipment, lengthy OEM qualification timelines, and the necessity of deep metallurgical and polymer science expertise. Key challenges include high tooling costs, volatile feedstock prices, and technological competition from precision CNC machining and metal additive manufacturing.
Growth rate: 10.0% CAGR (CY 2020-2030)
Market size: USD 4.0 Billion (CY 2025)
Sector slug: metal-injection-molding
Source: RHP Industry Overview p. 164-176
The comparable set the company chose, which is itself a disclosure.
As presented in the offer document. Post-listing figures are in the statements above.
| Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| FY26 | 44.369 | 533.543 | 12.72% | 4192.985 | yes | -356.082 | |
| FY25 | 42.37 | 423.734 | 12.73% | 3329.577 | yes | -237.936 | |
| FY24 | 32.919 | 283.734 | 9.88% | 2870.395 | yes | -92.677 |
Written before listing, answered from the document itself.
Where is the money going?
The Offer comprises a Fresh Issue of ₹5,000 million and an Offer for Sale of up to 68.29 million shares. From the Fresh Issue, ₹4,000 million will be utilized to prepay/repay outstanding borrowings, with the balance for general corporate purposes.
RHP p. 101, 208
How concentrated is the customer and supplier base?
Customer concentration is remarkably low; the top 10 customers accounted for only 38.41% of operating revenue in FY26. Supplier concentration is also moderate, with the top 10 suppliers accounting for 42.91% of raw material purchase costs in FY26.
RHP p. 106, 714
Is it profitable and growing?
Yes. Revenue from operations grew from ₹28,703.95 million in FY24 to ₹41,929.85 million in FY26. Restated profit for the year increased concurrently from ₹2,837.34 million to ₹5,335.43 million, delivering an EBITDA margin of 25.54% and a RoE of 21.26% in FY26.
RHP p. 64, 340, 721
What sits in the footnotes / contingent liabilities?
The company holds significant contingent liabilities of ₹2,274.49 million, entirely driven by disputed direct and indirect tax demands. The footnotes also reveal over ₹2,555 million in exceptional impairment charges across the last three years tied to underperforming overseas acquisitions. Finally, it has historical MCA notices for cost audit failures and missing corporate records.
RHP p. 46, 321, 326, 382, 752
What the issue priced at, on the figures in the document.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2023-06-07 | Green Meadows Investments Ltd | 2140492 | 496 | promoter | p. 244 |
| 2026-01-23 | Employees of our Company | 2122300 | 1 | employee | p. 244 |
Ceo: Krishna Chivukula Jr. (Whole-time Director and Chief Executive Officer) / Krishna Chivukula (Chairman and Managing Director)
Litigation: Against Company: 40 tax proceedings (₹4,212.52 million) and 5 statutory/regulatory proceedings.
Pre-issue promoter holding is 92.94%. The Offer is a mix of a ₹5,000 million Fresh Issue and an OFS of up to 68,291,022 shares (with Corporate Promoter Green Meadows selling up to 60,524,322 shares). While the OFS provides a partial exit, the promoters will retain a significant majority stake.
Emphasis of Matter regarding the restatement of April 1, 2023 balances and reclassifications. Negative CARO remarks noting the accounting software lacks audit trail functionality at the database level for direct changes, and the inventory software lacks an audit trail entirely.
Source: RHP p. 112, 158, 208, 258, 480, 683
A change between the two filings is a disclosure in itself.
| Field | Rhp value | Drhp value | Note | Source |
|---|---|---|---|---|
| Fresh Issue Size | Up to ₹5,000.00 million | Up to ₹10,000.00 million | The fresh issue size was reduced by exactly 50% between the draft and the final filing. | DRHP p. 14; RHP p. 12 |
| Offer for Sale (OFS) | Up to 68,291,022 Equity Shares | Up to 129,674,393 Equity Shares | The OFS was cut by nearly 47%. The Corporate Promoter (Green Meadows Investments Ltd) halved its offered shares from 120,507,693 to 60,524,322, and Individual Selling Shareholder John Anthony Dexheimer withdrew his offering of 1,400,000 shares entirely. | DRHP p. 14-15; RHP p. 12-13 |
| Use of Proceeds (Repayment of Borrowings) | ₹4,000.00 million | ₹7,200.00 million | Following the reduction of the fresh issue size, the allocation for the repayment or prepayment of borrowings was reduced by ₹3,200.00 million. | DRHP p. 16, 100; RHP p. 14, 101 |
| Financial Information Period | Fiscals 2026, 2025 and 2024 | Fiscals 2025, 2024 and 2023 | The restated financial statements were rolled forward by one full fiscal year, adding the newly completed FY26 and dropping FY23. | DRHP p. 70; RHP p. 64 |
| Pre-Offer Equity Share Capital | 484,153,072 Equity Shares | 482,030,772 Equity Shares | The pre-offer outstanding share capital increased by 2,122,300 shares due to the exercise of employee stock options between the filings. | DRHP p. 14, 83; RHP p. 13, 81 |
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is 202% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹1,077 cr against trailing net profit ₹534 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Debt rose over 3 years, and most of it (124%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹564 cr largely matched by an asset build of ₹702 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Net margin improved from 12.7% to 19.7% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 19.7% vs 12.7% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Free cash flow is positive and consistent — the business funds itself after capex.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Latest free cash flow ₹662 cr. Negative in only 0 of 6 years. A self-funding business needs less external capital and dilutes less.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -12.0% of assets. Free cash flow negative in 0 of 6 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹3,783 cr ÷ ₹2,932 cr, over 6 years
1.29×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹534 − ₹1,077) cr ÷ average assets
-12.0%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
12.7% × 0.86 × 1.74
18.9%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹901 cr ÷ ₹167 cr
5.40×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹1,368 cr ÷ ₹2,819 cr
0.49×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +43% vs revenue +52%, FY2023 to FY2026
-10pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 77.65% to 77.65% across these quarters.
FII held steady from 2.34% to 2.34% across these quarters.
MF held steady from 3.12% to 3.12% across these quarters.
Other held steady from 16.89% to 16.89% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 67 | 58 | 59 | 57 | 71 | 66 |
| Inventory days
How long stock sits before it sells | 733 | 584 | 537 | 623 | 687 | 373 |
| Payable days
How long the company takes to pay suppliers | 287 | 225 | 193 | 182 | 171 | 83 |
| Cash conversion cycle
Debtor + inventory − payable days | 514 | 417 | 402 | 498 | 586 | 356 |
| Working capital days | 39 | 57 | 65 | 7 | 78 | 71 |
| ROCE %
Return on capital employed | — | 38.0% | 27.0% | 20.0% | 22.0% | 25.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 1,975 | 2,503 | 2,753 | 2,888 | 3,330 | 4,193 |
| Other income | 21 | 14 | 25 | 33 | -57 | 50 |
| Depreciation | 105 | 123 | 150 | 171 | 199 | 220 |
| Finance cost | 50 | 40 | 60 | 96 | 96 | 167 |
| Profit before tax | 718 | 769 | 629 | 521 | 581 | 734 |
| Net profit (owners) | 553 | 598 | 471 | 352 | 424 | 534 |
| EPS (₹) | 57.59 | 62.29 | 49.10 | 7.29 | 8.79 | 11.02 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 1,114 | 1,048 | 1,219 |
| Other Income | 13 | 85 | 3 |
| Expenses | 787 | 847 | 812 |
| Depreciation | 49 | 53 | 58 |
| Finance cost | 46 | 47 | 27 |
| Profit before tax | 245 | 185 | 325 |
| Net Profit | 182 | 139 | 240 |
| EPS | 3.78 | 2.87 | 4.96 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 48 | 48 | 48 | 48 | 48 | 48 |
| Reserves | 1,258 | 1,612 | 1,962 | 2,038 | 2,151 | 2,771 |
| Borrowings | 588 | 670 | 804 | 1,257 | 1,433 | 1,368 |
| Net block | 975 | 1,164 | 1,263 | 1,774 | 1,748 | 2,172 |
| CWIP | 20 | 53 | 388 | 176 | 209 | 181 |
| Investments | 0 | 0 | 0 | 10 | 13 | 10 |
| Total Assets | 2,205 | 2,664 | 3,318 | 3,862 | 4,141 | 4,897 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 601 | 502 | 641 | 456 | 506 | 1,077 |
| Cash from investing | -247 | -299 | -464 | -478 | -327 | -506 |
| Cash from financing | -294 | -177 | -57 | -86 | -238 | -356 |
| Free cash flow | 346 | 202 | 175 | 77 | 133 | 662 |
| Net change in cash | 60 | 27 | 120 | -108 | -58 | 215 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.