Management

• Krishna Chivukula: Chairman & Managing Director
• Krishna Chivukula Jr.: Whole-time Director & Chief Executive Officer (CEO)
• Parasuraman Balasubramanian: Vice President – Finance & Chief Financial Officer (CFO)
• Jagadamba Chandrasekhar: Non-Independent Non-Executive Director
• Raj Chivukula: Non-Independent Non-Executive Director
• Sujitha Karnad: Non-Executive Independent Director
• Rajni Anil Mishra: Non-Executive Independent Director
• Roger William Bradley: Non-Executive Independent Director
• Meera Shankar: Non-Executive Independent Director
• Santosh Kumar Dash: Company Secretary & Compliance Officer

Use of Proceeds

The IPO comprises a Fresh Issue of up to Rs.500 crore and an Offer for Sale (OFS) by existing shareholders. The company will not receive any proceeds from the Offer for Sale; those proceeds will go directly to the selling shareholders after deducting applicable expenses and taxes.

The Net Proceeds from the Fresh Issue will be utilised for the following purposes:

• Repayment/Prepayment of Borrowings (Rs.400 crore): The company intends to repay or prepay, either fully or partially, certain outstanding borrowings.
• General Corporate Purposes: The remaining proceeds will be used for general corporate purposes.

Competitive Strengths

Global leadership in manufacturing precision engineering components using MIM technology Indo-MIM is the world's largest manufacturer of precision engineering components using Metal Injection Molding (MIM) technology, with a 6.8% global market share in CY2025. The company has maintained this leadership position for the last six years, supported by over 25 years of manufacturing expertise, advanced process capabilities and continuous innovation. Its end-to-end capabilities, spanning mold design, tooling, manufacturing, finishing and assembly, make it a preferred partner for global OEMs requiring complex, high-precision components.

Long-standing relationships with Indian and global OEM customers The company has a diverse customer base and has long-standing relationships with several Indian and global OEMs. They collaborate with their customers to understand their challenges, enabling them to deliver tailored solutions. Their approach of focusing on their customers’ specific industry requirements helps strengthen their relationship with them and enables them to establish themselves as a preferred partner within their value chain.

Diversified product portfolio catering to applications across multiple industries The company has a diverse product portfolio that serves customers across various industries, including automotive OEMs and manufacturers of defence products, medical devices, consumer durables, and aerospace components. The automotive industry manufactures components for vehicle safety, fuel systems, powertrains, and interior applications, all of which are essential to automobiles. Their products in the defence industry include parts for firearms, such as triggers, hammers, and sights. In the medical industry, they produce components for surgical devices used in endoscopy, laparoscopy, dental robotics, and orthopaedics. For the consumer industry, their products include fashion accessories, crossbow parts, cellphone components, tools, and hardware applications. They also manufacture components for OEMs in the aerospace industry.

Backward integrated, dual-shore manufacturing capabilities with focus on efficiency Indo-MIM operates 15 manufacturing facilities, including six in India, six in the United States, two in the United Kingdom and one in Mexico. Its integrated manufacturing model includes mold making, metal powder production, tooling, precision machining, ceramic injection molding, investment casting, finishing and assembly. The dual-shore manufacturing strategy enables the company to combine India's cost-efficient manufacturing with localized production capabilities in developed markets. This improves supply chain flexibility, reduces delivery timelines, enhances operational efficiency and enables the company to serve both domestic and global OEMs while benefiting from economies of scale.

Export driven player with extensive global distribution capability Indo-MIM has established a strong international presence by supplying precision-engineered products to customers in 55 countries. The company operates three sales offices in China, Germany and the United States, supported by 13 sales representatives across Europe, Asia and the Middle East. Its direct customer engagement model allows it to maintain close relationships with OEMs while providing localized technical support and faster response times. Combined with its global manufacturing footprint and diversified customer base, this extensive distribution network strengthens export growth, expands market reach and enhances the company's competitive position in international markets.

Experienced promoters and management team supported by large employee base The company is led by its promoters, two of whom have significant experience in manufacturing. Their Promoter, Chairman and Managing Director, Krishna Chivukula, has over 30 years of experience in the MIM industry. Krishna Chivukula Jr., one of their promoters, Whole-time Director and Chief Executive Officer, has been associated with the company since September 30, 2004. Under their leadership, they have expanded their operations and established a presence in India and globally.

Track record of robust financial performance The company has demonstrated consistent growth in revenues over Fiscals 2026, 2025 and 2024. They focus on efficiency, productivity improvements, and cost rationalization to keep their operating costs under control. Their experience in manufacturing components using MIM technology enables cost-effective mass production.

Peer Comparison

Key Risks & Concerns

High Dependence on Export Markets Indo-MIM derives a significant portion of its revenue from exports, making its business vulnerable to global economic slowdowns, geopolitical tensions, trade restrictions, tariffs and fluctuations in international demand. Any disruption in key export markets or changes in customer sourcing strategies could adversely impact revenue growth, profitability and capacity utilisation.

Customer Concentration and Dependence on Repeat Business The company generates a substantial share of its revenue from repeat customers and long-term OEM relationships. While this reflects strong customer confidence, the loss of any major customer, reduction in order volumes or delay in new product programs could materially impact revenue, profitability and cash flows

Business Risk The company imports a significant portion of its raw materials, which accounted for 60.95%, 61.80% and 59.63% of total raw material purchases in Fiscals 2026, 2025 and 2024, respectively. Any restrictions on imports or fluctuations in global commodity prices affecting these raw materials may adversely impact its business, results of operations, cash flows and financial condition.

Foreign Exchange and Global Operations Risk With manufacturing facilities across India, the United States, the United Kingdom and Mexico and exports to over 55 countries, Indo-MIM is exposed to foreign exchange fluctuations, cross-border regulatory changes and geopolitical risks. Currency volatility and changes in international trade policies could impact margins and overall profitability.

Currency exchange rate fluctuations The company generates a significant portion of its sales internationally through exports and imports a substantial portion of its raw materials and capital goods for its operations. Currency exchange rate fluctuations may adversely affect its business, results of operations, financial condition, cash flows and the value of the Equity Shares.

Pricing pressure from customers The company manufactures and supplies complex, high-quality precision components for the automotive, defence, medical products, consumer and aerospace sectors to customers in India and globally. Customers in the precision components industry typically pursue annual price reduction initiatives with their suppliers. For additional information & risk factors please refer to the Red Herring Prospectus - 12 - Any pricing pressure from customers may adversely affect the company’s ability to increase prices, which could in turn adversely impact its business, results of operations, financial condition and cash flows.

Outlook and Valuation

Indo-MIM is well positioned to benefit from the increasing global adoption of precision-engineered components across the automotive, defence, medical, aerospace and consumer sectors. The company has built a strong competitive position through its leadership in Metal Injection Molding (MIM), diversified manufacturing technologies and global production footprint. Management intends to drive future growth by expanding its product portfolio, strengthening customer relationships and pursuing selective acquisitions to enhance technology capabilities and geographic presence, particularly in Europe. The recent acquisition of Phoenix DeVentures strengthens its medical device capabilities, while the proposed joint venture with AUFLEX is expected to open opportunities in precision hinge modules. With 15 manufacturing facilities, over 9,000 products, more than 1,100 customers and exports to 55 countries, Indo-MIM is well placed to capitalize on rising global outsourcing and demand for complex precision components.

From a valuation perspective, Indo-MIM offers a differentiated investment opportunity as the global leader in MIM technology with strong entry barriers, diversified end-user exposure and long-standing OEM relationships. Its integrated manufacturing capabilities, robust export franchise, consistent innovation and scalable global manufacturing platform support long-term earnings visibility. Backed by favourable industry trends and continued capacity expansion, the company appears well positioned to deliver sustainable growth over the medium to long term, making it an attractive play in the global precision engineering sector. At the upper price band, Indo-MIM is valued at approximately ~45x FY26 earnings. Considering its leadership in the global MIM industry, diversified product portfolio, integrated manufacturing platform and strong export-oriented business model, the valuation appears reasonable. We believe the company is well positioned to benefit from rising demand for precision-engineered components across multiple industries. Accordingly, we assign a SUBSCRIBE rating with a medium- to long-term investment perspective.