Target: ?1,407
CMP: ?1,163.60
Indo-MIM Ltd (IML) is the world’s largest manufacturer of precision engineering components using the metal injection molding (MIM) technology with a market share of about 7 per cent in CY25. Over the years, IML has well-entrenched itself into the manufacturing innovation ecosystem in the US and is enjoying leading market share with top US MNCs.
We believe IML has only scratched the surface, and next-generation innovations such as humanoids, satellite internet, space travel, aerospace engineering, data centres and automation equipment for mobile lines will provide significant optionality over the next few years. The company will be a key beneficiary of the ex-China supply chain for US manufacturing, including large capex outlays by the US Department of Defence to strengthen national security including drone programmes.
IML is well-insulated against tariff frictions as it has onsite manufacturing, and the only constraints to growth should be how quickly it can bring more capacities to capture the growth upside. High share of client wallet, extremely stringent entry barriers in innovation programs, and onsite presence are tough to replicate. This may cause IML valuation multiple to rerate over the next few years and trade in line or at a premium to MNC cap goods multiple.
We initiate coverage on Indo-MIM with a Buy and a target price of ?1,407 at 54x Sept-28E EPS
Published on September 21, 2026
