Indo-MIMIPO Review — Financials, Valuation & Peers
A data-only look at the Indo-MIM IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 2,900.38 | 283.73 | 743.46 | 2,050.51 | 3,757.51 | 1,085.01 | — |
| FY 2025 | 3,373.97 | 423.73 | 932.6 | 2,199.43 | 4,140.84 | 1,247.2 | — |
| FY 2026 | 4,320.7 | 533.54 | 1,070.92 | 2,819.55 | 4,897.33 | 1,090.49 | 11.02 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 44.01x
- P/E (post-issue)
- 44.95x
- RoNW
- 21.26%
- RoE
- 21.26%
- RoCE
- 26.6%
- Debt / Equity
- 0.39
- EPS (pre-issue)
- ₹11.02
- EPS (post-issue)
- ₹10.79
- EBITDA Margin
- 25.54%
- PAT Margin
- 12.72%
- P/BV
- 10.63x
- NAV / share
- ₹58.24
- Market Cap
- ₹23,981.42 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| Indo-MIM | 11.06 | 58.24 | — | 21.26% |
| iangsu Gian Technology Co, Ltd | 3.91 | 165.13 | 148x | 3.1% |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Green Meadows Investments Ltd., Krishna Chivukula Krishna Chivukula Jr, Raj Chivukula, Jagadamba CHandrasekhar</p>
- Holding (pre-issue)
- 92.94%
- Holding (post-issue)
- 77.65%
- Dilution
- 15.29%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Indo-MIM IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
92 anchor investors participated in the Indo-MIM IPO ahead of the public offer, together allocated ₹1,140.98 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND (₹50 crore), ICICI PRUDENTIAL MANUFACTURING FUND (₹46 crore) and AMANSA HOLDINGS PVT.LTD. (₹35 crore). Investor categories represented include Other, FII/FPI, Insurance and MF. The lock-in on half the anchor shares ends on 26 Aug 2026, with the remainder locked until 25 Oct 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Indo-MIM IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Indo-MIM operates at an EBITDA margin of 25.54% and a net (PAT) margin of 12.72% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 26.6% and a return on equity (RoE) of 21.26%. At the upper band, the post-issue market capitalisation works out to about ₹23,981.42 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by company (₹400 crore), alongside issue expenses (₹111 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Indo-MIM reported revenue of ₹4,320.7 crore and a net profit of ₹533.54 crore. Revenue grew from ₹2,900.38 crore in FY2024 to ₹4,320.7 crore in FY2026 (+49.0%). Net worth stood at ₹2,819.55 crore at the end of FY2026. At the upper band, that puts the issue at roughly 44.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 44.95× post-issue earnings and 10.63× book value, against a return on net worth of 21.26% and a debt-to-equity ratio of 0.39. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Green Meadows Investments Ltd., Krishna Chivukula Krishna Chivukula Jr, Raj Chivukula, Jagadamba CHandrasekhar</p>. Promoter holding stands at 92.94% before the issue and comes down to 77.65% after listing.
Frequently asked questions
- What is the reservation split in the Indo-MIM IPO?
- Of the total shares offered, retail investors get 34.91%, QIBs 19.95% (plus 29.92% anchor), non-institutional investors 14.96%.
- Who are the promoters of Indo-MIM and what is their holding?
- The promoters are <p>Green Meadows Investments Ltd., Krishna Chivukula Krishna Chivukula Jr, Raj Chivukula, Jagadamba CHandrasekhar</p>. Promoter holding is 92.94% before the issue and 77.65% after listing.
- What is the P/E ratio of the Indo-MIM IPO?
- At the upper price band, the Indo-MIM IPO is valued at 44.01× pre-issue earnings and 44.95× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Indo-MIM IPO?
- The net proceeds go primarily toward repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by company, among 3 disclosed objects.