Indo-MIM September profit reaches Rs 215.185 crore on sales rise

Indo-MIM Limited reported consolidated profit of Rs 215.185 crore for the quarter ended September 30, 2026, as revenue from operations rose 14.31% year on year to Rs 1,271.842 crore. The profit was nearly twice the Rs 107.620 crore reported in September 2025, a period that included a Rs 92.664 crore exceptional charge.

How did Indo-MIM perform in the September quarter?

Indo-MIM reported profit of Rs 215.185 crore in the September 2026 quarter, compared with Rs 107.620 crore a year earlier and Rs 240.122 crore in the June 2026 quarter. Revenue from operations increased by Rs 159.189 crore from the September 2025 quarter and by Rs 53.100 crore sequentially, while profit declined by Rs 24.937 crore from the June quarter.

Total income was Rs 1,285.682 crore in the September quarter, including Rs 13.840 crore of other income, compared with Rs 1,138.853 crore a year earlier. Profit before tax reached Rs 309.494 crore, up from Rs 149.293 crore in September 2025 but below Rs 325.285 crore in June 2026. Basic earnings per share were Rs 4.38, against Rs 2.23 a year earlier and Rs 4.96 in the preceding quarter.

What drove the change in Indo-MIM's profit?

Indo-MIM's profit before exceptional items and tax rose 27.93% to Rs 309.494 crore from Rs 241.957 crore in the September 2025 quarter. The reported year-on-year profit comparison was affected by the Rs 92.664 crore exceptional charge recorded in the prior-year quarter, which reduced that quarter's profit before tax to Rs 149.293 crore.

Total expenses increased 8.84% to Rs 976.188 crore, slower than the 14.31% increase in revenue from operations. Cost of materials consumed was nearly unchanged at Rs 283.007 crore from Rs 281.520 crore, while employee benefits expense rose to Rs 245.961 crore from Rs 214.281 crore and other expenses rose to Rs 424.555 crore from Rs 349.968 crore.

Finance costs declined to Rs 26.977 crore from Rs 44.100 crore a year earlier, while depreciation and amortisation increased to Rs 57.217 crore from Rs 49.234 crore. Tax expense was Rs 94.309 crore, compared with Rs 41.673 crore in the prior-year quarter. Based on reported figures, net profit represented 16.92% of September-quarter revenue, versus 9.67% a year earlier, though the exceptional charge prevents a like-for-like comparison.

What did Indo-MIM report for the first half?

Indo-MIM reported half-year revenue from operations of Rs 2,490.584 crore for the six months ended September 30, 2026, up 11.84% from Rs 2,226.751 crore in the corresponding 2025 period. Half-year profit rose 56.98% to Rs 455.307 crore from Rs 290.030 crore, while profit before tax increased to Rs 634.779 crore from Rs 394.742 crore.

Materials consumed fell to Rs 488.367 crore in the first half from Rs 511.967 crore a year earlier, while employee benefits expense increased to Rs 499.852 crore from Rs 424.104 crore. Finance costs declined to Rs 53.542 crore from Rs 89.629 crore, whereas depreciation and amortisation increased to Rs 115.087 crore from Rs 98.053 crore. Half-year basic earnings per share were Rs 9.34, compared with Rs 6.02.

Indo-MIM reports one operating segment under Indian Accounting Standard 108, covering engineering-component manufacturing. Its disclosed activities include metal injection moulding, investment casting, precision machining, electronic component manufacturing and 3D printing. The filing therefore does not separate the Rs 2,490.584 crore of half-year revenue by product, geography or manufacturing process.

How did Indo-MIM use IPO proceeds and return cash to shareholders?

Indo-MIM used Rs 400 crore of its initial public offering, or IPO, proceeds to repay or prepay borrowings by September 30, 2026. The fresh issue and employee share issue together raised Rs 500 crore, while the offer for sale by selling shareholders totalled Rs 3,312.115 crore. Indo-MIM's equity shares listed on the National Stock Exchange of India and BSE on July 30, 2026.

Of the Rs 500 crore of fresh-issue proceeds, Indo-MIM had used Rs 475.900 crore at September 30. This included Rs 400 crore for borrowings and Rs 75.900 crore for general corporate purposes. Rs 24.100 crore remained unutilised, comprising Rs 9.537 crore for general corporate purposes and Rs 14.563 crore for estimated issue-related expenses.

Indo-MIM paid aggregate interim dividends of Rs 6.80 per equity share during the quarter and half year. The first interim dividend of Rs 3.50 per share involved an approximate Rs 169.454 crore cash outflow, while the second dividend of Rs 3.30 per share involved about Rs 159.771 crore. The consolidated cash-flow statement recorded Rs 329.224 crore of dividends paid, and paid-up share capital rose to Rs 49.448 crore from Rs 48.415 crore at March 31, 2026.

What do Indo-MIM's cash flow and balance sheet show?

Indo-MIM generated net operating cash flow of Rs 470.373 crore in the half year ended September 30, 2026, compared with Rs 572.358 crore in the corresponding 2025 period. Cash generated from operations was Rs 571.851 crore before net tax payments of Rs 101.478 crore. The prior-year operating cash-flow figure included Rs 92.664 crore of exceptional items.

Investing cash outflow rose to Rs 344.892 crore from Rs 264.750 crore, including Rs 257.349 crore spent on property, plant, equipment and intangible assets. Trade receivables increased to Rs 994.786 crore at September 30 from Rs 763.787 crore at March 31, while inventories rose to Rs 999.942 crore from Rs 894.985 crore over the same period.

Current and non-current borrowings totalled Rs 941.008 crore at September 30, down from Rs 1,090.488 crore at March 31. Cash and cash equivalents increased to Rs 465.968 crore from Rs 389.562 crore, after net borrowings repayment of Rs 148.157 crore, dividend payments of Rs 329.224 crore and Rs 485.437 crore of proceeds from issuing equity shares. The statutory auditor issued an unmodified limited-review conclusion on the consolidated results.

Conclusion

Indo-MIM's September-quarter revenue increased by Rs 159.189 crore year on year, while profit increased by Rs 107.565 crore to Rs 215.185 crore. Expense growth was below revenue growth and finance costs fell by Rs 17.123 crore, but the prior-year Rs 92.664 crore exceptional charge means the nearly doubled reported profit should be assessed alongside the 27.93% increase in profit before exceptional items and tax.

The next disclosed items to watch are the use of Rs 24.100 crore of remaining IPO proceeds and the balance-sheet effects of Rs 257.349 crore of half-year capital expenditure. Indo-MIM has also disclosed a plan to acquire a 6.5% stake in Meena Solar Power Park Private Limited for Rs 97,500 by December 31, 2026, to meet requirements connected with group-captive electricity purchases and reduce average energy costs.