Annual report
Shareholders meeting 31 Aug - FY26 annual report filed; revenue rose 66% to Rs 53.86 crore, AGM notice enclosed.
Source: Nse
Innomet Advanced Materials Ltd. (INNOMET)
SME CapMetals stocks · SME cap · NSE
Innomet Advanced Materials Ltd. is a leading Indian manufacturer of specialty ferrous & non-ferrous metal powders and Tungsten Heavy Alloys (THA). It provides critical sector solutions for Aerospace, Defence, Energy, and Radiation Shielding, backed by ISO/AS certifications and a successful 2024 IPO.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result24 May, 02:12 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
52NeutralSMA20 +1.8% / mo · MACD − · near 52W high
Stock trend: 58
Sector RS: 44
Sector 3M: -5.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INNOMETD candles · FIT view+200.2%Latest close ₹267.20 on 2026-10-21
Bar
-8.2%
RSI
48
MACD hist
-1.60
52W pos
88%
2026-10-21O ₹291.00H ₹291.20L ₹267.20C ₹267.20Vol 70,200 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INNOMETNifty MetalNifty 500
- INNOMET
- +47.9%
- Nifty 500
- -6.5%
- Nifty Metal
- -6.1%
- Vs Nifty 500
- +54.4 pp
Chart stats
21 Oct 2026- From 52W high
- -9.1%
- 52W range position
- 88%
- ATR (14)
- 4.5%
- Volume vs 20D
- 1.42x
- Avg traded value
- ₹1.4 Cr
- 20D price channel
- ₹247.6 - ₹294
₹294
₹63.2 - ₹294
₹12.1
Latest completed session
20-session average
47.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +158.1% · PAT -123.5% YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model-534.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence58
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 2/100PAT -124% YoY · margin compression · Rev +158% YoY · +29% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹30.3 Cr | +158.1% | +28.9% |
| EBITDA | ₹1.4 Cr | NDF | -68.3% |
| Operating margin | 4.5% | NDF | -1365 bps |
| PAT | ₹-0.4 Cr | -123.5% | -121.8% |
| PAT margin | -1.4% | NDF | -1003 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 232.00
- P/B
- 8.46
- EV/EBITDA
- 45.82
- Market Cap
- 364.00Cr
Profitability
- ROE
- 3.73%
- ROCE
- 5.68%
- ROA
- 2.54%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 34.00%
- EPS 5Y
- 51.00%
- Revenue 3Y
- 32.00%
- EPS 3Y
- -21.00%
Balance Sheet
- Debt/Equity
- 0.35
- Interest Coverage
- 6.59×
- Altman Z
- 8.09
- Book Value
- 33.20
Cash Flow
- FCF Yield
- 0.34%
- FCF Positive Y
- 1/5
- OCF
- 9.26 Cr
- EPS TTM
- 1.21
Shareholding
- Promoter Hold
- 55.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 94%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 30.3+28.9% vs prev
Net Profit
₹ CrLatest: -0.4-121.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 48.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~1.8% over last month) — short-term momentum positive.
- RSI(14) at 48 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 9% off 52W high · 323% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
98
RS percentile
Stage 2 UptrendEstablished S2
1M return
-6.8%
3M return
+47.9%
6M return
+213.8%
1Y return
+105.5%
RS 1D
0
RS 20D
+1
Sector rank
#6
Industry rank
-
Stage evidence
- Price is 62.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +20.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
03 Jul 2026
S2 age
76 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
260 observations
21 Oct 2026Value 174.99-4.10%
RS vs Nifty 500175
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth17/25
Quality0/20
Balance Sheet8/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
-4
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Fair-value margin of safety is negative at -534.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
232.0
PB
8.5
EV/EBITDA
45.8
ROE
3.7%
ROCE
5.7%
FCF Yield
0.3%
Debt/Equity
0.3
MoS
-534.6%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-534.6%
Previous: -567.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
27
27
27
27
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹30.06
-788.8% MoS
Growth-justified P/E
34.8
Growth-justified Value
₹42.11
-534.6% MoS
PEG
4.55
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MIDHANI
Micro
Mishra Dhatu Nigam Limited
Specialty Metals
match 24
26
58.2
8.9%
-995%
OVERVALUED
PSRAJ
SME
P S Raj Steels Ltd.
Steel
match 23
30
44.4
12.4%
-11%
OVERVALUED
CMNL
SME
Chaman Metallics Ltd.
Steel
match 21
15
—
-1.8%
—
OVERVALUED
JAINAM
SME
Jainam Ferro Alloys (I) Ltd.
Metals
match 20
25
37.9
4.5%
-4%
OVERVALUED
AMCL
SME
ANB Metal Cast Ltd.
Metals / Mining
match 20
61
18.8
32.4%
+46%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-18T07:51:37.617Z
Management commentary snapshot
Innomet reported strong FY26 revenue growth of 66% YoY to ₹53.86 crore, driven by tripling exports. However, EBITDA margin declined to 10.4% (vs 15.6% in FY25) and PAT fell 16% YoY to ₹1.57 crore, impacted by rising copper, base metal, and tungsten prices.
While revenue growth was robust, significant margin compression due to commodity price increases raises concerns about profitability and pricing power. The strong order book and strategic acquisitions are positive, but the ability to pass on costs needs monitoring.
Growth engines
Boost Exports
Intensive international marketing efforts on the back of aerospace certification and capitalizing on China-plus-one strategy.
Expand Product Portfolio
Swastik Tungsten acquisition, commissioning of 50 kg gas atomizer, and approvals for products like camera bodies and CASKs by DAE.
Advanced Powder Manufacturing
Collaboration with IIT Hyderabad under a DRDO-supported project to enhance advanced powder manufacturing capabilities.
High-Growth Strategic Materials
Exploring high-growth strategic and defence materials as part of the long-term vision.
Capacity and execution
Swastik Tungsten Acquisition
Acquired 57.5% stake in Swastik Tungsten Private Limited (120 tonnes PA installed capacity) in Feb 2026 for ₹1.5 crore.
IIT Hyderabad Collaboration Facility
DRDO-funded project to develop a 100kg premium metal powder manufacturing facility, India's largest indigenous clean metal/alloy powder unit, producing 200-250 tonnes annually over three years.
50 kg Gas Atomizer
A 50 kg gas atomizer to be commissioned soon, which will add to revenues with better margins.
Tailwinds
Strong Export Growth
Exports tripled in FY26, marking a clear inflection point for Innomet.
Aerospace Certification
Granted AS9100D aerospace certification for THA division, enhancing global credibility and enabling new defence and aerospace opportunities.
Strategic Backward Integration
Acquisition of Swastik Tungsten secures raw material supply and opens a standalone revenue vertical for tungsten carbide products.
Government Support for R&D
DRDO-supported project with IIT Hyderabad for advanced powder manufacturing capabilities.
Headwinds
Global Geopolitical Uncertainties
Management noted 'Amid global geopolitical uncertainties, we delivered strong growth in FY26'.
Commodity Price Volatility
EBITDA margin impacted by increase in copper and base metal prices along with tungsten, which rose nearly 5x over the last year.
Risk radar
Input Cost Inflation
Significant increase in copper, base metal, and tungsten prices led to a 5.15 percentage point drop in EBITDA margin YoY.
Execution Risk of New Projects
Successful commissioning and ramp-up of the 50kg gas atomizer and the 100kg IIT Hyderabad facility are crucial for future growth.
Integration of Acquired Entity
Successful integration of Swastik Tungsten is needed to secure raw material supply and realize new revenue streams.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document presents full-year financial results for FY26 compared to FY25, making year-over-year comparison the most relevant for assessing annual performance and growth trends.
Sector KPIs management disclosed
Revenue from Operations
₹53.86 crore in FY26, up 66% YoY from ₹32.52 crore in FY25.
EBITDA Margin
10.41% in FY26, down from 15.56% in FY25.
PAT Margin
2.92% in FY26, down from 5.73% in FY25.
EPS
₹1.22 in FY26, down 26% YoY from ₹1.64 in FY25.
Management forward view
Inflection Point for Growth
Management believes FY26 marks a clear inflection point, with strong revenue growth and tripling exports.
Strategic Acquisitions for Integration
Acquired Swastik Tungsten to secure long-term supply and strengthen backward integration, opening new revenue verticals.
Robust Order Book
Current order book of over ₹25 crore in the first two months of FY27 is already close to half of last year’s revenue.
Focus on Value-Added Growth
Collaboration with IIT Hyderabad will enhance advanced powder manufacturing capabilities and support future value-added growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 10.41% in FY26 | Improvement in margins through cost pass-through or stable commodity prices in subsequent quarters. |
| Order Book Conversion | >₹25 Cr (FY27 initial) + ~₹15 Cr (Israel order) | Timely execution of current orders and further growth in the order book for sustained revenue. |
| Swastik Tungsten Contribution | Acquired Feb 2026 | Tangible contribution to revenue and raw material security from the acquired entity. |
| Gas Atomizer Commissioning | 50kg atomizer 'soon', 100kg facility over 3 years | Adherence to commissioning timelines and revenue contribution from new advanced manufacturing facilities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
58Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 22nd percentile of the scored universe and 23rd percentile within Metals. Main check: financial discipline is weak at 18/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
4 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
22nd percentile
overall median 67 · Metals: 23rd pctile, median 70 · SME: 24th pctile, median 64
Evidence depth
Financial-only
4 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
53
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
18
weak · capital discipline
Results
38
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 55%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 5.7%.
- ▸ROE is low at 3.7%.
- ▸ROCE trend is -5.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Innomet Advanced Materials Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.