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Innomet Advanced Materails H1 FY26 Concall Highlights:
👉FY 2026 & Future Outlook :
▫️FY26 expected revenue growth of ~30%
💠Supported by higher exports (targeting 30-35% of total revenue, up from current 15%)
💠Expanded product portfolio (gas-atomized powders, EV battery materials, hydrogen electrolyzer electrodes, fuel cell components)
💠Higher capacity utilization (currently 65-70% for Metal Powders and 40-45% for Tungsten Heavy Alloys, targeting 100% for both)
💠In medium-long term aims to cross ₹100+ Cr in annual revenue without significant new capital expenditure
💠Split at ₹100 Cr level is expected to be ~75% from Metal Powders and ~25% from Tungsten Heavy Alloys (THA)
▫️EBITDA margins are expected to stabilize/improve from ~18% by reducing volatility from raw material costs
💠Tungsten and other metal prices are volatile and up significantly since Mar'25
💠Higher depreciation (due to pre-IPO capex) and marketing investments hamper margins, but these ensure future profitability
💠PAT margins are targeted at ~12-14% as turnover crosses ~100cr, through a focus on high-value products (exports and specialty powders yielding 25-30% margins in THA), import substitution, and better product mix
👉Order book / projects and pipeline:
▫️Current order book : ~18cr+
💠₹14 Cr in Tungsten Heavy Alloys; ~₹4 Cr in Metal Powders; ~75-80% of the THA expected to execute in FY26
💠Metal Powders turning over every 15 days due to shorter cycles
💠Within THA: ~₹8 Cr from Indian Defence establishments (e.g., for kinetic energy penetrators, pre-fragments)
💠Current projects also include supply to Hoeganaes-GKN, Tenneco for Metal Powders; BDL, HAL, Solar for THA) and commercial production of camera bodies/collimators/casks for radiation shielding
💠Exports: ~₹4.2 Cr embedded in the THA book, plus a specific Metal Powder export order of USD ~47,400
▫️Pipeline:
💠 Participation in PowderMet 2025 (US) and DSEI 2025 (UK Defence Expo), engagement of a US-based expert, and appointment of Scope Metals as exclusive sales representative in Israel
💠R&D projects in pipeline include hydrogen electrolyzer electrodes (R&D phase, scaling up sizes; potential bulk production in 1-2 years), fuel cell components (development stage), tungsten composites, and EV battery materials (pilot-scale success with AltMin via tech transfer, but no ongoing supply)
💠Backward integration for tungsten powder production is under assessment (viable at 3-4 tons/month THA volumes, up from current 1.5-2 tons)
💠Gas atomizer commissioning in next few months for high-quality spherical powders (e.g., nickel, cobalt for aerospace/additive manufacturing)
💠Reference made to a recent collaboration project with IIT Chennai at a very advanced stage; but details not shared yet as it's not finalized; though possibility of commercial viability exists if successful
👉 Others :
▫️Financials: Revenue breakdown: 87.6% Metal Powders (key products: copper/alloy powders for automotive, diamond tools; volumes highest in copper mixes), 12.4% THA (applications: defense, radiation shielding)
💠Geographic: ~85% domestic, 15.1% exports (80% to US; also Germany, Japan, UK, etc.)
💠Working capital cycles: Inventory turnover ~232 days (high due to raw materials/WIP/finished goods mix: ~30% raw, 40-45% WIP, 20-25% finished; total inventory ₹16 Cr)
💠Receivables ~104 days, payables ~55 days—elevated due to multi-product nature and raw material stockpiling (e.g., tungsten price volatility)
💠Depreciation discrepancy and inventory revaluation (in FY25) noted as auditor corrections from prior methods
▫️Risks: Geopolitical (US 50% tariff on exports, but existing customers absorbing; no major impact yet; not halting exports), raw material volatility (mitigated by stockpiling), long THA cycles
▫️Supply Chain and Raw Materials: Metal Powders sourced from scrap (copper/iron) and virgin metals (nickel/tin/cobalt/chromium); no issues but prices volatile (impacting margins).
💠THA starts with procured tungsten powder (not produced in-house yet; different tech route)
💠No forward integration into customer products (firm principle), but assessing backward for tungsten at higher volumes
💠Gas atomization setup (in-house built, back-purged with inert gas, not full vacuum; cost-effective for non-aerospace grades) nearing commissioning for cleaner powders (98% current production water-atomized)
▫️Competition: Claims sole private Indian THA manufacturer; limited competition (some other players present for specific products, rest imports from Europe)
💠Entry barriers high (3-4 years for approvals in aerospace/defense; 12-14 year advantage claimed for Innomet)
💠 Technical collaborations (e.g., ODS alloys, additive powders with Tata Steel; brake pads, pure tungsten; hydrogen components) drive import substitution and exports
✨ SME IPO SUBSCRIPTION STATUS (DAY 3) ✨
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MASSIVE ~368X subscription in HNI category on last day, issue covered 297.4X
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