Innomet Advanced Materials Ltd(INNOMET)

NSE: INNOMET

₹ 250-1.52%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 335 crUpdated: 25 Oct 2026

About

Innomet Advanced Materials is a specialty powder metallurgy company. It makes specialty metal and alloy powders and Tungsten Heavy Alloys (THA). Its revenue was Rs 53.86 crore in FY26. The company listed on the NSE SME Platform in FY 2024-25, and in February 2026 it acquired a majority stake in Swastik Tungsten Private Limited.^[1][2]

Business segments

Metal Powder made up 78.4% of revenue (Rs 25.51 crore) in FY25. Its products are ferrous and non-ferrous powders made by water and air atomisation.^[3][1]
Tungsten Heavy Alloys made up 21.6% of revenue (Rs 7.02 crore) in FY25. This business trades as Innotung.^[3][1]
THA made up 12.4% of revenue in H1 FY26.^[4]

Products and brands

The powders range covers copper, bronze, brass, nickel, tin, stainless steel and other alloy powders (FY26 annual report).^[1]
The powders are used in powder metallurgy components, diamond tools, welding and brazing, catalysts and surface coatings.^[1]
Innotung makes THA bars, plates, cubes, spheres and engineered components.^[1]
As of Q2 FY26, tungsten camera bodies and radiation-shielding casks had DAE approvals and were in commercial production. Electrodes for green hydrogen electrolysers and fuel cell parts were still in R&D.^[4]
The company holds ISO 9001:2015 certification, and its THA division holds AS 9100D aerospace certification.^[1]

Operations and utilisation

In H1 FY26, capacity utilisation was 65-70% in metal powders and 40-45% in THA.^[4]
THA volume ran at 1.5-2 tonnes a month in H1 FY26.^[4]
Inventory turnover was 232 days and receivables 104 days in H1 FY26.^[4]

Order book

The order book stood at Rs 18 crore as of Q2 FY26: Rs 14 crore in THA (including about Rs 4.2 crore of exports) and Rs 4 crore in metal powders.^[4]
In H1 FY26 the company won THA orders from defence establishments worth Rs 8.1 crore. It also won a metal powder export order worth USD 47,354.46.^[4]

Customers and exports

THA products serve defence, aerospace, radiation shielding, engineering and sporting uses.^[1]
Exports were 15.1% of revenue in H1 FY26, up from about 8-9% historically. About 80% of exports went to the US.^[4]
Domestic powder customers named in filings in Sep-Oct 2026 include Federal-Mogul Goetze (India), Hoganas India and Enar Weld Braze.^[5][6][7]

Expansion and projects

The company describes its gas atomiser project as setting up India's largest indigenous clean metal and alloy powder manufacturing unit (FY26 annual report).^[1]
In Q2 FY26, management expected the gas atomiser to be commissioned within a few months.^[4]
In Q2 FY26, a collaboration with an IIT was at an advanced stage. If finalised, it was expected to be commercially operational within about 2 years.^[4]

Recent developments

10 Oct 2026: The company received a domestic order worth Rs 1,17,38,781.60 from Enar Weld Braze for IPCR grade copper powder.^[7]
8 Oct 2026: The company received an order worth Rs 68,36,324.10 from Hoganas India for copper powder and CU100.^[6]
30 Sep 2026: The company received an order worth Rs 1,15,87,978 from Federal-Mogul Goetze (India) for copper infiltrant IPL96.^[5]
25 Sep 2026: The company completed the purchase of 5,00,600 shares (57.50%) of Swastik Tungsten for Rs 1,50,18,000, making it a subsidiary. The deal is for backward integration into tungsten powder and a move into tungsten carbide.^[8][1]

Market Cap

₹335 Cr

High / Low

₹294 / 63

Stock P/E

232.7

Price / Book

8.5

Book Value

₹33

EPS

₹1.2

No. of Shares

1.29 Cr

ROCE

5.7%

ROE

3.7%

OPM

6.0%

Debt / Equity

0.35

Sales

₹54 Cr

Net Profit

₹2 Cr

Promoter holding

55.0%

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