Module 3
Market Evidence
Evaluates listed peer multiples, pre-IPO transactions, and regression-implied multiples across precision manufacturing tiers. Uses INDO-MIM as the locked valuation anchor to ground investor pricing.
Dataset v1.1 · last refresh 2026-11-02 · 15 records
Fewer than 3 included data points in: IPO pricing (1), Private round (0), M&A (0). Statistics for these layers are not reliable.
Comparables
| Include | Company | Layer | Basis | Mcap/Revenue LTM | Mcap/EBITDA | EV/Revenue LTM | EV/Revenue NTM | EV/EBITDA | P/E | Growth-adjusted | Growth | As of | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tier 1 · Indian precision mfg & defence/aerospace | |||||||||||||
INDO-MIMExit anchor Listed | IPO pricing | Market cap | 5.5x | 22.4x | — | — | — | 44.9x | — | 28%Historical (FY26) | 2026-07-23 | ||
Data Patterns Listed | Trading | EV | 29.3x | — | 29.2x | — | — | 99.8x | — | 36.27%Historical | 2026-08-24 | Source | |
Aequs Listed | Trading | Market cap | 9.8x | — | — | — | — | — | — | — | 2026-10-27 | Source | |
Unimech AerospaceData pending Listed | Trading | Market cap | — | — | — | — | — | — | — | — | — | — | |
Sigma Advanced SystemsData pending Listed | Trading | Market cap | — | — | — | — | — | — | — | — | — | — | |
DCX SystemsData pending Listed | Trading | Market cap | — | — | — | — | — | — | — | — | — | — | |
Paras DefenceData pending Listed | Trading | Market cap | — | — | — | — | — | — | — | — | — | — | |
Astra MicrowaveData pending Listed | Trading | Market cap | — | — | — | — | — | — | — | — | — | — | |
| Tier 2 · Indian ESDM / EMS | |||||||||||||
Kaynes Technology Listed | Trading | Market cap | 6.2x | — | — | — | — | — | — | — | 2026-09-25 | Source | |
Syrma SGS Technology Listed | Trading | EV | 6.0x | — | 6.0x | — | — | — | — | 27.26%Historical | 2026-10-15 | Source | |
Avalon Technologies Listed | Trading | Market cap | 9.2x | — | — | — | — | — | — | — | 2026-09-25 | Source | |
Cyient DLM Listed | Trading | Market cap | 5.4x | — | — | — | — | — | — | — | 2026-09-25 | Source | |
| Tier 3 · Global interconnect | |||||||||||||
AmphenolData pending Listed | Trading | Market cap | — | — | — | — | — | — | — | — | — | — | |
TE ConnectivityData pending Listed | Trading | Market cap | — | — | — | — | — | — | — | — | — | — | |
Hirose ElectricData pending Listed | Trading | Market cap | — | — | — | — | — | — | — | — | — | — | |
INDO-MIM: FY26 total income ₹4,321 Cr (FY25 ₹3,374 Cr; FY24 ₹2,900 Cr), EBITDA ₹1,071 Cr (25.5%), PAT ₹534 Cr. Market cap at IPO price ₹485 ≈ ₹23,980 Cr; at BSE listing price ₹703 ₹34,762 Cr. Net debt not available — all multiples are market cap basis, not EV. Growth ~28% is historical FY26.
Issue size ₹3,811.21 CrFresh issue ₹500 CrOFS ₹3,311.21 CrPrice band ₹461–485Total borrowings ₹1,090.49 Cr (not used — cash not known)FY26 total income ₹4,321 CrFY25 total income ₹3,374 CrFY24 total income ₹2,900 CrFY26 EBITDA ₹1,071 Cr (25.5%)FY26 PAT ₹534 CrFY26 revenue growth ≈28%IPO price ₹485Market cap at IPO price ≈ ₹23,980 CrListing price ₹703 (BSE)Market cap at listing ₹34,762 Cr
Market cap basis (net debt not available)
| IPO price ₹485 | Listing ₹703 | |
|---|---|---|
| Market cap / Revenue | 5.5x | 8.0x |
| Market cap / EBITDA | 22.4x | 32.5x |
| P/E | 44.9x | 65.1x |
These are not EV multiples.
Statistics by tier and layer
| Group | Count | Median | P25 | P75 | Min | Max |
|---|---|---|---|---|---|---|
| Tier 1 | 1 | 29.2x | 29.2x | 29.2x | 29.2x | 29.2x |
| Tier 2 | 1 | 6.0x | 6.0x | 6.0x | 6.0x | 6.0x |
| Tier 3 | 0 | — | — | — | — | — |
| Layer · Trading | 2 | 17.6x | 11.8x | 23.4x | 6.0x | 29.2x |
| Layer · IPO pricing | 0 | — | — | — | — | — |
| Layer · Private round | 0 | — | — | — | — | — |
| Layer · M&A | 0 | — | — | — | — | — |
| All tiers | 2 | 17.6x | 11.8x | 23.4x | 6.0x | 29.2x |
Market cap vs EV basis — Revenue LTM
| Group | Count | Median Mcap/Rev | Median EV/Rev | P25–P75 Mcap/Rev | P25–P75 EV/Rev |
|---|---|---|---|---|---|
| Tier 1 | 3 | 9.8x | 29.2x | 7.7x–19.6x | 29.2x–29.2x |
| Tier 2 | 4 | 6.1x | 6.0x | 5.8x–6.9x | 6.0x–6.0x |
| Tier 3 | 0 | — | — | — | — |
| Layer · Trading | 6 | 7.7x | 17.6x | 6.0x–9.7x | 11.8x–23.4x |
| Layer · IPO pricing | 1 | 5.5x | — | 5.5x–5.5x | — |
| Layer · Private round | 0 | — | — | — | — |
| Layer · M&A | 0 | — | — | — | — |
| All tiers | 7 | 6.2x | 17.6x | 5.8x–9.5x | 11.8x–23.4x |
Regression
Indicative — LTM / historical basis · n = 3 data points
No records have NTM revenue and growth yet — using LTM multiple (EV/Rev, or Mcap/Rev where EV is missing) vs historical growth.
Not enough data points for a reliable fit (n = 3)
TIEA implied base multiple
-68.6x
Indicative — LTM / historical basis
LTM multiple vs historical growth (indicative)
TIEA growth 0.0% · highlighted on the regression line.
Change log
- v1.12026-11-02load— — Dataset loaded from SJA research pass