Indo-MIM shares hit the 10% upper circuit and a fresh all-time high on the NSE after posting a 31.6% jump in Q1 profit.

Buyers dominated the order book through the morning, with all orders sitting on the buy side and no sellers in sight, which kept the stock locked at its upper circuit limit.

The rally followed Indo-MIM first quarterly results as a listed company, announced after market hours on Monday, 17 August.

Net profit rose 31.6% year-on-year to ₹240.12 crore, up from ₹182.41 crore in the same quarter last year. Revenue from operations grew 9.4% to ₹1,218.74 crore.

Margins expanded well too. EBITDA climbed to ₹407 crore, up nearly 25% year-on-year, while the EBITDA margin widened to 33.35% from 29.32% a year earlier.

A key driver was the drop in raw material costs, down 10.9% year-on-year, which helped cushion the rise in other expenses.

This is Indo-MIM’s first earnings report since its stock market debut. The company listed on 30 July at ₹700 a share, a 44.33% premium over its ₹485 issue price.

At the current price of ₹952.75, Indo-MIM shares are trading nearly double their IPO price. The company’s total market capitalisation stands at around ₹47,112 crore.

As of 11:40 am, the Indo-MIM is still locked at its 10% upper circuit price of Rs 943.00.

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