Indo SMC Limited IPO

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Indo SMC Limited is engaged in the design and manufacturing of electrical enclosures, transformers, FRP products, and power distribution equipment. The Company caters to customers across the power, electrical, industrial, and infrastructure sectors, serving both government and private clients.

Business Segments

The Company operates through three key business divisions:

1. Sheet Moulding Compound (SMC) Division: This division manufactures Energy meter enclosure boxes, SMC sheets and chequered plates and LT/HT distribution boxes and panels.

2. Fiberglass Reinforced Plastic (FRP) Division: Under this division, the Company manufactures FRP gratings (moulded and pultruded), FRP storage tanks and Junction boxes and industrial FRP components

3. Electrical Components Division: This division focuses on manufacturing High Tension Current Transformers (HTCT), High Tension Potential Transformers (HTPT), Low Tension Current Transformers (LTCT) and Feeder pillars and power distribution switchgears.

Each product is designed to provide mechanical strength, electrical insulation, environmental resistance, and operational reliability.

Growth and Expansion

During Fiscal 2025, the Company undertook significant capital expenditure, resulting in 117.20% increase in installed capacity in the SMC segment and 74.71% increase in installed capacity in the FRP segment. New products such as FRP gratings and CT/PT units were introduced based on confirmed orders from power and transformer sector clients.

Growth was further supported by participation in government initiatives such as:

i) Smart Meter National Program (SMNP)
ii) Revamped Distribution Sector Scheme (RDSS)

Competitive Strengths

i) Diversified product portfolio across SMC, FRP, and electrical components
ii) Strong manufacturing and testing capabilities
iii) Strategic participation in government infrastructure programs
iv) Experienced promoter-led management team
v) Robust quality assurance and compliance framework

Objects of the Indo SMC Limited IPO:

Company intends to utilize the proceeds to meet the following objects: 1. Capital expenditure to purchase Plant and Machinery (₹25.71 cr) 2. Working Capital requirements (₹52 cr) 3. General Corporate Purposes
DRHP of Indo SMC Limited IPO
RHP of Indo SMC Limited IPO

Indo SMC Limited IPO Details:

Open Date: Jan 13 2026
Close Date: Jan 15 2026
Total Shares: 61,71,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 92 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 141-146 Per Equity Share
Listing At: BSE SME
Listing Date: Jan 20 2026

Promoters And Management:

1. Mr. Neel Niteshbhai Shah is the Promoter, Managing Director, and Chief Financial Officer of the Company. He has been associated with the Company since its incorporation in 2021, initially as a Director, and was subsequently re-designated as Managing Director on October 17, 2024, and appointed as Chief Financial Officer on December 16, 2024. He is a Commerce graduate and a Law degree holder with over five years of experience. He oversees the overall management of the Company and plays a key role in marketing, finance, and sales, contributing significantly to strategic planning and business growth. 2. Mr. Nitin Jasvantbhai Patel is the Promoter, Chairman, and Non-Executive Director of the Company. A Commerce graduate with over 25 years of business experience, he has been associated with the Company since its incorporation in 2021. He provides strategic leadership and guidance, particularly in areas of financial oversight and corporate governance, supporting the Company’s long-term growth and stability. 3. Mr. Chaitanya Patel is the Promoter and Executive Director of the Company and has been associated with the Company since 2021. He is Matriculate with over five years of experience and is responsible for overseeing manufacturing operations, finance, and expansion-related activities. His operational leadership has been instrumental in improving efficiency and supporting the Company’s expansion plans.

Financials of Indo SMC Limited IPO:

Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 113 139 28 7
EBITDA (Cr) 17 23 5 1
EBITDA Margins 15% 16% 18% 16%
PAT (Cr) 11 15 3 0.45
PAT Margins 10% 11% 11% 6%
ROCE 18% 31% 21% 8%
OPerating Cash Flow (Cr) -7.04 -13.7 -5.77 -2.9
Debt to Equity Ratio(In Times) 1.1 1 3.05 8.9

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
INDO SMC Ltd 139 16% 11% 31% 1 340.54 22.70
Aeron composite limited 215 8% 6% 21% 0.44 176 12.70
RMC switch gear limited 316 17% 9.80% 37.20% 0.59 432 10.6
NOTE:Forward P/E 15.47 is According to FY 2026 PAT

Lead Manager of Indo SMC Limited IPO:

  1. GYR CAPITAL ADVISORS PRIVATE LIMITED

Registrar of Indo SMC Limited IPO:

  1. Kfin Technology Private Limited

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