India’s power-distribution modernisation is creating an unusually “procurement-heavy” opportunity set: smart metering deployments, distribution upgrades, and industrial electrical safety requirements are translating into orders for meter enclosures, distribution boxes, CT/PT units, FRP gratings, feeder pillars, and allied switchgear components. INDO SMC is positioning itself as a design-and-manufacturing supplier across this product universe, with a footprint across Gujarat, Maharashtra, and Rajasthan and a recent capacity build-out that has coincided with a sharp revenue ramp. Indo SMC IPO review provides a structured analysis of the company’s business model, revenue streams and peer comparison.
Table of Contents
Indo SMC IPO Snapshot
- IPO Dates: 13–15 January 2026
- Listing Platform: BSE SME
- Listing Date: 20 January 2026
- Price Band: INR 141–149 per share
- Issue Size: 61,71,000 shares (INR 87.01 – 91.95 crore)
- Issue Type: Fresh
- Lot Size: 1,000 shares (INR 1,49,000)
- Minimum Bid: 2,000 shares (INR 2,98,000)
- Retail Allocation: 35%
- Anchor Portion: 17,56,000 shares
Indo SMC IPO Review: Business Overview
INDO SMC is a manufacturer primarily engaged in design and manufacturing of:
- Enclosure boxes for energy meters
- High/low tension current transformers (HTCT/LTCT) and potential transformers (HTPT/PT)
- LT/HT distribution boxes and panels
- FRP gratings, junction boxes, feeder pillars
- Bus ducts and other power distribution and circuit protection switchgears
Materials: SMC, FRP, copper, mild steel, stainless steel.
Operating Structure: Three Divisions
- SMC Division: enclosure boxes, SMC sheets, SMC chequered plates
- FRP Division: gratings, pultrusion products, FRP customised products, storage tanks (as referenced)
- Electrical Components Division: HTCT/HTPT/LTCT, feeder pillars, and other electrical distribution/protection products
Indo SMC IPO Review: Business Model
INDO SMC operates a manufacturing-led, order-driven business model focused on power distribution and electrical safety infrastructure. The company designs and manufactures products across three verticals: SMC (Sheet Moulding Compound) enclosures such as meter boxes and distribution/junction boxes; FRP (Fibre Reinforced Polymer) products such as gratings and pultruded sections; and electrical components including HTCT/LTCT and HTPT/PT units, feeder pillars, and related switchgear parts.
Demand is typically generated through institutional procurement and competitive bidding, where customers evaluate suppliers on compliance to specifications, product reliability, pricing, execution capability, and after-sales support.
INDO SMC’s model relies on (1) in-house design and tooling capability to deliver standardized and customized products, (2) scalable production capacity across multiple facilities, and (3) quality assurance through in-house testing and certification-driven processes, enabling repeat orders.
Indo SMC IPO Analysis: Revenue Streams
Product-wise Revenue Mix
| Product | H1 FY26 | % of Revenue | FY25 | % of Revenue |
|---|---|---|---|---|
| Bus Duct | 73.28 | 65.12 | 10.62 | 7.66 |
| SMC Box | 24.60 | 21.86 | 68.04 | 49.06 |
| FRP Grating | 6.03 | 5.36 | 29.46 | 21.24 |
| Compound | 0.05 | 0.04 | 15.37 | 11.08 |
| HT Current Transformer | 1.90 | 1.68 | 4.04 | 2.92 |
| LT Current Transformer | 0.91 | 0.81 | 3.15 | 1.18 |
| Total Revenue from Ops | 112.54 | 100 | 138.69 | 100 |
H1 FY26’s business is contract-led and concentrated—a single category (Bus Duct) contributes 65% of revenue. If Bus Duct dominance persists, INDO SMC becomes more of a “project execution + customer concentration” story; if it normalises.
Geographic Mix
FY25: Gujarat 64.30%, Maharashtra 17.71%
H1 FY26: Maharashtra 74.02%, Gujarat 16.18%
The implication is similar: deliveries were clustered in Maharashtra during H1 FY26. That matches the product clustering seen in Bus Duct.
Financial Performance
Simplified financial performance (INR Cr)
- FY23: Revenue 7.30 | Net income 0.46
- FY24: Revenue 28.03 | Net income 3.00
- FY25: Revenue 138.69 | Net income 15.44
- H1 FY26: Revenue 112.54 | Net income 11.46
Margin and profitability metrics (INR Cr)
- EBITDA: FY25 INR 22.83 crore; H1 FY26 INR 17.19 crore
- EBITDA Margin: FY23 15.83%, FY24 18.12%, FY25 16.45%, H1 FY26 15.27%
- PAT: FY25 INR 15.44 crore; H1 FY26 INR 11.46 crore
- PAT Margin: FY23 6.24%, FY24 10.71%, FY25 11.13%, H1 FY26 10.18%
Returns, Leverage, and Ratio Signals: A Rapid De-leveraging Narrative
- Debt/Equity: FY23 8.90 → FY24 3.05 → FY25 1.00 → H1 FY26 1.05
- ROCE: FY23 7.97% → FY24 20.71% → FY25 31.39% → H1 FY26 17.50%
- ROE: FY25 74.45%; RoNW 43.27%
This dual reporting (ROE vs RoNW) is common in disclosure sets; investors should ensure consistent definitions when comparing.
Order Book: Visibility Exists, But Concentrated
The order book summary as of 30 Nov 2025:
- Total contract value: INR 283.19 crore
- Work executed: INR 171.53 crore
- Order book balance: INR 111.67 crore
A standout line item:
- Bus duct up to 400A with assembly (Lloyd Metals and Energy):
- Total contract value INR 201.78 crore
- Executed INR 146.89 crore
- Balance INR 54.89 crore
This is important because it triangulates with the H1 FY26 revenue mix where Bus Duct contributes 65%. In other words, the dataset itself tells you that a large contract is materially shaping current revenue.
Indo SMC IPO Peer Comparison Analysis
| Metric | INDO SMC | RMC Switchgears | Aeron Composites |
|---|---|---|---|
| Market Cap (INR Cr) | 340.54 (Implied) | 417 | 171 |
| EPS (INR) | 9.61 | 38.6 | 8.18 |
| P/E | 15.51 | 10.2 | 12.3 |
| NAV (INR) | 21.39 | 120 | 63.6 |
| P/B (x) | 6.97 | 3.31 | 1.57 |
| P/S (x) | 2.46 | 1.03 | 0.76 |
| RoNW (%) | 43.27 | 37.5 | 19.5 |
| ROCE (%) | 31.39 | 37.2 | 21.2 |
| Debt/Equity (x) | 1.00x | 0.59 | 0.44 |
| PAT Margin (%) | 11.13 | 9.93 | 6.19 |
| Current ratio (x) | 1.23 (FY25) | 1.71 | 1.68 |
- INDO SMC is priced at a P/E premium to both peers.
- The P/B multiple is materially higher, which typically requires either:
- sustained high returns, or
- strong reinvestment runway, or
- unusually strong earnings visibility
- Returns are strong (RoNW 43.27%, ROCE 31.39% for FY25), but H1 FY26 mix suggests the near-term results may be more contract-driven than a diversified steady-state.
Conclusion
INDO SMC’s shows a company that has moved from a smaller base to a materially larger revenue scale in a short period, while sustaining mid-teen EBITDA margins and ~10–11% net margins. It also shows an operational build-out—new products, expanded capacity, multiple plants, and quality certifications—consistent with a supplier targeting regulated and specification-heavy power infrastructure demand.
At the same time, the company’s revenue profile is highly shaped by concentration—in product mix (Bus Duct dominance in H1 FY26) and in customers (Top-5 at 78%). With IPO valuation multiples above peer snapshots, investors are effectively underwriting the company’s ability to keep winning, keep executing, and keep broadening the revenue base after the current large deliveries.