Indo Smc Ltd

BSE: 544681

₹ 394-0.03%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 901 crWebsite: www.indosmc.comUpdated: 24 Oct 2026

About

Indo SMC supplies components to India's power distribution and smart-metering value chain. It makes boxes, enclosures and current/potential transformers that house and protect meters and switchgear. The business runs through three verticals: SMC Products, FRP Products and Electrical Components. FY26 revenue was Rs 309.74 Cr, and the order book stood at ₹237 crore as of March 31, 2026.^[1][2]

Business segments

CT PT products: revenue of Rs 222.02 Cr in FY26, 71.7% of the total.^[3][1]
SMC products: revenue of Rs 63.97 Cr in FY26, 20.7% of the total.^[3][1]
FRP products: revenue of Rs 23.75 Cr in FY26, 7.7% of the total.^[3][1]
Management said FY26 growth came mainly from CT/PT products, while the SMC and FRP segments held steady.^[4]

Products

As of FY26 the portfolio spans seven core product categories: SMC products, FRP products, medium-voltage switchgear, PCVCB, RMU, bus duct and geomembrane textile fabric.^[1]
SMC products include distribution boxes, meter boxes, junction boxes, SMC sheets and chequered plates. FRP products include gratings and pultrusions.^[1]
Medium-voltage equipment includes outdoor CTs (11 kV & 33 kV), indoor and bar-type CTs (11 kV) and metering cubicles up to 33 kV.^[1]
The company is ISO 9001:2015 and ISO 14001:2015 certified, and its products comply with IS:13410 and IS:14772.^[1]
It is scaling up metering cubicles, PCVCB panels, busduct systems and Ring Main Units.^[1]

Operations

It has four manufacturing facilities: SMC and FRP units at Pirana, Ahmedabad; an electrical component unit at Nashik, Maharashtra; and an SMC assembly and press facility at Ghiloth, Rajasthan.^[1]
At the Pirana plant in FY26, FRP grating lines went from 4 to 10 and 2 new pultrusion lines were added.^[4][1]
The workforce numbers over 300 employees as of FY26.^[1]
The company has no subsidiary, associate or joint venture.^[1]

Key operating numbers

Order book: ₹237 crore on March 31, 2026, against ₹142.45 crore on February 9, 2026.^[4][5]
Fresh orders of over Rs 54 crore were secured in Q3 FY26.^[5]
Receivable days fell to about 40 in Q3 FY26, from 83 in H1 FY26.^[5]

Customers and distribution

It is an approved vendor with multiple State Electricity Boards, DISCOMs and government utilities. Demand depends on the RDSS/SNMP schemes.^[1]
In FY26 it received repeat and large-scale orders from Asiatic Composite Limited, Elite Techno Solution and a metals & mining client.^[1]
The company has a presence across 20 states as of FY26.^[1]
Geomembrane textile fabric is exported in various grades/GSM to Middle East countries.^[1]
An FRP trial container was shipped to Oman in Q3 FY26. Africa, Europe and the UK are planned next.^[5]

Expansion and capex

Planned IPO capex is Rs 25 cr, covering a 2,000-ton press unit, pultrusion machines and a lab for the Nashik unit.^[5]
Capacity expansion is planned in South and North India.^[1][4]
Railway SMC products: approvals were targeted by March, with first supply from September 2026.^[5]

Recent developments

In FY26 the company entered the busduct power distribution segment with an order worth ₹20.89 crore.^[1][4]
It received MSEDCL vendor approval for 11 kV metering cubicles, valid for two years, with about ₹10 crore of estimated supply potential.^[1][5]
The main object clause was changed to add CT/PT manufacturing and tarpaulins/synthetic geomembranes.^[1]

Market Cap

₹901 Cr

High / Low

₹534 / 134

Stock P/E

27.8

Price / Book

0.0

Book Value

₹67

EPS

₹14.2

No. of Shares

2.29 Cr

ROCE

23.0%

ROE

21.0%

OPM

14.9%

Debt / Equity

0.30

Sales

₹310 Cr

Net Profit

₹32 Cr

Promoter holding

60.3%

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