INDO SMC
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹141 – ₹149
Lot Size
1000
₹1,49,000
Face Value
₹10
Important Dates
Open Date
13 Jan 2026
Close Date
16 Jan 2026
Allotment
19 Jan 2026
Refund
20 Jan 2026
Listing
21 Jan 2026
About Company
INDO SMC Ltd is engaged in the design and manufacture of a diversified range of products catering to electrical, industrial, and infrastructural applications.
The company designs and manufactures enclosure boxes for energy meters, high tension current transformers (HTCT), high tension potential transformers (HTPT), low tension current transformers (LTCT), LT/HT distribution boxes and panels, fiberglass reinforced plastic (FRP) grating, junction boxes, feeder pillars and other power distribution and circuit protection switchgears.
The company has in-house testing laboratories to ensure products meet quality requirements and suitable material composition.
The company operates through four manufacturing facilities located in Gujarat, Maharashtra and Rajasthan.
The manufacturing facility at Ahmedabad, where SMC and FRP products are manufactured, is equipped with a variety of machinery and handling tools for efficient production and proper product handling.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Funding capital expenditure of the company to purchase plant and machinery. | ₹25.71 |
| 2 | Funding the working capital requirements of the company. | ₹52 |
| 3 | General corporate purposes. | – |
Financial Performance
Share Reservations
QIB
29,28,000
Anchor
17,56,000
NII
8,82,000
Retail
20,52,000
Employee
0
Total
61,71,000
RHP Insights
AI-powered analysis from Red Herring Prospectus
Exponential Revenue and Profit Growth
The company has demonstrated massive financial scaling, with revenue from operations growing from ₹729.55 lakhs in Fiscal 2023 to ₹13,869.25 lakhs in Fiscal 2025, representing a CAGR of 336.01%. Profit After Tax (PAT) grew at an even higher CAGR of 482.42% during the same period.
Impact: HighSignificant Improvement in Inventory Management
Indo SMC successfully reduced its inventory holding period from 132 days in Fiscal 2024 to 43 days in Fiscal 2025. This shift from an 'opportunistic' stocking model to a structured supply-led model significantly improves operational efficiency and cash flow.
Impact: HighRobust Diversified Order Book
The company maintains a strong order book with a healthy mix of government and private sector clients. This diversification provides a steady revenue stream and reduces the risk associated with over-dependence on a single customer segment.
Impact: HighExpansion of Manufacturing Capacity
A core growth strategy involves investing in advanced production technologies and automation to expand manufacturing capacity. This is intended to meet rising demand, reduce production costs, and allow the company to enter new markets.
Impact: HighHealthy Return on Net Worth (RoNW)
The company reported a high RoNW of 43.27% for Fiscal 2025. While this is a decrease from 51.83% in Fiscal 2024 (due to a larger equity base), it still reflects very high efficiency in generating profits from shareholders' funds.
Impact: HighSWOT Analysis
AI-generated strategic view
Strengths
- •Diverse product range across electrical, industrial and infrastructural applications.
- •Strong manufacturing capabilities with four facilities across multiple states.
- •Industry expertise and experienced leadership team.
- •Robust quality assurance and control with in-house testing laboratories.
- •Established relationships with customers in power distribution and infrastructure segments.
Weaknesses
- •Operates in a highly competitive segment with many players in electrical and power equipment.
- •Recent rapid surge in profitability may not be sustainable in a competitive market.
- •Business dependent on capital expenditure cycles in power distribution and infrastructure sectors.
Opportunities
- •Rising investments in power distribution and infrastructure boosting demand for enclosures and switchgear-related products.
- •Opportunity to expand capacity and product range using IPO proceeds for plant and machinery.
- •Growing demand for FRP and SMC based products due to durability and safety advantages.
Threats
- •Competitive pressure on pricing and margins from other electrical and industrial product manufacturers.
- •Dependence on project-based orders and government/infrastructure spending cycles.
- •Volatility in raw material prices affecting cost structure and profitability.
INDO SMC IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| INDO SMC Ltd | 9.61 | 9.61 | 21.39 | 43.27 | 0 | Consolidated |
| Aeron Composite Limited | 7.84 | 7.84 | 59.33 | 13.34 | 13.21 | Consolidated |
| RMC Switchgears Limited | 29.81 | 29.81 | 101.39 | 25.28 | 29.4 | Consolidated |
INDO SMC - Documents & Links
Registrar
Company contact
INDO SMC Ltd
Address: 809, Shilp Zaveri Shyamal Cross Road, Vejalpur, Shyamal, Ahmedabad, Gujarat, 380006
cs@indosmc.comhttp://www.indosmc.com/Lead managers
Frequently Asked Questions
Common questions about INDO SMC IPO.