INDO SMC Limited is engaged in the design and manufacture of a diversified portfolio of products catering to the electrical, industrial, and infrastructure sectors. The company operates across multiple product verticals that support power distribution, energy management, and industrial safety requirements.
The company’s product portfolio includes the manufacture of 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) gratings, junction boxes, feeder pillars, and other power distribution and circuit protection switchgears. These products are primarily used by power utilities, EPC contractors, infrastructure developers, and industrial customers.
INDO SMC Limited has in-house testing laboratories to ensure that its products meet defined quality standards, technical specifications, and material composition requirements. The in-house testing capabilities support consistency in performance, durability, and compliance with customer and regulatory expectations.
The company currently operates through four manufacturing facilities located across Gujarat, Maharashtra, and Rajasthan. The manufacturing facility located at Ahmedabad focuses on the production of Sheet Moulding Compound (SMC) and FRP products. This facility is equipped with a range of modern machinery, processing equipment, and material-handling tools designed to ensure efficient production, proper handling of raw materials, and consistent product quality.
INDO SMC IPO – Details
| IPO Opening Date | 13 January 2026 |
| IPO Closing Date | 16 January 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 61,71,000 Shares Worth ₹92.00 Crore Fresh Issue: 61,71,000 Shares Worth ₹92.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹141 – ₹149 per share |
| Market Lot | 1000 Shares |
| Min Order | 1000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
INDO SMC IPO – Date Schedule
| IPO Open Date | 13 January 2026 |
| IPO Close Date | 16 January 2026 |
| Basis of Allotment | 19 January 2026 |
| Initiation of Refund | 20 January 2026 |
| Credit of Shares to Demat | 20 January 2026 |
| IPO Listing Date | 21 January 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on January 16, 2026 |
INDO SMC IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,98,000 |
| Retail (Max) | 2 | 2,000 | ₹2,98,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,47,000 |
| S-HNI (Max) | 6 | 6,000 | ₹8,94,000 |
| B-HNI (Min) | 7 | 7,000 | ₹10,43,000 |
Competitive Strength
- Diverse Product Range.
- Strong Manufacturing Capabilities.
- Industry Expertise and Leadership.
- Robust Quality Assurance and control.
- Established relationship with customers.
Company Promoters
- Mr. Nitin Jasvantbhai Patel
- Mr. Neel Niteshbhai Shah
- Mrs. Riktabahen Sonawala
- Mr. Chaitanya Patel
- Mr. Rachit Jain
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹7.30 Cr | ₹6.66 Cr | ₹0.46 Cr | ₹10.43 Cr |
| 31 March 2024 | ₹28.06 Cr | ₹24.37 Cr | ₹3.00 Cr | ₹17.70 Cr |
| 31 March 2025 | ₹138.78 Cr | ₹119.67 Cr | ₹15.44 Cr | ₹35.76 Cr |
| 30 September 2025 | ₹112.62 Cr | ₹98.58 Cr | ₹11.46 Cr | ₹49.35 Cr |
Key Performance Indicator
| KPI | Values (Sep 30, 2025) |
|---|---|
| ROE | 27.66% |
| ROCE | 17.50% |
| Debt/Equity | 1.05 |
| RoNW | 24.30% |
| PAT Margin | 10.18% |
| EBITDA Margin | 15.27% |
| Price to Book Value | 5.27 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 9.25 | 10.02 |
| P/E (x) | 16.10 | 14.86 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding capital expenditure of the company to purchase Plant and Machinery. | ₹25.71 |
| Funding the working capital requirements of the company. | ₹52.00 |
| General corporate purposes. | – |
✅Strengths
- Diversified product range across SMC, FRP, and electrical equipment.
- Strong exposure to power distribution and infrastructure sector.
- In-house testing facilities ensure product quality and consistency.
- Multiple manufacturing units across Gujarat, Maharashtra, and Rajasthan.
- Strong revenue and profit growth in recent years.
⚠️Risks
- High dependence on government tenders and infrastructure spending.
- Raw material price volatility may impact margins.
- Working capital intensive operations with high receivables.
- Competitive industry with pricing pressure from other players.
INDO SMC IPO Promoter Holding
| Pre-Issue Share Holding | 82.30% |
| Post Issue Share Holding | 60.07% |
INDO SMC IPO Prospectus
Company Contact Information
| INDO SMC Ltd 809, Shilp Zaveri Shyamal Cross Road, Vejalpur, Shyamal, Ahmedabad, Gujarat, 380006 Phone: +91 7575812866 Email: cs@indosmc.com Website: https://indosmc.com/ |
INDO SMC IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: austere.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
INDO SMC IPO Lead Manager(s)
| 1. GYR Capital Advisors Pvt.Ltd. |
INDO SMC IPO FAQ
| What is the INDO SMC IPO? INDO SMC IPO is an SME IPO. The issue is priced at ₹141 – ₹149 per equity share. The IPO is to be listed on BSE SME. |
| When will INDO SMC IPO open? The IPO is to open on 13 January 2025 for QIB, NII, and Retail Investors. |
| What is INDO SMC IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the INDO SMC IPO Size? INDO SMC IPO size is ₹92.00 Crore. |
| What are the INDO SMC IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2000 Shares for ₹2,98,000, while the maximum bid is 2000 Shares for ₹2,98,000. |
| What is the INDO SMC IPO Allotment Date? INDO SMC IPO allotment date is 19 January 2026. |
| What is the INDO SMC IPO Listing Date? INDO SMC IPO listing date is 21 January 2026. The IPO is to be listed on the BSE SME. |
