Transcript of the Earnings Conference call
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INDO SMC held its first post-IPO earnings call for Q3 FY26. Quarterly revenue stood at ~Rs. 101.5 crore with EBITDA of Rs. 16.5 crore and PAT of Rs. 12.1 crore, showing strong growth driven by operating leverage. The company secured fresh orders worth Rs. 54 crore during the quarter, taking total order book to Rs. 142.45 crore. Management guided FY26 revenue of ~Rs. 300 crore and FY27 revenue of ~Rs. 450 crore, with segment targets of Rs. 250 crore (CT/PT), Rs. 120-150 crore (SMC boxes), and Rs. 70-80 crore (FRP). Sustainable EBITDA margins are guided at 18-19% and PAT margins at 10-12%. Receivable days improved sharply from 83 days in H1 to ~40-45 days. Management also highlighted new approvals (MSEDCL for 11 kV cubicles), export trials to Oman, and plans to scale capacity from Rs. 800-1000 crore in coming years.
Positive signals for shareholders: strong quarterly execution, clear multi-year growth roadmap, improving working capital, and margin expansion plans post-IPO. The Rs. 450 crore FY27 target represents ~50% YoY growth, which could support valuation re-rating if execution stays on track.