INDO SMC Limited

Manufactures electrical equipment and composite-material products for power utilities, industrial customers and railways. The product range includes Current Transformer/Potential Transformer (CTPT) units, Sheet Molding Compound (SMC) meter boxes and enclosures, Fiber Reinforced Plastic (FRP) cable trays, bus bar distribution panels (busducts), 11kV/33kV metering cubicles, and Variable Frequency Drive (VFD) panels. In FY26, CTPT products generated ₹222 crore of revenue, SMC products ₹64 crore and FRP products ₹23.7 crore, alongside busduct and VFD panel orders booked through the year. Operates four manufacturing facilities across Gujarat, Maharashtra and Rajasthan; Q1 FY27 revenue of ₹88.12 crore was led by Nashik (₹64.68 crore) over Ahmedabad (₹21.46 crore), with three-unit capacity utilisation at 30-40% and a 2,000-ton press machine due in 2-3 months to support higher-kV CTPT production. Order book stood at ₹237 crore as of 31 March 2026 with ₹125 crore of fresh orders received after that date, giving roughly ₹362 crore of revenue visibility, and management has guided FY27 revenue of ₹450-500 crore. Customers include state electricity distribution companies (MSEDCL vendor approval secured for 11kV metering cubicles), Indian Railways (Tarpaulin order received, lab clearance expected by end-June 2026) and engineering firms serving power, sugar, cement and infrastructure sectors. Materials account for 83.4% of revenue, with copper and resin cited as the key inputs; short-order cycles (2-3 months) and 5% escalation clauses are used to manage commodity price volatility.