BSE: 544681
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. CT PT Products, SMC Products, FRP Products, Busducts and panels. Electrical equipment and composites manufacturer selling utility-grade products on short order cycles with copper and resin price pass-through
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 310 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 18.09 |
| ROE % · ROCE % | — · 29.0 |
| Debt / equity (x) | — |
| Cash from operations | (26) |
| Capex | (7) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 101 | 197 |
| Profit before tax | 15 | 27 |
| Net profit | — | — |
| EPS (₹) | 7.25 | 10.94 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.7 | 22.6 | 29 of 52 | 45% |
| ROCE | 25.4 | 12.4 | 13 of 55 | 78% |
| Market cap | 986 | 576 | 22 of 56 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Quarterly RTA compliance certificate submitted for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · Purchase order worth Rs 31.71 Cr received from Gujarat power distribution client | business updates | high | — | — |
| 2 Oct 2026 · INDO SMC AGM 2026: All 4 Resolutions Passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · INDO SMC 5th AGM held; FY26 revenue more than doubles to Rs 309.74 cr | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed from 1 Oct ahead of H1 results | compliance | minimal | — | — |
| 25 Sept 2026 · Analyst meet held; no UPSI shared | investor communications | low | — | — |
| 10 Sept 2026 · Participation in Arihant Capital Bharat Connect Virtual Conference 2026 | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Notice of 5th AGM published in newspapers | compliance | minimal | — | — |
| 8 Sept 2026 · INDO SMC FY26 Annual Report submitted; 5th AGM on Sep 30 | results | high | — | — |
| 8 Sept 2026 · INDO SMC 5th AGM on Sep 30; ED appointment at Rs 50L proposed | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.