Indo SMC IPO

About INDO SMC IPO

The offer consists of a fresh issue. The fresh issue will include 0.62 crore shares of ₹91.95 crores. The total number of shares and aggregate amount are 61,71,000 shares (aggregating up to ₹92 crores).

INDO SMC price band is set at ₹141 to ₹149 per share. The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹2,98,000 (2,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,000 shares), amounting to ₹4,47,000.

The INDO SMC IPO opens on Tuesday, Jan 13, 2026 and closes onThursday, Jan 15, 2026. The allotment of shares will take place on Friday, Jan 16, 2026 . The credit of shares to the demat account will take place on Monday, Jan 19, 2026. The initiation of refunds will take place on Monday, Jan 19, 2026. The listing of shares will take place on Tuesday, Jan 20, 2026.

INDO SMC is an ISO 9001:2015 certified company mainly engaged in the design and manufacturing of enclosure box for energy meters, high tension current transformer (“HTCT”), high tension potential transformer (“HTPT”), low tension current transformer (“LTCT”), LT/HT distribution boxes and panels, fiberglass reinforced plastic (“FRP”) Grating, junction boxes, feeder pillars and other power distribution and circuit protection switchgears. They provide end-to-end solutions that combine safety, durability, and reliability.

Objectives of INDO SMC IPO

• Funding capital expenditure of the company to purchase Plant and Machinery.
• Funding the working capital requirements of the company.
• General corporate purposes.

Industry Outlook

With a generation capacity of 442.85 GW, India is the third-largest producer and consumer of electricity in the world. Although power generation has grown more than 100-fold since independence, growth in demand has been even higher due to accelerating economic activity. India's energy firms have made significant progress in the global energy sector.
The global Sheet Molding Compound (SMC) Market was USD 171.8 crores in 2025 and is expected to reach USD 252.4 crore in 2034, growing at a CAGR of 4.36% from 2025 to 2034.
The Fiber-Reinforced Polymer Composites Market size is estimated at USD 7906 crores in 2025, and is expected to reach USD 10201 crores by 2030, at a CAGR of 5.23% during the forecast period (2025-2030).
The global transformer market size was valued at USD 2668 crores in 2024 and is expected to be worth around USD 4810 crores by 2034, growing at a compound annual growth rate (CAGR) of 6.07% over the forecast period 2025 to 2034.

INDO SMC Company Information

Their business primarily comprises of
(i) sheet moulding compound division, under which they manufacture enclosure box for energy meters, SMC sheet and SMC chequered plates,
(ii) fiberglass reinforced plastic in which they manufacture grating plates and
(iii) electrical component division where they manufacture HTCT, HTPT, LTCT, feeder pillars and other power distribution and circuit protection switchgears. In SMC enclosure box, they follow Indian Standards (“IS”) which are IS:13410 for SMC materials and IS:14772 for enclosure.
They currently operate through four manufacturing facilities, located at Gujarat, Maharashtra and Rajasthan. Their manufacturing facility at Ahmedabad where they manufacture SMC and FRP products, comes equipped with a variety of machinery and other handling tools to guarantee appropriate product handling and efficient production.

Each product is developed with a focus on mechanical strength, electrical insulation, dimensional stability, and resistance to environmental conditions, ensuring consistent performance across critical applications.

Strengths of INDO SMC

• Diverse product range.
• Strong manufacturing capabilities.
• Industry expertise and an experienced leadership team.
• Robust quality assurance and control.
• Established relationship with customers.

Risks of INDO SMC

• Increase in the prices of raw materials.
• Revenue is largely dependent on the orders received from the customers through a competitive bidding process.
• Any failure to obtain or renew licenses
• Primarily dependent on a few key suppliers for procurement of raw materials.
• Adverse outcome in any legal proceeding
• The company has significant geographical concentration of revenue in the State of Gujarat and Maharashtra. Any adverse events in these geographies will hurt the business.
• Excessive dependence on HDFC Bank Limited and Standard Chartered Bank in respect of loan facilities obtained by the company.
• Operations are subject to environmental and health and safety laws and other government regulations.

*Source: All the financial information for listed industry peer mentioned above is sourced from the Annual Reports of the aforesaid companies for the year ended March 31, 2025 and stock exchange data dated December 26, 2025 to compute the corresponding financial ratios for the financial year ended March 31, 2025. The current market price and related figures are as on December 26, 2025 (as per NSE and BSE).

1. P/E figures for the peers are based on closing market prices of equity shares on NSE or BSE on December 26, 2025 divided by the Diluted EPS as at March 31, 2025.
   
2. EPS refers to the Diluted EPS calculated based on the net profit after tax for FY 24-25, divided by the number of outstanding shares as per the MCA website.
   
3. Return on Net Worth (%) for listed industry peers has been computed based on the Net Profit After Tax for the year ended March 31, 2025 divided by Net Worth as on March 31, 2025.
   
4. NAV per share for listed peers is sourced from the Annual Reports for FY 24-25 of the listed peer companies.
   **The details shall be provided post the fixing of the price band by the Company at the stage of the red herring prospectus or the filing of the price band advertisement.
   

Anchor Investor Bidding Date: January 12, 2026

*The company may, in consultation with the Book Running Lead Manager, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/ Issue Period shall be one Working Day prior to the Bid/ Issue opening Date.

Registrar: KFIN Technologies Limited
Book Running Lead Managers: GYR Capital Advisors Private Limited

INDO SMC Business Model

The company earns its revenue through the designing and manufacturing of enclosure box for energy meters, high tension current transformer (“HTCT”), high tension potential transformer (“HTPT”), low tension current transformer (“LTCT”), LT/HT distribution boxes and panels, fiberglass reinforced plastic (“FRP”) Grating, junction boxes, feeder pillars and other power distribution and circuit protection switchgears.

INDO SMC Growth Trajectory

INDO SMC’s Total Income for the financial year 2025 stood at ₹138.779 crores, whereas in the financial year 2024, and 2023 it stood at ₹28.059 crores, and ₹7.295 crores, respectively .

Their Profit After Tax for the financial year 2025 stood at ₹15.441 crores, whereas in the financial year 2024, and 2023 it stood at ₹3.004 crores, and ₹0.455 crores, respectively.

Their EBITDA for the financial year 2025 stood at ₹22.827 crores, whereas in the financial year 2024, and 2023 it stood at ₹5.085 crores, and ₹1.155 crores, respectively.

INDO SMC Market Position

The company currently operate through four manufacturing facility, located at Gujarat, Maharashtra and Rajasthan. In their manufacturing facility at Ahmedabad, they produce SMC and FRP products which come equipped with diverse machinery and other handling tools to guarantee appropriate product handling and efficient production.

The Company has undertaken capital expenditure and expanded its installed capacities across all segments in Fiscal 2025 as compared to Fiscal 2024, with an increase of 117.20% in the SMC segment and 74.71% in the FRP segment. During the year, the company also established an LTCT and CTPT manufacturing unit at Nashik, Maharashtra. New products such as FRP gratings and CT/PT units were introduced based on confirmed business leads from power and transformer sector clients.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹138.779 crores, ₹15.441 crores, and ₹22.827 crores, respectively.

How to apply for INDO SMC IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.