Indo SMC Ltd IPO
Capital Goods - Electrical Equipment
Price Band
₹141 – ₹149
Lot Size
1000
Minimum Bid Quantity
2000
Minimum Investment
₹298000
Issue Size
₹91.95Cr
Opens
2026-01-13
Closes
2026-01-16
Listing
21-01-2026
Subscription Status
Qualified Institutional Buyers
74.45 x
Non-Institutional Investor
93.15 x
Retail Individual Investor
68.06 x
Total
76.52 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE0WKY01013
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
INDO SMC designs and manufactures enclosure boxes, transformer components, and power distribution and circuit protection switchgears. Its products include enclosure boxes for energy metres; high-tension current and potential transformers (HTCT, HTPT); low-tension current transformers (LTCT); LT/HT distribution boxes and panels; junction boxes; feeder pillars; fibreglass reinforced plastic (FRP) gratings; sheet moulding compounds (SMC) sheets; and SMC chequered plates. Products are made using SMC, FRP, copper, mild steel, and stainless steel. The company operates four manufacturing facilities in Gujarat, Maharashtra, and Rajasthan, including units in Ahmedabad and Nashik, Maharashtra.
Pros
- • INDO SMC claims to have a diversified product range spanning SMC-based electricity metre boxes, FRP products, and high- and low-tension electrical components. This range enables the company to serve multiple sectors, including power distribution, construction, industrial, and infrastructure, thereby reducing its dependence on a single product segment.
- • The company claims to operate advanced manufacturing facilities equipped for the production of SMC, FRP, and electrical components. These facilities are stated to support large-scale manufacturing, consistent quality output, and the ability to scale production for bulk or new orders.
- • INDO SMC claims to have secured an order book of Rs 283.19 crore as of November 30, 2025, reflecting ongoing demand across sectors. The company states that it independently executes contracts and serves a diversified customer base, which supports revenue visibility and operational continuity.
Cons
- • Raw material consumption accounted for 82.12 percent, 71.32 percent, 88.56 percent, and 106.36 percent of revenue from operations for the period ended September 30, 2025 and FY25, FY24, and FY23, respectively. Any increase in raw material prices, supply disruptions, import restrictions, or inability to pass on higher input costs, given the absence of long-term supply contracts, can negatively impact the company’s margins, cash flows, and results of operations.
- • A significant portion of the company’s orders is received through competitive bidding, where awards depend on meeting qualification criteria and, after pre-qualification, often on quoted prices. The company incurs time and costs to prepare bids, and tender processes, especially government tenders, can face delays or changes in criteria. Failure to qualify, win bids, or delays in tendering and contract awards can hurt revenue visibility, cash flows, and results of operations.
- • The top 10 suppliers accounted for Rs 85.31 crore (92.31 percent) of the company’s total raw material consumed for the period ended September 30, 2025; Rs 31.78 crore (32.14 percent) in FY25; Rs 16.21 crore (65.29 percent) in FY24 and Rs 5.73 crore (73.80 percent) in FY23. Since there are no long-term supply contracts, any disruption, delay, or quality issues from these suppliers, or difficulty in sourcing alternatives on time, can hurt production schedules, deliveries, margins, and results of operations.
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