INDO SMCShare price, financial results, shareholding and management
- Market cap
- ₹827 cr
- Stock P/E
- 25.6peers 18.3
- Book value
- ₹67.4
- Price to book
- 5.37
- EV / operating profit
- -
- Market cap to sales
- 2.67
- ROCE · FY26
- 33.7%
- ROE · FY26
- 33.9%
- ROE, 3-year average
- 64.9%
- Operating margin · FY26
- 15.1%peers 14.0%
- Sales growth, 3 years
- 253.7%
- Profit growth, 3 years
- +90.5%
- Debt to equity
- 0.31peers 0.43
- Borrowings
- ₹47 cr
- Interest cover
- 8.1×
- Cash from business / op. profit
- -75%
- Debtor days
- 42
- Pledged
- 0.00%
- Promoter holding
- 60.25%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,471
- 52-week high / low
- ₹534 / ₹134
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
INDO SMC share price chart
Close on 6 Nov 2026 · -2.92% on the day · Vol 1.16 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -27.7%
- 3 months
- -22.4%
- 6 months
- +43.8%
- Traded a day, 20 days
- ₹5.25 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +123% | +90% |
| 3 years, a year | +254% | - |
| Latest half, H2 FY26 | +186% | +319% |
About INDO SMC: business, products and customers
INDO SMC makes plastic composite boxes for electricity meters, fibreglass gratings and the electrical parts that measure and carry power, mostly for power distribution companies and the contractors who supply them. Its shares trade on BSE SME.
INDO SMC was set up in Ahmedabad in 2021 and has three divisions: SMC boxes for meters and distribution, FRP gratings and pultruded sections, and electrical components such as current and potential transformers, LT current transformers, metering cubicles, feeder pillars and busducts. It makes them at four plants: SMC and FRP units at Pirana near Ahmedabad, an electrical components unit at Nashik and an SMC unit at Ghiloth in Rajasthan. It listed on BSE SME in January 2026 after a fresh issue of 61,71,000 shares at ₹149 that raised ₹91.9 cr.
The business has changed shape fast. In FY26 the segment the annual report calls CT PT products brought in ₹222.0 cr of ₹309.7 cr of revenue, while SMC products brought in ₹64.0 cr and FRP ₹23.7 cr; two years earlier the company sold no transformers at all. The managing director said on the May 2026 call that these engineering products earn better margins than SMC boxes, and that the company now takes smaller orders of three to six months with price escalation terms because resin and metal prices swing.
Read more about the business
Every order is made to specification: the company buys resin, glass fibre, copper, steel and transformer cores, makes and tests the product, then waits to be paid. Raw materials took about 74% of FY26 revenue (our arithmetic), and because stock and customer dues grow with sales, the business has used more cash than it earned in each of the last three years. Named customers include Elite Techno Solution, Paschimanchal Infrastructure, Madhyanchal One Infra and Esyasoft Technologies for meter boxes and LTCT boxes, Lloyd Metals and Energy for busducts, and Asiatic Composite.
The offer document names Aeron Composite (FRP products) and RMC Switchgears (power distribution equipment) as its listed peers. On the call the managing director named ABB and Crompton as makers of higher voltage products above the 11 kV and 33 kV classes INDO SMC serves today. New lines in the works are metering cubicles (with an MSEDCL vendor approval), a PCVCB panel and a ring main unit, and first exports went to Oman and the Gulf.
From the red herring prospectus (January 2026), the FY26 annual report, the June 2026 investor presentation and the May 2026 earnings call.
Read the deeper study ↓In its favour
- Sales have grown very fast: 254% a year over three years.
- It earns a high return on the money it uses: ROCE 34% in FY26.
- The promoters own a large part of the company: 60.25%.
To watch
- Revenue for the half to September 2026 against the managing director's target of more than ₹200 cr (Earnings call, May 2026, p.19).
- Use of the ₹49.5 cr of IPO money unspent at 31 March 2026, including the ₹25 cr machinery plan (Annual report FY26, p.29; Earnings call, May 2026, p.5).
- The GST reconciliation the auditor raised as a key audit matter, and the gaps between book debts reported to HDFC Bank and the books in every quarter of FY26 (Annual report FY26, p.56, p.60 and p.61).
- Launch of the PCVCB panel, targeted for August 2026, and the ring main unit, targeted for June 2027 (Investor presentation, June 2026, p.19 and p.20).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
INDO SMC revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
INDO SMC half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H2FY26 | |
|---|---|---|
| Sales | 69 | 197.20 |
| Expenses | 61 | 168.03 |
| Operating profit | 8 | 29.17 |
| OPM | 11.0% | 14.8% |
| Interest | 2 | 2.50 |
| Depreciation | 0 | 0.85 |
| Profit before tax | 6 | 26.50 |
| Net profit | 5 | 20.93 |
INDO SMC profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 1 | 7 | 28 | 139 | 309.74 |
| Expenses | 1 | 6 | 23 | 115 | 262.85 |
| Operating profit | 0 | 1 | 5 | 23 | 46.89 |
| OPM | 14.0% | 17.0% | 18.0% | 17.0% | 15.1% |
| Other income | 0 | 0 | 0 | 0 | 0.76 |
| Interest | 0 | 0 | 1 | 4 | 5.67 |
| Depreciation | 0 | 0 | 0 | 1 | 1.44 |
| Exceptional and other items | · | · | · | 1 | · |
| Profit before tax | 0 | 1 | 4 | 19 | 40.54 |
| Tax rate | 100.0% | 100.0% | 25.0% | 10.5% | 20.1% |
| Net profit | 0 | 0 | 3 | 17 | 32.38 |
| EPS ₹ | 0 | 0.33 | 1.96 | 10.09 | 18.09 |
| Dividend payout | · | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY22, FY23) comes from tax charged on a small or negative profit, as reported.
INDO SMC profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 14.0% | 17.0% | 18.0% | 17.0% | 15.1% |
| Tax rate | 100.0% | 100.0% | 25.0% | 10.5% | 20.1% |
| ROCE | · | 16.3% | 28.3% | 47.6% | 33.7% |
| ROE | · | 0.0% | 81.3% | 79.6% | 33.9% |
| Dividend payout | · | 0.0% | 0.0% | 0.0% | 0.0% |
INDO SMC debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
INDO SMC balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.65 | 0.65 | 0.73 | 17 | 23 |
| Reserves | 0 | 1 | 5 | 20 | 131 |
| Net worth | 0.65 | 1.65 | 5.73 | 37 | 154 |
| Borrowings | 0 | 10 | 18 | 36 | 47 |
| Other liabilities | 4.35 | 2.35 | 12.27 | 27 | 23 |
| Total liabilities | 5 | 14 | 36 | 100 | 224 |
| Fixed assets | 2 | 5 | 7 | 16 | 21 |
| Capital work in progress | 0 | 0 | 0 | 8 | 8 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 3 | 9 | 29 | 76 | 195 |
INDO SMC cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | · | -3 | -6 | -11 | -35 |
| Cash from investing | · | -3 | -2 | -17 | -7 |
| Cash from financing | · | 6 | 8 | 31 | 92 |
| Net cash flow | · | 0 | 0 | 3 | 50 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 391 | 70 | 112 | 124 | 42 |
| Inventory days | 197 | 423 | 326 | 62 | 135 |
| Days payable | 86 | 137 | 230 | 72 | 23 |
| Cash conversion cycle | 502 | 356 | 208 | 114 | 155 |
| Working capital days | 1,185 | -26 | 20 | 37 | 88 |
INDO SMC peers and competitors
Listed SME companies in the same industryBy sales, INDO SMC is number 10 of the 34 listed SME companies in electrical equipment.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Sahaj Solar | 197 | 6.6 | 419 | 29.6 | 12.4% | 1.27 |
| GP Eco Solutions India | 506 | 11.8 | 414 | 43 | 14.0% | 0.99 |
| Raksan Transformers | 578 | 17.0 | 363 | 34 | 13.0% | 0.27 |
| INDO SMC | 827 | 25.6 | 310 | 32.4 | 15.1% | 0.31 |
| Sugs Lloyd | 569 | 19.6 | 301 | 29 | 14.0% | 0.50 |
| Smarten Power Systems | 111 | 12.6 | 243 | 8.8 | 4.9% | 0.07 |
| Yash Highvoltage | 3,671 | 99.2 | 235 | 37 | 24.0% | 0.21 |
| Vivid Electromech | 1,510 | 47.2 | 200 | 32 | 23.0% | 0.45 |
| Parth Electricals & Engineering | 802 | 56.4 | 198 | 14.2 | 10.5% | 0.15 |
| Supreme Power Equipment | 732 | 34.9 | 182 | 21 | 18.0% | 0.42 |
| Himalayan Solar | 187 | 8.9 | 170 | 21 | 18.0% | 0.77 |
| Median of the 10 others | 574 | 18.3 | 239 | 29.3 | 14.0% | 0.43 |
INDO SMC shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
INDO SMC shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 26 | Jun 26 | Sep 26 | |
|---|---|---|---|
| Promoters | 60.25% | 60.25% | 60.25% |
| Foreign investors (FIIs) | 0.82% | - | - |
| Indian institutions (DIIs) | 6.79% | - | - |
| Number of shareholders | 944 | 1,334 | 1,471 |
INDO SMC study: the business from its own documents
Read from 4 of the company's own documentsINDO SMC so far
From the company's own record
- 5 Oct 2026Order worth ₹31.71 cr
- 30 Sept 2026Promoters at 60.25%
- 11 Sept 2026Highest close since listing, ₹528.10
INDO SMC key facts from the filings
Each figure with the document it comes from
- Order book
- ₹237 cr
- Work in hand at 31 March 2026, about nine months of FY26 revenue; the managing director said about ₹125 cr more came in by late May.Annual report FY26, p.50; Earnings call, May 2026, p.4
- Electrical components
- ₹222.0 cr
- FY26 revenue of the CT PT segment, about seven in every ten rupees of sales.Annual report FY26, p.89
- Largest customer
- 65%
- One customer gave 65.12% of revenue in the six months to September 2025.Offer document, p.44 and p.149
- Sales to a group company
- ₹16.0 cr
- FY25 sales to Indo Alluminium, a company over which key managers have significant influence.Offer document, p.30 and p.44
- Cash from operations
- ₹34.8 cr outflow
- In FY26, as inventory rose by ₹67.8 cr to ₹85.1 cr; management said it had stocked about three months of raw material.Annual report FY26, p.69 and p.82; Earnings call, May 2026, p.7
Show 5 more facts
- IPO money unspent
- ₹49.5 cr
- Of ₹91.9 cr raised, parked in deposits and bank accounts at 31 March 2026; the auditor certified no deviation from the stated objects.Annual report FY26, p.29
- Bank statement gap
- ₹23.0 cr
- Book debts reported to HDFC Bank for the December 2025 quarter exceeded the books; the auditor gives the reason as statements sent without entries of receipts.Annual report FY26, p.61
- Loans from directors
- ₹3.25 cr
- Unsecured loans from directors and their relatives at 31 March 2026, down from ₹6.78 cr a year earlier.Annual report FY26, p.79
- Metering cubicles
- ₹10 cr potential
- MSEDCL vendor approval for 11 kV metering cubicles, valid for two years, with the supply potential the company estimates.Annual report FY26, p.50
- Latest order
- ₹31.7 cr
- Fuse and mini section pillars with FRP fencing for a Gujarat based power equipment firm, received on 5 October 2026 for supply within four to five weeks.Exchange announcement, 5 October 2026, p.1 and p.2
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The managing director said on the May 2026 call that the company is planning for revenue of ₹450 cr to ₹500 cr in FY27, depending on raw material supply and the geopolitical situation, and that the target for the first half had been lowered from more than ₹250 cr to more than ₹200 cr. The company says its ₹25 cr IPO machinery plan could support revenue above ₹750 cr once fully in place, and aims to raise SMC capacity to more than 6,000 tonnes. The June 2026 presentation targets a PCVCB panel launch by August 2026 and a ring main unit by June 2027.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
INDO SMC makes boxes, gratings and electrical parts to order for power distribution, and the electrical parts now bring in most of its sales.
Its weak spots are a few very large customers, stock and customer dues that soak up cash, and dealings with companies linked to its promoters.
AverageCan it set its own prices?It passes copper and steel costs on and now picks its orders, but swings in resin prices have hurt it, so it keeps orders short.
AverageHow strong is it against rivals?Utility approvals and tested products keep many makers out at its voltage levels, but the company itself lists tough competition and the entry of big players as risks.
WatchWho are its customers?A handful of buyers make up most sales, one busduct customer gave nearly two thirds of revenue in the half to September 2025, and a promoter linked company was a large buyer.
WatchDoes it need a lot of money?Yes. Stock and customer dues have taken more cash than the business earned, so it has leaned on bank lines, promoter loans and IPO money.
StrongCan it keep finding new work?Orders have kept coming across meter boxes, CT/PT, cubicles and FRP, and it is adding new products and approvals.
WatchDo good and bad years swing a lot?Sales follow government schemes and the tender year, the second half is much bigger than the first, and raw material shortages can cut output.
Who runs INDO SMC?
Promoters, directors and officers; tap a name for the background
NNNeel Niteshbhai ShahPromoter, Managing Director and Chief Financial Officer
Holds bachelor's degrees in commerce and law from Gujarat University. A director since incorporation in 2021, Managing Director from 17 October 2024 for three years and Chief Financial Officer from 16 December 2024. In charge of marketing, government tendering, product development and sales. Paid ₹60.0 lakh in FY26, against ₹26.0 lakh in FY25.
Offer document, p.198, p.200 and p.214; Annual report FY26, p.84NJNitin Jasvantbhai PatelPromoter, Chairman and Non-Executive Director
Holds a bachelor's degree in commerce from Gujarat University and has more than 25 years of business experience, including setting up a pharma plant. The offer document says Nitin Patel co-founded Accent Microcell and took it public. Other directorships include Accent Microcell Limited, Globe Star Valves, Aneta Pharmaceuticals, Trilend Pharmaceuticals, Globestar Engineers (India) and Antelp Corporation.
Offer document, p.198, p.200, p.152 and p.213CPChaitanya PatelPromoter and Executive Director · holds 11.94%
Aged 28, a director since incorporation, running all production at the Pirana plant with the plant head and workers; the annual report credits over five years of experience in SMC, FRP and related products. Paid ₹12.15 lakh in FY26. The board reappointed Chaitanya Patel for three years from 4 September 2026, put to the 2026 AGM as a special resolution.
Annual report FY26, p.24, p.25, p.27 and p.84RSRiktabahen SonawalaPromoter and Non-Executive Director
Holds a bachelor's degree in commerce from Gujarat University. A director since 19 July 2023, looking after general administration and human resources.
Offer document, p.199, p.201 and p.214RJRachit JainPromoter (not on the board)
Became a promoter through a share transfer from the existing promoters in 2023 and holds a master's degree in science from the University of Monaco. Ventures include N.E. Impex, which was paid factory rent by the company. The offer document lists an outstanding income tax demand of ₹54.96 lakh against Rachit Jain.
Offer document, p.215, p.30 and p.317SYShashwat Yatishkumar ShahIndependent Director
Holds an MBA from GLS University; independent director since 17 October 2024 and an independent director of Claroid Pharmaceuticals.
Offer document, p.199 and p.201APArpankumar PatelIndependent Director
Appointed for five years from 7 April 2026, after independent director Chintan Umeshbhai Bhatt resigned with effect from 6 April 2026; the annual report gives no reason for the resignation. Now chairs the audit committee.
Annual report FY26, p.30 and p.33APAvani PatelCompany Secretary and Compliance Officer
Company Secretary since 12 October 2024.
Offer document, p.28; Annual report FY26, p.30INDO SMC latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹197 cr (+186%), net profit ₹20.9 cr (+319%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 60.25%.
- 5 Oct 2026: order worth ₹31.71 cr announced.
INDO SMC announcements
4 on record, latest first; each opens the filing on the exchange
INDO SMC annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
INDO SMC share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on INDO SMC's data · 7
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,28,55,350 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about INDO SMC
What does INDO SMC do?
INDO SMC makes plastic composite boxes for electricity meters, fibreglass gratings and the electrical parts that measure and carry power, mostly for power distribution companies and the contractors who supply them. Its shares trade on BSE SME.
What is the share price of INDO SMC?
₹362 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of INDO SMC?
₹827 cr at the close on 6 Nov 2026, on 2,28,55,350 shares.
What is the P/E of INDO SMC?
25.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are INDO SMC's revenue and profit?
Revenue ₹310 cr and profit after tax ₹32 cr in FY26.
Who are the promoters of INDO SMC?
Neel Niteshbhai Shah, Nitin Jasvantbhai Patel, Chaitanya Patel, Riktabahen Sonawala, Rachit Jain; promoters held 60.25% at 30 Sept 2026.
What is INDO SMC's website?
www.indosmc.com
More SME companies like INDO SMC
Other listed SME companies in electrical equipment, the closest in size first, each read from its own documents.
- Anawil Wire and EngineeringANAWIL · NSE Emerge · Electrical Equipment · listed 2026Market cap ₹919 cr
- Vivid ElectromechVIVIDEL · NSE Emerge · Electrical Equipment · listed 2026Market cap ₹949 cr
- Parth Electricals & EngineeringPARTH · NSE Emerge · Electrical Equipment · listed 2025Market cap ₹712 cr
- Supreme Power EquipmentSUPREMEPWR · NSE Emerge · Electrical Equipment · listed 2023Market cap ₹684 cr
- Saakshi Medtech and PanelsSAAKSHI · NSE Emerge · Electrical Equipment · listed 2023Market cap ₹657 cr
- Sugs LloydSUGSLLOYD · BSE SME · Electrical EquipmentMarket cap ₹606 cr
Built from 1 offer document, 1 earnings call transcript, 1 investor presentation, 1 annual report, 4 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.