INDO SMC
January 13, 2026 – January 15, 2026
| Price | ₹141 - ₹149 |
| GMP Rumors * | ₹25 |
|---|---|
| Lot size | 1000 |
| Issue size | ₹91.94 cr |
| Allotment | Jan 16, 2026 |
| Listing | Jan 20, 2026 |
INDO SMC Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 2000 | 298000 | 1026 |
| sHNI | 3 | 3000 | 447000 | 98 |
| bHNI | 7 | 7000 | 1043000 | 196 |
INDO SMC Reservation
| Category | Shares Offered | % |
|---|---|---|
| Anchor | 1756000 | 28.46% |
| QIB | 1172000 | 18.99% |
| HNI | 882000 | 14.29% |
| INDIVIDUAL | 2052000 | 33.25% |
| Market Maker | 309000 | 5.01% |
| Total | 6171000 | 100% |
INDO SMC About
IPO Details
| Total Issue Size | 61,71,000 shares (aggregating up to ₹91.94 Cr) |
| Fresh Issue | 61,71,000 shares (aggregating up to ₹91.94 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,66,84,350 shares |
| Share Holding Post Issue | 2,28,55,350 shares |
| Reserved for Market Maker | 3,09,000 shares (aggregating up to ₹5 Cr) |
| Market Maker | Giriraj Stock Broking & Nikunj Stock Brokers Ltd |
Key Performance Indicator (KPI)
| KPI | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| ROE | 27.66% | 74.45% | 86.24% | 48.24% |
| ROCE | 17.50% | 31.39% | 20.71% | 7.97% |
| EPS (BASIC) | 6.87 | 9.61 | 2.19 | 0.33 |
| P/E Pre IPO | 16.10 | |||
| P/E Post IPO | 14.86 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 147.67 | 99.94 | 36.32 | 13.85 |
| Total Income | 112.62 | 138.78 | 28.06 | 7.3 |
| Profit After Tax | 11.46 | 15.44 | 3 | 0.46 |
| EBITDA | 17.19 | 22.83 | 5.08 | 1.15 |
| NET Worth | 47.14 | 35.69 | 5.79 | 1.17 |
| Reserves and Surplus | 30.46 | 19 | 5.06 | 0.52 |
| Total Borrowing | 49.35 | 35.76 | 17.7 | 10.43 |
Peer Comparision (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| INDO SMC Ltd | 16.1 | - | 10.00 |
| Aeron Composite Limited | 13.34 | 102.00 | 10.00 |
| RMC switch gear limited | 14.75 | 439.70 | 10.00 |
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| INDO SMC Ltd | 21.39 | 43.27 | 9.61 |
| Aeron Composite Limited | 59.33 | 13.21 | 7.84 |
| RMC switch gear limited | 101.39 | 29.4 | 29.81 |
About Company
INDO SMC Ltd designs and manufactures a diversified range of electrical, industrial, and infrastructure products.
Core offerings include SMC enclosure boxes for energy meters, HTCT/HTPT/LTCT transformers, LT/HT distribution boxes & panels, FRP gratings, junction boxes, feeder pillars, and power distribution & circuit protection switchgears.
Maintains in-house testing laboratories to ensure quality standards and appropriate material composition.
Operates four manufacturing facilities across Gujarat, Maharashtra, and Rajasthan; the Ahmedabad plant is equipped with specialized machinery for SMC and FRP products, enabling efficient and safe production.
IPO proceeds will be used for plant & machinery capex (₹25.71 cr), working capital requirements (₹52.00 cr), and general corporate purposes.
Strength
Diverse product range – Serves multiple electrical and infrastructure applications, reducing single-product dependence.
Strong manufacturing capabilities – Multi-location facilities with specialized equipment support scale and efficiency.
Industry expertise and leadership – Experienced management and technical know-how enhance execution and quality.
Weakness
Regulatory/documentation discrepancy risk – Address mismatches across factory licenses, CTE/CTO, and lease deeds at the Pirana (Ahmedabad) plant could have legal and operational implications.
Raw material price volatility – Increases in input costs may pressure margins and profitability.
Order dependence via competitive bidding – Revenue largely hinges on winning tenders; pricing pressure and bid losses can impact growth.
INDO SMC Lead Manager(s)
INDO SMC Address
809,
Shilp Zaveri Shyamal Cross Road,
Vejalpur, Shyamal,
Ahmedabad, Gujarat, 380006
+91 7575812866
E-mail: cs@indosmc.com
Website: https://indosmc.com/