Company Overview

INDO SMC LIMITED (Scrip Code: 544681, ISIN: INE0WKY01013) is an ISO 9001:2015 and ISO 14001:2015 certified manufacturer specializing in electrical enclosures, transformers, and FRP-based products used in power distribution and circuit protection systems. The company operates through three divisions: Sheet Moulding Compound (SMC) Division, Fiberglass Reinforced Plastic (FRP) Division, and Electrical Component Division.

Financial Performance - H1 FY27

Profit & Loss Statement (₹ Lakhs)

| Particulars | H1 FY27 | H1 FY26 | YoY Growth |

| Revenue from Operations | 21,610.36 | 11,254.11 | 92.0% |

| Other Income | 193.97 | 7.78 | 2392.5% |

| Total Revenue | 21,804.33 | 11,261.89 | 93.61% |

| Cost of Materials Consumed | 17,145.08 | 8,141.14 | 110.6% |

| Employee Benefits Expenses | 347.98 | 255.06 | 36.4% |

| Other Expenses | 1,544.72 | 1,086.16 | 42.2% |

| Total Expenses | 19,037.78 | 9,482.36 | 100.8% |

| EBITDA | 2,766.55 | 1,779.53 | 55.47% |

| Depreciation and Amortisation | 87.27 | 59.21 | 47.4% |

| Finance Expenses | 227.61 | 316.85 | -28.2% |

| Profit Before Tax | 2,451.68 | 1,403.48 | 74.69% |

| Tax Expense | 433.39 | 257.98 | 68.0% |

| PAT | 2,018.29 | 1,145.51 | 76.19% |

Management Commentary

Mr. Neel Niteshbhai Shah, Managing Director & CFO, stated: "H1 FY27 has been a strong half for us, building on a landmark FY26. Total Income grew around 94% to ₹218 crore, while Net Profit rose 76% to about ₹20 crore. Revenue from operations also grew around 10% over H2 FY26, reflecting the continued momentum in our business."

Business Updates and Operational Highlights

Order Book and Contracts

  • Secured large orders worth ₹118.73 crore for bus ducts and VFD panels
  • Achieved first export shipment of FRP products to Oman
  • Received MSEDCL vendor approval for 11 kV metering cubicles (valid for two years) with estimated supply potential of ~₹10 crore
  • Cumulative purchase orders worth ~₹54+ crore including FRP cable trays, SMC meter boxes, and BUSDUCT assemblies

Capacity Expansion and Manufacturing

  • Strengthened FRP capacity with new pultrusion machines at Ahmedabad facility
  • Four manufacturing facilities located across Gujarat, Maharashtra, and Rajasthan
  • Dedicated plant at Ahmedabad for SMC and FRP products
  • Advanced machinery and handling systems enabling efficient, high-quality production

Product Development and Launches

  • Expansion into bus ducts and VFD panels with order worth ₹20.89 crore
  • Approvals for 33 kV metering cubicles under final processing
  • PCVCB panel planned for launch
  • RMU (Ring Main Unit) targeted for June 2027 launch with total revenue expected around ₹200 crore
  • Current manufacturing of 11 kV metering cubicles with 33 kV launching by July 2026 (annual turnover ~₹30 crore)
  • CT, PT for indoor and outdoor, isolator manufacturing for 11 kV and 33 kV (annual revenue ~₹100 crore)

Company Overview and Operations

Product Portfolio

  • FRP Products: Gratings, pultrusions, storage tanks
  • Medium Voltage Switchgears & Equipment: Indoor CTs (11 kV), Bar Type CTs (11 kV)
  • Metering Cubicles: Up to 33 kV solutions
  • Other Equipment: Pond liners, geomembranes, tarpaulin solutions

Manufacturing Facilities

  • SMC manufacturing unit at Pirana, Ahmedabad
  • FRP manufacturing unit at Pirana, Ahmedabad
  • Electrical Component manufacturing unit at Nashik, Maharashtra
  • SMC manufacturing unit at Ghiloth, Rajasthan

Historical Financial Performance

Annual Profit & Loss (₹ Lakhs)

| Particulars | FY26 | FY25 | FY24 |

| Revenue from operations | 30,973.93 | 13,869.25 | 2,803.38 |

| Other Income | 75.60 | 8.67 | 2.52 |

| Total Income | 31,049.53 | 13,877.92 | 2,805.90 |

| Raw Materials | 22,923.73 | 10,218.02 | 1,719.57 |

| Employee benefits expense | 539.98 | 327.61 | 130.45 |

| Other expenses | 2,821.17 | 983.10 | 439.24 |

| Total Expenses | 26,284.88 | 11,528.73 | 2,289.26 |

| EBITDA | 4,764.65 | 2,349.19 | 508.47 |

| Finance costs | 567.03 | 355.01 | 107.35 |

| Depreciation and Amortization | 143.95 | 83.02 | 40.16 |

| PBT | 4,053.67 | 1,898.47 | 369.13 |

| Tax expense | 815.37 | 215.21 | 68.77 |

| PAT | 3,238.30 | 1,683.26 | 300.36 |

Balance Sheet Position (₹ Lakhs)

| Equity & Liabilities | FY26 | FY25 | FY24 |

| Share Capital | 2,285.54 | 1,668.44 | 73.10 |

| Reserves & Surplus | 13,125.95 | 2,009.80 | 506.39 |

| Net Worth | 15,411.49 | 3,678.24 | 579.49 |

| Long-term Borrowings | 450.06 | 591.92 | 454.84 |

| Short Term Borrowings | 4,244.92 | 2,984.40 | 1,314.67 |

| Trade Payables | 1,444.17 | 2,016.61 | 1,085.89 |

| Total Equity & Liabilities | 22,443.23 | 9,993.77 | 3,631.87 |

| Assets | FY26 | FY25 | FY24 |

| Property, Plant & Equipment | 2,920.75 | 2,372.91 | 752.38 |

| Inventories | 8,507.53 | 1,722.84 | 1,536.95 |

| Trade Receivables | 3,575.18 | 4,720.67 | 861.13 |

| Cash and Bank Balance | 5,355.47 | 288.25 | 27.88 |

| Total Assets | 22,443.23 | 9,993.77 | 3,631.87 |

Stock Data and Shareholding

  • BSE Code: 544681
  • Share Price (as of 03-11-2026): ₹425.10
  • Market Capitalization: ₹949.64 crore
  • No. of Shares Outstanding: 2,28,55,350
  • Face Value: ₹10
  • 52-week High-Low: ₹533.80 – ₹134.00
  • Shareholding Pattern (as of 30-09-2026): Promoter and Promoter Group: 39.75%, Public: 60.25%

Industry Overview

The presentation highlights growing opportunities in:

  • EV production and infrastructure modernization driving SMC adoption
  • Global FRP composites market growth in marine and wind sectors
  • Rising global electricity demand and grid modernization
  • Renewable energy integration and EV infrastructure expansion
  • Smart city infrastructure projects

Strategic Priorities

  • Leveraging industry expertise to identify emerging opportunities
  • Targeting high-growth sectors including defence, automotive, aviation, and medical devices
  • Expanding manufacturing capacity through advanced technologies and automation
  • Broadening product offerings to meet diverse customer requirements
  • Increasing market reach into untapped regional and international markets