Financial Results Highlights (H1 FY27)

  • Total Income: ₹21,804.33 lakh (₹218.04 crore), representing 93.61% YoY growth from H1 FY26's ₹11,261.89 lakh
  • EBITDA: ₹2,766.55 lakh (₹27.67 crore), showing 55.47% YoY growth from ₹1,779.54 lakh
  • Net Profit: ₹2,018.29 lakh (₹20.18 crore), increasing 76.19% YoY from ₹1,145.51 lakh
  • EPS: ₹8.83 per share, up 28.53% from ₹6.87 in H1 FY26
  • EBITDA Margin: 12.69%
  • PAT Margin: 15.80%

Order Book Status (as of October 31, 2026)

  • Total order book of ₹145 crore
  • October 2026 Order: ₹31.71 crore (excluding taxes) from Gujarat-based power distribution equipment firm for fuse section pillars, mini section pillars, switch fuse units and FRP fencing
  • July 2026 Order: ₹66.60 crore (excluding taxes) VFD panel order from prominent Indian engineering company serving power, sugar, cement, infrastructure and railways sectors
  • April 2026 Orders: ₹52.13 crore aggregate bus duct orders comprising:
  • ₹28.43 crore from leading Indian mining and steel company for 4,120 sq. m of 630 A HT air insulated bus ducts
  • ₹23.70 crore for HT air insulated bus ducts and PMCC/HT panels from RDSO-approved engineering company

Management Commentary

Mr. Neel Niteshbhai Shah, Managing Director, stated that H1 FY27 built on landmark FY26 performance with revenue from operations growing approximately 10% over H2 FY26. The company secured large orders worth ₹118.73 crore for bus ducts and VFD panels, achieved first export shipment of FRP products to Oman, and strengthened FRP capacity with new pultrusion machines at Ahmedabad facility.

Business Updates

  • MSEDCL Vendor Approval: Received from Maharashtra State Electricity Distribution Company Limited for supply of 11 kV and 33 kV isolators, valid until October 15, 2028
  • International Expansion: First export shipment of FRP products to Oman completed
  • Capacity Expansion: New pultrusion machines installed at Ahmedabad facility to strengthen FRP production
  • Railways Order: Received tarpaulin order from Indian Railways
  • New Product Pipeline:
  • 33 kV metering cubicles approvals under final processing
  • Vacuum circuit breaker drawings under final processing
  • PCVCB panel planned for launch
  • Ring Main Unit (RMU) targeted for June 2027 launch

Balance Sheet Position (as of September 30, 2026)

  • Shareholders' Funds: ₹174.30 crore, increased from ₹154.11 crore as of March 31, 2026
  • Total Borrowings: ₹48.84 crore

Outlook

The company remains well positioned to sustain growth momentum with plans to:

  • Scale up metering cubicles, PCVCB panels, bus ducts and RMUs
  • Deepen reach with State Electricity Boards and DISCOMs
  • Enter untapped regional markets
  • Continue investment in manufacturing capabilities

Company Background

Indo SMC Limited is ISO 9001:2015 and ISO 14001:2015 certified manufacturer specializing in electrical enclosures, transformers and FRP-based products for power distribution and circuit protection systems. Operates across three divisions (SMC, FRP, Electrical Components) through four manufacturing facilities in Gujarat, Maharashtra and Rajasthan, serving customers across 20 states.