Company Overview

Management Commentary

Mr. Neel Niteshbhai Shah, Managing Director & CFO, stated that FY26 performance reflects successful execution of expansion strategy and strong demand across key product categories. Significant growth in CT PT products along with steady performance from SMC and FRP segments enabled robust revenue and profitability growth. The company continues to focus on strengthening manufacturing capabilities, improving operational efficiencies, and enhancing customer relationships.

Business Overview

INDO SMC Limited 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: Manufacturing enclosure boxes for energy meters, SMC sheets, and SMC chequered plates
  • Fiberglass Reinforced Plastic (FRP) Division: Producing grating plates, pultruded products, and storage tanks
  • Electrical Component Division: Manufacturing HTCT, HTPT, LTCT, LT/HT distribution boxes, feeder pillars, and switchgears

The company operates four manufacturing facilities located across Gujarat, Maharashtra, and Rajasthan, including a dedicated plant at Ahmedabad for SMC and FRP products.

Recent Business Highlights

  • Order Inflow: Secured cumulative purchase orders worth approximately ₹54+ crore, including FRP cable trays, SMC meter boxes, and BUSDUCT assemblies
  • Customer Validation: Received repeat orders from reputed customers including Asiatic Composite Limited, Elite Techno Solution, and a renowned metals & mining industry client
  • Regulatory Approval: Received MSEDCL vendor approval for 11 kV metering cubicles (valid for two years) with estimated supply potential of ~₹10 crore
  • Product Diversification: Entered the BUSDUCT power distribution segment with an order worth ₹20.89 crore
  • Technical Capabilities: Achieved approvals for multiple 11KV metering cubicle configurations

Product Portfolio and Expansion Plans

  • RMU (Ring Main Unit): Targeting launch in June 2027 with total expected revenue of approximately ₹200 crore
  • Bus Duct: New segment entry with modular, compact electrical distribution systems
  • Metering Cubicle: Currently manufacturing 11kV; 33kV launching by July 2026 with annual turnover of about ₹30 crore
  • CT, PT for Indoor and Outdoor, Isolator: Manufacturing 11 kV and 33 kV with annual revenue of ₹100 crore

Financial Performance - H2 FY26

All amounts in ₹ Lakhs

  • Revenue from operations: 19,719.83 (vs. 6,892.72 in H2 FY25)
  • Total Income: 19,787.64 (vs. 6,899.93 in H2 FY25), representing 186.78% YoY growth
  • EBITDA: 2,985.12 (vs. 779.48 in H2 FY25), representing 282.96% YoY growth
  • PBT: 2,650.19 (vs. 556.38 in H2 FY25), representing 376.33% YoY growth
  • PAT: 2,092.79 (vs. 470.63 in H2 FY25), representing 344.68% YoY growth
  • Tax expense: 557.40 (vs. -85.75 in H2 FY25)

Full Year FY26 Financial Highlights

All amounts in ₹ Lakhs

  • Total Income: 31,049.53 (vs. 13,877.92 in FY25 and 2,805.90 in FY24)
  • Raw Materials: 22,923.73 (vs. 10,218.02 in FY25)
  • Employee benefits expense: 539.98 (vs. 327.61 in FY25)
  • EBITDA: 4,764.65 (vs. 2,349.19 in FY25)
  • Finance costs: 567.03 (vs. 355.01 in FY25)
  • PBT: 4,053.67 (vs. 1,898.47 in FY25)
  • PAT: 3,238.30 (vs. 1,683.26 in FY25)

Balance Sheet Position (FY26)

Equity & Liabilities (₹ Lakhs):

  • Share Capital: 2,285.54 (vs. 1,668.44 in FY25)
  • Reserves & Surplus: 13,125.95 (vs. 2,009.80 in FY25)
  • Net Worth: 15,411.49 (vs. 3,678.24 in FY25)
  • Long-term Borrowings: 450.06 (vs. 591.92 in FY25)
  • Short Term Borrowings: 4,244.92 (vs. 2,984.40 in FY25)
  • Total Equity & Liabilities: 22,443.23 (vs. 9,993.77 in FY25)

Assets (₹ Lakhs):

  • Property, Plant & Equipment: 2,920.75 (vs. 2,372.91 in FY25)
  • Inventories: 8,507.53 (vs. 1,722.84 in FY25)
  • Trade Receivables: 3,575.18 (vs. 4,720.67 in FY25)
  • Cash and Bank Balance: 5,355.47 (vs. 288.25 in FY25)
  • Total Assets: 22,443.23 (vs. 9,993.77 in FY25)

Stock Data

  • Share Price: ₹353.25
  • Market Capitalization: ₹807.37 crore
  • Shares Outstanding: 2.28 crore
  • Face Value: ₹10
  • 52-week High-Low: ₹353.25 – ₹134.00
  • Shareholding Pattern: Promoter and Promoter Group 39.75%, Public 60.25%

Strategic Initiatives

  • Expansion of manufacturing capacity with installation of new machines and equipment
  • Expanded market presence in Karnataka & Madhya Pradesh
  • FRP segment expansion with 2 new machines and added testing facilities
  • Manufacturing capacity expansion at Pirana, Ahmedabad with FRP Grating line increased from 4 to 10 lines and Pultrusion 2 lines added
  • Focus on high-growth sectors including defence, automotive, aviation, and medical devices

Industry Outlook

The presentation highlights growing EV production, infrastructure modernization, and renewable energy investments as key drivers for SMC adoption globally. The global transformer market is driven by rising electricity demand, grid modernization, renewable energy integration, and EV infrastructure expansion.