INDO SMC IPO was launched through the Book Built SME route by INDO SMC Limited. The public issue comprised only a fresh issue of equity shares, allowing the company to raise funds for business expansion and operational development. As disclosed in the company’s offer documents, the proceeds from the issue were intended to finance capital expenditure, strengthen working capital resources, repay certain borrowings, and support general corporate activities. Following the completion of the IPO process, the company’s equity shares were listed on the BSE SME platform.
INDO SMC Limited is engaged in the manufacturing of Sheet Moulding Compound (SMC) and Fibre Reinforced Plastic (FRP) products used across the electrical, power distribution, infrastructure, and industrial sectors. The company manufactures a wide range of products, including electrical enclosures, meter boxes, feeder pillars, junction boxes, distribution boxes, transformer components, switchgear products, and FRP-based industrial solutions. These products are supplied to electricity distribution companies, engineering contractors, industrial customers, and infrastructure projects across India.
The company operates manufacturing facilities equipped with modern production systems that support product design, mould development, manufacturing, testing, quality inspection, and final dispatch. By maintaining strict quality standards throughout the manufacturing process, INDO SMC aims to deliver durable products that comply with industry specifications while addressing the evolving requirements of customers operating in the electrical and infrastructure sectors.
INDO SMC follows a long-term strategy focused on expanding manufacturing capacity, improving operational efficiency, strengthening product development, and adopting modern production technologies. The company also continues to invest in quality improvement initiatives and customer relationships to support sustainable business growth while strengthening its position within the electrical equipment manufacturing industry.
India’s electrical equipment and power infrastructure industry continues to expand due to increasing investments in transmission and distribution networks, smart metering programmes, urban infrastructure development, renewable energy projects, and industrial expansion. These developments are expected to generate long-term growth opportunities for manufacturers supplying electrical and composite products.
Since the IPO has already been completed and the company’s shares are listed on the stock exchange, investors should carefully evaluate the company’s financial performance, manufacturing capabilities, operational efficiency, competitive strengths, industry outlook, and long-term business prospects before making any investment decision.
INDO SMC IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | INDO SMC IPO |
| Company Name | INDO SMC Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹141 to ₹149 Per Share |
| Issue Size | ₹91.95 Crore |
| Fresh Issue | 61,71,000 Equity Shares |
| Offer for Sale | Nil |
| Total Issue Size | ₹91.95 Crore |
| IPO Open Date | 13 January 2026 |
| IPO Close Date | 16 January 2026 |
| Basis of Allotment | 19 January 2026 |
| Refund Initiation | 20 January 2026 |
| Shares Credited to Demat Account | 20 January 2026 |
| Listing Date | 21 January 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 1,000 Equity Shares |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | GYR Capital Advisors Private Limited |
The public issue consisted entirely of a fresh issue of equity shares without any offer for sale by existing shareholders. The funds proposed to be raised through the IPO were intended to strengthen manufacturing capacity, improve working capital availability, optimise the company’s financial position, and support general corporate requirements. These initiatives are expected to enhance operational efficiency while supporting the company’s long-term expansion plans.
INDO SMC IPO Dates
The key events relating to the INDO SMC IPO are provided below.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 13 January 2026 |
| IPO Closing Date | 16 January 2026 |
| Basis of Allotment | 19 January 2026 |
| Refund Initiation | 20 January 2026 |
| Shares Credited to Demat Account | 20 January 2026 |
| Listing Date | 21 January 2026 |
Following the completion of the allotment process, successful applicants received the allotted equity shares in their demat accounts before trading commenced on the BSE SME platform. Applicants who were not allotted shares received refunds according to the prescribed IPO schedule.
INDO SMC IPO Reservation
The equity shares offered through the public issue were reserved for different categories of investors in accordance with the applicable SME IPO regulations.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation under each investor category depended on the number of valid applications received during the subscription period and the applicable regulatory framework governing SME public issues.
INDO SMC IPO Lot Size
Applications for the IPO were accepted only in the prescribed lot size announced before the issue opened for subscription.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 2 Lots (2,000 Shares) | ₹2,98,000 |
| Retail Maximum | 2 Lots (2,000 Shares) | ₹2,98,000 |
| HNI Minimum | 3 Lots (3,000 Shares) | ₹4,47,000 |
The investment values shown above are calculated using the upper price band of ₹149 per equity share. Investors were required to submit IPO applications in multiples of the specified lot size.
About INDO SMC Limited
INDO SMC Limited is an Indian manufacturing company engaged in the production of Sheet Moulding Compound (SMC) and Fibre Reinforced Plastic (FRP) products used across the electrical, power distribution, infrastructure, telecommunications, and industrial sectors. The company manufactures a broad range of composite products that are designed to offer durability, corrosion resistance, electrical insulation, and long service life. Its products are supplied to government utilities, engineering companies, industrial customers, and infrastructure projects across India.
The company manages an integrated manufacturing process covering product design, mould development, raw material processing, compression moulding, fabrication, quality testing, finishing, and final dispatch. By combining modern manufacturing technology with quality control systems, INDO SMC aims to manufacture products that comply with industry standards while meeting the technical requirements of customers operating across multiple industries.
Over the years, INDO SMC Limited has expanded its manufacturing capabilities by investing in production infrastructure, process improvement, and product development. The company continues to focus on operational efficiency, quality assurance, customer satisfaction, and technological advancement to strengthen its market position and support long-term business growth.
Business Operations
INDO SMC Limited operates across multiple manufacturing segments within the composite materials and electrical equipment industry.
- SMC Component Manufacturing – The company manufactures Sheet Moulding Compound products used in electrical distribution systems and industrial applications.
- FRP Product Manufacturing – It produces Fibre Reinforced Plastic products designed for electrical, industrial, infrastructure, and utility applications.
- Electrical Enclosures – The company manufactures electrical panels, meter boxes, distribution boxes, feeder pillars, and junction boxes for power distribution networks.
- Power Utility Products – It supplies composite products used by electricity transmission and distribution companies for utility infrastructure.
- Industrial Composite Solutions – The company develops customised FRP products for industrial, engineering, and infrastructure projects.
- Product Design and Development – It designs and develops customised moulds and composite products based on technical specifications and customer requirements.
- Manufacturing and Fabrication – Production activities include mould preparation, compression moulding, assembly, finishing, inspection, and packaging.
- Quality Assurance – Products undergo multiple quality inspections and testing procedures to ensure compliance with technical and safety standards.
- Research and Product Improvement – The company continues to improve product quality through process enhancement and the development of new composite applications.
- Customer Support Services – Technical assistance, order management, and after-sales support help strengthen long-term customer relationships across different industries.
Industry Overview
India’s electrical equipment and composite materials industry continues to benefit from increasing investments in power transmission, electricity distribution, renewable energy infrastructure, smart metering programmes, urban development, and industrial expansion. Government initiatives aimed at strengthening electrical infrastructure and improving power distribution networks are creating sustained demand for high-quality electrical components and composite products.
The growing use of Fibre Reinforced Plastic (FRP) and Sheet Moulding Compound (SMC) products has increased across various industries because of their strength, corrosion resistance, lightweight properties, and long operational life. These materials are widely used in electrical infrastructure, transportation, telecommunications, construction, water management, and industrial applications.
The industry is also witnessing greater adoption of advanced manufacturing technologies, automation, and improved quality standards. Companies with modern manufacturing facilities, diversified product portfolios, and strong engineering capabilities are well positioned to benefit from India’s long-term infrastructure development and industrial growth.
Business Strategy
INDO SMC Limited aims to strengthen its market position by expanding manufacturing capacity, improving operational efficiency, and enhancing its portfolio of composite products. The company continues to invest in modern manufacturing technology, quality improvement initiatives, and product development to serve the evolving requirements of customers across multiple industries.
The management also focuses on expanding its customer base, strengthening relationships with utility companies and industrial clients, improving production efficiency, and maintaining high product quality standards. Continuous investment in manufacturing infrastructure and process optimisation remains an important part of the company’s long-term growth strategy.
By combining manufacturing expertise, advanced production technology, quality-focused operations, and customer-oriented solutions, INDO SMC Limited seeks to strengthen its presence in the electrical and composite products industry while achieving sustainable long-term business growth.
INDO SMC IPO Financial Information
A company’s financial performance provides valuable insights into its revenue growth, profitability, operational efficiency, and financial strength. Analysing financial statements over multiple financial years helps investors assess the company’s ability to generate sustainable earnings, utilise capital efficiently, and support future expansion. Financial data should always be evaluated alongside business fundamentals, industry outlook, and competitive positioning before making an investment decision.
INDO SMC Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹173.64 Crore | ₹231.88 Crore | ₹312.46 Crore |
| Total Income | ₹175.09 Crore | ₹234.41 Crore | ₹315.78 Crore |
| EBITDA | ₹20.84 Crore | ₹31.67 Crore | ₹46.29 Crore |
| Profit Before Tax (PBT) | ₹13.42 Crore | ₹21.08 Crore | ₹32.54 Crore |
| Profit After Tax (PAT) | ₹9.96 Crore | ₹15.71 Crore | ₹24.26 Crore |
| Net Worth | ₹42.18 Crore | ₹58.94 Crore | ₹83.47 Crore |
| Total Borrowings | ₹27.64 Crore | ₹24.71 Crore | ₹21.36 Crore |
INDO SMC Limited has reported steady financial growth during the last three financial years. The company recorded consistent improvement in revenue and profitability while strengthening its net worth. Borrowings remained under control, reflecting a balanced financial position. Investors should evaluate these financial results together with the company’s manufacturing capabilities, customer base, operational efficiency, and long-term growth strategy before making an investment decision.
INDO SMC IPO Key Performance Indicators (KPIs)
Key financial ratios help investors evaluate the company’s profitability, capital efficiency, leverage position, and overall financial health. These indicators provide additional insight into the company’s operational performance and valuation.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 29.07% |
| Return on Capital Employed (ROCE) | 34.61% |
| Return on Net Worth (RONW) | 29.07% |
| EBITDA Margin | 14.66% |
| PAT Margin | 7.69% |
| Debt-to-Equity Ratio | 0.26 |
| Earnings Per Share (EPS) | ₹13.28 |
| Net Asset Value (NAV) Per Share | ₹45.72 |
| Price to Earnings (P/E) | 11.22x |
The financial ratios indicate improving profitability, efficient utilisation of shareholders’ capital, and a healthy financial structure. Consistent earnings growth and manageable borrowings further strengthen the company’s financial profile. However, investors should assess these indicators together with the company’s valuation, manufacturing capacity, competitive landscape, and future business prospects before making an investment decision.
Objects of the INDO SMC IPO
The company proposed to utilise the net proceeds from the fresh issue for the following purposes:
- Funding capital expenditure for manufacturing expansion.
- Meeting working capital requirements.
- Repayment or prepayment of certain borrowings.
- General corporate purposes.
The proposed utilisation of the IPO proceeds is expected to strengthen the company’s manufacturing infrastructure, improve liquidity, reduce debt obligations, and enhance operational efficiency. These initiatives are intended to support long-term business expansion while improving the company’s overall financial and operational position.
INDO SMC IPO Listing Performance
The listing performance reflects how the company’s shares performed on the stock exchange on the first day of trading after the IPO process was completed. While listing gains or discounts provide an indication of initial market sentiment, the company’s long-term performance depends on its financial strength, manufacturing capabilities, operational efficiency, customer demand, and future growth prospects.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 21 January 2026 |
| Issue Price | ₹149 Per Share |
| Listing Price | ₹172.00 Per Share |
| Listing Gain | ₹23.00 Per Share |
| Listing Gain (%) | 15.44% |
INDO SMC Limited made a positive debut on the BSE SME platform by listing above its issue price. The listing premium reflected encouraging investor participation during the IPO. However, long-term shareholder returns will depend on the company’s ability to expand manufacturing capacity, maintain profitability, improve operational efficiency, and strengthen its position within the electrical and composite products industry.
INDO SMC IPO Subscription Status
The subscription figures indicate the level of investor participation during the IPO bidding period. While higher subscription levels generally reflect favourable market interest, investors should also evaluate the company’s financial performance, valuation, manufacturing capabilities, and long-term business prospects before making any investment decision.
INDO SMC IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 81.63 Times |
| Non-Institutional Investors (NII) | 219.47 Times |
| Retail Individual Investors (RII) | 148.92 Times |
| Total Subscription | 139.28 Times |
The IPO received strong demand across all investor categories. The Non-Institutional Investor segment recorded the highest subscription, while Retail Individual Investors and Qualified Institutional Buyers also subscribed to the issue multiple times. The overall response reflected broad investor interest in the company’s public offering.
INDO SMC IPO Review
INDO SMC Limited operates in the electrical equipment and composite manufacturing industry by producing Sheet Moulding Compound (SMC) and Fibre Reinforced Plastic (FRP) products used across power distribution, infrastructure, industrial, and utility sectors. Its product portfolio includes electrical enclosures, meter boxes, feeder pillars, distribution boxes, transformer components, and customised composite products designed for various applications.
The company follows an integrated manufacturing process that includes product design, mould development, manufacturing, quality testing, and final dispatch. Continuous investment in manufacturing infrastructure, production technology, and quality systems has enabled the company to expand its product portfolio while serving customers across multiple industries.
From a financial perspective, the company has reported consistent growth in revenue, profitability, and net worth over recent financial years. The proposed utilisation of IPO proceeds towards capital expenditure, working capital enhancement, debt repayment, and general corporate purposes is expected to strengthen manufacturing capabilities and improve operational flexibility.
However, investors should also consider factors such as fluctuations in raw material prices, competition within the composite manufacturing industry, dependence on infrastructure and power sector investments, customer concentration, and changing economic conditions before making an investment decision.
Overall, INDO SMC Limited operates in an industry supported by increasing investments in electrical infrastructure, power distribution, industrial development, and composite materials. Investors should carefully evaluate the company’s financial performance, manufacturing capabilities, valuation, competitive position, and long-term growth prospects before considering an investment.
INDO SMC IPO Strengths
INDO SMC Limited has built its business through manufacturing expertise, quality-focused operations, and a diversified product portfolio serving multiple industries.
- Established manufacturer of SMC and FRP products for electrical and industrial applications.
- Diversified product portfolio catering to power distribution, infrastructure, and industrial customers.
- Modern manufacturing facilities supported by quality control systems.
- Consistent growth in revenue and profitability over recent financial years.
- Experienced management team with expertise in manufacturing and product development.
- Benefits from increasing investments in India’s electrical infrastructure and utility sector.
INDO SMC IPO Risk Factors
Like other companies operating in the composite manufacturing industry, INDO SMC Limited faces several operational and industry-related risks that investors should evaluate carefully.
- Fluctuations in raw material prices may affect operating margins.
- Dependence on infrastructure, power distribution, and industrial spending could influence future revenue growth.
- Increasing competition within the electrical equipment and composite manufacturing industry may impact market share.
- Delays in customer orders or project execution could affect financial performance.
- Changes in government policies relating to infrastructure and utility investments may influence demand.
- Economic slowdowns or reduced industrial activity could impact sales growth and profitability.
INDO SMC IPO Promoters
INDO SMC Limited is promoted by experienced professionals with expertise in composite manufacturing, engineering, production management, and business development. The promoters have played an important role in expanding the company’s manufacturing capabilities, strengthening product quality, and developing long-term customer relationships. Their focus remains on sustainable growth, technological advancement, and operational excellence.
INDO SMC IPO Promoters Details
| Promoter | Designation |
|---|---|
| Inderpal Singh | Promoter & Managing Director |
| Manpreet Kaur | Promoter & Whole-Time Director |
INDO SMC IPO Management Team
The company is managed by professionals with experience in manufacturing, finance, operations, engineering, quality management, and corporate compliance. The management team focuses on improving manufacturing efficiency, product innovation, quality standards, and customer satisfaction while supporting long-term business growth.
| Name | Designation |
|---|---|
| Inderpal Singh | Managing Director |
| Manpreet Kaur | Whole-Time Director |
| Amit Gupta | Chief Financial Officer |
| Priya Sharma | Company Secretary & Compliance Officer |
INDO SMC IPO Registrar Details
The registrar managed the IPO application process, finalised the basis of allotment, credited shares to successful applicants, initiated refunds where applicable, and handled investor-related services throughout the public issue.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://kosmic.kfintech.com |
| IPO Allotment Status | https://ris.kfintech.com/ipostatus |
| Email ID | [email protected] |
| Contact Number | +91-40-6716 2222 |
INDO SMC IPO Lead Manager Details
The Book Running Lead Manager coordinated the IPO process, ensured regulatory compliance, managed issue-related activities, and assisted the company throughout the public offering and listing process.
| Particular | Details |
|---|---|
| Lead Manager | GYR Capital Advisors Private Limited |
| Website | https://www.gyrcapital.com |
| Email ID | [email protected] |
| Contact Number | +91-22-4897 8888 |
INDO SMC Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | INDO SMC Limited |
| Registered Office | Jaipur, Rajasthan, India |
| Website | https://www.indosmc.com |
| Email ID | [email protected] |
How to Check INDO SMC IPO Allotment Status
Investors could check the IPO allotment status after the basis of allotment was finalised through the registrar’s website or the BSE IPO portal.
Through KFin Technologies Limited
- Visit the official IPO allotment portal of KFin Technologies Limited.
- Select INDO SMC IPO from the list of available IPOs.
- Choose any one of the available search options such as Application Number, PAN, or DP/Client ID.
- Enter the required details in the respective field.
- Click on Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Equity as the issue type.
- Choose INDO SMC IPO from the list of available IPOs.
- Enter your Application Number or PAN Number.
- Complete the verification process.
- Click on Search to check your allotment status.
Frequently Asked Questions (FAQs)
What is the INDO SMC IPO?
INDO SMC IPO was a Book Built SME public issue comprising a fresh issue of equity shares.
What was the price band of the INDO SMC IPO?
The IPO was offered at a price band of ₹141 to ₹149 per equity share.
What was the issue size of the INDO SMC IPO?
The total issue size of the IPO was ₹91.95 Crore.
When did the INDO SMC IPO open and close?
The IPO opened for subscription on 13 January 2026 and closed on 16 January 2026.
On which stock exchange are INDO SMC shares listed?
The company’s equity shares are listed on the BSE SME platform.
Who was the registrar for the INDO SMC IPO?
KFin Technologies Limited acted as the registrar to the issue.
Who was the Book Running Lead Manager for the INDO SMC IPO?
The IPO was managed by GYR Capital Advisors Private Limited as the Book Running Lead Manager.
What was the minimum lot size for the INDO SMC IPO?
The minimum application size was 2,000 equity shares (2 lots).
What does INDO SMC Limited do?
The company manufactures Sheet Moulding Compound (SMC) and Fibre Reinforced Plastic (FRP) products for the electrical, power distribution, infrastructure, industrial, and utility sectors.
What were the objectives of the INDO SMC IPO?
The company proposed to utilise the IPO proceeds for capital expenditure, meeting working capital requirements, repayment or prepayment of certain borrowings, and general corporate purposes.
