IS
Indo SMC
Book Building issueSMEBSE₹91.95 Cr issue
0.00%
Listing gain over issue price
Issue size
₹91.95 Cr
1 lot at cut-off
₹1,49,000
Lot size
1,000shares
Open
13 Jan 2026
Close
16 Jan 2026
Allotment
19 Jan 2026
Listing
21 Jan 2026
Listing performance
Issue price
₹149
Listed at
₹149
Listing-day close
₹154.80
Latest price
₹424.15
Listing gain
0.00%
Return since listing
+184.66%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹10
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 21 Jan 2026 | ₹10 | +6.71% | ₹7,600 | ₹159 | ₹10,000 |
| 20 Jan 2026 | ₹10 | +6.71% | ₹7,600 | ₹159 | ₹10,000 |
| 19 Jan 2026 | ₹19 | +12.75% | ₹14,400 | ₹168 | ₹19,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 13 Jan 2026 – 16 Jan 2026
- Listing date
- 21 Jan 2026
- Face value
- ₹1 per share
- Issue price
- ₹149 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹91.95 Cr
- Market cap at offer price
- ₹341 Cr
- Promoter holding
- 82.30% → 60.07% pre-issue → post-issue
- ISIN
- INE0WKY01013
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- 809, Shilp Zaveri Shyamal Cross Road, Vejalpur, Shyamal, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 17,56,000 | — | — |
| Market maker | 3,09,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹149
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,49,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,98,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,94,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,43,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
17,56,000
Anchor portion
₹26.16 Cr
at ₹149 per share
Valuation and performance
Valuation at offer price
₹149 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.25 | 10.02 |
| P/E (×) | 16.11 | 14.87 |
| Price to book (×) | 6.97 | — |
| Market cap | — | ₹341 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 43.27%
- ROCE
- 31.39%
- Debt / equity
- 1.00
- PAT margin
- 11.13%
- EBITDA margin
- 16.45%
- NAV per share
- ₹21.39
- Price to book
- 6.97
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Indo SMC
Indo SMC Limited, incorporated on September 27, 2021 and converted to public company on August 07, 2024, operates three business divisions: (i) Sheet Moulding Compound (SMC) division manufacturing energy meter enclosure boxes, SMC sheets and chequered plates compliant with IS:13410 and IS:14772; (ii) Fiberglass Reinforced Plastic (FRP) division manufacturing customised grating plates and storage tanks for industrial applications offering corrosion resistance; and (iii) electrical components division manufacturing High Tension Current Transformers (HTCTs), High Tension Potential Transformers (HTPTs), Low Tension Current Transformers (LTCTs), feeder pillars and power distribution and protection switchgears. The company maintains in-house testing laboratories, tests all incoming materials and finished goods, and is ISO 14001:2015 certified. The company operates manufacturing facilities in Ahmedabad (Gujarat), Nashik (Maharashtra), and Ghiloth (Rajasthan).
Company Analysis
from RHPIndo SMC Limited manufactures Sheet Moulding Compound (SMC) enclosures, Fiberglass Reinforced Plastic (FRP) products, and electrical components (transformers and switchgears) for the power distribution and industrial sectors.
Indo SMC Limited, incorporated on September 27, 2021 and converted to public company on August 07, 2024, operates three business divisions: (i) Sheet Moulding Compound (SMC) division manufacturing energy meter enclosure boxes, SMC sheets and chequered plates compliant with IS:13410 and IS:14772; (ii) Fiberglass Reinforced Plastic (FRP) division manufacturing customised grating plates and storage tanks for industrial applications offering corrosion resistance; and (iii) electrical components division manufacturing High Tension Current Transformers (HTCTs), High Tension Potential Transformers (HTPTs), Low Tension Current Transformers (LTCTs), feeder pillars and power distribution and protection switchgears. The company maintains in-house testing laboratories, tests all incoming materials and finished goods, and is ISO 14001:2015 certified. The company operates manufacturing facilities in Ahmedabad (Gujarat), Nashik (Maharashtra), and Ghiloth (Rajasthan).
Sheet Moulding Compound (SMC) ManufacturingFiberglass Reinforced Polymer (FRP) CompositesElectrical Components and Power Distribution EquipmentPower Distribution and Protection Switchgears
Objects of the Issue
- Funding capital expenditure of the company to purchase Plant and machinery ₹2,570.67 Lakhs p.25
- Funding the working capital requirements of the company ₹5,200.00 Lakhs p.25
- General Corporate Purposes p.25
- Funding capital expenditure of our company to purchase Plant and Machinery Upto ₹2,570.67 lakhs p.92
- Funding the Working Capital requirements of the company Upto ₹5,200.00 lakhs p.92
- General Corporate Purposes [●] p.92
- Funding capital expenditure for purchase of Plant and Machinery ₹ [●] Lakhs (amount not specified in this document part) p.108
- Funding the working capital requirements of our company ₹ 5,200.00 Lakhs (₹1,000 Lakhs for FY 2025-26 and ₹4,200 Lakhs for FY 2026-27) p.102
- General corporate purposes ₹ [●] Lakhs (balance of Net Proceeds, not exceeding 15% of amount raised or ₹10 Crores, whichever is less) p.106
Issue Structure
- Total Issue
- Upto 61,71,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] Lakhs
- Fresh Issue
- Upto 61,71,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] Lakhs
- Offer for Sale
- NIL (Details of Offer for Sale, Selling Shareholders and their Average Cost of Acquisition – Not Applicable as the Entire Issue Constitutes Fresh Issue of Equity Shares)
- Price Band
- [●]
- Lot Size
- [●]
- Face Value
- ₹10 each
Business Model
The company earns revenue from the sale of SMC products (enclosures, sheets, chequered plates), FRP products (gratings, storage tanks), and electrical components (transformers, switchgears, distribution boxes, metering cubicles) primarily to government DISCOMs, private utilities, and industrial customers through competitive bidding processes and purchase orders.
Business Segments
Manufacturing energy meter enclosure boxes, SMC sheets and SMC chequered plates compliant with IS:13410 and IS:14772
Manufacturing grating plates and allied products including moulded gratings and storage tanks customised for industrial applications offering corrosion resistance benefits
Manufacturing High Tension Current Transformers (HTCTs), High Tension Potential Transformers (HTPTs), Low Tension Current Transformers (LTCTs), feeder pillars and other power distribution and protection switchgears
Manufacturing of SMC (Sheet Moulding Compound) electrical enclosures, distribution boxes, panels, junction boxes, and checkered plates for power distribution applications
Manufacturing of FRP (Fibre Reinforced Plastic) gratings and pultruded sections for various industrial and power sector applications
Manufacturing of Low Tension Current Transformers (LTCT), High Tension Current Transformers (HTCT), distribution boxes, and metering cubicles for power measurement and protection
Manufactures enclosure boxes for energy meters, SMC sheets, and SMC chequered plates for electrical distribution and protective applications.
Manufactures FRP grating plates, pultruded products, and moulded gratings customized for various industrial applications requiring corrosion resistance and lightweight characteristics.
Manufactures high-tension current transformers (HTCT), high-tension potential transformers (HTPT), low-tension current transformers (LTCT), feeder pillars, and other power distribution and circuit protection switchgears.
Sheet Molding Compound products including electrical enclosures and chequered plates
Fiber-Reinforced Plastic moulded gratings and pultruded sections tailored for various industrial applications
Design, manufacturing, and supply of HT/LT current transformers, potential transformers, metering cubicles, distribution boxes and related electrical measuring instruments
Sheet moulding compound products including enclosure boxes for energy meters, SMC sheets and SMC chequered plates
Fiberglass reinforced plastic grating plates manufactured in multiple grades including general purpose, electrical grade and chemical resistance
Electrical components including HTCT, HTPT, LTCT, feeder pillars and other power distribution and circuit protection switchgears
SWOT Analysis
Strengths
- • Diversified product portfolio across SMC, FRP, and electrical components divisions(p.24)
- • Strong revenue and profit growth trajectory(p.42)
- • ISO certified with in-house testing facilities and compliance with standards(p.24)
- • Operational presence across multiple regions with manufacturing facilities(p.41)
- • Established leadership team with deep industry expertise(p.47)
- • Growing production capacity with expanding manufacturing footprint(p.94)
- • Diversified product portfolio across multiple verticals(p.94)
- • Strategic geographic expansion with operational units across multiple states(p.94)
- • Established manufacturer in SMC, FRP, and electrical components with proven track record(p.144)
- • Advanced manufacturing infrastructure with multiple facilities across key regions(p.144)
- • Strong order book with diversified customer base from government and private sector(p.153)
- • Experienced leadership team with proven business acumen in scale-up and IPO execution(p.144)
- • Exceptional financial growth with 394.73% revenue CAGR and strong profitability metrics(p.145)
- • Robust quality assurance framework with ISO certifications and in-house testing laboratories(p.144)
- • Precision manufacturing process with multiple quality checkpoints ensures product reliability(p.170)
- • Established customer relationships with high repeat order rate demonstrates quality and delivery consistency(p.174)
- • Strong customer retention with 59.88% repeat customers in latest period(p.175)
- • ISO 9001:2015 and ISO 14001:2015 certifications demonstrate quality and environmental management compliance(p.182)
- • Structured and meticulous manufacturing processes across multiple product lines ensure compliance with industry standards(p.172)
- • Rapid revenue growth from government-mandated smart meter programs (SMNP, RDSS)(p.310)
- • Significant expansion of product portfolio across three divisions with complementary offerings(p.300)
- • Strong revenue growth trajectory demonstrating operational scaling capability(p.300)
- • Quality certifications and regulatory compliance across multiple jurisdictions(p.322)
- • Improved operational efficiency and inventory management despite rapid scaling(p.310)
Weaknesses
- • Significant dependence on few key suppliers with no long-term supply contracts(p.36)
- • High revenue concentration with top 10 customers representing majority of sales(p.44)
- • Negative cash flows from operations in multiple fiscal years(p.39)
- • Promoters have provided personal guarantees for company borrowings with revocation risk(p.44)
- • Manufacturing facilities held on leasehold basis with renewal and termination risks(p.46)
- • Discrepancies in factory license, CTE and CTO addresses for Ahmedabad plant(p.34)
- • Past instances of delayed statutory filings and inadvertent non-compliances(p.41)
- • Pending trademark registrations without assured protection(p.37)
- • Heavy dependence on key promoters and management personnel(p.47)
- • Labor-intensive operations exposed to unionization and work stoppages(p.47)
- • High dependence on contract labor with attendant risks(p.47)
- • Ongoing labor disputes affecting operations(p.47)
- • Significant financial leverage with restrictive debt covenants(p.48)
- • Exposure to unsecured related party loans subject to recall(p.48)
- • Vulnerability to inventory losses and security breaches(p.47)
- • Underutilized production capacity(p.95)
- • Highly concentrated customer base with top 5 customers representing 78.08% of revenue(p.148)
- • Limited access to capital for expansion and modernization of operations(p.157)
- • Relatively high leverage with debt-to-equity ratio of 1.05 as of September 30, 2025(p.148)
- • Significant working capital requirements with cash conversion cycle of 83 days(p.148)
- • Heavy dependence on single largest customer representing 65.12% of revenue(p.175)
- • Top 5 customers account for 78.08% of revenue, creating significant customer concentration risk(p.174)
- • Manufacturing facilities are currently under-utilized with capacity utilization as low as 33.03% for SMC products(p.180)
- • Single primary supplier provides 61.32% of raw materials, creating supply chain dependency(p.176)
- • Limited operational history with Nashik unit beginning operations only in August 2024(p.181)
- • Ghiloth plant started operations only in September 2024, lacking operational track record(p.181)
- • Significant concentration of revenue with top 10 customers indicating customer dependence(p.314)
- • High leverage with debt-to-equity ratio of 1.05 as of September 30, 2025(p.300)
- • Significant working capital deficiency requiring ongoing borrowed funds management(p.313)
- • High proportion of short-term borrowings indicating refinancing risk(p.296)
- • Material address discrepancies in factory registration documentation requiring regulatory corrections(p.322)
- • Absence of critical pollution control approvals for one major manufacturing facility(p.322)
Opportunities
- • Growing demand for SMC and FRP composites in transportation and energy sectors(p.24)
- • Expansion into new regional markets and state electricity boards(p.41)
- • Growing order inflows from railways, defense, oil and steel sectors(p.41)
- • Expansion of manufacturing capacities to meet growing customer demand(p.42)
- • Expansion into new export markets with new product offerings(p.51)
- • Capacity expansion to meet growing market demand(p.94)
- • Development of specialized products for infrastructure and defence sectors(p.94)
- • Benefit from government infrastructure upgrade initiatives(p.94)
- • Listing on stock exchange to enhance brand visibility and market position(p.92)
- • Government mandated smart meter and power distribution modernization schemes creating sustained demand(p.157)
- • Strong macroeconomic tailwinds with India's GDP projected at 6.4% growth and capital expenditure increasing(p.127)
- • Rapid growth in SMC and FRP composite markets at 4.36% and 5.23% CAGR respectively(p.134)
- • Expansion potential in high-growth southern and northern India regions(p.157)
- • Transformer market expanding at 6.07% CAGR driven by grid modernization and renewable energy integration(p.139)
- • Expansion of product portfolio into transformers and electrical measuring instruments(p.194)
- • Development of synthetic and geo membrane products represents new revenue stream(p.194)
- • Growth through geographic expansion into new states and regions(p.196)
- • Increasing capacity utilization across existing plants to improve profitability(p.181)
- • Tender-based procurement market with emphasis on quality and pricing provides competitive advantage opportunity(p.182)
- • Expansion into additional states and market penetration beyond current geographic presence(p.310)
- • Growing private sector demand for SMC boxes and electrical components(p.310)
- • Potential for product portfolio enhancement within electrical components and composites segments(p.310)
- • Further economies of scale through capacity expansion and operational integration(p.310)
- • Rising infrastructure investment and smart meter deployment targets creating sustained demand(p.310)
Threats
- • High volatility and inflation in raw material prices with no long-term supply agreements(p.35)
- • Revenue heavily dependent on competitive bidding process for project awards(p.36)
- • Changes in government policies, regulations and qualification criteria for tenders(p.36)
- • Regulatory and compliance requirements subject to change and renewal pressures(p.36)
- • Restrictions on import of raw materials by central or state governments(p.36)
- • Geographic concentration of revenue in Gujarat and Maharashtra exposes to regional risks(p.42)
- • Risk of disruption at manufacturing facilities due to power, water and labor issues(p.41)
- • Overdependence on HDFC Bank and Standard Chartered Bank for credit facilities(p.45)
- • Risk of machinery breakdown and disruption at manufacturing units(p.45)
- • Industry sensitivity to economic downturns(p.49)
- • Intense competition from unorganized sector with low entry barriers(p.50)
- • Dependence on third-party transportation with supply chain vulnerabilities(p.50)
- • Stringent environmental and labor regulations with compliance costs(p.48)
- • Risk of contract labor prohibition under regulatory framework(p.51)
- • Exposure to power supply disruptions affecting operations(p.51)
- • Vulnerability to natural disasters and supply chain disruptions(p.49)
- • Exposure to inflation and inability to pass costs to customers(p.54)
- • Volatility in Indian financial markets affecting equity valuations(p.55)
- • Changes in regulatory framework affecting operations(p.54)
- • Raw material price volatility impacting margins, particularly in SMC resin and glass fiber inputs(p.136)
- • Intense competitive pressures from large, well-capitalized domestic and multinational manufacturers(p.157)
- • Regulatory and policy changes affecting government procurement and subsidy structures(p.102)
- • Global economic headwinds and trade disruptions impacting supply chains and customer demand(p.157)
- • Geopolitical risks and trade restrictions affecting raw material procurement and international markets(p.157)
- • Highly fragmented and competitive industry with organized and unorganized participants(p.185)
- • Tender-based business model creates pricing pressure and competitive bidding risk(p.185)
- • Dependence on state electricity supply with operational risk during power failures(p.184)
- • Industrial relations legislation and labor laws create compliance and operational challenges(p.187)
- • Environmental regulations and pollution control requirements impose compliance burden(p.188)
- • Vulnerability to government policy changes affecting smart meter mandate implementation(p.300)
- • Seasonal and cyclical nature of business tied to government tender cycles and DISCOM budgets(p.314)
- • Raw material cost inflation and price volatility affecting production economics(p.300)
- • Intensifying competition from established and new market entrants(p.300)
- • Foreign exchange fluctuation impacts on import-dependent raw material sourcing(p.300)
- • Regulatory compliance risks and potential penalties from inspection authorities(p.240)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Nitin Jasvantbhai Patel | Promoter | 16.36% | — |
| Mr. Neel Niteshbhai Shah | Promoter | 16.36% | — |
| Ms. Riktabahen Pranay Sonawala | Promoter | 16.36% | — |
| Mr. Chaitanya Patel | Promoter | 16.36% | — |
| Mr. Rachit Jain | Promoter | 16.36% | — |
| Mr. Nitin Jasvantbhai Patel | Promoter | 27,30,000 shares (16.36%) | — |
| Mrs. Riktabahen Pranay Sonawala | Promoter | 27,30,000 shares (16.36%) | — |
| Mr. Neel Niteshbhai Shah | Promoter | 27,30,000 shares (16.36%) | — |
| Mr. Chaitanya Patel | Promoter | 27,30,000 shares (16.36%) | — |
| Mr. Rachit Jain | Promoter | 27,30,000 shares (16.36%) | — |
| Neel Shah | Promoter & Managing Director | — | — |
| Nitin Patel | Chairman/Promoter | — | — |
| Mr. Nitin Jasvantbhai Patel | Promoter | 16.36% | — |
| Mr. Neel Niteshbhai Shah | Promoter | 16.36% | — |
| Mr. Chaitanya Patel | Promoter | 16.36% | — |
| Mrs. Riktaben Pranay Sonawala | Promoter | 16.36% | — |
| Mr. Rachit Jain | Promoter | 16.36% | — |
| Chaitanyakumar Hitendrabhai Patel | Promoter | 16.36% | — |
| Neelbhai Niteshbhai Shah | Promoter | 16.36% | — |
| Nitinbhai Jashvantbhai Patel | Promoter | 16.36% | — |
| Riktabahen Pranay Sonawala | Promoter | 16.36% | — |
| Rachit Rajendrakumar Jain | Promoter | 16.36% | — |
Leadership
Mr. Nitin Jasvantbhai Patel · Chairman
Mr. Neel Niteshbhai Shah · Managing Director and CFO
Ms. Avani Patel · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.