January 13, 2026
5 mins read
Indo SMC Ltd operates in the electrical and industrial manufacturing segment, focusing on the production of sheet moulding compound (SMC) products, fibre-reinforced plastic (FRP) components, and electrical distribution and protection equipment. Its product portfolio includes energy meter enclosures, distribution boxes, transformer components, feeder pillars, and FRP gratings used across power distribution, infrastructure, and industrial applications. The company carries out manufacturing activities through facilities located in Gujarat, Maharashtra, and Rajasthan, supported by in-house testing laboratories for raw materials and finished goods, as disclosed in its operational details.
Applicants interested in participating in the Indo SMC IPO can submit their applications through an authorised trading platform or by using the ASBA facility provided by their banking institution. The application process generally involves logging into the trading or banking application, navigating to the IPO section, selecting the relevant public issue, entering the applicable lot quantity, and confirming the payment mandate through UPI or bank authorisation. Once submitted, the application proceeds through exchange-regulated verification and allotment procedures, which determine the final allocation outcome.
For more details, visit the Indo SMC IPO page.
Details | Information |
IPO Date | January 13, 2026 to January 15, 2026 |
Issue Size | 61,71,000 shares (agg. up to ₹91.95 Cr) |
Price Band | ₹141 to ₹149 per share |
Lot Size | 1,000 shares |
Listing At | BSE, SME |
Market Maker | Giriraj Stock Broking Pvt.Ltd., Nikunj Stock Brokers Ltd. |
Funding capital expenditure of the company to purchase plant and machinery
Funding the working capital requirements of the company
General corporate purposes
Event | Date |
|---|---|
IPO Open Date | Tue, Jan 13, 2026 |
IPO Close Date | Thu, Jan 15, 2026 |
Tentative Allotment | Fri, Jan 16, 2026 |
Initiation of Refunds | Mon, Jan 19, 2026 |
Credit of Shares to Demat | Mon, Jan 19, 2026 |
Tentative Listing Date | Tue, Jan 20, 2026 |
₹141 to ₹149 per share
Application | Lots | Shares | Amount |
Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,98,000 |
Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,98,000 |
S-HNI (Min) | 3 | 3,000 | ₹4,47,000 |
S-HNI (Max) | 6 | 6,000 | ₹8,94,000 |
B-HNI (Min) | 7 | 7,000 | ₹10,43,00 |
The Indo SMC IPO application process can be completed online through your trading platform. Below is a step-by-step guide to applying for the IPO:
Access your trading account using the broker's app or website.
Go to the IPO section to view active IPO listings.
Locate Indo SMC IPO in the list of available IPOs and click the ‘Apply’ button.
Specify the number of shares (lot size: 1,000 shares) within the price band of ₹141 to ₹149 per share.
Enter your UPI ID for payment authorisation and ensure sufficient funds in your bank account.
Review your application details and confirm the UPI mandate before 5 PM on the last application day.
Submit the application and monitor the allotment status to check if shares have been allocated to you.
The Indo SMC IPO comprises a public issue of 61,71,000 equity shares, aggregating to ₹91.95 crore. The issue is structured across multiple investor categories, including qualified institutional buyers, non-institutional investors, retail investors, and the market maker, as detailed below.
Category | Shares Offered | Amount (Rs Cr) | Size (%) |
Market Maker | 3,09,000 | 4.60 | 5.01% |
QIB | 29,28,000 | 43.63 | 47.45% |
Anchor Investor | 17,56,000 | 26.16 | 28.46% |
QIB (Ex Anchor) | 11,72,000 | 17.46 | 18.99% |
NII | 8,82,000 | 13.14 | 14.29% |
bNII (bids above ₹10L) | 5,88,000 | 8.76 | 9.53% |
sNII (bids below ₹10L) | 2,94,000 | 4.38 | 4.76% |
Retail | 20,52,000 | 30.57 | 33.25% |
Total | 61,71,000 | 91.95 | 100% |
Note: Allocation figures are based on the issue details provided in the offer-related disclosures.
Total Assets: Increased from ₹13.85 crore as of 31 March 2023 to ₹147.67 crore as of 30 September 2025.
Total Income: Rose from ₹7.30 crore in FY23 to ₹112.62 crore for the period ended 30 September 2025.
Profit After Tax (PAT): Stood at ₹11.46 crore for the period ended 30 September 2025, compared to ₹0.46 crore in FY23.
Net Worth: Recorded at ₹47.14 crore as of 30 September 2025, in comparison to ₹1.17 crore as of 31 March 2023.
Reserves and Surplus: Increased from ₹0.52 crore in FY23 to ₹30.46 crore as of 30 September 2025.
EBITDA: Reported at ₹17.19 crore for the period ended 30 September 2025, compared to ₹1.15 crore in FY23.
The company’s asset base has expanded significantly between the earliest reported period and the latest available data, indicating a larger balance sheet size and increased deployment of resources across operations.
Total income levels have increased over the reviewed timeframe, reflecting higher business activity when comparing the oldest available period with the most recent reported figures.
Profit after tax has shown an upward movement over time, highlighting changes in earnings outcomes alongside the scale-up of operations.
Net worth has risen between the compared periods, suggesting an increase in shareholders’ funds supported by retained earnings and capital structure changes.
Reserves and surplus have grown over the same period, indicating an accumulation of internal funds within the balance sheet.
Operating performance, as reflected by EBITDA, has also increased when comparing the earliest data point with the latest period, pointing to changes in operating scale and cost structure over time.
The company operates in segments linked to electrical, infrastructure, and industrial activity, where demand may vary based on capital expenditure cycles, regulatory developments, and project execution timelines.
Its performance is influenced by the availability of raw materials, cost movements, and the ability to manage manufacturing processes efficiently across multiple facilities.
Exposure to working capital requirements and borrowings may affect financial flexibility, particularly during periods of expansion or fluctuating order flows.
The company participates in the sheet moulding compound and fibre-reinforced plastic segments, which are used across power distribution, infrastructure, and industrial applications.
Its diversified product portfolio across SMC, FRP, and electrical components enables it to cater to varied customer requirements within utility and industrial sectors.
Ongoing infrastructure development and expansion of power distribution networks may support demand for products used in electrical enclosures, distribution equipment, and related applications.
KPI | Values |
ROE | 27.66% |
ROCE | 17.50% |
Debt/Equity | 1.05 |
RoNW | 24.30% |
PAT Margin | 10.18% |
EBITDA Margin | 15.27% |
Price to Book Value | 5.27 |
Registrar | Lead Manager(s) |
|---|---|
Kfin Technologies Ltd. | GYR Capital Advisors Pvt.Ltd. |
INDO SMC Ltd. 809, Shilp Zaveri Shyamal Cross Road, Vejalpur, Shyamal, Ahmedabad, Gujarat, 380006
Phone: +91 7575812866
Email: cs@indosmc.com
Website: https://indosmc.com/
Indo SMC Ltd operates in the electrical and industrial manufacturing space, with activities spanning the production of sheet moulding compound products, fibre-reinforced plastic components, and electrical distribution equipment. Its operations cater to applications across power distribution, infrastructure, and industrial segments, supported by multiple manufacturing facilities and in-house testing capabilities. The IPO details outline the proposed use of funds towards business requirements such as working capital, capital expenditure, and general corporate purposes, along with the defined structure of the public issue.
Applicants may apply through authorised trading platforms or by using the ASBA facility provided by their respective banks. The application process generally involves selecting the IPO, entering the bid quantity, confirming the application through UPI or bank mandate, and submitting it within the specified timeline. Post submission, the application is subject to exchange-led verification and allotment procedures, which determine the final allocation outcome.
Interested in more opportunities? Check out our Upcoming IPO section for new listings and don’t forget to check your Indo SMC IPO allotment status.
The Managing Director of Indo SMC Ltd is Mr. Neel Niteshbhai Shah, who oversees the company’s day-to-day operations and management functions. The leadership team also includes Mr. Nitin Jasvantbhai Patel, Chairman and Non-Executive Director, who provides strategic oversight, and Mr. Chaitanya Patel, Executive Director, involved in operational and business activities.
The Indo SMC IPO is scheduled to open for subscription on 13 January 2026 and close on 15 January 2026.
Indo SMC Ltd is engaged in the manufacturing of sheet moulding compound products, fibre-reinforced plastic components, and electrical distribution and protection equipment. Its business model is linked to demand from power distribution, infrastructure, and industrial sectors. Long-term sustainability depends on sectoral demand, cost management, regulatory conditions, and execution of manufacturing operations.
The IPO comprises up to 61,71,000 shares aggregating to ₹91.95 crore.
‘Pre-apply’ refers to a facility on certain platforms that allows investors to submit their IPO application before the official subscription period begins. The application is activated once the issue becomes live.
The lot size for the Indo SMC IPO is 1,000 shares per application. Retail applicants can apply for a minimum of two lots (2,000 shares) to process their orders.
The tentative allotment date for the IPO is January 16, 2026.
The registrar for the Indo SMC IPO is Kfin Technologies Ltd.
Based on the available disclosures, no governance issues or red flags have been indicated. Applicants may refer to the offer document for detailed information on board composition, compliance, and corporate governance practices.
Applications can be submitted through authorised trading platforms or via the ASBA facility provided by banks. The process generally involves selecting the IPO, entering the bid quantity, completing payment authentication through UPI or bank mandate, and submitting the application within the prescribed timeline.
Yes, a valid Demat account is required, as shares are allotted and credited only in electronic form.
Applicants can check the allotment status on the registrar’s website or through their trading platform once the allotment process is completed. The status will indicate whether shares have been allocated.
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Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited
This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing.
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