Indo SMC Limited is engaged in manufacturing electrical and composite-based products used in power distribution and industrial applications. The company generates revenue through manufacturing and sale of SMC boxes, FRP products, current transformers, metering cubicles, and electrical enclosures. Its products are widely used in power utilities, infrastructure projects, renewable energy installations, and industrial electrical systems across India.

Key Clients & Manufacturing Facilities
The company caters to government utilities and private sector EPC players involved in power distribution and infrastructure. Indo SMC operates manufacturing facilities at Pirana (Ahmedabad), Nashik, and Ghiloth. The Pirana plant houses SMC and FRP capacity, while Nashik and Ghiloth facilities support transformer and electrical equipment manufacturing, enabling regional supply efficiency and faster execution.

Product Portfolio & Order Book Execution
Indo SMC’s portfolio includes LT/HT current transformers, SMC distribution boxes, metering cubicles, and FRP products. These products are installed during mid to long stages of client infrastructure life cycles. As of FY25, LT current transformer capacity utilization stood at 92.86%. The company reports a strong order book from government and private entities, supporting stable execution visibility.

Mergers, Capex & Expansion Plans
The company has undertaken continuous capacity expansion through capital expenditure in Ahmedabad and Nashik during FY24–FY25. Capex investments of ₹1,703.55 lakh in FY25 were directed toward plant and machinery. Expansion into North and South India is planned to improve logistics efficiency, meet rising demand, and support order book execution.

Employees & Banker Details
As of November 30, 2025, the company had 74 employees. The Banker to the Company is Standard Chartered Bank, HDFC Bank Limited.

Management & Growth Vision

The management, led by experienced promoters with strong technical expertise, aims to scale operations through capacity expansion and product diversification. The near-term focus is on strengthening execution capabilities and increasing government project participation. Long-term targets include pan-India manufacturing presence and higher-margin composite solutions. Capex and expansion funding will be arranged through IPO proceeds, internal accruals, and incremental bank borrowings.

Industry Overview

Indo SMC operates within India’s manufacturing and electrical equipment industry. Manufacturing contributes around 16–17% of India’s GDP and employs over 27.3 million people. The Indian manufacturing sector is projected to grow steadily, supported by government schemes. Globally, the transformer market was valued at USD 26.68 billion in 2024 and is expected to reach USD 48.10 billion by 2034, growing at a 6.07% CAGR.

Key Risk Factors

1. Raw Material Price Volatility
   Fluctuations in raw material prices can impact cost structures and profit margins, especially in composite and electrical components manufacturing where material costs form a significant portion of expenses.
2. Competitive and Fragmented Industry
   The company operates in a highly competitive and fragmented market with low entry barriers, including competition from unorganized players that may exert pricing pressure.
3. Dependence on Government Orders
   A significant portion of revenue is derived from government and PSU projects. Delays in tenders, payments, or policy changes may impact cash flows and execution timelines.
4. Economic Slowdowns
   Economic downturns or infrastructure spending slowdowns can adversely affect demand for electrical and power distribution equipment.
5. Capital Intensive Operations
   Manufacturing expansion requires continuous capital investment. Limited access to timely funding may restrict growth or delay planned expansions.

Key Strengths, Moat & Opportunities

1. Diversified Product Portfolio
   The company offers SMC, FRP, and transformer products catering to multiple industries, reducing dependency on a single revenue stream.
2. Strong Order Book Visibility
   Backed by orders from government and private sector clients, the company enjoys stable revenue visibility and execution confidence.
3. In-House Technical Expertise
   Experienced promoters and a technically skilled workforce enable quality control, customization, and efficient project execution.
4. Capacity Expansion Opportunities
   Planned manufacturing expansion in North and South India can reduce logistics costs and support faster delivery to key markets.
5. Favorable Government Policies
   Schemes like RDSS and SNMP support increased adoption of smart electrical infrastructure, directly benefiting the company’s product portfolio.
6. Shift Toward FRP & SMC Products
   Replacement of conventional metal products with safer, corrosion-resistant FRP and SMC solutions presents long-term growth opportunities.