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INDO SMC IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
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.
INDO SMC, an Book Built Issue, amounting to ₹
91.95 Crore,consisting entirely an Fresh Issue of
0.62 crore shares of ₹
91.95 Crore.The subscription period for the INDO SMC IPO opens on January 13, 2026, and closes on January 16, 2026. The allotment is expected to be finalized on or about Monday, January 19, 2026, and the shares will be listed on the BSE SME with a tentative listing date set on or about Wednesday, January 21, 2026.
The Share Price Band of INDO SMC IPO is set at ₹141 to ₹149 per share per equity share. The Market Capitalisation of the INDO SMC at IPO price of ₹149 per equity share will be ₹
340.54 Crores. The lot size of the IPO is 1000 shares. Retail investors are required to invest a minimum of ₹
298,000, 2 lots ( 2000 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
3 lots (
3000 shares), amounting to ₹
447,000.
GYR Capital Advisors Private Limited are the book running lead manager of the INDO SMC Ltd. while KFIN TECHNOLOGIES LIMITED is the registrar for the issue, The Market Maker of the company is Giriraj Stock Broking Pvt.Ltd., Nikunj Stock Brokers Ltd.
INDO SMC Limited IPO GMP Today
The Grey Market Premium of INDO SMC IPO is expected to be ₹15 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
INDO SMC Limited IPO Live Subscription Status Today: Real-Time Update
As of 10:30 AM on 17 January 2026, the INDO SMC IPO live subscription status shows that the IPO subscribed 110.49 times on its Final Day of subscription period. Check the INDO SMC IPO Live Subscription Status Today at BSE.
INDO SMC Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
INDO SMC IPO allotment date is Monday, January 19, 2026, INDO SMC IPO Allotment will be out on Monday, January 19, 2026, and will be live on Registrar Website from the allotment date.
KFIN TECHNOLOGIES LIMITED IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select INDO SMC IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of INDO SMC Limited IPO
INDO SMC to utilise the Net Proceeds towards the following objects:
1. ₹2,570.67 Lakh is required for Funding capital expenditure of our company to purchase Plant and Machinery
2. ₹5,200.00 Lakh is required for Funding the working capital requirements of the company
3. General Corporate Purposes
Refer to INDO SMC Limited RHP for more details about the Company.
INDO SMC Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| January 07, 2026 | ₹ 149 | ₹ 149 | ₹0(0.0%) | 07 January 2026; 12:53 PM |
| January 07, 2026 | ₹ 149 | ₹ 164 | ₹15(10.1%) | 13 January 2026; 05:08 PM |
| January 07, 2026 | ₹ 149 | ₹ 164 | ₹15(10.1%) | 14 January 2026; 12:12 PM |
INDO SMC IPO Details
| Market Capitalization | ₹340.54 Cr. |
| IPO Date | January 13, 2026 to January 16, 2026 |
| Listing Date | January 21, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹141 to ₹149 per share |
| Issue Price | ₹149 per share |
| Employee Discount | NA |
| Lot Size | 1000 Equity Shares |
| Total Issue Size | 61,71,000 Equity Shares (aggregating to ₹91.95 Cr) |
| Fresh Issue | 61,71,000 Equity Shares (aggregating to ₹91.95 Cr) |
| Offer for Sale | NA |
| Issue Type | Book Built Issue |
| Listing At | BSE SME |
| Share holding pre issue | 1,66,84,350 |
| Share holding post issue | 2,28,55,350 |
| Rating | Apply |
INDO SMC IPO Anchor Investors Details
| Bid Date | January 12, 2026 |
| Shares Offered | 17,56,000 |
| Anchor Portion Size (In Cr.) | 26.16 |
| Anchor lock-in period end date for 50% shares (30 Days) | February 15, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | April 16, 2026 |
INDO SMC IPO Timeline (Tentative Schedule)
| IPO Open Date | Tue, Jan 13, 2026 |
| IPO Close Date | Fri, Jan 16, 2026 |
| Basis of Allotment | Mon, Jan 19, 2026 |
| Initiation of Refunds | Tue, Jan 20, 2026 |
| Credit of Shares to Demat | Tue, Jan 20, 2026 |
| Listing Date | Wed, Jan 21, 2026 |
| Cut-off time for UPI mandate confirmation | Mon, Jan 19, 2026 |
INDO SMC IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 2,931,000 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 879,300 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 2,051,700 | Not more than 35% of the Net Offer |
| Market Maker Portion | 309,000 | - |
INDO SMC IPO Promoter Holding
| Share Holding Pre Issue | 82.32% |
| Share Holding Post Issue | 60.09% |
INDO SMC IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹298,000 |
| Retail (Max) | 2 | 2,000 | ₹298,000 |
| S-HNI (Min) | 3 | 3,000 | ₹447,000 |
| S-HNI (Max) | 6 | 6,000 | ₹894,000 |
| B-HNI (Min) | 7 | 7,000 | ₹1,043,000 |
INDO SMC IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 2,931,000 | 11,12,65,000 | 37.96x | 16 January 2026; 06:07 PM |
| Non Institutional Investors(NIIS) | 8,82,000 | 14,51,65,000 | 164.59x | 17 January 2026; 10:35 AM |
| Retail Individual Investors (RIIs) | 2,051,700 | 19,72,54,000 | 96.14x | 16 January 2026; 06:07 PM |
| Total | 41,06,000 | 45,36,84,000 | 110.49x | 17 January 2026; 10:35 AM |
About INDO SMC Limited
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
- 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. - 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. - 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. - Economic Slowdowns
Economic downturns or infrastructure spending slowdowns can adversely affect demand for electrical and power distribution equipment. - 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
- Diversified Product Portfolio
The company offers SMC, FRP, and transformer products catering to multiple industries, reducing dependency on a single revenue stream. - Strong Order Book Visibility
Backed by orders from government and private sector clients, the company enjoys stable revenue visibility and execution confidence. - In-House Technical Expertise
Experienced promoters and a technically skilled workforce enable quality control, customization, and efficient project execution. - Capacity Expansion Opportunities
Planned manufacturing expansion in North and South India can reduce logistics costs and support faster delivery to key markets. - Favorable Government Policies
Schemes like RDSS and SNMP support increased adoption of smart electrical infrastructure, directly benefiting the company’s product portfolio. - Shift Toward FRP & SMC Products
Replacement of conventional metal products with safer, corrosion-resistant FRP and SMC solutions presents long-term growth opportunities.
INDO SMC Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakhs)
| Period Ended | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 3,045.67 | 1,900.16 | 506.39 | 52.13 |
| Total Assets | 14,766.92 | 9,994.17 | 3,631.87 | 1,384.76 |
| Total Borrowings | 4,935.16 | 3,576.32 | 1,769.51 | 1,042.79 |
| Fixed Assets | 1,947.99 | 1,587.65 | 722.42 | 546.14 |
| Cash | 325.03 | 288.25 | 27.88 | 2.54 |
| Cash flow from operating activities | -704.52 | -1,370.34 | -577.84 | -290.14 |
| Cash flows from investing activities | -425.16 | -1,699.91 | -244.56 | -340.47 |
| Cash flow from financing activities | 1,178.36 | 3,078.79 | 823.19 | 576.77 |
| Net Borrowing | 4,610.13 | 3,288.07 | 1,741.63 | 1,040.25 |
| Revenue | 11,261.89 | 13,877.92 | 2,805.90 | 729.55 |
| EBITDA | 1,719.27 | 2,282.74 | 508.47 | 115.46 |
| PAT | 1,145.51 | 1,544.09 | 300.36 | 45.52 |
| PAT Margin | 10.17% | 11.13% | 10.70% | 6.24% |
| EPS | 6.87 | 9.61 | 2.19 | 0.33 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 9.61 |
| EPS Post IPO (Rs.) | 6.76 |
| Adjusted 12M EPS Post IPO (Rs.) | 10.02 |
| P/E Pre IPO | 15.50 |
| P/E Post IPO | 22.05 |
| Adjusted 12M P/E Post IPO | 14.86 |
| ROE | 74.45% |
| ROCE | 31.39% |
| P/BV | 6.97 |
| Debt/Equity | 1.00 |
| RoNW | 43.27% |
| EBITDA Margin | 16.45% |
| PAT Margin | 11.13% |
INDO SMC Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| INDO SMC | 6.76 | 22.05 | 74.45% | 31.39% | 6.97 | 1.00 | 43.27% |
| Aeron Composite | 7.84 | 13.34 | 19.5 % | 21.2 % | 1.73 | 0.44 | 13.21% |
| RMC switch gear | 29.81 | 25.28 | 37.5 % | 37.2 % | 4.35 | 0.59 | 29.40% |
INDO SMC Limited Contact Details
INDO SMC Limited
Phone: +91 7575812866
Email: cs@indosmc.com
Website: http://www.indosmc.com
INDO SMC IPO Registrar and Lead Manager(s)
KFIN TECHNOLOGIES LIMITED
Phone: +91 011 - 45121795
Email: ndo.ipo@kfintech.com;%20
Website: http://www.kfintech.com
GYR Capital Advisors Private Limited
Phone: +91 8777564648
Email: investors@gyrcapitaladvisors.com
Website: http://www.gyrcapitaladvisors.com
INDO SMC IPO Review
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.
The Company is led by Promoter, i.e.,NITIN JASVANTBHAI PATEL, NEEL NITESHBHAI SHAH, RIKTABAHEN SONAWALA, CHAITANYA PATEL AND RACHIT JAIN
The Revenues from operations for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 11,261.89 Lakh, ₹ 13,877.92 Lakh, ₹ 2,805.90 Lakh, and ₹ 729.55 Lakh, The EBITDA for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 1,719.27 Lakh, ₹ 2,282.74 Lakh, ₹ 508.47 Lakh, and ₹ 115.46 Lakh, The Profit after Tax for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 1,145.51 Lakh, ₹ 1,544.09 Lakh, ₹ 300.36 Lakh, and ₹ 45.52 Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 9.61 and post-issue EPS of ₹ 6.76 for FY25. The pre-issue P/E ratio is 15.50x,while the post-issue P/E ratio is 22.05x against the Industry P/E ratio is 13.88 The company's ROE for FY25 is 74.45%and RoNW is 43.27% The Annualised EPS is ₹ 10.02x and P/E is 14.86x. These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of INDO SMC showing listing gains of 10.10%.Given the company's financial performance and the valuation of the IPO, we recommend Risky Investors to Apply to the INDO SMC Limited.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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