INDO SMC IPO
Market Sentiment
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | September 2025 |
|---|---|---|---|---|
| Revenue | 7.30 | 28.06 | 138.78 | 112.62 |
| Expense | 6.66 | 24.37 | 119.67 | 98.58 |
| Profit (PAT) | 0.46 | 3.00 | 15.44 | 11.46 |
| Total Assets | 99.94 | 99.94 | 13.85 | 147.67 |
| Company | EPS | P/E | Market Cap (Cr) |
|---|---|---|---|
| Aeron composite limited | 7.84 | 13.01 | 13 |
| RMC switch gear limited | 29.81 | 14.75 | 29 |
Promoters: Mr. Nitin Jasvantbhai Patel, Mr. Neel Niteshbhai Shah, Mrs. Riktabahen Sonawala, Mr. Chaitanya Patel and Mr. Rachit Jain
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,66,84,350 | 82.30% |
| Promoter Holding Post Issue | 2,28,55,350 | 60.07% |
Strengths & Risks
- Heavily oversubscribed — 110.6x overall (final).
- Strong institutional (QIB) demand — 94.9x.
- Revenue grew 395% in the latest reported year.
- Solid profit margin — 11.1%.
- Strong return on equity — 74%.
- Elevated leverage — debt/equity of 1.00.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
Indo SMC Limited designs and manufactures a variety of electrical enclosures and switchgear products. These include energy meter boxes, high-tension and low-tension current and potential transformers (HTCT, HTPT, LTCT), distribution boxes and panels, junction boxes, feeder pillars, and fiberglass grating. Its products are made from materials like sheet moulding compounds (“SMC”), fiberglass reinforced plastic (“FRP”), copper, mild steel, and stainless steel, etc. The company runs its operations through its 4 manufacturing facilities situated in Gujarat, Maharashtra, and Rajasthan. The business designs a wide range of products serving electrical, industrial, and infrastructure applications. Indo SMC incorporates advanced machinery and equipment to ensure timely delivery and offer high-quality products to meet the requirements of clients.
INDO SMC Ltd Address, 809,, Shilp Zaveri Shyamal Cross Road,, Vejalpur, Shyamal,, Ahmedabad, Gujarat, 380006
| Purpose | Amount (Cr) |
|---|---|
| Funding capital expenditure of the company to purchase Plant and Machinery | 25.71 |
| Funding the working capital requirements of the company | 52.00 |
| General Corporate Purposes | - |
Resources & Documents
INDO SMC has set a price band of Rs 142–Rs 149 per share in the manufacturing sector. The stock listed flat against its issue price.
Indo SMC Limited designs and manufactures a variety of electrical enclosures and switchgear products. These include energy meter boxes, high-tension and low-tension current and potential transformers (HTCT, HTPT, LTCT), distribution boxes and panels, junction boxes, feeder pillars, and fiberglass grating. The company operates in the manufacturing space.
The issue is promoted by Mr. Nitin Jasvantbhai Patel, Mr. Neel Niteshbhai Shah, Mrs. Riktabahen Sonawala, Mr. Chaitanya Patel and Mr. Rachit Jain with GYR Capital Advisors Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards Funding capital expenditure of the company to purchase Plant and Machinery (Rs 26 crore) and Funding the working capital requirements of the company (Rs 52 crore).
On fundamentals, the company is posting revenue growth of 394.6%, a profit margin of 11.1%, return on equity of 74.5% in its most recent reported period. Listed peers in this segment include RMC switch gear limited (P/E 14.75x, market cap Rs 29 crore) and Aeron composite limited (P/E 13.01x, market cap Rs 13 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
On our data-signal score, the combined signals for this issue currently read strong — the composite picture tilts positive, though not without some caveats. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
INDO SMC IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed.
See the full INDO SMC GMP history and trend, or learn how grey market premium works and how reliable it is.
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