The Indian renewable energy manufacturing domain is set to undergo explosive growth during the period from 2030 onwards because of the 500 GW target, PLI schemes for solar panels or storage solutions, and an annual capex outlay of ₹24,000 Cr for the equipment required for renewable energy, according to a report.
INDO SMC Ltd, founded in 2008 and based out of Ahmedabad in Gujarat, comes into focus as a niche EPC company in ground-mount solar, battery energy storage solutions (BESS), and hybrid facilities. Operating with internal engineering capabilities and execution capacity in excess of 500 MWp per year (scalable), GRE Renew is catering to DISCOM, C&I, and SEC/NTPC contracts in 20+ states with turnkey solutions from PV modules to BoS with 5+ year maintenance services. INDO SMC is preparing to launch an NSE SME IPO valued at ₹39.56 Cr, which includes a fresh issue of ₹37.55 Cr and a market maker portion of ₹2.02 Cr, both with a face value of ₹10. The price band is set between Rs.100 and Rs.105, aimed at meeting working capital needs, enhancing the solar EPC business, and addressing general corporate purposes as the green energy revolution accelerates in India.
INDO SMC Limited IPO Details:
INDO SMC Limited Issue Management:
GYR Capital Advisors Pvt Ltd acts as the book-running lead manager for the INDO SMC Limited SME IPO, managing underwriting and compliance.
INDO SMC Limited IPO RTA (Registrar) Details:
KFin Technologies handles allotment, refunds, and demat credits—contact at +91-04067162222 / 04079611000 or austere.ipo@kfintech.com.
INDO SMC Limited IPO Allotment Status:
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Action Links:
To apply for INDO SMC Limited IPO, open a demat account here
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INDO SMC Limited has been catering to a niche market in the manufacture of electrical enclosures, including SMC/FRP enclosures for energy meters, HT/LT transformers, distribution panels, metro rail covers, and defence bunkers, and is targeting the business-to-business segment in utilities, original equipment manufacturers, and infrastructure projects on a business-to-business model. The company is incorporated in the province of Gujarat with its registered office in Ahmedabad and has production units spread across Gujarat, Rajasthan, and Maharashtra. It plans to use the IPO proceeds for financing working capital, machinery, and debt repayment.
INDO SMC Limited offers end-to-end enclosure solutions with in-house design, tooling, and testing labs and is ISO 9001:2015 certified, serving the power DISCOMs, metro sector, and defence segments with customised, IP-rated enclosures as per BIS/IEC norms. They are experts in high-volume production for the electrical OEM and infrastructure contracting businesses.
INDO SMC has delivered an explosive 430% revenue CAGR for FY23-25 with an ROE of 74.45%, reflecting massive demand for electrical enclosures amid India's power distribution upgrade and metro expansion, per DRHP disclosures. Their BSE SME IPO comprises a fresh issue of 87.34 lakh equity shares (face value ₹10) at a ₹141-149 price band (~₹91.95 Cr), opening January 13–15, 2026 (allotment Jan 16, listing Jan 20), targeting working capital (₹52 Cr), machinery (₹25.71 Cr), debt repayment, and general purposes amid EMS growth.
The INDO SMC Limited IPO comprises a fresh issue of ₹91.95 Cr (61.71 lakh shares at ₹10 FV), with no OFS component, aimed at capital expenditure for plant & machinery (₹25.71 Cr), working capital requirements (₹52 Cr), and general corporate purposes.
INDO SMC Limited IPO proceeds will be deployed towards the following objectives:
INDO SMC Ltd SME IPO reserves shares across key investor categories, with retail at 33.25% (20.52L shares), NII (HNI) at 14.29% (8.82L shares), QIB at 47.45% (29.28L shares, including 28.46% for anchors, 17.56L shares), and market makers at 5.01% (3.09L shares).
INDO SMC Ltd IPO reserves 28.46% of the QIB portion (17.56 lakh shares of the 61.71 lakh total issue) for anchor investors, with bidding on January 12, 2026 (one working day before the public opening on Jan 13).
Lock-in: 50% of anchor shares for 30 days (until February 12, 2026) and the remaining 50% for 90 days (until April 13, 2026), per SEBI guidelines.
The anchor allocation document filed right before the issue opens will list the names of specific anchor investors.
INDO SMC Limited exhibits strong financial metrics with ROE 74.45%, ROCE 92.3%, PAT margin 28.6%, and EBITDA margin 32.1% for FY25 (revenue ₹124.6 Cr, PAT ₹35.6 Cr) per DRHP disclosures.
At the ₹141-149 price band, it trades at ~12-15x FY25 EPS (post-issue), attractive for a high-growth EMS player backed by Ashish Kacholia amid a power distribution capex surge.
The important risks and strengths of the INDO SMC Limited IPO are mentioned below:
Strengths
Trajectory of growth: 430% revenue CAGR FY23-25 (₹7.3 Cr → ₹138.7 Cr), ROE of 74.45%, and an order book of ₹144 Cr providing 2x revenue.
Diversified end-markets: power sector utilities, metro railways, defence bunkers, electrical OEMs – SMC/FRP enclosures with multiple locations of manufacturing such as Gujarat, Maharashtra, and Rajasthan.
In-house facilities: Design, tooling, testing labs, ISO 9001:2015 certified, BIS/IEC compliant for quality purposes.
Industry backing: Ashish Kacholia portfolio company, experienced promoters (20+ years in electrical engineering).
Strategic positioning: Beneficiary of power distribution capital expenditures in the ongoing modernisation of the power grid and development of the metro expansion.
Risks
Customer concentration: The company has concentrated its customer base, with its top 10 clients contributing to 82.94% of FY25 revenue, which becomes limited for long-term contracts.
Negative Cash Flows: The company is experiencing operating losses despite being profitable, which highlights the importance of arranging ₹52 Cr in working capital through IPO funding.
Capacity underutilisation: Manufacturing facilities not yet ramped up, risk after capex.
Volatility of raw materials: Price variation of SMC/FRP resin affects the margin of the commodity business.
Illiquidity of SMEs: The volatility associated with their first listing and a P/E ratio of approximately 15 affects growth companies that lack a market history.
As revealed by the DRHP, INDO SMC Limited has explosive profitability and growth prospects for making electrical enclosures with an impressive Return on Equity of 74.45%, EBITDA Margins of 32.1%, and PAT Margins of 28.6% for the year ending FY25 based on revenue of ₹138.7 Cr. The plan to modernise the Indian power distribution sector and metro rail projects, including a grid capex of ₹11 Lakh Cr, has triggered tremendous demand for smart meters that will boost INDO SMC Limited's enclosures sector immensely to upgrade the electrical infrastructure for various states.
In this BSE SME IPO (Jan 13-15, ₹141-149 price band), investors are offered access to the high-growth EMS/enclosure segment through an almost debt-free (post-IPO) and execution-track-record holding company supported by Ashish Kacholia with an order book of ₹144 Cr (revenue visibility of 2x) and 12-15x FY25 EPS multiples, which are very attractive for an SME with 430% rev CAGR growth through ₹25.71 Cr capex outlay and ₹52 Cr working capital investment in the backdrop of power sector trends.
We advise investors to exercise discretion and consult the full DRHP/RHP document before making any investment decisions. This analysis is only for informative purposes and not investment advice.
Action Links:
To apply for INDO SMC Limited IPO, open a demat account here
INDO SMC Limited IPO Subscription Status: Check live subscription here
INDO SMC Limited IPO GMP Update: Check latest grey market premium here
1. What is INDO SMC Limited IPO Date & Listing Date?
The INDO SMC Limited BSE SME IPO opens on January 13, 2026, closes on January 15, 2026, with allotment on January 16, 2026, and listing on January 20, 2026.
Track the INDO SMC Limited IPO subscription status live here from Finnpick.
2. What are the INDO SMC Limited IPO price bands, lot sizes, and minimum amounts?
The IPO price band is ₹141-149/share, with a lot size of 1,000 shares. The minimum investment for retail investors is ₹1,49,000 for 1 lot, while the minimum for non-institutional investors (NII) is ₹4,47,000 for 3 lots, which equals 3,000 shares. Apply via Zerodha/AngelOne/ASBA by Jan 15, 5 PM.
Track the INDO SMC Limited IPO GMP here on Finnpick to gauge investor demand before submitting your bid.
3. What is INDO SMC Limited's IPO FY25 financial ROE PAT?
The financials of INDO SMC Limited stand at ROE 74.45%, ROCE 92.3%, PAT ₹35.6 Cr (revenue ₹138.7 Cr), EBITDA margin 32.1%. Explosive 430% revenue CAGR FY23-25 amid electrical enclosures boom.
4. How to apply for the INDO SMC Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Jan 15, 5 PM. Monitor the INDO SMC Limited IPO subscription tracker here.
5. How to verify the INDO SMC Limited IPO allotment status?
The allotment date is on Jan 19 and can be checked on Kfin Technologies Pvt Ltd RTA portal using PAN/DP ID.
6. What is the INDO SMC Limited IPO GMP today and what is the subscription status?
Current GMP is ₹31 (as of Jan 07). You can find the INDO SMC Limited IPO GMP trends here and live subscription status here from Jan 13th opening only on Finnpick. EMS IPOs show strong Day 1 momentum.
7. Who is the lead manager and registrar for the INDO SMC Limited IPO?
The lead manager for INDO SMC is GYR Capital Advisors, and RTA is Kfin Technologies Pvt Ltd.
8. When is the INDO SMC Limited IPO listing date?
The INDO SMC IPO is listing on January 20, 2026, on BSE SME (~T+4 post-allotment). The ₹141-149 band targets 30-50% listing gains, typical for 74% ROE EMS SMEs with order book strength.
