INDO SMC is launching a book-built IPO worth ₹91.95 crore, comprising a fresh issue of 0.62 crore equity shares. The company aims to raise funds to support its growth plans through this public issue.
The IPO will open for subscription on January 13, 2026, and close on January 15, 2026. The allotment is likely to be finalised on January 16, 2026, with the shares expected to list on the BSE SME platform on January 20, 2026.
The price band is fixed at ₹141–₹149 per share with a lot size of 1,000 shares. Retail investors must apply for a minimum of 2,000 shares, requiring ₹2.98 lakh at the upper band, while HNIs must apply for 3,000 shares worth ₹4.47 lakh. GYR Capital Advisors is the lead manager, KFin Technologies the registrar, and Giriraj Stock Broking and Nikunj Stock Brokers are market makers.
INDA SMC IPO Objectives
- The company will incur a capital expenditure of up to ₹2,570.67 lakh for the purchase of plant and machinery. This will be used to enhance manufacturing capacity.
- The company will use nearly ₹5,200.00 lakh to meet its working capital requirements. This will support its day-to-day operational needs and drive business growth.
- A portion of the net proceeds, not exceeding 15% of the issue size or ₹10 crore (whichever is lower), will be used for general corporate requirements in line with SEBI ICDR regulations.
About INDA SMC Limited
The company is an ISO 9001:2015 and ISO 14001:2015 certified manufacturer engaged in the design and production of SMC and FRP-based electrical enclosures, transformers, distribution boxes, panels, gratings, feeder pillars, and switchgears for the power and infrastructure sectors.
Its operations are organised into three key divisions: SMC products, FRP products, and electrical components. It maintains strict adherence to Indian Standards and in-house testing to ensure quality and reliability.
It operates 4 manufacturing facilities across Gujarat, Maharashtra, and Rajasthan. The company is led by an experienced management team and has expanded capacity significantly in FY25, driven by participation in government initiatives such as SMNP and RDSS, growing private sector demand, and strong operational execution.
Industry Outlook
- Growing population, rapid urbanisation, and higher electricity consumption are driving investments in power transmission and distribution infrastructure. This supports sustained demand for transformers, electrical enclosures, and related power distribution equipment used in grid expansion and modernization projects.
- Increasing integration of solar and wind energy into power networks requires specialised transformers and distribution systems capable of handling variable loads. The shift toward smart grids, IoT-enabled equipment, and efficient power management enhances opportunities for manufacturers supplying advanced electrical and FRP-based components.
- Stricter energy-efficiency norms and space constraints in urban and industrial settings are encouraging the use of compact, high-performance, and energy-efficient electrical equipment. This trend supports long-term demand for modern transformers, enclosures, and switchgears aligned with evolving regulatory and sustainability requirements.
How To Apply for the INDA SMC IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the INDA SMC IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of INDA SMC IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of INDA SMC IPO
809, Shilp Zaveri Shyamal Cross Road, Vejalpur, Shyamal, Ahmedabad, Gujarat, 380006
Phone: +91 7575812866
Email: cs@indosmc.com
INDA SMC IPO Reservation
| Investor Category | % of Shares Offered |
| Market Maker | 5.01% |
| QIB (Total) | 47.45% |
| – Anchor Investors | 28.46% |
| – QIB (Excluding Anchor) | 18.99% |
| NII (HNI) | 14.29% |
| – bNII (> ₹10 lakh) | 9.53% |
| – sNII (< ₹10 lakh) | 4.76% |
| Retail Investors | 33.25% |
| Total | 100.00% |
INDA SMC IPO Lot Size Details
| Application Category | 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 | 10,43,000 |
INDA SMC IPO Promoter Holding
The promoters of the company are Mr. Nitin Jasvantbhai Patel, Mrs. Riktabahen Sonawala, Mr. Neel Niteshbhai Shah, Mr. Rachit Jain, and Mr. Chaitanya Patel.
| Share Holding Pre-Issue | 82.30% |
| Share Holding Post Issue | 60.07% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for INDA SMC IPO
| Key Performance Indicator | Value |
| Return on Equity (ROE) | 74.45% |
| Return on Capital Employed (ROCE) | 31.39% |
| Debt to Equity Ratio | 1.00 |
| PAT Margin | 11.13% |
| EBITDA Margin | 16.45% |
INDA SMC IPO Registrar and Lead Managers
INDA SMC IPO Lead Managers
IDBI Capital Markets Services Ltd.
Registrar for INDA SMC IPO
Kfin Technologies Ltd.
Contact Number: 04067162222
Email Address: austere.ipo@kfintech.com
Financials of INDA SMC Limited
| Particulars (₹ Crore) | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 147.67 | 99.94 | 36.32 | 13.85 |
| Total Income | 112.62 | 138.78 | 28.06 | 7.30 |
| Profit After Tax | 11.46 | 15.44 | 3.00 | 0.46 |
| EBITDA | 17.19 | 22.83 | 5.08 | 1.15 |
| Net Worth | 47.14 | 35.69 | 5.79 | 1.17 |
| Reserves & Surplus | 30.46 | 19.00 | 5.06 | 0.52 |
| Total Borrowings | 49.35 | 35.76 | 17.70 | 10.43 |
Strengths and Opportunities of INDA SMC Limited
- The company benefits from a diversified product portfolio comprising SMC-based electricity meter boxes, FRP products, and high- and low-tension capacitors, enabling it to cater to multiple industries and reduce reliance on any single segment.
- Strong expertise in SMC and FRP technologies allows the company to offer durable, corrosion-resistant, and lightweight products suitable for harsh environmental and industrial conditions.
- Advanced manufacturing facilities equipped with modern SMC and FRP machinery support large-scale production, consistent quality, and the ability to scale output quickly to meet bulk orders.
- Efficient and streamlined production processes help reduce turnaround time, control costs, and position the company well for future domestic and international growth.
- The leadership team, including experienced promoters and senior management with over two decades of industry experience, provides strategic direction, operational strength, and technical know-how.
Risks and Threats of INDA SMC Limited
- Mismatch in addresses across factory licenses, CTE, CTO, and lease deeds could delay renewals, approvals, or invite penalties, potentially impacting operations.
- Raw material consumption forms a significant portion of revenue, making margins vulnerable to price volatility, shortages, and supply disruptions.
- Absence of long-term supply contracts exposes the company to fluctuating prices and inconsistent availability of key raw materials.
- Revenues depend heavily on government and private tenders, with no assurance of winning bids or timely project awards.
- A large share of raw materials is sourced from a limited number of suppliers, increasing exposure to supply delays, quality issues, or pricing pressure.
