INDO SMC IPO

INDO SMC is engaged in the design and production of enclosure boxes for energy meters, HTCT, HTPT, LTCT, LT/HT distribution boxes and panels, FRP gratings, junction boxes, feeder pillars, and power distribution and circuit protection switchgears. Its operations are organised into three divisions: the sheet moulding compound (SMC) division, manufacturing energy meter enclosure boxes, SMC sheets and chequered plates; the fibreglass reinforced plastic (FRP) division manufacturing gratings, pultruded products and storage tanks; and the electrical components division manufacturing transformers, feeder pillars and related equipment. The company operates four manufacturing facilities across Gujarat, Maharashtra and Rajasthan, with in-house testing laboratories.

In terms of products, bus duct generated the most revenue, making up 65.12%. SMC box followed, contributing 21.86% as of September 2025. Maharashtra accounted for the largest share of revenue at 74.02%, with Gujarat coming next at 16.18%. In the period ending in September 2025, the company served 162 clients, 97 of whom were repeat clients. As of November 30, 2025, it has an order book of ₹ 283.19 crore.