INDO SMC IPO 2026: Complete Details, Important Dates, Price Band, Financials, Risks & FAQs
INDO SMC IPO Overview
INDO SMC Limited is launching its SME Initial Public Offering (IPO) in January 2026. The company operates in the electrical equipment manufacturing sector, focusing on enclosure boxes, transformer components, and power distribution and circuit protection products.
As an SME IPO, INDO SMC comes with higher risks but also offers growth potential for investors who understand the nature of small-cap manufacturing businesses.
INDO SMC IPO Key Details
| Particulars | Details |
|---|---|
| IPO Name | INDO SMC IPO |
| Company Name | INDO SMC Ltd |
| IPO Type | SME IPO |
| Issue Size | ₹91.95 Crore |
| Price Band | ₹141 – ₹149 per share |
| Lot Size | 1,000 shares |
| Minimum Investment | ₹2,82,000 |
| Face Value | ₹10 |
| Listing Exchange | BSE SME |
| Registrar | Yet to be announced |
INDO SMC IPO Important Dates
| Event | Date |
|---|---|
| IPO Opens | 13 January 2026 |
| IPO Closes | 15 January 2026 |
| Tentative Allotment | 19 January 2026 |
| Refunds Initiation | 21 January 2026 |
| Shares Credited to Demat | 21 January 2026 |
| Tentative Listing Date | 21 January 2026 |
About INDO SMC Limited
INDO SMC Limited was founded in 2021 and designs and manufactures a wide range of electrical enclosures and components.
Key Products & Services
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SMC-based electricity meter boxes
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FRP products
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Transformer components
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Power distribution and circuit protection switchgears
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High-tension and low-tension electrical components
The company serves clients across industrial, infrastructure, and construction sectors.
Founder / Managing Director
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Mr. Neel Niteshbhai Shah
Parent Organization
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INDO SMC Ltd
Strengths of INDO SMC IPO
✅ Diversified Product Portfolio
INDO SMC offers a wide range of SMC, FRP, and electrical components, reducing dependency on a single product line.
✅ Modern Manufacturing Facilities
The company operates advanced manufacturing units capable of large-scale production with consistent quality.
✅ Growing Order Book
As of November 30, 2025, the company reported an order book of ₹28.13 crore, indicating healthy demand.
✅ Quality Certifications
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ISO 9001:2015 (Quality Management)
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ISO 14001:2015 (Environmental Management)
✅ Consistent Financial Growth
The company has shown steady growth in revenue and profit after tax (PAT) over the last three years.
INDO SMC Financial Performance
Revenue Growth (₹ Crore)
| Financial Year | Revenue |
|---|---|
| FY23 | ₹7.59 Cr |
| FY24 | ₹21.01 Cr |
| FY25 | ₹138.92 Cr |
Profit After Tax (₹ Crore)
| Financial Year | PAT |
|---|---|
| FY23 | ₹0.45 Cr |
| FY24 | ₹3.00 Cr |
| FY25 | ₹15.44 Cr |
The sharp growth in FY25 highlights rapid business expansion.
Risks & Weaknesses of INDO SMC IPO
⚠️ Raw Material Dependency
A significant portion of raw materials contributes to operational costs. Any price volatility or supply disruption can impact margins.
⚠️ Customer Concentration Risk
A large share of revenue comes from customers located in Gujarat and Maharashtra, making the business region-dependent.
⚠️ SME IPO Liquidity Risk
Shares listed on BSE SME often face:
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Low trading volumes
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High price volatility
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Limited exit opportunities
⚠️ Limited Operating History
Founded in 2021, the company has a short operating track record, increasing uncertainty for long-term projections.
⚠️ Outstanding Borrowings
As of September 30, 2025, the company had outstanding financial indebtedness, which could impact cash flows.
⚠️ Legal & Regulatory Risk
Any adverse judgment in ongoing or future legal proceedings may negatively affect operations and financial health.
Who Should Invest in INDO SMC IPO?
✔️ Suitable For:
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Investors with high risk appetite
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Long-term SME investors
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Investors bullish on power distribution & infrastructure growth
❌ Not Suitable For:
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Conservative investors
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Short-term traders
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Investors seeking high liquidity
INDO SMC IPO Application Details
| Category | Investment Limit |
|---|---|
| Individual Investor | ₹2 – ₹5 Lakh |
| Lot Size | 1,000 Shares |
| Minimum Order Quantity | 2,000 Shares |
INDO SMC IPO FAQs
Q1. What is the issue size of INDO SMC IPO?
The issue size of the IPO is ₹91.95 crore.
Q2. What is the price band of INDO SMC IPO?
The price band is ₹141 to ₹149 per share.
Q3. What is the minimum investment required?
Minimum investment is ₹2,82,000 for one lot.
Q4. When will the IPO open and close?
The IPO opens on 13 January 2026 and closes on 15 January 2026.
Q5. On which exchange will INDO SMC IPO be listed?
The shares will be listed on BSE SME.
Q6. Who is the Managing Director of INDO SMC Ltd?
Mr. Neel Niteshbhai Shah is the Managing Director.
Q7. Is INDO SMC IPO risky?
Yes, as an SME IPO, it carries higher risk due to limited liquidity and business scale.
Final Verdict: Should You Apply for INDO SMC IPO?
INDO SMC IPO offers exposure to the fast-growing electrical and infrastructure manufacturing sector, backed by strong recent financial growth. However, being an SME IPO with regional concentration and limited operating history, it is suitable only for risk-tolerant investors.
High-risk investors with long-term vision may consider applying.
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