Recently listed Indo SMC bags ₹66.6 crore order from engineering firm; stock jumps 190% from March lows

Indo SMC, which made its stock market debut earlier this year, on Wednesday, after market hours, announced that it had secured a significant order worth ₹66.60 crore from a prominent Indian engineering company.

Under the contract, Indo SMC will supply Variable Frequency Drive (VFD) panels, with the entire order scheduled to be executed by 31 July 2026.

While the company did not disclose the customer's identity, it said the order was received from a leading Indian certified engineering company based in Maharashtra. The client is engaged in heavy fabrication for core sectors such as power, sugar, cement, infrastructure, and railways.

The company further clarified that neither its promoters nor any members of the promoter group have any interest in the entity that awarded the contract. It also stated that the transaction does not qualify as a related-party transaction.

Indo SMC is a manufacturer of advanced electrical enclosures, transformers, and fiber-reinforced plastic (FRP)-based products used in power distribution and circuit protection systems.

The company operates through three key business divisions: the Sheet Moulding Compound (SMC) division, which manufactures energy meter enclosure boxes, SMC sheets, and chequered plates; the FRP division, which produces grating plates, pultruded products, and storage tanks for a wide range of industrial applications; and the Electrical Component division, which manufactures HTCT, HTPT, LTCT, and LT/HT distribution boxes, feeder pillars, and switchgears.

For FY26, the company reported a net profit of ₹32 crore, more than doubling from ₹15 crore in the previous financial year. Revenue from operations surged 123% year-on-year to ₹310 crore from ₹139 crore in FY25.

At the operating level, EBITDA rose 104% year-on-year to ₹47 crore. However, the EBITDA margin contracted by 200 basis points to 15%. The company ended FY26 with an order book of ₹237 crore.

Indo SMC share price trend

Indo SMC shares had a flat stock market debut in early January, listing at their issue price of ₹149 apiece. The stock remained under pressure in the initial months after listing before gaining strong momentum in March. Since then, it has surged nearly 190% to trade at around ₹407 apiece.

The stock has closed higher in each of the last three months, delivering a cumulative gain of 174% during the period.

The company's ₹91.95 crore IPO comprised entirely of a fresh issue of 0.62 crore equity shares. The proceeds from the issue are earmarked primarily for capital expenditure on machinery and equipment, meeting working capital requirements, and general corporate purposes.

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