Indo SMC Limited Reports Strong H1 FY27 Results

H1 FY27 Financial Highlights

(₹ in Lakh, except EPS and margins)

For H1 FY27, the Company reported an EBITDA margin of 12.69% and a PAT margin of 15.80%.

Order Book and Key Orders

• Order book of ₹145 crore as of October 31, 2026, providing strong revenue visibility.
• Order of ₹31.71 crore (excluding taxes) received in October 2026 from a Gujarat-based power distribution equipment firm for fuse section pillars, mini section pillars, switch fuse units and FRP fencing.
• VFD panel order of ₹66.60 crore (excluding taxes) received in July 2026 from a prominent Indian engineering company serving the power, sugar, cement, infrastructure and railways sectors.
• Bus duct orders aggregating ₹52.13 crore received in April 2026, comprising an order worth ₹28.43 crore from a leading Indian mining and steel company for 4,120 sq. m of 630 A HT air insulated bus ducts, and an order worth ₹23.70 crore for HT air insulated bus ducts and PMCC/HT panels from an RDSO-approved engineering company.

Commenting on the performance, Mr. Neel Niteshbhai Shah, Managing Director, Indo SMC Limited, said: “H1 FY27 has been a strong half for us, building on a landmark FY26. Total Income grew around 94% to ₹218 crore, while Net Profit rose 76% to about ₹20 crore. Revenue from operations also grew around 10% over H2 FY26, reflecting the continued momentum in our business.

During the half, we secured large orders worth ₹118.73 crore for bus ducts and VFD panels, achieved our first export shipment of FRP products to Oman and strengthened our FRP capacity with new pultrusion machines at our Ahmedabad facility. Our expansion into bus ducts, VFD panels and higher-value switchgear reflects our focus on broadening our product offerings and markets, and reducing dependence on any single product category.

We are also building out our medium-voltage portfolio, with approvals for 33 kV metering cubicles under final processing, the PCVCB panel planned for launch and the RMU targeted for June 2027. With strong demand from State Electricity Boards, DISCOMs and industrial customers, and continued investment in our manufacturing capabilities, we remain well positioned to sustain our growth momentum. Together, we are not just manufacturing electrical products — we are enabling reliable power infrastructure.”

Business Updates And Outlook

• MSEDCL Vendor Approval: The Company received vendor approval from Maharashtra State Electricity Distribution Company Limited for the supply of 11 kV and 33 kV isolators, valid until October 15, 2028.
• Entry into International Markets: The Company achieved its first export shipment of FRP products to Oman, marking its entry into international markets.
• Capacity Expansion and New Segments: The Company installed new pultrusion machines at its Ahmedabad facility to strengthen FRP production, and received a tarpaulin order from Indian Railways.
• New Product Pipeline: Approvals for 33 kV metering cubicles and drawings for vacuum circuit breakers are under final processing, with the PCVCB panel planned for launch and the Ring Main Unit (RMU) targeted for June 2027.
• Balance Sheet: Shareholders’ funds stood at ₹174.30 crore as of September 30, 2026, compared with ₹154.11 crore as of March 31, 2026, with total borrowings of ₹48.84 crore.
• Outlook: The Company remains well positioned to sustain its growth momentum, with plans to scale up metering cubicles, PCVCB panels, bus ducts and RMUs, deepen its reach with State Electricity Boards and DISCOMs, and enter untapped regional markets.

About INDO SMC Limited

Indo SMC Limited (BSE: INDOSMC) is an ISO 9001:2015 and ISO 14001:2015 certified manufacturer specialising in advanced electrical enclosures, transformers and FRP-based products used in power distribution and circuit protection systems. The Company operates across three divisions – Sheet Moulding Compound (SMC), Fiberglass Reinforced Plastic (FRP) and Electrical Components – through four manufacturing facilities in Gujarat, Maharashtra and Rajasthan, serving State Electricity Boards, DISCOMs, government utilities and industrial customers across 20 states.

Disclaimer: Certain statements in this document that are not historical facts are forward-looking statements. Such forward-looking statements are based on current expectations, assumptions and projections and are subject to certain risks and uncertainties, including government actions, local, political or economic developments, technological risks and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update or revise these forward-looking statements to reflect subsequent events or circumstances, except as required under applicable laws.