Indo SMC wins ₹66.6cr order as shares rally 190%
Indo SMC has secured a ₹66.60 crore order for electrical panels, reinforcing the earnings growth that has driven its stock up 190% from March lows.
Indo SMC will supply Variable Frequency Drive panels to an unnamed heavy fabrication engineering firm based in Maharashtra, with execution slated for completion by July 2026. The contract is worth ₹66.60 crore and does not involve any related-party transactions, according to a Wednesday regulatory filing. The client supplies critical infrastructure sectors including power, cement, railways and sugar.
This new award provides a clear revenue runway extending into the next financial year. It also reinforces an order book that stood at ₹237 crore at the close of FY26. For a manufacturer of electrical enclosures, transformers and fibre-reinforced plastic products, winning business from heavy industrial fabricators indicates successful market penetration.
The contract arrives alongside a dramatic acceleration in Indo SMC's top-line expansion. Revenue surged 123% year-on-year to ₹310 crore in FY26, while net profit more than doubled to ₹32 crore from ₹15 crore. However, rapid scaling pressured profitability, with EBITDA margins contracting by 200 basis points to 15% even as underlying EBITDA jumped 104% to ₹47 crore.
Indo SMC operates across three divisions: Sheet Moulding Compound products, fibre-reinforced plastic goods, and electrical components like switchgears and distribution boxes. The VFD panels for the latest contract fall into its electrical component segment. This unit is positioned to capture demand from India's ongoing industrial and infrastructure buildout.
Market participants have responded strongly to this growth trajectory. After a flat debut at its ₹149 issue price in early January, the stock initially slumped before staging a sharp recovery starting in March. Shares have now climbed roughly 190% from those lows, posting consecutive monthly gains over the past three months to trade near ₹407.
The company raised ₹91.95 crore through an entirely fresh-issue IPO earlier this year. Management earmarked those funds primarily for machinery upgrades and working capital. Fulfilling the new VFD order will test whether this recent capital deployment can support higher production volumes without further eroding operating margins.
