INDO SMC IPO is an SME public issue of a composite and SMC mouldings manufacturer, opening on January 13, 2026 and closing on January 15, 2026, with listing scheduled on January 20, 2026. The company has shown explosive revenue growth and strong profitability in FY25, with proceeds for plant & machinery and working capital to support further scaling.​

INDO SMC IPO overview

INDO SMC Ltd manufactures Sheet Moulding Compounds (SMC), Dough Moulding Compounds (DMC), unsaturated polyester resins and SMC mouldings used in electrical switchgears, electrical enclosures, transformers, automotive and railways sectors. The company supplies both raw compounds and finished mouldings, with manufacturing facilities in Ahmedabad, Gujarat.​

Key IPO details

5. IPO open date: January 13, 2026

5. IPO close date: January 15, 2026
5. Basis of allotment: January 16, 2026
5. Refunds & credit to Demat: January 19, 2026
5. Listing date: Jan 20 or Jan 21, 2026
5. Bidding cut‑off time: January 15, 2026 – 5 PM.​
5. Face value :- Rs 10 per share
5. Price band :- Rs 141 to Rs 149
5. Sale Type :- Fresh Capital
5. Total issue size :- Rs 92 Crore

Market lot and investor reservation

• Minimum market lot: 2,000 shares

• Retail minimum & maximum: 1 lot (2,000 shares) – application amount ₹2,98,000.​
• S‑HNI: 3,000–6,000 shares; B‑HNI from 7,000 shares upwards.​

Reservation:​

• Anchor investors: 17,56,000 shares (28.46%)
• QIB (ex‑anchor): 11,72,000 shares (18.99%)
• NII: 8,82,000 shares (14.29%)
• Retail: 20,52,000 shares (33.25%).

Promoters are Mr. Nitin Jasvantbhai Patel, Mr. Neel Niteshbhai Shah, Mrs. Riktabahen Sonawala, Mr. Chaitanya Patel and Mr. Rachit Jain; promoter holding moves from 82.30% pre‑issue (1,66,84,350 shares) to 60.07% post‑issue (2,28,55,350 shares).​

Objective of the issue

• Funding capital expenditure to purchase plant and machinery – ₹25.71 crore.​

• Funding working capital requirements – ₹52.00 crore.
• General corporate purposes.​

Financials and valuation snapshot

INDO SMC has scaled dramatically, particularly in FY25.​

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	147.67	99.94	36.32	13.85
Total Income	112.62	138.78	28.06	7.30
Profit After Tax	11.46	15.44	3.00	0.46
EBITDA	17.19	22.83	5.08	1.15
NET Worth	47.14	35.69	5.79	1.17
Reserves and Surplus	30.46	19.00	5.06	0.52
Total Borrowing	49.35	35.76	17.70	10.43
Amount in ₹ Crore

 

Key FY25 metrics:​

• ROE: 74.45%
• ROCE: 31.39%
• EBITDA margin: 16.45%
• PAT margin: 11.13%
• Debt‑equity ratio: 1.00
• EPS (basic): ₹9.61
• RoNW: 43.27%
• NAV: ₹21.39 per share.

Peers include Aeron Composite Ltd and RMC Switchgear Ltd, with INDO SMC showing superior RoNW and growth trajectory.​

Strengths

• Explosive revenue growth: ₹7.3 crore (FY23) to ₹138.78 crore (FY25).​

• Strong FY25 profitability with PAT ₹15.44 crore and PAT margin 11.13%.​
• Exceptional returns: ROE 74.45%, RoNW 43.27%.​
• Diversified applications in electrical, automotive and railways.​
• IPO funds directly for capacity expansion (P&M) and working capital.​
• Meaningful institutional interest (28.46% anchor allocation).​
• High promoter holding post‑issue at 60.07%.​

Risks

• SME IPO with dramatic FY25 growth; sustainability unproven.​
• High retail minimum ticket (₹2,98,000 for 1 lot of 2,000 shares).​
• Debt‑equity ratio of 1.00 indicates leverage exposure.​
• Revenue concentration risk in SMC mouldings segment.
• Execution risk in deploying ₹25.71 crore capex for new machinery.​
• Competition from larger composite and switchgear players.​
• Working‑capital heavy business model.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs

Q1. What does INDO SMC manufacture?
INDO SMC produces Sheet Moulding Compounds (SMC), Dough Moulding Compounds (DMC), unsaturated polyester resins and SMC mouldings for electrical switchgears, enclosures, transformers, automotive and railways applications.​

Q2. What are the INDO SMC IPO dates?
The IPO opens on January 13, 2026 and closes on January 15, 2026; basis of allotment is on January 16, refunds and Demat credit on January 19, and listing on January 20, 2026.​

Q3. What is the market lot and minimum investment?
The minimum and maximum retail application is 1 lot of 2,000 shares, requiring an investment of ₹2,98,000.​

Q4. How is the issue reserved across investor categories?
28.46% is allocated to anchor investors, 18.99% to QIBs (ex‑anchor), 14.29% to NIIs and 33.25% to retail investors.​

Q5. Who are the promoters and their post‑issue holding?
Promoters include Mr. Nitin Jasvantbhai Patel, Mr. Neel Niteshbhai Shah and others; post‑issue holding is 60.07% (2,28,55,350 shares).​

Q6. What are the key objects of the IPO proceeds?
Proceeds will fund purchase of plant and machinery (₹25.71 crore), working capital requirements (₹52.00 crore) and general corporate purposes.​

Q7. How has INDO SMC's financial performance trended?
Revenue jumped from ₹7.30 crore in FY23 to ₹138.78 crore in FY25, with PAT rising from ₹0.46 crore to ₹15.44 crore, and further ₹11.46 crore PAT by September 2025.​