Indo SMC holds Rs 145 crore order book after wins

Indo SMC Limited held a Rs 145 crore order book as of October 31, 2026, after securing cumulative recent purchase orders worth about Rs 54+ crore across FRP cable trays, SMC meter boxes and BUSDUCT assemblies. The disclosed orders include a Rs 20.89 crore BUSDUCT contract and accompany a two-year MSEDCL approval for 11 kV metering cubicles.

What was Indo SMC’s order book on October 31, 2026?

Indo SMC reported a Rs 145 crore order book as of October 31, 2026. The presentation provides the backlog value but does not disclose its split by customer, product category, manufacturing location, expected delivery date or financial-year execution schedule.

The Rs 145 crore backlog sits across Indo SMC’s three stated product categories: SMC products, FRP products and electrical components. The company operates four manufacturing units in Gujarat, Maharashtra and Rajasthan, has a presence in 20 states and employs more than 300 people, but it does not assign any portion of the order book to a specific plant or state.

The order-book figure follows a stated revenue compound annual growth rate of 232% from FY24 to FY26. That historical growth measure covers completed revenue over two financial years, while the Rs 145 crore figure is a point-in-time order measure on October 31, 2026, and the presentation does not provide a backlog conversion rate.

Which orders are included in Indo SMC’s recent order inflow?

Indo SMC said it secured cumulative purchase orders worth about Rs 54+ crore for FRP cable trays, SMC meter boxes and BUSDUCT assemblies. Management described the orders as supporting revenue visibility and the execution pipeline, although the presentation does not provide individual values for the FRP cable-tray and SMC meter-box orders.

The company also disclosed repeat and large-scale orders from Asiatic Composite Limited, Elite Techno Solution and an unnamed metals and mining industry client. These named product groups span FRP cable-management products, metering enclosures and industrial power-distribution assemblies, but the source does not state whether every recent purchase order is included in the Rs 145 crore order book.

Indo SMC’s SMC division manufactures enclosure boxes for energy meters, SMC sheets and SMC chequered plates, while its FRP division makes grating plates, pultruded products and storage tanks. Its electrical-component division manufactures HTCT, HTPT, LTCT, LT/HT distribution boxes, feeder pillars and switchgears; the presentation does not expand these abbreviations.

How important is Indo SMC’s Rs 20.89 crore BUSDUCT order?

Indo SMC entered the BUSDUCT power-distribution segment through an order worth Rs 20.89 crore. This is the only individually valued contract in the recent-order disclosure and forms part of the approximately Rs 54+ crore cumulative purchase-order figure.

The BUSDUCT order adds an industrial power-distribution product to Indo SMC’s existing SMC, FRP and electrical-component activities. Management said the order represents expansion into a new product category, but the presentation does not name the customer, disclose a delivery schedule, specify manufacturing capacity, or provide expected profitability for the Rs 20.89 crore contract.

The BUSDUCT order differs from the company’s utility-facing metering and isolator approvals because it concerns industrial electrical infrastructure. Indo SMC separately reported approvals for multiple 11 kV metering-cubicle configurations, indicating that its disclosed commercial activity includes both industrial assemblies and utility equipment.

What does Indo SMC’s MSEDCL approval cover?

Indo SMC received MSEDCL vendor approval for 11 kV metering cubicles, valid for two years. Management said this approval enables participation in ongoing schemes with an estimated supply potential of about Rs 10 crore, rather than confirming a booked purchase order.

The estimated Rs 10 crore opportunity should therefore be distinguished from the Rs 145 crore order book and the Rs 54+ crore of recent purchase orders. The presentation does not say that the MSEDCL supply potential has been converted into contracts, allocated to a financial year or included in the October 31, 2026 backlog.

In its 2026 business timeline, Indo SMC also reported MSEDCL vendor approval for 11 kV and 33 kV isolators. The separate metering-cubicle and isolator approvals cover utility-facing products, while the two-year validity specifically disclosed for the metering-cubicle approval provides the period during which the company can participate in the cited schemes.

What capacity additions support Indo SMC’s disclosed pipeline?

Indo SMC increased FRP grating lines at its Pirana, Ahmedabad plant from four to 10 in 2024 and added two pultrusion lines. The same year, it set up an LTCT and CPT manufacturing unit in Nashik, Maharashtra, expanding its manufacturing footprint before the October 2026 order-book disclosure.

In 2025, Indo SMC established an SMC assembly and press-manufacturing facility at Geeloth, Rajasthan. Earlier, in 2022, it commenced SMC-box manufacturing, began its FRP segment with two new machines and added testing facilities, creating production capacity across the SMC and FRP products included in the recent order disclosure.

The company also made its first export shipment of FRP products to Oman in 2026. The presentation does not state the shipment value, identify its product type beyond FRP, or say whether export business contributes to the Rs 145 crore order book.

How does the order book compare with Indo SMC’s H1 FY27 results?

Indo SMC reported total revenue of Rs 218.0433 crore in H1 FY27, up 93.61% from Rs 112.6189 crore in H1 FY26. Revenue from operations rose to Rs 216.1036 crore from Rs 112.5411 crore, while other income increased to Rs 1.9397 crore from Rs 0.0778 crore.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose by 55.47% to Rs 27.6655 crore in H1 FY27, while profit after tax increased by 76.19% to Rs 20.1829 crore. These are half-year reported results, whereas the Rs 145 crore order book is dated October 31, 2026; the presentation does not attribute H1 FY27 growth to the recent orders or provide a schedule for their revenue recognition.

Conclusion

Indo SMC’s presentation shows a Rs 145 crore order book at October 31, 2026, supported by about Rs 54+ crore of recent orders spanning FRP cable trays, SMC meter boxes and BUSDUCT assemblies. The Rs 20.89 crore BUSDUCT order establishes an entry into industrial power distribution, while the MSEDCL metering-cubicle approval creates access to schemes with estimated supply potential of about Rs 10 crore.

The next disclosed milestones to watch are execution of the Rs 145 crore backlog, conversion of the two-year MSEDCL metering-cubicle approval into booked orders, and use of the expanded Ahmedabad FRP lines, Nashik unit and Geeloth SMC facility. The presentation does not disclose product-wise backlog composition, delivery dates, customer concentration or the expected financial-year timing of revenue from these orders.