Indo SMC September-half revenue rises 92% to Rs 216.10 crore

Indo SMC Limited reported revenue from operations of Rs 216.10 crore for the half year ended September 30, 2026, up 92% from Rs 112.54 crore a year earlier, while profit for the period rose 76% to Rs 20.18 crore. Profit was lower than in the immediately preceding March 2026 half despite higher revenue.

How did Indo SMC’s September-half revenue and profit change?

Indo SMC’s revenue from operations increased by Rs 103.56 crore year-on-year to Rs 216.10 crore in the half year ended September 30, 2026, from Rs 112.54 crore in the corresponding September 2025 half. Other income rose to Rs 1.94 crore from Rs 7.78 lakh, lifting total income to Rs 218.04 crore from Rs 112.62 crore.

Indo SMC’s profit before tax rose to Rs 24.52 crore from Rs 14.03 crore, and profit for the period increased to Rs 20.18 crore from Rs 11.46 crore. Basic and diluted earnings per share, or EPS, were Rs 8.83 for the six-month period, compared with Rs 6.87 a year earlier; the filing states that EPS is not annualised.

Indo SMC’s September 2026 revenue equalled about 70% of its Rs 309.74 crore revenue from operations for the full year ended March 31, 2026. The filing says Indo SMC reports a separate business segment under Accounting Standard 17, or AS-17, but the supplied pages do not include segment-level financial figures.

Why was Indo SMC’s profit lower than in March 2026?

Indo SMC’s profit for the period fell by Rs 75.50 lakh to Rs 20.18 crore in the September 2026 half from Rs 20.93 crore in the half year ended March 31, 2026. Profit before tax also declined by Rs 1.99 crore to Rs 24.52 crore, although revenue from operations rose by Rs 18.91 crore from Rs 197.20 crore.

Total expenses increased by Rs 22.15 crore to Rs 193.53 crore in the September half from Rs 171.37 crore in the preceding half. This exceeded the Rs 20.17 crore rise in total income, which reached Rs 218.04 crore from Rs 197.88 crore.

Cost of materials consumed rose to Rs 194.21 crore from Rs 165.80 crore across the two halves. Changes in inventories of finished goods and work in progress were negative Rs 22.76 crore, compared with negative Rs 17.98 crore in the March half, while other expenditure declined to Rs 15.45 crore from Rs 17.35 crore and finance cost fell to Rs 2.28 crore from Rs 2.50 crore.

What were Indo SMC’s main cost and tax movements?

Indo SMC’s materials-consumption cost increased by Rs 101.79 crore year-on-year to Rs 194.21 crore in the September 2026 half, from Rs 92.42 crore in September 2025. Employee benefit expense rose to Rs 3.48 crore from Rs 2.55 crore, while other expenditure increased to Rs 15.45 crore from Rs 10.86 crore.

Finance cost declined by Rs 89.24 lakh year-on-year to Rs 2.28 crore from Rs 3.17 crore, while depreciation and amortisation increased to Rs 87.27 lakh from Rs 59.21 lakh. Indo SMC said it evaluated gratuity liability under the New Labour Codes, effective from November 21, 2025, and recognised the liability in current-year employee benefit expense.

Tax expense was Rs 4.33 crore in the September 2026 half, comprising Rs 4.20 crore of current tax and Rs 13.70 lakh of deferred tax. In the March 2026 half, current tax was Rs 3.29 crore, short or excess income-tax provision was Rs 8.46 lakh, and deferred tax was Rs 2.20 crore, contributing to a different tax mix between the two periods.

What changed in Indo SMC’s balance sheet and cash flow?

Indo SMC’s total assets increased to Rs 261.43 crore as of September 30, 2026, from Rs 224.43 crore at March 31, 2026. Inventories rose by Rs 25.86 crore to Rs 110.93 crore, trade receivables increased by Rs 16.75 crore to Rs 52.50 crore, and cash and cash equivalents fell by Rs 12.02 crore to Rs 41.54 crore.

Shareholders’ funds rose to Rs 174.30 crore from Rs 154.11 crore, as reserves and surplus increased to Rs 151.44 crore from Rs 131.26 crore. Share capital was unchanged at Rs 22.86 crore, while current liabilities increased to Rs 79.59 crore from Rs 64.98 crore, including Rs 22.82 crore of trade payables due to entities other than micro and small enterprises.

Indo SMC used Rs 9.89 crore in operating activities during the September 2026 half, compared with Rs 34.77 crore used in the year ended March 31, 2026. The half-year cash flow included a Rs 25.86 crore inventory increase and a Rs 16.75 crore increase in trade receivables, partly offset by a Rs 12.58 crore increase in trade payables; investing activities used a further Rs 1.74 crore.

How much of Indo SMC’s IPO proceeds remained unutilised?

Indo SMC had Rs 33.82 crore of unutilised initial public offering, or IPO, proceeds as of September 30, 2026, from total IPO proceeds of Rs 91.95 crore. It reported use of Rs 58.13 crore, including Rs 48.18 crore for working-capital requirements, Rs 2.60 crore for capital expenditure on plant and equipment, and Rs 7.35 crore for issue-related expenses.

Indo SMC allocated Rs 52 crore of IPO proceeds to working capital, Rs 25.71 crore to capital expenditure, Rs 6.89 crore to general corporate purposes and Rs 7.35 crore to issue expenses. The filing states that Rs 34.44 crore was held in fixed deposits as of September 30, 2026, while the remaining balance was in the current bank account.

Indo SMC reported no proceeds from issue of share capital in the September 2026 half-year cash-flow statement, whereas the year ended March 31, 2026 included Rs 84.95 crore of net receipts from share capital. Long-term borrowings increased to Rs 6.49 crore at September 30 from Rs 4.50 crore at March 31, while short-term borrowings were Rs 42.35 crore compared with Rs 42.45 crore.

Conclusion

Indo SMC’s September-half results show substantial year-on-year expansion, with revenue from operations rising 92% to Rs 216.10 crore and profit for the period increasing 76% to Rs 20.18 crore. Against the preceding half, however, the Rs 22.15 crore increase in expenses exceeded the Rs 20.17 crore rise in total income, resulting in lower pre-tax and post-tax profit.

The next disclosed matter to watch is deployment of the Rs 33.82 crore of unutilised IPO proceeds, particularly the allocations for capital expenditure, working capital and general corporate purposes. Inventory rose by Rs 25.86 crore and receivables by Rs 16.75 crore during the September half, contributing to Rs 9.89 crore of operating cash outflow.