Synopsis: Indo SMC Limited has received two purchase orders totalling Rs. 35.26 crore on April 22, 2026 with both contracts to be executed within six months, extending a visible order momentum that began with similar awards from the same client cohort in January 2026.
Shares of a recently listed BSE-SME manufacturer of FRP and SMC-based industrial products came into focus on Wednesday after the company disclosed receipt of two purchase orders totalling Rs. 35.26 crore. Both orders arrived on the same date and are to be supplied to Gujarat-based domestic entities, with no related-party interest from the promoter group in either client.
With a market capitalisation of Rs. 398 crore, the shares of Indo SMC Limited were trading at Rs. 209.05, up 5.29 percent from its previous close of Rs.198.55 per share.P/E of 25.7.
The first and larger order, valued at Rs. 24.24 crore, covers the supply of various dimensions and types of FRP cable trays and accessories including perforated trays, ladder trays, covers, coupler plates, bend fittings, reducing-type fittings, and clamps to a prominent
Gujarat-based composite manufacturer. Execution is to be completed within six months. FRP cable trays carry a specific industrial advantage over galvanised steel alternatives in corrosive environments: chemical plants, effluent treatment facilities, and water treatment installations typically specify FRP precisely because steel degrades under prolonged chemical exposure.
The PO reference number places this as at least the sixth purchase order from this particular client. A January 27, 2026 filing disclosed two prior orders from the same “Asiatic” customer, suggesting a framework-level supply relationship rather than a one-off transaction. The repeat business pattern is worth noting: for a company at this revenue scale, a client that has issued at minimum six purchase orders over a short period provides some degree of demand stability.
The second order, worth Rs. 11.02 crore, is for the supply of 290 square metres of FRP moulded grating from a reputed Ahmedabad-based FRP trader. Execution is within 90 to 120 days. The grating specification suggests industrial flooring or platform applications, common in petrochemical and water infrastructure facilities.
Taken together, the Rs. 35.26 crore aggregate order represents approximately 25 percent of Indo SMC’s FY25 full-year revenue of Rs. 139 crore. That is a material quantum, executed within a single quarter. The company’s revenue growth has been exceptional by any measure: from Rs. 7 crore in FY23 to Rs. 28 crore in FY24 and Rs. 139 crore in FY25, a nearly five-fold jump in a single year. Operating margins have held steady at 17 percent across the same period.
However, two financial metrics deserve direct attention. Operating cash flow has been negative in each of the past three reported years (minus Rs. 3 crore in FY23, minus Rs. 6 crore in FY24, and minus Rs. 14 crore in FY25) despite reported net profits. Debtor days have climbed from 70 in FY23 to 124 in FY25. The two data points are connected: rapid revenue growth has pulled debtors higher and stretched working capital, while collections lag billing. Borrowings have risen from Rs. 10 crore to Rs. 36 crore over two years to plug the gap. As long-duration FRP orders execute and debtors crystallise, the cash flow position will be the metric to watch.
Business Overview
Indo SMC Limited, listed on BSE-SME (INDOSMC), is a Gujarat-based ISO-certified manufacturer specialising in SMC and FRP products alongside electrical components including CT/PTs and power distribution equipment. The company primarily serves the power distribution, smart metering, electrical infrastructure, and industrial sectors. It was listed on BSE-SME in early 2026.
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