Indo SMC Limited Reports Strong Q3 FY26 Results with Major Order Wins
Indo SMC Limited delivered robust Q3 FY26 performance with 35% quarter-on-quarter growth in total income to ₹10,159.11 lakhs and 34% growth in net profit to ₹1,209.73 lakhs. The company secured significant new orders totaling over ₹94 crore across various product categories and received MSEDCL vendor approval, strengthening its revenue visibility for upcoming quarters.

*this image is generated using AI for illustrative purposes only.
Indo SMC Limited announced its unaudited financial results for the quarter ended December 31, 2025, marking the company's first quarterly results as a listed entity. The Ahmedabad-based manufacturer of electrical apparatus and composite materials demonstrated strong operational performance with significant growth across key financial metrics and secured major new orders during the quarter.
Financial Performance Overview
The company reported robust financial results for Q3 FY26, showing substantial improvement over the previous quarter:
| Metric | Q3 FY26 | Q2 FY26 | Growth |
|---|---|---|---|
| Revenue from Operations | ₹10,149.32 lakhs | ₹7,519.40 lakhs | +35.0% |
| Total Income | ₹10,159.11 lakhs | ₹7,525.67 lakhs | +35.0% |
| EBITDA | ₹1,645.38 lakhs | - | - |
| EBITDA Margin | 16.20% | - | - |
| Net Profit | ₹1,209.73 lakhs | ₹900.79 lakhs | +34.3% |
| Net Profit Margin | 11.90% | - | - |
| Earnings Per Share | ₹7.25 | ₹5.40 | +34.3% |
For the nine-month period ended December 31, 2025, the company achieved revenue from operations of ₹21,403.43 lakhs and net profit of ₹2,355.23 lakhs, with earnings per share of ₹14.12.
Major Business Developments
Indo SMC secured significant new orders during Q3 FY26, strengthening its revenue visibility for upcoming quarters:
| Order Category | Value | Product Details |
|---|---|---|
| Fresh Orders | ₹54+ crore | 11 kV metering cubicles, FRP cable trays, SMC meter boxes |
| HT Bus Ducts | ₹40+ crore | 650A rated Air Insulated Bus Ducts for underground distribution |
| Vendor Approval | - | MSEDCL approval for 11 kV metering cubicles |
The company also reported improved working capital efficiency, with receivable days reduced to approximately 40 days in Q3 FY26, reflecting better collections and disciplined financial management.
Segment-wise Performance
Indo SMC operates across three primary business segments, each contributing to the overall growth:
| Segment | Q3 FY26 Revenue | Q2 FY26 Revenue | Nine Months FY26 |
|---|---|---|---|
| CT PT Products | ₹7,675.74 lakhs | ₹5,110.26 lakhs | ₹15,333.23 lakhs |
| SMC Products | ₹2,049.73 lakhs | ₹1,868.63 lakhs | ₹4,823.12 lakhs |
| FRP Products | ₹423.85 lakhs | ₹540.51 lakhs | ₹1,247.07 lakhs |
The CT PT Products segment emerged as the largest contributor, generating ₹7,675.74 lakhs in Q3 FY26 compared to ₹5,110.26 lakhs in the previous quarter. SMC Products segment also showed growth with revenue of ₹2,049.73 lakhs versus ₹1,868.63 lakhs in Q2 FY26.
Management Commentary
Mr. Neel Nitesh bhai Shah, Managing Director & CFO, commented on the performance: "Q3 FY26 marked an important milestone for Indo SMC as our first earnings call following listing. The quarter reflected strong operational execution and progress across key business priorities, supported by disciplined execution and a continued focus on quality and customer relationships."
He added that the company secured fresh orders during the quarter, strengthening the overall order book and providing strong revenue visibility for coming quarters. Key developments included receiving utility approvals for metering cubicles and continued repeat orders from existing customers.
Regulatory Compliance and Corporate Structure
The unaudited financial results were submitted to the Bombay Stock Exchange under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 9, 2026.
| Corporate Details | Information |
|---|---|
| BSE Symbol | INDOSMC |
| BSE Code | 544681 |
| ISIN | INE0WKY01013 |
| Listing Date | January 21, 2026 |
| Manufacturing Facilities | Gujarat, Maharashtra, Rajasthan |
Indo SMC Limited operates as an ISO-certified manufacturer specializing in SMC, FRP, and electrical components for power distribution and infrastructure applications, serving customers across more than 20 states in India.

































