INDO SMC Limited has secured a significant vendor approval from Maharashtra State Electricity Distribution Company Limited (MSedcl) for supplying 11KV Metering Cubicals under an ongoing scheme. The approval, announced on January 22, 2026, represents a strategic milestone for the company as it enters a new product segment with substantial revenue potential.

Vendor Approval Details

The MSedcl approval encompasses four distinct specifications of 11KV metering cubicals, each designed to meet specific technical requirements:

The approval carries a validity period of two years, providing INDO SMC with a substantial timeframe to execute supply orders and establish its presence in this market segment.

Financial Impact and Supply Timeline

The vendor approval positions INDO SMC to participate in supply orders worth approximately ₹1,000.00 crores. According to the company's disclosure, purchase orders from different registered vendors have been received earlier, and the recent vendor approval registration enables INDO SMC to commence supply operations.

Strategic Significance

This vendor approval represents INDO SMC's strategic expansion into the 11KV Metering Cubical segment, aligning with government initiatives in the power distribution sector. The company's drawings and designs have received approval from Maharashtra State authorities, demonstrating compliance with MSedcl technical specifications and relevant industry standards.

The approval enables INDO SMC to supply various dimensions of 11KV metering cubicals to MSedcl, potentially establishing a new revenue stream for the company. The two-year validity period provides adequate time for the company to build relationships with registered vendors and execute the anticipated supply orders.

Regulatory Compliance

INDO SMC Limited disclosed this development under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding material developments that could impact the company's business operations and financial performance.

INDO SMC's initial public offering has concluded its subscription period with an overall subscription rate of 2.22 times, reflecting moderate investor interest across different categories. The public issue witnessed varied participation levels, with retail investors demonstrating the strongest response among all investor segments.

Subscription Performance by Category

The retail investor category emerged as the primary driver of the IPO's subscription success, achieving significant oversubscription levels. Meanwhile, the institutional segments showed mixed participation rates during the offering period.

Retail Investor Response

Retail investors showed robust participation in the INDO SMC public offering, subscribing to 3.32 times their allocated portion. This strong retail response indicates significant interest from individual investors in the company's business prospects and growth potential.

Non-Institutional Investor Participation

The Non-Institutional Buyers category displayed varied subscription patterns across different segments. The bHNI (big High Net Worth Individuals) segment recorded a subscription rate of 2.95 times, while the sHNI (small High Net Worth Individuals) segment achieved 1.97 times subscription, both contributing positively to the overall subscription numbers.

Institutional and Employee Categories

Both the Qualified Institutional Buyers category and Employee category recorded zero subscription during the reported period. The absence of institutional investor participation and employee subscription represents segments that did not contribute to the overall subscription tally.

The 2.22x overall subscription rate for INDO SMC's IPO reflects the combined effect of strong retail and non-institutional investor interest, despite the lack of participation from institutional buyers and employees during the subscription period.