Indobell Insulations Limited conducted a comprehensive virtual investor meet on January 22, 2026, where management detailed the company's strategic direction and operational performance across its diversified insulation solutions business.

Business Transformation and Growth Trajectory

Managing Director Vijay Burman highlighted the company's remarkable transformation from advisory services to comprehensive manufacturing operations. The company achieved Rs. 25 crores turnover in the recent year, marking a significant leap from less than Rs. 10 crores accumulated over 50 years of operations from 1972 to 2022.

"Up till that year, we were only doing what you call as the advisory capacity, as providing thermal insulation solutions and just doing a few maintenance jobs. We were not into actual manufacturing," Burman explained during the session.

Four Key Business Verticals

The company operates through four distinct verticals, each addressing specific market segments:

The manufacturing of insulation jackets represents a specialized segment where the company designs exact-fit solutions for international clients, particularly manufacturers of gas and steam turbines based in Sweden and the US.

Current Order Book and Financial Outlook

Burman provided detailed insights into the company's order book composition and execution timeline:

"Our domestic order book now stands at about roughly double of what is our export order book, and we are executing in the process, we'll have some in 2026, and over 2027 and 2028, we will execute most of our orders," the Managing Director stated.

Revenue Composition and Market Focus

The company's revenue streams show diversified exposure across sectors:

• Marine sector contributes 35-40% of revenue
• Export business accounts for 20-25%
• Manufacturing operations contribute 20-25%

Management emphasized the significant expansion opportunities in the eastern region, citing major projects at Numaligarh Refinery, Assam Refinery, Paradip Indian Oil, and various power plants across Bengal and Chhattisgarh.

Strategic Expansion Plans

The company is pursuing capacity expansion in nodulated wool manufacturing, targeting export markets while meeting European standards for non-carcinogenic products. Management expects to complete necessary machinery installations and R&D developments by April 2026.

Burman projected EBITDA margins of 13-14% for FY27-28, representing an improvement from the current 11.6% achieved in the half-yearly period. The company maintains empanelment with GE Vernova for global operations, competing on a project-by-project basis.

Technology and Competitive Advantages

The company leverages in-house design capabilities using NX Siemens software and AutoCAD systems, providing competitive advantages in custom jacket manufacturing. The technical team's expertise in 3D modeling and precision manufacturing enables the company to serve international markets with complex requirements.

Management also highlighted the company's specialized spray insulation capabilities, having deployed equipment across Indonesia, Malaysia, Philippines, and Thailand for on-site applications.

Market Outlook and Industry Catalysts

Burman emphasized the expanding market opportunities driven by industrial growth and environmental regulations. "Every expansion, every industry, which is being designed, or which is being conceived will have insulation in their setup," he noted, pointing to massive expansions across steel, refinery, and power sectors.

The company is positioning itself to capitalize on carbon credit opportunities by providing energy-efficient insulation solutions that reduce carbon emissions, aligning with global sustainability trends.

Indobell Insulations Limited has secured a substantial domestic order worth ₹66.40 crores from Bharat Heavy Electricals Limited (BHEL) for thermal insulation piping work. The company announced this development through a regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Order Details and Specifications

The contract involves the supply of 10 units of piping thermal insulation, with the work scheduled for completion by July 2029. The order value stands at ₹6,64,02,288.60, representing a significant business win for the Kolkata-based insulation specialist.

Regulatory Compliance and Transparency

In compliance with SEBI circular requirements, Indobell Insulations confirmed that this order does not involve any related party transactions and has been awarded at arm's length. The company also clarified that neither the promoter group nor group companies have any interest in BHEL, the entity awarding the contract.

Company Background

Indobell Insulations Limited operates from its registered office in Kolkata and maintains manufacturing facilities across multiple regions. The company's Eastern Region works are located at Trenching Ground Road, Kolkata, while its Western Region operations are based in Palghar, Maharashtra. The company specializes in thermal insulation solutions and serves various industrial sectors.

Strategic Significance

This order from BHEL, a leading public sector undertaking in the heavy electrical equipment sector, demonstrates Indobell Insulations' capability to secure contracts from major industrial clients. The extended execution timeline until July 2029 provides the company with a stable revenue stream over the coming years, supporting its business operations and growth plans.