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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹104.9 Cr
verification pending
Revenue YoY
—
reported change
EBITDA
₹16.45 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indo SMC reported a strong Q3 FY26 with revenue of ₹104.9 crore, EBITDA of ₹16.45 crore, and PAT of ₹12.1 crore, driven by operational leverage and cost discipline. The company secured fresh orders worth ₹54 crore, with total order book at ₹142 crore, providing strong revenue visibility. Management guided for FY26 revenue of ~₹300 crore and FY27 target of ~₹450 crore, supported by new state approvals, capacity expansion, and entry into railways/defense. EBITDA margin improved to ~15.7%, with PAT margin trending towards 12%. Key risks include execution ramp-up and commodity price fluctuations, though management expressed confidence in achieving targets.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve around ₹300 crore revenue for FY26, with potential to exceed 300 crore based on order momentum.
- Management guided for approximately ₹450 crore revenue in FY27, driven by SMC boxes (₹120-150 crore), CT/PT (₹250 crore), and FRP (₹70-80 crore).
- Management aims to sustain PAT margin between 10-12%, with potential to reach 12% in FY27 through cost optimization and scale.
- IPO proceeds allocated for capex; two machines already delivered, three more expected by Feb-Mar 2026, and lab equipment by February end.
Risks flagged
- Management acknowledged that fast growth could strain operations, but expressed confidence in achieving targets due to strong order book and capacity expansion.
- Copper price volatility affected margins in bus duct segment initially; management now uses back-to-back pricing to mitigate, but risk remains.
- Analyst raised concern about past composite companies failing; management attributed to mismanagement and stated their focus on governance and team.
- 60% of business is government; while payment cycles have improved, any delay could impact cash flows.
Key quotes
- We are targeting around 300 plus this year and next year almost 450 plus.
- Our focus remains on profitability growth, effective execution of our order book, and maintaining strong governance.
- Trust India, trust Indo. We will perform better and are moving very fast in this industry.
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