{"id":1131,"date":"2026-05-29T00:13:07","date_gmt":"2026-05-29T05:43:07","guid":{"rendered":"https:\/\/unlistedradar.com\/blog\/?p=1131"},"modified":"2026-05-29T01:35:09","modified_gmt":"2026-05-29T07:05:09","slug":"from-%e2%82%b97-cr-to-%e2%82%b9309-cr-revenue-indo-smcs-incredible-growth-story","status":"publish","type":"post","link":"https:\/\/unlistedradar.com\/blog\/from-%e2%82%b97-cr-to-%e2%82%b9309-cr-revenue-indo-smcs-incredible-growth-story\/","title":{"rendered":"From \u20b97 Cr to \u20b9309 Cr Revenue: Indo SMC\u2019s Incredible Growth Story"},"content":{"rendered":"<p data-start=\"69\" data-end=\"361\">India\u2019s infrastructure transformation is creating a new generation of high-growth manufacturing companies. While most market attention remains focused on large-cap infrastructure and power companies, several emerging SME players are quietly scaling at an extraordinary pace behind the scenes.<\/p>\n<p data-start=\"363\" data-end=\"439\">One such company rapidly gaining investor attention is <strong data-start=\"418\" data-end=\"438\">Indo SMC Limited<\/strong>.<\/p>\n<p data-start=\"441\" data-end=\"651\">In just a few years, Indo SMC has transformed from a relatively small electrical products manufacturer into a fast-growing infrastructure-oriented business deeply connected to India\u2019s expanding power ecosystem.<\/p>\n<p data-start=\"653\" data-end=\"700\">The numbers themselves tell a remarkable story.<\/p>\n<p data-start=\"702\" data-end=\"977\">The company scaled revenue from around \u20b928 crore in FY24 to approximately \u20b9309 crore in FY26, while simultaneously improving margins, strengthening its balance sheet, expanding manufacturing capacity, securing utility approvals, and building a rapidly growing order pipeline.<\/p>\n<p data-start=\"979\" data-end=\"1192\">For investors tracking India\u2019s next wave of SME manufacturing and infrastructure growth stories, Indo SMC has increasingly become one of the most closely watched companies in the electrical infrastructure segment.<\/p>\n<p data-start=\"1194\" data-end=\"1234\">But what exactly is driving this growth?<\/p>\n<p data-start=\"1236\" data-end=\"1280\">Why are investors suddenly paying attention?<\/p>\n<p data-start=\"1282\" data-end=\"1313\">And can this momentum continue?<\/p>\n<p data-start=\"1315\" data-end=\"1393\">This article breaks down Indo SMC\u2019s incredible transformation story in detail.<\/p>\n<hr data-start=\"1395\" data-end=\"1398\" \/>\n<h2 data-section-id=\"1ajpzj0\" data-start=\"1400\" data-end=\"1465\">\u26a1 India\u2019s Infrastructure Boom Is Creating Massive Opportunities<\/h2>\n<p data-start=\"1467\" data-end=\"1577\">India is currently undergoing one of the largest infrastructure and power modernization cycles in its history.<\/p>\n<p data-start=\"1579\" data-end=\"1622\">Government spending is accelerating across:<\/p>\n<ul data-start=\"1623\" data-end=\"1802\">\n<li data-section-id=\"g65y99\" data-start=\"1623\" data-end=\"1643\">Power distribution<\/li>\n<li data-section-id=\"1cp0j8a\" data-start=\"1644\" data-end=\"1657\">Smart grids<\/li>\n<li data-section-id=\"u9d5nv\" data-start=\"1658\" data-end=\"1676\">Renewable energy<\/li>\n<li data-section-id=\"rarmm\" data-start=\"1677\" data-end=\"1705\">Industrial electrification<\/li>\n<li data-section-id=\"1iz72rk\" data-start=\"1706\" data-end=\"1729\">Railway modernization<\/li>\n<li data-section-id=\"2j4eqx\" data-start=\"1730\" data-end=\"1750\">Metro rail systems<\/li>\n<li data-section-id=\"kwxsg5\" data-start=\"1751\" data-end=\"1773\">Urban infrastructure<\/li>\n<li data-section-id=\"1ocgcf7\" data-start=\"1774\" data-end=\"1802\">EV charging infrastructure<\/li>\n<\/ul>\n<p data-start=\"1804\" data-end=\"1964\">As electricity demand rises across residential, industrial, and commercial sectors, the country\u2019s electrical <a href=\"https:\/\/unlistedradar.com\/blog\/indias-power-infrastructure-boom-where-indo-smc-fits-in\/\">infrastructure ecosystem<\/a> requires massive upgrades.<\/p>\n<p data-start=\"1966\" data-end=\"1999\">This creates enormous demand for:<\/p>\n<ul data-start=\"2000\" data-end=\"2172\">\n<li data-section-id=\"hhstkl\" data-start=\"2000\" data-end=\"2018\">Metering systems<\/li>\n<li data-section-id=\"1y51gr3\" data-start=\"2019\" data-end=\"2042\">Electrical enclosures<\/li>\n<li data-section-id=\"15ggpfb\" data-start=\"2043\" data-end=\"2076\">Utility infrastructure products<\/li>\n<li data-section-id=\"1612sgs\" data-start=\"2077\" data-end=\"2109\">FRP cable management solutions<\/li>\n<li data-section-id=\"uvrdlu\" data-start=\"2110\" data-end=\"2145\">Composite infrastructure products<\/li>\n<li data-section-id=\"sjk73g\" data-start=\"2146\" data-end=\"2172\">CT\/PT electrical systems<\/li>\n<\/ul>\n<p data-start=\"2174\" data-end=\"2241\">Indo SMC operates directly within this rapidly expanding ecosystem.<\/p>\n<hr data-start=\"2243\" data-end=\"2246\" \/>\n<h2 data-section-id=\"154yibl\" data-start=\"2248\" data-end=\"2292\">\ud83c\udfed Understanding Indo SMC\u2019s Business Model<\/h2>\n<p data-start=\"2294\" data-end=\"2389\">Indo SMC manufactures specialized electrical and composite infrastructure products used across:<\/p>\n<ul data-start=\"2390\" data-end=\"2539\">\n<li data-section-id=\"baf0j5\" data-start=\"2390\" data-end=\"2416\">State electricity boards<\/li>\n<li data-section-id=\"4w6exw\" data-start=\"2417\" data-end=\"2426\">DISCOMs<\/li>\n<li data-section-id=\"5c27vz\" data-start=\"2427\" data-end=\"2451\">Utility infrastructure<\/li>\n<li data-section-id=\"aqefvm\" data-start=\"2452\" data-end=\"2462\">Railways<\/li>\n<li data-section-id=\"5qo93j\" data-start=\"2463\" data-end=\"2479\">Metro projects<\/li>\n<li data-section-id=\"4swtqg\" data-start=\"2480\" data-end=\"2507\">Industrial infrastructure<\/li>\n<li data-section-id=\"7xuclo\" data-start=\"2508\" data-end=\"2539\">Commercial electrical systems<\/li>\n<\/ul>\n<p data-start=\"2541\" data-end=\"2601\">The company primarily operates through three core verticals.<\/p>\n<hr data-start=\"2603\" data-end=\"2606\" \/>\n<h2 data-section-id=\"psr6bv\" data-start=\"2608\" data-end=\"2646\">\ud83d\udce6 Indo SMC\u2019s Core Business Segments<\/h2>\n<div class=\"TyagGW_tableContainer\">\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"2648\" data-end=\"2869\">\n<thead data-start=\"2648\" data-end=\"2670\">\n<tr data-start=\"2648\" data-end=\"2670\">\n<th class=\"last:pe-10\" data-start=\"2648\" data-end=\"2658\" data-col-size=\"sm\">Segment<\/th>\n<th class=\"last:pe-10\" data-start=\"2658\" data-end=\"2670\" data-col-size=\"md\">Products<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"2681\" data-end=\"2869\">\n<tr data-start=\"2681\" data-end=\"2734\">\n<td data-start=\"2681\" data-end=\"2696\" data-col-size=\"sm\">SMC Products<\/td>\n<td data-start=\"2696\" data-end=\"2734\" data-col-size=\"md\">Meter boxes, electrical enclosures<\/td>\n<\/tr>\n<tr data-start=\"2735\" data-end=\"2796\">\n<td data-start=\"2735\" data-end=\"2750\" data-col-size=\"sm\">FRP Products<\/td>\n<td data-start=\"2750\" data-end=\"2796\" data-col-size=\"md\">Cable trays, gratings, pultrusion profiles<\/td>\n<\/tr>\n<tr data-start=\"2797\" data-end=\"2869\">\n<td data-start=\"2797\" data-end=\"2819\" data-col-size=\"sm\">Electrical Products<\/td>\n<td data-start=\"2819\" data-end=\"2869\" data-col-size=\"md\">CT\/PT systems, LTCT systems, metering cubicles<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p data-start=\"2871\" data-end=\"2987\">This diversified business structure allows Indo SMC to participate in multiple infrastructure themes simultaneously.<\/p>\n<hr data-start=\"2989\" data-end=\"2992\" \/>\n<h2 data-section-id=\"m4ln21\" data-start=\"2994\" data-end=\"3048\">\ud83d\udcc8 The Revenue Transformation Has Been Extraordinary<\/h2>\n<p data-start=\"3050\" data-end=\"3153\">The biggest reason <a href=\"https:\/\/unlistedradar.com\/blog\/why-indo-smc-is-emerging-as-a-%e2%82%b9250-cr-order-book-powerhouse-in-indias-power-infrastructure-boom\/\">Indo SMC<\/a> has started attracting investor attention is the speed of business scaling.<\/p>\n<p data-start=\"3155\" data-end=\"3221\">The company\u2019s growth over the last few years has been exceptional.<\/p>\n<h3 data-section-id=\"hq8o9h\" data-start=\"3223\" data-end=\"3252\">\ud83d\udcca Revenue Growth Snapshot<\/h3>\n<div class=\"TyagGW_tableContainer\">\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"3254\" data-end=\"3357\">\n<thead data-start=\"3254\" data-end=\"3282\">\n<tr data-start=\"3254\" data-end=\"3282\">\n<th class=\"last:pe-10\" data-start=\"3254\" data-end=\"3271\" data-col-size=\"sm\">Financial Year<\/th>\n<th class=\"last:pe-10\" data-start=\"3271\" data-end=\"3282\" data-col-size=\"sm\">Revenue<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"3293\" data-end=\"3357\">\n<tr data-start=\"3293\" data-end=\"3313\">\n<td data-start=\"3293\" data-end=\"3300\" data-col-size=\"sm\">FY24<\/td>\n<td data-start=\"3300\" data-end=\"3313\" data-col-size=\"sm\">\u20b928.03 Cr<\/td>\n<\/tr>\n<tr data-start=\"3314\" data-end=\"3335\">\n<td data-start=\"3314\" data-end=\"3321\" data-col-size=\"sm\">FY25<\/td>\n<td data-start=\"3321\" data-end=\"3335\" data-col-size=\"sm\">\u20b9138.69 Cr<\/td>\n<\/tr>\n<tr data-start=\"3336\" data-end=\"3357\">\n<td data-start=\"3336\" data-end=\"3343\" data-col-size=\"sm\">FY26<\/td>\n<td data-start=\"3343\" data-end=\"3357\" data-col-size=\"sm\">\u20b9309.74 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p data-start=\"3398\" data-end=\"3480\">This means the company scaled revenue by more than 10x within a very short period.<\/p>\n<p data-start=\"3482\" data-end=\"3599\">Very few SME manufacturing businesses achieve this level of expansion while simultaneously maintaining profitability.<\/p>\n<hr data-start=\"3601\" data-end=\"3604\" \/>\n<h3 data-section-id=\"xw0mma\" data-start=\"3606\" data-end=\"3639\">\ud83d\udcc8 Revenue Growth Visualization<\/h3>\n<div class=\"relative w-full mt-4 mb-1\">\n<div class=\"\">\n<div class=\"relative\">\n<div class=\"h-full min-h-0 min-w-0\">\n<div class=\"h-full min-h-0 min-w-0\">\n<div class=\"border border-token-border-light border-radius-3xl corner-superellipse\/1.1 rounded-3xl\">\n<div class=\"h-full w-full border-radius-3xl bg-token-bg-elevated-secondary corner-superellipse\/1.1 overflow-clip rounded-3xl lxnfua_clipPathFallback\">\n<div class=\"relative\">\n<div class=\"pe-11 pt-3\">\n<div class=\"relative z-0 flex max-w-full\">\n<div id=\"code-block-viewer\" class=\"q9tKkq_viewer cm-editor z-10 light:cm-light dark:cm-light flex h-full w-full flex-col items-stretch \u037cs \u037c16\" dir=\"ltr\">\n<div class=\"cm-scroller\">\n<pre class=\"cm-content q9tKkq_readonly m-0\"><code>Revenue Growth Journey\r\n\r\nFY24  | \u20b928 Cr   | <span style=\"color: #ff9900;\">\u2588\u2588\u2588<\/span>\r\nFY25  | \u20b9138 Cr  | <span style=\"color: #ffcc00;\">\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588<\/span>\r\nFY26  | \u20b9309 Cr  | <span style=\"color: #ffcc99;\">\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588<\/span><\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"\">\n<div class=\"\">This growth reflects:<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<ul data-start=\"3806\" data-end=\"3941\">\n<li data-section-id=\"1kiuw92\" data-start=\"3806\" data-end=\"3830\">Strong industry demand<\/li>\n<li data-section-id=\"59d0x6\" data-start=\"3831\" data-end=\"3853\">Execution capability<\/li>\n<li data-section-id=\"c22ywo\" data-start=\"3854\" data-end=\"3878\">Manufacturing scale-up<\/li>\n<li data-section-id=\"y0g648\" data-start=\"3879\" data-end=\"3905\">Infrastructure tailwinds<\/li>\n<li data-section-id=\"1kmm6kb\" data-start=\"3906\" data-end=\"3941\">Utility-linked business expansion<\/li>\n<\/ul>\n<hr data-start=\"3943\" data-end=\"3946\" \/>\n<h2 data-section-id=\"14daba2\" data-start=\"3948\" data-end=\"4002\">\u26a1 Why Indo SMC Is Benefiting from India\u2019s Power Boom<\/h2>\n<p data-start=\"4004\" data-end=\"4082\">India\u2019s power infrastructure sector is entering a multi-year investment cycle.<\/p>\n<p data-start=\"4084\" data-end=\"4159\">According to industry trends, the country continues investing heavily into:<\/p>\n<ul data-start=\"4160\" data-end=\"4317\">\n<li data-section-id=\"16895dl\" data-start=\"4160\" data-end=\"4189\">Transmission infrastructure<\/li>\n<li data-section-id=\"s7yagq\" data-start=\"4190\" data-end=\"4206\">Smart metering<\/li>\n<li data-section-id=\"10onl9d\" data-start=\"4207\" data-end=\"4227\">Grid modernization<\/li>\n<li data-section-id=\"na3yr9\" data-start=\"4228\" data-end=\"4258\">Renewable energy integration<\/li>\n<li data-section-id=\"1bj55ds\" data-start=\"4259\" data-end=\"4284\">Railway electrification<\/li>\n<li data-section-id=\"wh1qkc\" data-start=\"4285\" data-end=\"4317\">Urban infrastructure expansion<\/li>\n<\/ul>\n<p data-start=\"4319\" data-end=\"4375\">This is creating massive opportunities for suppliers of:<\/p>\n<ul data-start=\"4376\" data-end=\"4482\">\n<li data-section-id=\"18xcv2f\" data-start=\"4376\" data-end=\"4395\">Metering cubicles<\/li>\n<li data-section-id=\"14w5qj4\" data-start=\"4396\" data-end=\"4416\">Electrical systems<\/li>\n<li data-section-id=\"uvrdlu\" data-start=\"4417\" data-end=\"4452\">Composite infrastructure products<\/li>\n<li data-section-id=\"1c0t262\" data-start=\"4453\" data-end=\"4482\">FRP-based utility solutions<\/li>\n<\/ul>\n<p data-start=\"4484\" data-end=\"4545\">Indo SMC is directly positioned within these demand segments.<\/p>\n<hr data-start=\"4547\" data-end=\"4550\" \/>\n<h2 data-section-id=\"k2bp9l\" data-start=\"4552\" data-end=\"4603\">\ud83d\udd0c Utility Modernization Is a Major Growth Driver<\/h2>\n<p data-start=\"4605\" data-end=\"4654\">India\u2019s utility ecosystem is rapidly modernizing.<\/p>\n<p data-start=\"4656\" data-end=\"4708\">DISCOMs and electricity boards increasingly require:<\/p>\n<ul data-start=\"4709\" data-end=\"4842\">\n<li data-section-id=\"1evmq69\" data-start=\"4709\" data-end=\"4736\">Upgraded metering systems<\/li>\n<li data-section-id=\"1eznzmp\" data-start=\"4737\" data-end=\"4757\">Utility enclosures<\/li>\n<li data-section-id=\"1fcky9n\" data-start=\"4758\" data-end=\"4798\">Electrical distribution infrastructure<\/li>\n<li data-section-id=\"1y8sn75\" data-start=\"4799\" data-end=\"4842\">Safer and more durable composite products<\/li>\n<\/ul>\n<p data-start=\"4844\" data-end=\"4919\">Indo SMC has positioned itself as a specialized supplier within this space.<\/p>\n<p data-start=\"4921\" data-end=\"4945\">The company already has:<\/p>\n<ul data-start=\"4946\" data-end=\"5038\">\n<li data-section-id=\"7wx7zq\" data-start=\"4946\" data-end=\"4991\">MSEDCL approval for 11 kV metering cubicles<\/li>\n<li data-section-id=\"x89dhh\" data-start=\"4992\" data-end=\"5038\">Multiple utility approvals and registrations<\/li>\n<\/ul>\n<p data-start=\"5040\" data-end=\"5100\">These approvals are extremely important because they create:<\/p>\n<ul data-start=\"5101\" data-end=\"5168\">\n<li data-section-id=\"1jk0i0i\" data-start=\"5101\" data-end=\"5117\">Entry barriers<\/li>\n<li data-section-id=\"1wcdcfq\" data-start=\"5118\" data-end=\"5138\">Vendor credibility<\/li>\n<li data-section-id=\"h23p4w\" data-start=\"5139\" data-end=\"5168\">Long-term demand visibility<\/li>\n<\/ul>\n<p data-start=\"5170\" data-end=\"5225\">Management itself stated that new entrants may require:<\/p>\n<ul data-start=\"5226\" data-end=\"5281\">\n<li data-section-id=\"t9ncsl\" data-start=\"5226\" data-end=\"5281\">3\u20134 years to build comparable approval infrastructure<\/li>\n<\/ul>\n<hr data-start=\"5283\" data-end=\"5286\" \/>\n<h2 data-section-id=\"4dn7z3\" data-start=\"5288\" data-end=\"5321\">\ud83d\udce6 The \u20b9250 Cr Order Book Story<\/h2>\n<p data-start=\"5323\" data-end=\"5394\">Infrastructure companies are often evaluated based on order visibility.<\/p>\n<p data-start=\"5396\" data-end=\"5464\">And this is where <a href=\"https:\/\/unlistedradar.com\/blog\/why-ashish-kacholia-is-betting-on-indo-smc-%e2%82%b9250-cr-order-book-story-behind-indias-power-sector-play\/\">Indo SMC\u2019s story<\/a> becomes particularly interesting.<\/p>\n<p data-start=\"5466\" data-end=\"5487\">Management disclosed:<\/p>\n<ul data-start=\"5488\" data-end=\"5602\">\n<li data-section-id=\"n1fzmm\" data-start=\"5488\" data-end=\"5546\">Current confirmed order book of approximately \u20b9142 crore<\/li>\n<li data-section-id=\"zjhj02\" data-start=\"5547\" data-end=\"5602\">Expected order book target of ~\u20b9250 crore by FY26-end<\/li>\n<\/ul>\n<p data-start=\"5604\" data-end=\"5681\">This has become one of the biggest triggers behind rising investor attention.<\/p>\n<hr data-start=\"5683\" data-end=\"5686\" \/>\n<h2 data-section-id=\"4tqagn\" data-start=\"5688\" data-end=\"5720\">\ud83d\udcca Order Book Growth Potential<\/h2>\n<div class=\"relative w-full mt-4 mb-1\">\n<div class=\"\">\n<div class=\"relative\">\n<div class=\"h-full min-h-0 min-w-0\">\n<div class=\"h-full min-h-0 min-w-0\">\n<div class=\"border border-token-border-light border-radius-3xl corner-superellipse\/1.1 rounded-3xl\">\n<div class=\"h-full w-full border-radius-3xl bg-token-bg-elevated-secondary corner-superellipse\/1.1 overflow-clip rounded-3xl lxnfua_clipPathFallback\">\n<div class=\"relative\">\n<div class=\"pe-11 pt-3\">\n<div class=\"relative z-0 flex max-w-full\">\n<div id=\"code-block-viewer\" class=\"q9tKkq_viewer cm-editor z-10 light:cm-light dark:cm-light flex h-full w-full flex-col items-stretch \u037cs \u037c16\" dir=\"ltr\">\n<div class=\"cm-scroller\">\n<pre class=\"cm-content q9tKkq_readonly m-0\"><code>Order Book Visibility\r\n\r\nCurrent Orders   | \u20b9142 Cr | <span style=\"color: #ffff00;\">\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588<\/span>\r\nTarget Pipeline  | \u20b9250 Cr | <span style=\"color: #ffff99;\">\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588<\/span><\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"\">\n<div class=\"\">A growing order book generally indicates:<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<ul data-start=\"5901\" data-end=\"5991\">\n<li data-section-id=\"1y0mrkh\" data-start=\"5901\" data-end=\"5928\">Future revenue visibility<\/li>\n<li data-section-id=\"hxudjj\" data-start=\"5929\" data-end=\"5951\">Manufacturing demand<\/li>\n<li data-section-id=\"9g1hfr\" data-start=\"5952\" data-end=\"5968\">Tender success<\/li>\n<li data-section-id=\"10n13e9\" data-start=\"5969\" data-end=\"5991\">Business scalability<\/li>\n<\/ul>\n<p data-start=\"5993\" data-end=\"6106\">For infrastructure-oriented businesses, order book growth often becomes a leading indicator for future expansion.<\/p>\n<hr data-start=\"6108\" data-end=\"6111\" \/>\n<h2 data-section-id=\"eei2kp\" data-start=\"6113\" data-end=\"6162\">\ud83d\udcc8 Profitability Has Improved Alongside Revenue<\/h2>\n<p data-start=\"6164\" data-end=\"6209\">Many companies can grow revenue aggressively.<\/p>\n<p data-start=\"6211\" data-end=\"6256\">But scaling profitably is far more difficult.<\/p>\n<p data-start=\"6258\" data-end=\"6331\">Indo SMC\u2019s profitability trends show significant operational improvement.<\/p>\n<hr data-start=\"6333\" data-end=\"6336\" \/>\n<h2 data-section-id=\"cn1a9r\" data-start=\"6338\" data-end=\"6356\">\ud83d\udcca EBITDA Growth<\/h2>\n<div class=\"TyagGW_tableContainer\">\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"6358\" data-end=\"6447\">\n<thead data-start=\"6358\" data-end=\"6375\">\n<tr data-start=\"6358\" data-end=\"6375\">\n<th class=\"last:pe-10\" data-start=\"6358\" data-end=\"6365\" data-col-size=\"sm\">Year<\/th>\n<th class=\"last:pe-10\" data-start=\"6365\" data-end=\"6375\" data-col-size=\"sm\">EBITDA<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"6386\" data-end=\"6447\">\n<tr data-start=\"6386\" data-end=\"6405\">\n<td data-start=\"6386\" data-end=\"6393\" data-col-size=\"sm\"><strong>FY24<\/strong><\/td>\n<td data-start=\"6393\" data-end=\"6405\" data-col-size=\"sm\">\u20b95.08 Cr<\/td>\n<\/tr>\n<tr data-start=\"6406\" data-end=\"6426\">\n<td data-start=\"6406\" data-end=\"6413\" data-col-size=\"sm\"><strong>FY25<\/strong><\/td>\n<td data-start=\"6413\" data-end=\"6426\" data-col-size=\"sm\">\u20b923.49 Cr<\/td>\n<\/tr>\n<tr data-start=\"6427\" data-end=\"6447\">\n<td data-start=\"6427\" data-end=\"6434\" data-col-size=\"sm\"><strong>FY26<\/strong><\/td>\n<td data-start=\"6434\" data-end=\"6447\" data-col-size=\"sm\">\u20b947.64 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<h2 data-section-id=\"g4m7z9\" data-start=\"6493\" data-end=\"6508\">\ud83d\udcca PAT Growth<\/h2>\n<div class=\"TyagGW_tableContainer\">\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"6510\" data-end=\"6596\">\n<thead data-start=\"6510\" data-end=\"6524\">\n<tr data-start=\"6510\" data-end=\"6524\">\n<th class=\"last:pe-10\" data-start=\"6510\" data-end=\"6517\" data-col-size=\"sm\">Year<\/th>\n<th class=\"last:pe-10\" data-start=\"6517\" data-end=\"6524\" data-col-size=\"sm\">PAT<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"6535\" data-end=\"6596\">\n<tr data-start=\"6535\" data-end=\"6554\">\n<td data-start=\"6535\" data-end=\"6542\" data-col-size=\"sm\"><strong>FY24<\/strong><\/td>\n<td data-start=\"6542\" data-end=\"6554\" data-col-size=\"sm\">\u20b93.00 Cr<\/td>\n<\/tr>\n<tr data-start=\"6555\" data-end=\"6575\">\n<td data-start=\"6555\" data-end=\"6562\" data-col-size=\"sm\"><strong>FY25<\/strong><\/td>\n<td data-start=\"6562\" data-end=\"6575\" data-col-size=\"sm\">\u20b916.83 Cr<\/td>\n<\/tr>\n<tr data-start=\"6576\" data-end=\"6596\">\n<td data-start=\"6576\" data-end=\"6583\" data-col-size=\"sm\"><strong>FY26<\/strong><\/td>\n<td data-start=\"6583\" data-end=\"6596\" data-col-size=\"sm\">\u20b932.38 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<hr data-start=\"6637\" data-end=\"6640\" \/>\n<h2 data-section-id=\"1wjrhwu\" data-start=\"6642\" data-end=\"6674\">\ud83d\udcc8 Profit Growth Visualization<\/h2>\n<div class=\"relative w-full mt-4 mb-1\">\n<div class=\"\">\n<div class=\"relative\">\n<div class=\"h-full min-h-0 min-w-0\">\n<div class=\"h-full min-h-0 min-w-0\">\n<div class=\"border border-token-border-light border-radius-3xl corner-superellipse\/1.1 rounded-3xl\">\n<div class=\"h-full w-full border-radius-3xl bg-token-bg-elevated-secondary corner-superellipse\/1.1 overflow-clip rounded-3xl lxnfua_clipPathFallback\">\n<div class=\"relative\">\n<div class=\"pe-11 pt-3\">\n<div class=\"relative z-0 flex max-w-full\">\n<div id=\"code-block-viewer\" class=\"q9tKkq_viewer cm-editor z-10 light:cm-light dark:cm-light flex h-full w-full flex-col items-stretch \u037cs \u037c16\" dir=\"ltr\">\n<div class=\"cm-scroller\">\n<pre class=\"cm-content q9tKkq_readonly m-0\"><code>PAT Growth\r\n\r\nFY24  | \u20b93 Cr   | <span style=\"color: #ff9900;\">\u2588\u2588<\/span>\r\nFY25  | \u20b916 Cr  | <span style=\"color: #ffcc00;\">\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588<\/span>\r\nFY26  | \u20b932 Cr  | <span style=\"color: #ffcc99;\">\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588<\/span><\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"\">\n<div class=\"\">The company has managed to:<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<ul data-start=\"6816\" data-end=\"6891\">\n<li data-section-id=\"123zwyy\" data-start=\"6816\" data-end=\"6831\">Improve scale<\/li>\n<li data-section-id=\"m7mztv\" data-start=\"6832\" data-end=\"6848\">Expand margins<\/li>\n<li data-section-id=\"e39nl1\" data-start=\"6849\" data-end=\"6873\">Maintain profitability<\/li>\n<li data-section-id=\"1dagbvn\" data-start=\"6874\" data-end=\"6891\">Reduce leverage<\/li>\n<\/ul>\n<p data-start=\"6893\" data-end=\"6914\">all at the same time.<\/p>\n<p data-start=\"6916\" data-end=\"6993\">That combination is relatively uncommon among fast-growing SME manufacturers.<\/p>\n<hr data-start=\"6995\" data-end=\"6998\" \/>\n<h2 data-section-id=\"1d8cnwt\" data-start=\"7000\" data-end=\"7044\">\ud83d\udcb0 Margin Expansion Is Becoming Structural<\/h2>\n<p data-start=\"7046\" data-end=\"7124\">Management has repeatedly emphasized that margin improvement is not temporary.<\/p>\n<p data-start=\"7126\" data-end=\"7175\">The company attributes its stronger profitability to:<\/p>\n<ul data-start=\"7176\" data-end=\"7317\">\n<li data-section-id=\"1lqrd26\" data-start=\"7176\" data-end=\"7196\">Operating leverage<\/li>\n<li data-section-id=\"7gyth3\" data-start=\"7197\" data-end=\"7232\">Better procurement power post IPO<\/li>\n<li data-section-id=\"e7ci8p\" data-start=\"7233\" data-end=\"7261\">Manufacturing efficiencies<\/li>\n<li data-section-id=\"1ysmhv8\" data-start=\"7262\" data-end=\"7289\">Cost optimization systems<\/li>\n<li data-section-id=\"1i5t000\" data-start=\"7290\" data-end=\"7317\">Improved purchasing scale<\/li>\n<\/ul>\n<hr data-start=\"7319\" data-end=\"7322\" \/>\n<h2 data-section-id=\"g2db2b\" data-start=\"7324\" data-end=\"7345\">\ud83d\udcca PAT Margin Trend<\/h2>\n<div class=\"TyagGW_tableContainer\">\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"7347\" data-end=\"7432\">\n<thead data-start=\"7347\" data-end=\"7368\">\n<tr data-start=\"7347\" data-end=\"7368\">\n<th class=\"last:pe-10\" data-start=\"7347\" data-end=\"7354\" data-col-size=\"sm\">Year<\/th>\n<th class=\"last:pe-10\" data-start=\"7354\" data-end=\"7368\" data-col-size=\"sm\">PAT Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"7379\" data-end=\"7432\">\n<tr data-start=\"7379\" data-end=\"7396\">\n<td data-start=\"7379\" data-end=\"7386\" data-col-size=\"sm\"><strong>FY24<\/strong><\/td>\n<td data-start=\"7386\" data-end=\"7396\" data-col-size=\"sm\">~10.7%<\/td>\n<\/tr>\n<tr data-start=\"7397\" data-end=\"7414\">\n<td data-start=\"7397\" data-end=\"7404\" data-col-size=\"sm\"><strong>FY25<\/strong><\/td>\n<td data-start=\"7404\" data-end=\"7414\" data-col-size=\"sm\">~12.1%<\/td>\n<\/tr>\n<tr data-start=\"7415\" data-end=\"7432\">\n<td data-start=\"7415\" data-end=\"7422\" data-col-size=\"sm\"><strong>FY26<\/strong><\/td>\n<td data-start=\"7422\" data-end=\"7432\" data-col-size=\"sm\">~10.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p data-start=\"7434\" data-end=\"7518\">Even while scaling aggressively, Indo SMC has maintained double-digit profitability.<\/p>\n<p data-start=\"7520\" data-end=\"7595\">This is a strong operational signal for infrastructure-oriented businesses.<\/p>\n<hr data-start=\"7597\" data-end=\"7600\" \/>\n<h2 data-section-id=\"1k1kzow\" data-start=\"7602\" data-end=\"7654\">\u2699\ufe0f Working Capital Improvement Is a Major Positive<\/h2>\n<p data-start=\"7656\" data-end=\"7744\">One of the strongest operational developments has been an improvement in receivable cycles.<\/p>\n<p data-start=\"7746\" data-end=\"7764\">Management stated:<\/p>\n<ul data-start=\"7765\" data-end=\"7823\">\n<li data-section-id=\"vbarne\" data-start=\"7765\" data-end=\"7809\">Receivable days improved from ~83 days<br \/>\nto:<\/li>\n<li data-section-id=\"u8ujwv\" data-start=\"7810\" data-end=\"7823\">~40\u201345 days<\/li>\n<\/ul>\n<hr data-start=\"7825\" data-end=\"7828\" \/>\n<h2 data-section-id=\"19s1n0x\" data-start=\"7830\" data-end=\"7862\">\ud83d\udcc9 Receivable Days Improvement<\/h2>\n<div class=\"relative w-full mt-4 mb-1\">\n<div class=\"\">\n<div class=\"relative\">\n<div class=\"h-full min-h-0 min-w-0\">\n<div class=\"h-full min-h-0 min-w-0\">\n<div class=\"border border-token-border-light border-radius-3xl corner-superellipse\/1.1 rounded-3xl\">\n<div class=\"h-full w-full border-radius-3xl bg-token-bg-elevated-secondary corner-superellipse\/1.1 overflow-clip rounded-3xl lxnfua_clipPathFallback\">\n<div class=\"relative\">\n<div class=\"pe-11 pt-3\">\n<div class=\"relative z-0 flex max-w-full\">\n<div id=\"code-block-viewer\" class=\"q9tKkq_viewer cm-editor z-10 light:cm-light dark:cm-light flex h-full w-full flex-col items-stretch \u037cs \u037c16\" dir=\"ltr\">\n<div class=\"cm-scroller\">\n<pre class=\"cm-content q9tKkq_readonly m-0\"><code>Receivable Days\r\n\r\nH1 FY26   | 83 Days | <span style=\"color: #ffff00;\">\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588<\/span>\r\nQ3 FY26   | 45 Days | <span style=\"color: #ffff99;\">\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588\u2588<\/span><\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"\">\n<div class=\"\">This indicates:<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<ul data-start=\"7987\" data-end=\"8093\">\n<li data-section-id=\"fkfqn1\" data-start=\"7987\" data-end=\"8007\">Better collections<\/li>\n<li data-section-id=\"tqpn0v\" data-start=\"8008\" data-end=\"8039\">Stronger financial discipline<\/li>\n<li data-section-id=\"9oa9oe\" data-start=\"8040\" data-end=\"8064\">Faster cash conversion<\/li>\n<li data-section-id=\"17odmut\" data-start=\"8065\" data-end=\"8093\">Improved liquidity profile<\/li>\n<\/ul>\n<p data-start=\"8095\" data-end=\"8209\">For infrastructure businesses, working capital efficiency often becomes a critical indicator of execution quality.<\/p>\n<hr data-start=\"8211\" data-end=\"8214\" \/>\n<h2 data-section-id=\"520v7e\" data-start=\"8216\" data-end=\"8273\">\ud83c\udfd7\ufe0f Manufacturing Expansion Is Supporting Future Growth<\/h2>\n<p data-start=\"8275\" data-end=\"8355\">To support rising demand, Indo SMC is actively expanding manufacturing capacity.<\/p>\n<p data-start=\"8357\" data-end=\"8402\">The company is <a href=\"https:\/\/unlistedradar.com\/blog\/rays-power-infra-limited-ipo-should-you-track-this-upcoming-solar-epc-player\/\">deploying IPO<\/a> proceeds toward:<\/p>\n<ul data-start=\"8403\" data-end=\"8523\">\n<li data-section-id=\"1fhh12o\" data-start=\"8403\" data-end=\"8427\">2000-ton press machine<\/li>\n<li data-section-id=\"lg3nmm\" data-start=\"8428\" data-end=\"8461\">Additional pultrusion machinery<\/li>\n<li data-section-id=\"1ncoou1\" data-start=\"8462\" data-end=\"8491\">Manufacturing modernization<\/li>\n<li data-section-id=\"1k3fqt7\" data-start=\"8492\" data-end=\"8523\">Technical laboratory upgrades<\/li>\n<\/ul>\n<p data-start=\"8525\" data-end=\"8567\">These investments are expected to support:<\/p>\n<ul data-start=\"8568\" data-end=\"8664\">\n<li data-section-id=\"ah6d4i\" data-start=\"8568\" data-end=\"8587\">Higher production<\/li>\n<li data-section-id=\"mmrdsn\" data-start=\"8588\" data-end=\"8607\">Product approvals<\/li>\n<li data-section-id=\"1gkf8d3\" data-start=\"8608\" data-end=\"8639\">Better operational efficiency<\/li>\n<li data-section-id=\"v8579m\" data-start=\"8640\" data-end=\"8664\">Future revenue scaling<\/li>\n<\/ul>\n<hr data-start=\"8666\" data-end=\"8669\" \/>\n<h2 data-section-id=\"1fykna7\" data-start=\"8671\" data-end=\"8706\">\ud83d\udcc8 Capacity Utilization Is Rising<\/h2>\n<p data-start=\"8708\" data-end=\"8773\">Management indicated that utilization has improved significantly.<\/p>\n<p data-start=\"8775\" data-end=\"8802\">Earlier utilization levels:<\/p>\n<ul data-start=\"8803\" data-end=\"8818\">\n<li data-section-id=\"1r3xa62\" data-start=\"8803\" data-end=\"8818\">Around 30\u201340%<\/li>\n<\/ul>\n<p data-start=\"8820\" data-end=\"8848\">Expected future utilization:<\/p>\n<ul data-start=\"8849\" data-end=\"8881\">\n<li data-section-id=\"n04wa8\" data-start=\"8849\" data-end=\"8857\">60\u201380%<\/li>\n<li data-section-id=\"ccfpzz\" data-start=\"8858\" data-end=\"8881\">Potentially up to 90%<\/li>\n<\/ul>\n<p data-start=\"8883\" data-end=\"8919\">Higher utilization usually improves:<\/p>\n<ul data-start=\"8920\" data-end=\"8991\">\n<li data-section-id=\"1q5t06y\" data-start=\"8920\" data-end=\"8936\">EBITDA margins<\/li>\n<li data-section-id=\"1lqrd26\" data-start=\"8937\" data-end=\"8957\">Operating leverage<\/li>\n<li data-section-id=\"4yhgyc\" data-start=\"8958\" data-end=\"8975\">Cost efficiency<\/li>\n<li data-section-id=\"1i4ss40\" data-start=\"8976\" data-end=\"8991\">Return ratios<\/li>\n<\/ul>\n<hr data-start=\"8993\" data-end=\"8996\" \/>\n<h2 data-section-id=\"1acurdd\" data-start=\"8998\" data-end=\"9031\">\ud83c\udf0d Export Expansion Has Started<\/h2>\n<p data-start=\"9033\" data-end=\"9080\">Indo SMC is now entering international markets.<\/p>\n<p data-start=\"9082\" data-end=\"9103\">The company recently:<\/p>\n<ul data-start=\"9104\" data-end=\"9148\">\n<li data-section-id=\"1hnm0gq\" data-start=\"9104\" data-end=\"9148\">Shipped its first export container to Oman<\/li>\n<\/ul>\n<p data-start=\"9150\" data-end=\"9177\">Exported products included:<\/p>\n<ul data-start=\"9178\" data-end=\"9228\">\n<li data-section-id=\"xjmdbc\" data-start=\"9178\" data-end=\"9195\">FRP cable trays<\/li>\n<li data-section-id=\"90i0t7\" data-start=\"9196\" data-end=\"9206\">Gratings<\/li>\n<li data-section-id=\"1bfgodt\" data-start=\"9207\" data-end=\"9228\">Pultrusion profiles<\/li>\n<\/ul>\n<p data-start=\"9230\" data-end=\"9279\">Management also highlighted expansion plans into:<\/p>\n<ul data-start=\"9280\" data-end=\"9310\">\n<li data-section-id=\"1wccxg6\" data-start=\"9280\" data-end=\"9288\">Africa<\/li>\n<li data-section-id=\"1yz4fxs\" data-start=\"9289\" data-end=\"9297\">Europe<\/li>\n<li data-section-id=\"1i0pq9\" data-start=\"9298\" data-end=\"9310\">UK markets<\/li>\n<\/ul>\n<p data-start=\"9312\" data-end=\"9333\">Exports could become:<\/p>\n<ul data-start=\"9334\" data-end=\"9415\">\n<li data-section-id=\"35oal5\" data-start=\"9334\" data-end=\"9370\">A long-term diversification driver<\/li>\n<li data-section-id=\"1wy0gry\" data-start=\"9371\" data-end=\"9388\">Margin enhancer<\/li>\n<li data-section-id=\"gdtufi\" data-start=\"9389\" data-end=\"9415\">Additional growth engine<\/li>\n<\/ul>\n<hr data-start=\"9417\" data-end=\"9420\" \/>\n<h2 data-section-id=\"o214gp\" data-start=\"9422\" data-end=\"9453\">\ud83d\ude86 Expansion Beyond Utilities<\/h2>\n<p data-start=\"9455\" data-end=\"9524\">Indo SMC is also expanding beyond traditional utility infrastructure.<\/p>\n<p data-start=\"9526\" data-end=\"9551\">New <a href=\"https:\/\/unlistedradar.com\/blog\/onix-renewable-limited-deep-dive-into-rights-issue-growth-strategy-opportunity\/\">growth areas<\/a> include:<\/p>\n<ul data-start=\"9552\" data-end=\"9630\">\n<li data-section-id=\"aqefvm\" data-start=\"9552\" data-end=\"9562\">Railways<\/li>\n<li data-section-id=\"5qo93j\" data-start=\"9563\" data-end=\"9579\">Metro projects<\/li>\n<li data-section-id=\"1j5b66t\" data-start=\"9580\" data-end=\"9604\">Defense infrastructure<\/li>\n<li data-section-id=\"vndj6\" data-start=\"9605\" data-end=\"9630\">Automotive applications<\/li>\n<\/ul>\n<p data-start=\"9632\" data-end=\"9667\">Management specifically referenced:<\/p>\n<ul data-start=\"9668\" data-end=\"9704\">\n<li data-section-id=\"1fis1mp\" data-start=\"9668\" data-end=\"9704\">Vande Bharat-related opportunities<\/li>\n<\/ul>\n<p data-start=\"9706\" data-end=\"9812\">This diversification reduces dependence on a single sector while opening additional revenue opportunities.<\/p>\n<hr data-start=\"9814\" data-end=\"9817\" \/>\n<h2 data-section-id=\"qk2i5o\" data-start=\"9819\" data-end=\"9869\">\ud83d\udcca Financial Ratios Show Significant Improvement<\/h2>\n<p data-start=\"9871\" data-end=\"9941\">The company\u2019s financial ratios also reflect operational strengthening.<\/p>\n<h3 data-section-id=\"fpaxmx\" data-start=\"9943\" data-end=\"9966\">Key Financial Ratios<\/h3>\n<div class=\"TyagGW_tableContainer\">\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"9968\" data-end=\"10164\">\n<thead data-start=\"9968\" data-end=\"9998\">\n<tr data-start=\"9968\" data-end=\"9998\">\n<th class=\"last:pe-10\" data-start=\"9968\" data-end=\"9976\" data-col-size=\"sm\">Ratio<\/th>\n<th class=\"last:pe-10\" data-start=\"9976\" data-end=\"9983\" data-col-size=\"sm\">FY24<\/th>\n<th class=\"last:pe-10\" data-start=\"9983\" data-end=\"9990\" data-col-size=\"sm\">FY25<\/th>\n<th class=\"last:pe-10\" data-start=\"9990\" data-end=\"9998\" data-col-size=\"sm\">FY26<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"10017\" data-end=\"10164\">\n<tr data-start=\"10017\" data-end=\"10051\">\n<td data-start=\"10017\" data-end=\"10023\" data-col-size=\"sm\"><strong>ROE<\/strong><\/td>\n<td data-start=\"10023\" data-end=\"10032\" data-col-size=\"sm\">86.24%<\/td>\n<td data-start=\"10032\" data-end=\"10041\" data-col-size=\"sm\">45.76%<\/td>\n<td data-start=\"10041\" data-end=\"10051\" data-col-size=\"sm\">21.01%<\/td>\n<\/tr>\n<tr data-start=\"10052\" data-end=\"10087\">\n<td data-start=\"10052\" data-end=\"10059\" data-col-size=\"sm\"><strong>ROCE<\/strong><\/td>\n<td data-start=\"10059\" data-end=\"10068\" data-col-size=\"sm\">20.71%<\/td>\n<td data-start=\"10068\" data-end=\"10077\" data-col-size=\"sm\">31.24%<\/td>\n<td data-start=\"10077\" data-end=\"10087\" data-col-size=\"sm\">22.98%<\/td>\n<\/tr>\n<tr data-start=\"10088\" data-end=\"10130\">\n<td data-start=\"10088\" data-end=\"10105\" data-col-size=\"sm\"><strong>Debt-to-Equit<\/strong>y<\/td>\n<td data-start=\"10105\" data-end=\"10113\" data-col-size=\"sm\">3.05x<\/td>\n<td data-start=\"10113\" data-end=\"10121\" data-col-size=\"sm\">0.97x<\/td>\n<td data-start=\"10121\" data-end=\"10130\" data-col-size=\"sm\">0.30x<\/td>\n<\/tr>\n<tr data-start=\"10131\" data-end=\"10164\">\n<td data-start=\"10131\" data-end=\"10137\" data-col-size=\"sm\"><strong>EPS<\/strong><\/td>\n<td data-start=\"10137\" data-end=\"10145\" data-col-size=\"sm\">\u20b92.19<\/td>\n<td data-start=\"10145\" data-end=\"10154\" data-col-size=\"sm\">\u20b910.48<\/td>\n<td data-start=\"10154\" data-end=\"10164\" data-col-size=\"sm\">\u20b918.09<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p data-start=\"10205\" data-end=\"10275\">One of the most important developments is the sharp reduction in debt.<\/p>\n<p data-start=\"10277\" data-end=\"10301\">Lower leverage improves:<\/p>\n<ul data-start=\"10302\" data-end=\"10375\">\n<li data-section-id=\"17ey1gk\" data-start=\"10302\" data-end=\"10323\">Financial stability<\/li>\n<li data-section-id=\"fa94n8\" data-start=\"10324\" data-end=\"10348\">Balance sheet strength<\/li>\n<li data-section-id=\"1vz11vo\" data-start=\"10349\" data-end=\"10375\">Long-term sustainability<\/li>\n<\/ul>\n<hr data-start=\"10377\" data-end=\"10380\" \/>\n<h2 data-section-id=\"kuqa6y\" data-start=\"10382\" data-end=\"10423\">\ud83d\udcc8 Stock Market Attention Is Increasing<\/h2>\n<p data-start=\"10425\" data-end=\"10436\">As of FY26:<\/p>\n<ul data-start=\"10437\" data-end=\"10520\">\n<li data-section-id=\"1e8n66b\" data-start=\"10437\" data-end=\"10476\">Market capitalization: ~\u20b9565.78 crore<\/li>\n<li data-section-id=\"imdj04\" data-start=\"10477\" data-end=\"10499\">Share price: \u20b9247.55<\/li>\n<li data-section-id=\"18dwodh\" data-start=\"10500\" data-end=\"10520\">52-week high: \u20b9262<\/li>\n<\/ul>\n<p data-start=\"10561\" data-end=\"10639\">The company has increasingly entered investor discussions because it combines:<\/p>\n<ul data-start=\"10640\" data-end=\"10772\">\n<li data-section-id=\"99sebg\" data-start=\"10640\" data-end=\"10665\">Infrastructure exposure<\/li>\n<li data-section-id=\"lfe01l\" data-start=\"10666\" data-end=\"10688\">Manufacturing growth<\/li>\n<li data-section-id=\"7ol94f\" data-start=\"10689\" data-end=\"10707\">Margin expansion<\/li>\n<li data-section-id=\"uycho\" data-start=\"10708\" data-end=\"10727\">Utility approvals<\/li>\n<li data-section-id=\"1433zmd\" data-start=\"10728\" data-end=\"10748\">Export opportunity<\/li>\n<li data-section-id=\"3xnl0p\" data-start=\"10749\" data-end=\"10772\">Order book visibility<\/li>\n<\/ul>\n<hr data-start=\"10774\" data-end=\"10777\" \/>\n<h2 data-section-id=\"1trjuw1\" data-start=\"10779\" data-end=\"10814\">\u26a0\ufe0f Risks Investors Should Monitor<\/h2>\n<p data-start=\"10816\" data-end=\"10878\">Despite strong growth, investors should remain aware of risks.<\/p>\n<h3 data-section-id=\"spbx8i\" data-start=\"10880\" data-end=\"10892\">Key Risks<\/h3>\n<div class=\"TyagGW_tableContainer\">\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"10894\" data-end=\"11224\">\n<thead data-start=\"10894\" data-end=\"10916\">\n<tr data-start=\"10894\" data-end=\"10916\">\n<th class=\"last:pe-10\" data-start=\"10894\" data-end=\"10901\" data-col-size=\"sm\">Risk<\/th>\n<th class=\"last:pe-10\" data-start=\"10901\" data-end=\"10916\" data-col-size=\"sm\">Explanation<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"10927\" data-end=\"11224\">\n<tr data-start=\"10927\" data-end=\"10984\">\n<td data-start=\"10927\" data-end=\"10945\" data-col-size=\"sm\"><strong>Order Execution<\/strong><\/td>\n<td data-start=\"10945\" data-end=\"10984\" data-col-size=\"sm\">Scaling execution remains important<\/td>\n<\/tr>\n<tr data-start=\"10985\" data-end=\"11050\">\n<td data-start=\"10985\" data-end=\"11008\" data-col-size=\"sm\"><strong>Commodity Volatility<\/strong><\/td>\n<td data-start=\"11008\" data-end=\"11050\" data-col-size=\"sm\">Copper\/raw material price fluctuations<\/td>\n<\/tr>\n<tr data-start=\"11051\" data-end=\"11107\">\n<td data-start=\"11051\" data-end=\"11075\" data-col-size=\"sm\"><strong>Government Dependency<\/strong><\/td>\n<td data-start=\"11075\" data-end=\"11107\" data-col-size=\"sm\">Utility tender cycles matter<\/td>\n<\/tr>\n<tr data-start=\"11108\" data-end=\"11165\">\n<td data-start=\"11108\" data-end=\"11125\" data-col-size=\"sm\"><strong>Expansion Risk<\/strong><\/td>\n<td data-start=\"11125\" data-end=\"11165\" data-col-size=\"sm\">Export and railway scaling execution<\/td>\n<\/tr>\n<tr data-start=\"11166\" data-end=\"11224\">\n<td data-start=\"11166\" data-end=\"11195\" data-col-size=\"sm\"><strong>Infrastructure Cyclicality<\/strong><\/td>\n<td data-start=\"11195\" data-end=\"11224\" data-col-size=\"sm\">Project timing volatility<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p data-start=\"11226\" data-end=\"11309\">Infrastructure-oriented businesses often experience execution-related fluctuations.<\/p>\n<hr data-start=\"11311\" data-end=\"11314\" \/>\n<h2 data-section-id=\"nl99n2\" data-start=\"11316\" data-end=\"11364\">\ud83e\udde0 Why Investors Are Closely Watching Indo SMC?<\/h2>\n<p data-start=\"11366\" data-end=\"11427\">Indo SMC combines several themes <a href=\"https:\/\/unlistedradar.com\/blog\/pm-kusum-deadline-extended-to-2027-what-it-means-for-solar-developers-investors-indias-renewable-boom\/\">investors actively<\/a> look for:<\/p>\n<ul>\n<li data-start=\"11429\" data-end=\"11667\">Infrastructure growth exposure<\/li>\n<li data-start=\"11429\" data-end=\"11667\">Power sector participation<\/li>\n<li data-start=\"11429\" data-end=\"11667\">Rapid revenue scaling<\/li>\n<li data-start=\"11429\" data-end=\"11667\">Margin expansion<\/li>\n<li data-start=\"11429\" data-end=\"11667\">Utility-linked demand<\/li>\n<li data-start=\"11429\" data-end=\"11667\">Export potential<\/li>\n<li data-start=\"11429\" data-end=\"11667\">Capacity expansion<\/li>\n<li data-start=\"11429\" data-end=\"11667\">Improving the balance sheet<\/li>\n<li data-start=\"11429\" data-end=\"11667\">Strong order visibility<\/li>\n<\/ul>\n<p data-start=\"11669\" data-end=\"11750\">Few SME companies participate simultaneously across all these high-growth themes.<\/p>\n<hr data-start=\"11752\" data-end=\"11755\" \/>\n<h2 data-section-id=\"tfrvcp\" data-start=\"11757\" data-end=\"11776\">\ud83d\ude80 Final Thoughts<\/h2>\n<p data-start=\"11778\" data-end=\"11997\">Indo SMC\u2019s transformation from a relatively small manufacturing player into a rapidly scaling infrastructure-oriented business represents one of the more interesting SME growth stories emerging in India\u2019s listed market.<\/p>\n<p data-start=\"11999\" data-end=\"12051\">The company appears strategically positioned within:<\/p>\n<ul data-start=\"12052\" data-end=\"12195\">\n<li data-section-id=\"kqz0m9\" data-start=\"12052\" data-end=\"12088\">Power infrastructure modernization<\/li>\n<li data-section-id=\"iqqjkh\" data-start=\"12089\" data-end=\"12108\">Utility expansion<\/li>\n<li data-section-id=\"ezipel\" data-start=\"12109\" data-end=\"12134\">Composite manufacturing<\/li>\n<li data-section-id=\"1bj55ds\" data-start=\"12135\" data-end=\"12160\">Railway electrification<\/li>\n<li data-section-id=\"188jjqx\" data-start=\"12161\" data-end=\"12195\">Industrial infrastructure growth<\/li>\n<\/ul>\n<p data-start=\"12197\" data-end=\"12216\">Its combination of:<\/p>\n<ul data-start=\"12217\" data-end=\"12359\">\n<li data-section-id=\"1tymf4\" data-start=\"12217\" data-end=\"12243\">\u20b9309 crore revenue scale<\/li>\n<li data-section-id=\"1ie9b9e\" data-start=\"12244\" data-end=\"12264\">Growing order book<\/li>\n<li data-section-id=\"1695bcz\" data-start=\"12265\" data-end=\"12290\">Improving profitability<\/li>\n<li data-section-id=\"1ptk20h\" data-start=\"12291\" data-end=\"12316\">Manufacturing expansion<\/li>\n<li data-section-id=\"154ihtf\" data-start=\"12317\" data-end=\"12339\">Export opportunities<\/li>\n<li data-section-id=\"uycho\" data-start=\"12340\" data-end=\"12359\">Utility approvals<\/li>\n<\/ul>\n<p data-start=\"12361\" data-end=\"12451\">has increasingly positioned it as a company that investors are beginning to track more closely.<\/p>\n<p data-start=\"12453\" data-end=\"12701\" data-is-last-node=\"\" data-is-only-node=\"\">As India continues investing aggressively in electrical infrastructure, industrial expansion, and utility modernization, businesses like Indo SMC could become important beneficiaries of the country\u2019s long-term infrastructure transformation story.<\/p>\n<h2 data-section-id=\"sw719g\" data-start=\"0\" data-end=\"50\">Frequently Asked Questions (FAQs) About Indo SMC<\/h2>\n<p data-section-id=\"lq9jp8\" data-start=\"52\" data-end=\"88\"><strong>What does Indo SMC Limited do?<\/strong><\/p>\n<p data-start=\"90\" data-end=\"248\">Indo SMC Limited manufactures electrical and composite infrastructure products used across India\u2019s power distribution and industrial infrastructure ecosystem.<\/p>\n<p data-start=\"250\" data-end=\"281\">Its product portfolio includes:<\/p>\n<ul data-start=\"282\" data-end=\"425\">\n<li data-section-id=\"1g6sq1p\" data-start=\"282\" data-end=\"299\">SMC meter boxes<\/li>\n<li data-section-id=\"1y51gr3\" data-start=\"300\" data-end=\"323\">Electrical enclosures<\/li>\n<li data-section-id=\"xjmdbc\" data-start=\"324\" data-end=\"341\">FRP cable trays<\/li>\n<li data-section-id=\"90i0t7\" data-start=\"342\" data-end=\"352\">Gratings<\/li>\n<li data-section-id=\"1bfgodt\" data-start=\"353\" data-end=\"374\">Pultrusion profiles<\/li>\n<li data-section-id=\"tu20le\" data-start=\"375\" data-end=\"390\">CT\/PT systems<\/li>\n<li data-section-id=\"1hovmtt\" data-start=\"391\" data-end=\"405\">LTCT systems<\/li>\n<li data-section-id=\"18xcv2f\" data-start=\"406\" data-end=\"425\">Metering cubicles<\/li>\n<\/ul>\n<p data-start=\"427\" data-end=\"456\">The company primarily serves:<\/p>\n<ul data-start=\"457\" data-end=\"558\">\n<li data-section-id=\"4w6exw\" data-start=\"457\" data-end=\"466\">DISCOMs<\/li>\n<li data-section-id=\"17h314h\" data-start=\"467\" data-end=\"493\">State Electricity Boards<\/li>\n<li data-section-id=\"1upagdq\" data-start=\"494\" data-end=\"530\">Industrial infrastructure projects<\/li>\n<li data-section-id=\"aqefvm\" data-start=\"531\" data-end=\"541\">Railways<\/li>\n<li data-section-id=\"5qo93j\" data-start=\"542\" data-end=\"558\">Metro projects<\/li>\n<\/ul>\n<hr data-start=\"560\" data-end=\"563\" \/>\n<p data-section-id=\"dwocxe\" data-start=\"565\" data-end=\"614\"><strong>Why is Indo SMC gaining investor attention?<\/strong><\/p>\n<p data-start=\"616\" data-end=\"668\">Indo SMC is attracting investor interest because of:<\/p>\n<ul data-start=\"669\" data-end=\"844\">\n<li data-section-id=\"ftao8d\" data-start=\"669\" data-end=\"691\">Rapid revenue growth<\/li>\n<li data-section-id=\"gdq7mv\" data-start=\"692\" data-end=\"726\">Strong profitability improvement<\/li>\n<li data-section-id=\"1ie9b9e\" data-start=\"727\" data-end=\"747\">Growing order book<\/li>\n<li data-section-id=\"uycho\" data-start=\"748\" data-end=\"767\">Utility approvals<\/li>\n<li data-section-id=\"epo22o\" data-start=\"768\" data-end=\"800\">Infrastructure sector exposure<\/li>\n<li data-section-id=\"1iul5g5\" data-start=\"801\" data-end=\"819\">Export expansion<\/li>\n<li data-section-id=\"c22ywo\" data-start=\"820\" data-end=\"844\">Manufacturing scale-up<\/li>\n<\/ul>\n<p data-start=\"846\" data-end=\"1018\">The company scaled revenue from approximately \u20b928 crore in FY24 to around \u20b9309 crore in FY26, making it one of the fastest-growing SME infrastructure stories in the market.<\/p>\n<hr data-start=\"1020\" data-end=\"1023\" \/>\n<p data-section-id=\"h1taf7\" data-start=\"1025\" data-end=\"1071\"><strong>How fast has Indo SMC grown financially?<\/strong><\/p>\n<p data-start=\"1073\" data-end=\"1124\">The company has shown exceptional financial growth.<\/p>\n<p data-section-id=\"bebnf2\" data-start=\"1126\" data-end=\"1143\">Revenue Growth<\/p>\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"1145\" data-end=\"1238\">\n<thead data-start=\"1145\" data-end=\"1163\">\n<tr data-start=\"1145\" data-end=\"1163\">\n<th class=\"last:pe-10\" data-start=\"1145\" data-end=\"1152\" data-col-size=\"sm\">Year<\/th>\n<th class=\"last:pe-10\" data-start=\"1152\" data-end=\"1163\" data-col-size=\"sm\">Revenue<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"1174\" data-end=\"1238\">\n<tr data-start=\"1174\" data-end=\"1194\">\n<td data-start=\"1174\" data-end=\"1181\" data-col-size=\"sm\">FY24<\/td>\n<td data-start=\"1181\" data-end=\"1194\" data-col-size=\"sm\">\u20b928.03 Cr<\/td>\n<\/tr>\n<tr data-start=\"1195\" data-end=\"1216\">\n<td data-start=\"1195\" data-end=\"1202\" data-col-size=\"sm\">FY25<\/td>\n<td data-start=\"1202\" data-end=\"1216\" data-col-size=\"sm\">\u20b9138.69 Cr<\/td>\n<\/tr>\n<tr data-start=\"1217\" data-end=\"1238\">\n<td data-start=\"1217\" data-end=\"1224\" data-col-size=\"sm\">FY26<\/td>\n<td data-start=\"1224\" data-end=\"1238\" data-col-size=\"sm\">\u20b9309.74 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p data-section-id=\"1nd8wj5\" data-start=\"1240\" data-end=\"1253\">PAT Growth<\/p>\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"1255\" data-end=\"1341\">\n<thead data-start=\"1255\" data-end=\"1269\">\n<tr data-start=\"1255\" data-end=\"1269\">\n<th class=\"last:pe-10\" data-start=\"1255\" data-end=\"1262\" data-col-size=\"sm\">Year<\/th>\n<th class=\"last:pe-10\" data-start=\"1262\" data-end=\"1269\" data-col-size=\"sm\">PAT<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"1280\" data-end=\"1341\">\n<tr data-start=\"1280\" data-end=\"1299\">\n<td data-start=\"1280\" data-end=\"1287\" data-col-size=\"sm\">FY24<\/td>\n<td data-start=\"1287\" data-end=\"1299\" data-col-size=\"sm\">\u20b93.00 Cr<\/td>\n<\/tr>\n<tr data-start=\"1300\" data-end=\"1320\">\n<td data-start=\"1300\" data-end=\"1307\" data-col-size=\"sm\">FY25<\/td>\n<td data-start=\"1307\" data-end=\"1320\" data-col-size=\"sm\">\u20b916.83 Cr<\/td>\n<\/tr>\n<tr data-start=\"1321\" data-end=\"1341\">\n<td data-start=\"1321\" data-end=\"1328\" data-col-size=\"sm\">FY26<\/td>\n<td data-start=\"1328\" data-end=\"1341\" data-col-size=\"sm\">\u20b932.38 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p data-start=\"1343\" data-end=\"1425\">This reflects rapid business expansion alongside improving operational efficiency.<\/p>\n<hr data-start=\"1427\" data-end=\"1430\" \/>\n<p data-section-id=\"4oi6g5\" data-start=\"1432\" data-end=\"1476\"><strong>What is Indo SMC\u2019s current order book?<\/strong><\/p>\n<p data-start=\"1478\" data-end=\"1503\">Management has disclosed:<\/p>\n<ul data-start=\"1504\" data-end=\"1616\">\n<li data-section-id=\"vqd8uv\" data-start=\"1504\" data-end=\"1554\">Confirmed order book of approximately \u20b9142 crore<\/li>\n<li data-section-id=\"9bo5sf\" data-start=\"1555\" data-end=\"1616\">Expected order book target of around \u20b9250 crore by FY26-end<\/li>\n<\/ul>\n<p data-start=\"1618\" data-end=\"1647\">A strong order book provides:<\/p>\n<ul data-start=\"1648\" data-end=\"1728\">\n<li data-section-id=\"127tkes\" data-start=\"1648\" data-end=\"1668\">Revenue visibility<\/li>\n<li data-section-id=\"q0b3m9\" data-start=\"1669\" data-end=\"1704\">Manufacturing planning confidence<\/li>\n<li data-section-id=\"81iszq\" data-start=\"1705\" data-end=\"1728\">Growth predictability<\/li>\n<\/ul>\n<hr data-start=\"1730\" data-end=\"1733\" \/>\n<p data-section-id=\"14o3zc0\" data-start=\"1735\" data-end=\"1780\"><strong>Which sectors does Indo SMC operate in?<\/strong><\/p>\n<p data-start=\"1782\" data-end=\"1857\">Indo SMC operates across multiple infrastructure-focused sectors, including:<\/p>\n<ul data-start=\"1858\" data-end=\"2009\">\n<li data-section-id=\"g65y99\" data-start=\"1858\" data-end=\"1878\">Power distribution<\/li>\n<li data-section-id=\"1tm729\" data-start=\"1879\" data-end=\"1906\">Electrical infrastructure<\/li>\n<li data-section-id=\"4swtqg\" data-start=\"1907\" data-end=\"1934\">Industrial infrastructure<\/li>\n<li data-section-id=\"aqefvm\" data-start=\"1935\" data-end=\"1945\">Railways<\/li>\n<li data-section-id=\"5qo93j\" data-start=\"1946\" data-end=\"1962\">Metro projects<\/li>\n<li data-section-id=\"1ra64l7\" data-start=\"1963\" data-end=\"1985\">Defense applications<\/li>\n<li data-section-id=\"o8vd3t\" data-start=\"1986\" data-end=\"2009\">Utility modernization<\/li>\n<\/ul>\n<hr data-start=\"2011\" data-end=\"2014\" \/>\n<p data-section-id=\"1ol2bpm\" data-start=\"2016\" data-end=\"2071\"><strong>Why are utility approvals important for Indo SMC?<\/strong><\/p>\n<p data-start=\"2073\" data-end=\"2138\">The electrical infrastructure industry is highly approval-driven.<\/p>\n<p data-start=\"2140\" data-end=\"2173\">Indo SMC has approvals including:<\/p>\n<ul data-start=\"2174\" data-end=\"2219\">\n<li data-section-id=\"7wx7zq\" data-start=\"2174\" data-end=\"2219\">MSEDCL approval for 11 kV metering cubicles<\/li>\n<\/ul>\n<p data-start=\"2221\" data-end=\"2243\">Such approvals create:<\/p>\n<ul data-start=\"2244\" data-end=\"2360\">\n<li data-section-id=\"2f1k8s\" data-start=\"2244\" data-end=\"2265\">High entry barriers<\/li>\n<li data-section-id=\"1wcdcfq\" data-start=\"2266\" data-end=\"2286\">Vendor credibility<\/li>\n<li data-section-id=\"1qdcvct\" data-start=\"2287\" data-end=\"2317\">Access to government tenders<\/li>\n<li data-section-id=\"mk5vqw\" data-start=\"2318\" data-end=\"2360\">Long-term utility business opportunities<\/li>\n<\/ul>\n<p data-start=\"2362\" data-end=\"2459\">Management has indicated that new entrants may require several years to obtain similar approvals.<\/p>\n<hr data-start=\"2461\" data-end=\"2464\" \/>\n<p data-section-id=\"v1uyf4\" data-start=\"2466\" data-end=\"2512\"><strong>What products drive Indo SMC\u2019s business?<\/strong><\/p>\n<p data-start=\"2514\" data-end=\"2564\">The company operates through three major segments:<\/p>\n<p data-section-id=\"zknarn\" data-start=\"2566\" data-end=\"2582\">SMC Products<\/p>\n<ul data-start=\"2583\" data-end=\"2620\">\n<li data-section-id=\"1vnaixs\" data-start=\"2583\" data-end=\"2596\">Meter boxes<\/li>\n<li data-section-id=\"1y51gr3\" data-start=\"2597\" data-end=\"2620\">Electrical enclosures<\/li>\n<\/ul>\n<p data-section-id=\"65uy3e\" data-start=\"2622\" data-end=\"2638\">FRP Products<\/p>\n<ul data-start=\"2639\" data-end=\"2685\">\n<li data-section-id=\"eb6auk\" data-start=\"2639\" data-end=\"2652\">Cable trays<\/li>\n<li data-section-id=\"90i0t7\" data-start=\"2653\" data-end=\"2663\">Gratings<\/li>\n<li data-section-id=\"1bfgodt\" data-start=\"2664\" data-end=\"2685\">Pultrusion profiles<\/li>\n<\/ul>\n<p data-section-id=\"1jgayr4\" data-start=\"2687\" data-end=\"2710\">Electrical Products<\/p>\n<ul data-start=\"2711\" data-end=\"2761\">\n<li data-section-id=\"tu20le\" data-start=\"2711\" data-end=\"2726\">CT\/PT systems<\/li>\n<li data-section-id=\"1hovmtt\" data-start=\"2727\" data-end=\"2741\">LTCT systems<\/li>\n<li data-section-id=\"18xcv2f\" data-start=\"2742\" data-end=\"2761\">Metering cubicles<\/li>\n<\/ul>\n<p data-start=\"2763\" data-end=\"2838\">This diversified portfolio reduces dependence on a single product category.<\/p>\n<hr data-start=\"2840\" data-end=\"2843\" \/>\n<p data-section-id=\"1ivfc0b\" data-start=\"2845\" data-end=\"2878\"><strong>How profitable is Indo SMC?<\/strong><\/p>\n<p data-start=\"2880\" data-end=\"2935\">The company has shown strong profitability improvement.<\/p>\n<p data-section-id=\"2ctka0\" data-start=\"2937\" data-end=\"2954\">EBITDA Growth<\/p>\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"2956\" data-end=\"3045\">\n<thead data-start=\"2956\" data-end=\"2973\">\n<tr data-start=\"2956\" data-end=\"2973\">\n<th class=\"last:pe-10\" data-start=\"2956\" data-end=\"2963\" data-col-size=\"sm\">Year<\/th>\n<th class=\"last:pe-10\" data-start=\"2963\" data-end=\"2973\" data-col-size=\"sm\">EBITDA<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"2984\" data-end=\"3045\">\n<tr data-start=\"2984\" data-end=\"3003\">\n<td data-start=\"2984\" data-end=\"2991\" data-col-size=\"sm\">FY24<\/td>\n<td data-start=\"2991\" data-end=\"3003\" data-col-size=\"sm\">\u20b95.08 Cr<\/td>\n<\/tr>\n<tr data-start=\"3004\" data-end=\"3024\">\n<td data-start=\"3004\" data-end=\"3011\" data-col-size=\"sm\">FY25<\/td>\n<td data-start=\"3011\" data-end=\"3024\" data-col-size=\"sm\">\u20b923.49 Cr<\/td>\n<\/tr>\n<tr data-start=\"3025\" data-end=\"3045\">\n<td data-start=\"3025\" data-end=\"3032\" data-col-size=\"sm\">FY26<\/td>\n<td data-start=\"3032\" data-end=\"3045\" data-col-size=\"sm\">\u20b947.64 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p data-section-id=\"ctssjy\" data-start=\"3047\" data-end=\"3062\">PAT Margins<\/p>\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"3064\" data-end=\"3149\">\n<thead data-start=\"3064\" data-end=\"3085\">\n<tr data-start=\"3064\" data-end=\"3085\">\n<th class=\"last:pe-10\" data-start=\"3064\" data-end=\"3071\" data-col-size=\"sm\">Year<\/th>\n<th class=\"last:pe-10\" data-start=\"3071\" data-end=\"3085\" data-col-size=\"sm\">PAT Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"3096\" data-end=\"3149\">\n<tr data-start=\"3096\" data-end=\"3113\">\n<td data-start=\"3096\" data-end=\"3103\" data-col-size=\"sm\">FY24<\/td>\n<td data-start=\"3103\" data-end=\"3113\" data-col-size=\"sm\">~10.7%<\/td>\n<\/tr>\n<tr data-start=\"3114\" data-end=\"3131\">\n<td data-start=\"3114\" data-end=\"3121\" data-col-size=\"sm\">FY25<\/td>\n<td data-start=\"3121\" data-end=\"3131\" data-col-size=\"sm\">~12.1%<\/td>\n<\/tr>\n<tr data-start=\"3132\" data-end=\"3149\">\n<td data-start=\"3132\" data-end=\"3139\" data-col-size=\"sm\">FY26<\/td>\n<td data-start=\"3139\" data-end=\"3149\" data-col-size=\"sm\">~10.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p data-start=\"3151\" data-end=\"3193\">Management attributes this improvement to:<\/p>\n<ul data-start=\"3194\" data-end=\"3293\">\n<li data-section-id=\"1lqrd26\" data-start=\"3194\" data-end=\"3214\">Operating leverage<\/li>\n<li data-section-id=\"to9oxj\" data-start=\"3215\" data-end=\"3248\">Better procurement efficiencies<\/li>\n<li data-section-id=\"c22ywo\" data-start=\"3249\" data-end=\"3273\">Manufacturing scale-up<\/li>\n<li data-section-id=\"14zamua\" data-start=\"3274\" data-end=\"3293\">Cost optimization<\/li>\n<\/ul>\n<hr data-start=\"3295\" data-end=\"3298\" \/>\n<p data-section-id=\"1pq9ygv\" data-start=\"3300\" data-end=\"3346\"><strong>Has Indo SMC improved its balance sheet?<\/strong><\/p>\n<p data-start=\"3348\" data-end=\"3352\">Yes.<\/p>\n<p data-start=\"3354\" data-end=\"3413\">One of the biggest improvements has been in debt reduction.<\/p>\n<p data-section-id=\"43zt66\" data-start=\"3415\" data-end=\"3439\">Debt-to-Equity Ratio<\/p>\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"3441\" data-end=\"3527\">\n<thead data-start=\"3441\" data-end=\"3466\">\n<tr data-start=\"3441\" data-end=\"3466\">\n<th class=\"last:pe-10\" data-start=\"3441\" data-end=\"3448\" data-col-size=\"sm\">Year<\/th>\n<th class=\"last:pe-10\" data-start=\"3448\" data-end=\"3466\" data-col-size=\"sm\">Debt-to-Equity<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"3477\" data-end=\"3527\">\n<tr data-start=\"3477\" data-end=\"3493\">\n<td data-start=\"3477\" data-end=\"3484\" data-col-size=\"sm\">FY24<\/td>\n<td data-start=\"3484\" data-end=\"3493\" data-col-size=\"sm\">3.05x<\/td>\n<\/tr>\n<tr data-start=\"3494\" data-end=\"3510\">\n<td data-start=\"3494\" data-end=\"3501\" data-col-size=\"sm\">FY25<\/td>\n<td data-start=\"3501\" data-end=\"3510\" data-col-size=\"sm\">0.97x<\/td>\n<\/tr>\n<tr data-start=\"3511\" data-end=\"3527\">\n<td data-start=\"3511\" data-end=\"3518\" data-col-size=\"sm\">FY26<\/td>\n<td data-start=\"3518\" data-end=\"3527\" data-col-size=\"sm\">0.30x<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p data-start=\"3529\" data-end=\"3544\">This indicates:<\/p>\n<ul data-start=\"3545\" data-end=\"3628\">\n<li data-section-id=\"1jdh8g\" data-start=\"3545\" data-end=\"3575\">Stronger financial stability<\/li>\n<li data-section-id=\"lfmu9v\" data-start=\"3576\" data-end=\"3597\">Lower leverage risk<\/li>\n<li data-section-id=\"18bpvks\" data-start=\"3598\" data-end=\"3628\">Better balance sheet quality<\/li>\n<\/ul>\n<hr data-start=\"3630\" data-end=\"3633\" \/>\n<p data-section-id=\"f5wm5m\" data-start=\"3635\" data-end=\"3683\"><strong>What are Indo SMC\u2019s ROE and ROCE numbers?<\/strong><\/p>\n<p data-start=\"3685\" data-end=\"3732\">The company has delivered strong return ratios.<\/p>\n<div class=\"group TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"3734\" data-end=\"3795\">\n<thead data-start=\"3734\" data-end=\"3750\">\n<tr data-start=\"3734\" data-end=\"3750\">\n<th class=\"last:pe-10\" data-start=\"3734\" data-end=\"3742\" data-col-size=\"sm\">Ratio<\/th>\n<th class=\"last:pe-10\" data-start=\"3742\" data-end=\"3750\" data-col-size=\"sm\">FY26<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"3761\" data-end=\"3795\">\n<tr data-start=\"3761\" data-end=\"3777\">\n<td data-start=\"3761\" data-end=\"3767\" data-col-size=\"sm\">ROE<\/td>\n<td data-start=\"3767\" data-end=\"3777\" data-col-size=\"sm\">21.01%<\/td>\n<\/tr>\n<tr data-start=\"3778\" data-end=\"3795\">\n<td data-start=\"3778\" data-end=\"3785\" data-col-size=\"sm\">ROCE<\/td>\n<td data-start=\"3785\" data-end=\"3795\" data-col-size=\"sm\">22.98%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p data-start=\"3797\" data-end=\"3837\">Strong return ratios generally indicate:<\/p>\n<ul data-start=\"3838\" data-end=\"3922\">\n<li data-section-id=\"1fzsj5l\" data-start=\"3838\" data-end=\"3869\">Efficient capital utilization<\/li>\n<li data-section-id=\"1b49gtx\" data-start=\"3870\" data-end=\"3892\">Operational strength<\/li>\n<li data-section-id=\"7t3gp1\" data-start=\"3893\" data-end=\"3922\">Scalable business economics<\/li>\n<\/ul>\n<hr data-start=\"3924\" data-end=\"3927\" \/>\n<p data-section-id=\"1xoigkq\" data-start=\"3929\" data-end=\"3968\"><strong>Is Indo SMC involved in exports?<\/strong><\/p>\n<p data-start=\"3970\" data-end=\"3974\">Yes.<\/p>\n<p data-start=\"3976\" data-end=\"3997\">The company recently:<\/p>\n<ul data-start=\"3998\" data-end=\"4042\">\n<li data-section-id=\"1hnm0gq\" data-start=\"3998\" data-end=\"4042\">Shipped its first export container to Oman<\/li>\n<\/ul>\n<p data-start=\"4044\" data-end=\"4071\">Exported products included:<\/p>\n<ul data-start=\"4072\" data-end=\"4122\">\n<li data-section-id=\"xjmdbc\" data-start=\"4072\" data-end=\"4089\">FRP cable trays<\/li>\n<li data-section-id=\"90i0t7\" data-start=\"4090\" data-end=\"4100\">Gratings<\/li>\n<li data-section-id=\"1bbkn2p\" data-start=\"4101\" data-end=\"4122\">Pultrusion products<\/li>\n<\/ul>\n<p data-start=\"4124\" data-end=\"4177\">Management has also highlighted expansion plans into:<\/p>\n<ul data-start=\"4178\" data-end=\"4208\">\n<li data-section-id=\"1wccxg6\" data-start=\"4178\" data-end=\"4186\">Africa<\/li>\n<li data-section-id=\"1yz4fxs\" data-start=\"4187\" data-end=\"4195\">Europe<\/li>\n<li data-section-id=\"1i0pq9\" data-start=\"4196\" data-end=\"4208\">UK markets<\/li>\n<\/ul>\n<hr data-start=\"4210\" data-end=\"4213\" \/>\n<p data-section-id=\"1dgxsgi\" data-start=\"4215\" data-end=\"4262\"><strong>What expansion plans does Indo SMC have?<\/strong><\/p>\n<p data-start=\"4264\" data-end=\"4331\">The company is investing aggressively in manufacturing expansion.<\/p>\n<p data-section-id=\"mywwpd\" data-start=\"4333\" data-end=\"4358\">Key CAPEX Initiatives<\/p>\n<ul data-start=\"4359\" data-end=\"4478\">\n<li data-section-id=\"1fhh12o\" data-start=\"4359\" data-end=\"4383\">2000-ton press machine<\/li>\n<li data-section-id=\"73v0w6\" data-start=\"4384\" data-end=\"4416\">Additional pultrusion machines<\/li>\n<li data-section-id=\"1ncoou1\" data-start=\"4417\" data-end=\"4446\">Manufacturing modernization<\/li>\n<li data-section-id=\"1k3fqt7\" data-start=\"4447\" data-end=\"4478\">Technical laboratory upgrades<\/li>\n<\/ul>\n<p data-start=\"4480\" data-end=\"4522\">These investments are expected to support:<\/p>\n<ul data-start=\"4523\" data-end=\"4602\">\n<li data-section-id=\"ah6d4i\" data-start=\"4523\" data-end=\"4542\">Higher production<\/li>\n<li data-section-id=\"mmrdsn\" data-start=\"4543\" data-end=\"4562\">Product approvals<\/li>\n<li data-section-id=\"zjpopt\" data-start=\"4563\" data-end=\"4581\">Capacity scaling<\/li>\n<li data-section-id=\"yl8ggu\" data-start=\"4582\" data-end=\"4602\">Margin improvement<\/li>\n<\/ul>\n<hr data-start=\"4604\" data-end=\"4607\" \/>\n<p data-section-id=\"1mpgnuo\" data-start=\"4609\" data-end=\"4657\"><strong>What is driving Indo SMC\u2019s future growth?<\/strong><\/p>\n<p data-start=\"4659\" data-end=\"4688\">Major growth drivers include:<\/p>\n<ul data-start=\"4689\" data-end=\"4895\">\n<li data-section-id=\"1nnb0dc\" data-start=\"4689\" data-end=\"4733\">India\u2019s power infrastructure modernization<\/li>\n<li data-section-id=\"1lt41jk\" data-start=\"4734\" data-end=\"4757\">Smart grid deployment<\/li>\n<li data-section-id=\"dzvanq\" data-start=\"4758\" data-end=\"4780\">Utility capex growth<\/li>\n<li data-section-id=\"1bj55ds\" data-start=\"4781\" data-end=\"4806\">Railway electrification<\/li>\n<li data-section-id=\"na3yr9\" data-start=\"4807\" data-end=\"4837\">Renewable energy integration<\/li>\n<li data-section-id=\"14qzx8v\" data-start=\"4838\" data-end=\"4872\">Industrial infrastructure demand<\/li>\n<li data-section-id=\"154ihtf\" data-start=\"4873\" data-end=\"4895\">Export opportunities<\/li>\n<\/ul>\n<hr data-start=\"4897\" data-end=\"4900\" \/>\n<p data-section-id=\"syd95t\" data-start=\"4902\" data-end=\"4942\"><strong>Is Indo SMC entering new sectors?<\/strong><\/p>\n<p data-start=\"4944\" data-end=\"4948\">Yes.<\/p>\n<p data-start=\"4950\" data-end=\"4995\">Beyond utilities, Indo SMC is expanding into:<\/p>\n<ul data-start=\"4996\" data-end=\"5080\">\n<li data-section-id=\"aqefvm\" data-start=\"4996\" data-end=\"5006\">Railways<\/li>\n<li data-section-id=\"49dzji\" data-start=\"5007\" data-end=\"5029\">Metro infrastructure<\/li>\n<li data-section-id=\"1j5b66t\" data-start=\"5030\" data-end=\"5054\">Defense infrastructure<\/li>\n<li data-section-id=\"vndj6\" data-start=\"5055\" data-end=\"5080\">Automotive applications<\/li>\n<\/ul>\n<p data-start=\"5082\" data-end=\"5160\">Management also referenced opportunities linked to the Vande Bharat ecosystem.<\/p>\n<hr data-start=\"5162\" data-end=\"5165\" \/>\n<p data-section-id=\"2a6w41\" data-start=\"5167\" data-end=\"5223\"><strong>Has Indo SMC improved working capital efficiency?<\/strong><\/p>\n<p data-start=\"5225\" data-end=\"5229\">Yes.<\/p>\n<p data-start=\"5231\" data-end=\"5293\">Management stated that receivable days improved significantly:<\/p>\n<ul data-start=\"5294\" data-end=\"5326\">\n<li data-section-id=\"ntghs4\" data-start=\"5294\" data-end=\"5309\">From ~83 days<\/li>\n<li data-section-id=\"14nz784\" data-start=\"5310\" data-end=\"5326\">To ~40\u201345 days<\/li>\n<\/ul>\n<p data-start=\"5328\" data-end=\"5343\">This indicates:<\/p>\n<ul data-start=\"5344\" data-end=\"5430\">\n<li data-section-id=\"9oa9oe\" data-start=\"5344\" data-end=\"5368\">Faster cash conversion<\/li>\n<li data-section-id=\"4q1d8b\" data-start=\"5369\" data-end=\"5398\">Better financial discipline<\/li>\n<li data-section-id=\"3vdfsd\" data-start=\"5399\" data-end=\"5430\">Improved liquidity management<\/li>\n<\/ul>\n<hr data-start=\"5432\" data-end=\"5435\" \/>\n<p data-section-id=\"1eit7qy\" data-start=\"5437\" data-end=\"5511\"><strong>What makes Indo SMC different from generic manufacturing companies?<\/strong><\/p>\n<p data-start=\"5513\" data-end=\"5564\">Unlike generic manufacturers, Indo SMC operates in:<\/p>\n<ul data-start=\"5565\" data-end=\"5691\">\n<li data-section-id=\"1tvj3t4\" data-start=\"5565\" data-end=\"5605\">Approval-driven infrastructure sectors<\/li>\n<li data-section-id=\"150u510\" data-start=\"5606\" data-end=\"5633\">Utility-linked businesses<\/li>\n<li data-section-id=\"14nkz6e\" data-start=\"5634\" data-end=\"5691\">Specialized electrical and composite product categories<\/li>\n<\/ul>\n<p data-start=\"5693\" data-end=\"5706\">This creates:<\/p>\n<ul data-start=\"5707\" data-end=\"5812\">\n<li data-section-id=\"1nrohi9\" data-start=\"5707\" data-end=\"5733\">Technical entry barriers<\/li>\n<li data-section-id=\"1lff9jz\" data-start=\"5734\" data-end=\"5767\">Stronger customer relationships<\/li>\n<li data-section-id=\"h9e5lz\" data-start=\"5768\" data-end=\"5812\">Long-term infrastructure demand visibility<\/li>\n<\/ul>\n<hr data-start=\"5814\" data-end=\"5817\" \/>\n<p data-section-id=\"1fttqlk\" data-start=\"5819\" data-end=\"5874\"><strong>What are the key risks investors should monitor?<\/strong><\/p>\n<p data-start=\"5876\" data-end=\"5900\">Important risks include:<\/p>\n<ul data-start=\"5901\" data-end=\"6071\">\n<li data-section-id=\"1boov5w\" data-start=\"5901\" data-end=\"5924\">Order execution risks<\/li>\n<li data-section-id=\"2l9x9j\" data-start=\"5925\" data-end=\"5953\">Commodity price volatility<\/li>\n<li data-section-id=\"y9wx32\" data-start=\"5954\" data-end=\"5984\">Government tender dependency<\/li>\n<li data-section-id=\"4e4z30\" data-start=\"5985\" data-end=\"6016\">Infrastructure project delays<\/li>\n<li data-section-id=\"1ewaza8\" data-start=\"6017\" data-end=\"6043\">Expansion execution risk<\/li>\n<li data-section-id=\"1j6fbj5\" data-start=\"6044\" data-end=\"6071\">Export scaling challenges<\/li>\n<\/ul>\n<p data-start=\"6073\" data-end=\"6154\">Like most infrastructure-oriented businesses, execution quality remains critical.<\/p>\n<hr data-start=\"6156\" data-end=\"6159\" \/>\n<p data-section-id=\"34ikvh\" data-start=\"6161\" data-end=\"6231\"><strong>What is Indo SMC\u2019s market capitalization and stock performance?<\/strong><\/p>\n<p data-start=\"6233\" data-end=\"6266\">As per the investor presentation:<\/p>\n<ul data-start=\"6267\" data-end=\"6347\">\n<li data-section-id=\"az4sgr\" data-start=\"6267\" data-end=\"6303\">Market Capitalization: ~\u20b9565.78 Cr<\/li>\n<li data-section-id=\"10pxpn8\" data-start=\"6304\" data-end=\"6326\">Share Price: \u20b9247.55<\/li>\n<li data-section-id=\"1nwx7wl\" data-start=\"6327\" data-end=\"6347\">52-week High: \u20b9262<\/li>\n<\/ul>\n<p data-start=\"6349\" data-end=\"6468\">The stock has increasingly gained investor attention due to strong financial growth and infrastructure sector exposure.<\/p>\n<hr data-start=\"6470\" data-end=\"6473\" \/>\n<p data-section-id=\"ayevx\" data-start=\"6475\" data-end=\"6542\"><strong>Why is Indo SMC linked to India\u2019s power infrastructure boom?<\/strong><\/p>\n<p data-start=\"6544\" data-end=\"6588\">Indo SMC supplies products directly used in:<\/p>\n<ul data-start=\"6589\" data-end=\"6724\">\n<li data-section-id=\"cr8aw0\" data-start=\"6589\" data-end=\"6618\">Power distribution networks<\/li>\n<li data-section-id=\"o8vd3t\" data-start=\"6619\" data-end=\"6642\">Utility modernization<\/li>\n<li data-section-id=\"g1rmq1\" data-start=\"6643\" data-end=\"6669\">Smart electrical systems<\/li>\n<li data-section-id=\"s43ubo\" data-start=\"6670\" data-end=\"6695\">Metering infrastructure<\/li>\n<li data-section-id=\"rarmm\" data-start=\"6696\" data-end=\"6724\">Industrial electrification<\/li>\n<\/ul>\n<p data-start=\"6726\" data-end=\"6874\">As India continues investing heavily into electrical and infrastructure upgrades, companies supplying critical components may benefit significantly.<\/p>\n<hr data-start=\"6876\" data-end=\"6879\" \/>\n<p data-section-id=\"1dzimt2\" data-start=\"6881\" data-end=\"6936\"><strong>Why are investors closely watching Indo SMC now?<\/strong><\/p>\n<p data-start=\"6938\" data-end=\"7018\">Investors are tracking Indo SMC because it combines multiple high-growth themes:<\/p>\n<ul>\n<li data-start=\"7020\" data-end=\"7251\">Power infrastructure exposure<\/li>\n<li data-start=\"7020\" data-end=\"7251\">Rapid revenue growth<\/li>\n<li data-start=\"7020\" data-end=\"7251\">Expanding order book<\/li>\n<li data-start=\"7020\" data-end=\"7251\">Margin improvement<\/li>\n<li data-start=\"7020\" data-end=\"7251\">Utility approvals<\/li>\n<li data-start=\"7020\" data-end=\"7251\">Manufacturing expansion<\/li>\n<li data-start=\"7020\" data-end=\"7251\">Export opportunities<\/li>\n<li data-start=\"7020\" data-end=\"7251\">Improving balance sheet<\/li>\n<li data-start=\"7020\" data-end=\"7251\">Strong ROE &amp; ROCE<\/li>\n<\/ul>\n<p data-start=\"7253\" data-end=\"7388\" data-is-last-node=\"\" data-is-only-node=\"\">This combination has positioned Indo SMC as one of the emerging SME infrastructure growth stories being closely followed in the market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s infrastructure transformation is creating a new generation of high-growth manufacturing companies. While most market<\/p>\n","protected":false},"author":1,"featured_media":1135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[988,1004],"tags":[1046,1042,1048,1024,996,1040,1044,1054,1050,1026,1052],"class_list":["post-1131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indo-smc","category-listed-shares-growth-story","tag-electrical-infrastructure-company","tag-indo-smc-financial-analysis","tag-indo-smc-fy26-revenue","tag-indo-smc-growth-story","tag-indo-smc-order-book","tag-indo-smc-revenue-growth","tag-indo-smc-sme-stock","tag-indo-smc-stock-analysis","tag-infrastructure-manufacturing-stocks","tag-power-infrastructure-stocks-india","tag-utility-infrastructure-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>From \u20b97 Cr to \u20b9309 Cr Revenue: Indo SMC\u2019s Incredible Growth Story -<\/title>\n<meta name=\"description\" content=\"Check Indo SMC\u2019s growth story from \u20b97 Cr to \u20b9309 Cr revenue. 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