Indo SMC targets ₹450-500 cr revenue for FY27, flags Vande Bharat clearance

Tipsheet Editorial — Mon, 25 May 2026 17:28:33 GMT

The electrical equipment maker wants to nearly double revenue after posting ₹309.7 cr in FY26. A Vande Bharat supply clearance is expected by end of June.

What’s new

FY27 revenue target set at ₹450-500 cr, with EBITDA margins expected to stay above 15%.
Order book was ₹237 cr at March-end; ₹125 cr in fresh orders came in April-May.
Clearance to supply components for Vande Bharat trains is expected by end of June.

Why it matters

The ₹450-500 cr target implies 45-62% revenue growth. Management is pinning the expansion on higher-margin product mix and a key railway clearance. The Vande Bharat component supply, if secured, would validate the push into railway signalling and electrical systems.

What we’re watching

Whether the Vande Bharat clearance comes through by end of June as guided.
Actual FY27 revenue against the ₹450-500 cr target.
Margin trend as the product mix shifts toward transformers and bus ducts.

The full read

Indo SMC wants to nearly double revenue. The electrical equipment maker posted ₹309.7 crore in FY26 sales and ₹32.4 crore in profit. Now it is targeting ₹450-500 crore for FY27, with EBITDA margins above 15%. The push depends on a mix of higher-margin products like current transformers and bus ducts, plus a railway clearance. The company is waiting for approval to supply components for Vande Bharat trains, which it expects by end of June. The order book backs up the ambition. It stood at ₹237 crore at March-end, with another ₹125 crore in fresh orders since then. The transcript itself adds no new numbers beyond the prior concall summary, but the railway angle is the one to watch.

Primary source: BSE · NSE

Indo SMC targets ₹500 cr revenue this year on high-margin pivot

Tipsheet Editorial — Fri, 22 May 2026 17:36:21 GMT

The electrical equipment maker eyes a railway-sector breakthrough with upcoming Vande Bharat component certification.

What’s new

Management targets ₹450-500 cr revenue for FY25 and ₹1,000 cr by FY28.
EBITDA margins climbed to 15% in FY24, rising from 11% in the prior half-year.
Order books reached ₹237 cr in March, with ₹125 cr added in April and May.

Why it matters

The company’s shift toward specialized products like current transformers lifted EBITDA margins to 15%. Success depends on clearing the Vande Bharat qualification hurdle by late June.

What we’re watching

Receipt of Vande Bharat supply clearance by late June.
Sustainability of the 15% EBITDA margin as revenue scales toward ₹1,000 cr.
Working capital efficiency to support order growth.

The full read

Indo SMC enters the fiscal year with revenue targets of ₹450-500 crore. After closing FY24 with 15% EBITDA margins, up from 11% in the second half of the previous year, management is moving into higher-margin equipment like meter cubicles and current transformers. The order pipeline provides a base, with the company adding ₹125 crore in new contracts over April and May to its year-end book of ₹237 crore. The next step is entry into the railway sector. Indo SMC expects a decision on Vande Bharat component approvals by late June. If cleared, this provides the platform for their goal of reaching ₹1,000 crore in annual revenue by FY28. The guidance is specific. The reliance on a single major railway contract makes the next month a deciding moment for the company's growth plan.

Primary source: BSE · NSE

Indo Smc Ltd. (INDOSMC) — Tipsheet

Indo SMC targets ₹450-500 cr revenue for FY27, flags Vande Bharat clearance

What’s new

Why it matters

What we’re watching

The full read

Indo SMC targets ₹500 cr revenue this year on high-margin pivot

What’s new

Why it matters

What we’re watching

The full read