Indo SMC targets ₹450-500 cr revenue for FY27, flags Vande Bharat clearance
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.
— 1 earlier story on Indo Smc Ltd. →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 this 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.
Questions answered
- What was Indo SMC's financial performance in FY26?
- Audited FY26 revenue was ₹309.7 crore and net profit was ₹32.4 crore. The earnings call was held on May 22 to discuss these results.
- What is the company's guidance for FY27?
- Management set a revenue target of ₹450-500 crore for FY27 and expects to maintain EBITDA margins above 15%. A longer-term goal is to exceed ₹1,000 crore in turnover over three years.
- How strong is the order book?
- The order book stood at ₹237 crore at March-end. Management said it received an additional ₹125 crore of fresh orders in April and May.
- What is the Vande Bharat opportunity?
- Indo SMC is awaiting clearance to supply components for Vande Bharat trains. Management expects the clearance by the end of June, which would be a new revenue stream for the company.
Indo Smc Ltd.
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All notes on INDOSMC →- 25 May 2026 · 5:28 PM IST Indo SMC targets ₹450-500 cr revenue for FY27, flags Vande Bharat clearance
- 45d ago Indo SMC targets ₹500 cr revenue this year on high-margin pivot