Indo SMC targets ₹500 cr revenue this year on high-margin pivot
The electrical equipment maker eyes a railway-sector breakthrough with upcoming Vande Bharat component certification.
— 1 earlier story on Indo Smc Ltd. →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 this 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.
Indo Smc Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on INDOSMC →- 22 May 2026 · 5:36 PM IST Indo SMC targets ₹500 cr revenue this year on high-margin pivot
- 57d ago Indo SMC targets ₹450-500 cr revenue for FY27, flags Vande Bharat clearance