Ace investor Ashish Kacholia appears to have struck gold once again with his investment in Indo SMC, a small-cap engineering company focused on the rapidly expanding power and railway sectors. Having backed the company as an anchor investor during its IPO and subsequently increasing his stake through market purchases, Kacholia now owns 4.36% of the company, underlining his confidence in its long-term prospects.
The market has rewarded that conviction. Since its IPO in January 2026 at an issue price of ₹149, Indo SMC’s shares have rallied an impressive 201%, making it one of the standout performers among recent listings.
Strong Quarterly Performance
The company’s latest financial performance provides further justification for investor optimism.
For the first quarter of FY27, Indo SMC reported a remarkable 135.96% year-on-year growth in revenue, reflecting robust execution and healthy demand across its business segments. Such strong growth indicates that the company is benefiting from increasing capital expenditure in India’s infrastructure sector, particularly in power transmission and railway electrification.
The sharp improvement in topline also demonstrates the company’s ability to convert a healthy order pipeline into revenue, an important indicator for engineering and infrastructure businesses.
Riding India’s Infrastructure Boom
Indo SMC operates in two of India’s most promising infrastructure segments—power and railways.
The Indian government’s continued focus on expanding electricity transmission networks, renewable energy integration, railway modernization, and electrification has created a multi-year growth opportunity for companies supplying engineering products and services to these sectors.
With massive investments being planned under various infrastructure initiatives, companies like Indo SMC are well positioned to benefit from sustained order inflows.
Fresh Order Adds Revenue Visibility
Strengthening its growth outlook further, the company recently secured a purchase order worth ₹66.60 crore.
For a company of Indo SMC’s size, such order wins are significant as they enhance revenue visibility and strengthen the execution pipeline. Consistent order inflows also indicate healthy customer confidence and improve earnings predictability over the coming quarters.
If the company continues to execute projects efficiently while winning new contracts, it could sustain its growth momentum.
Ashish Kacholia’s Conviction Stands Out
Ashish Kacholia has built a reputation over the years for identifying promising small and mid-cap businesses well before they attract broader institutional interest.
His investment journey with Indo SMC is notable because he not only participated as an IPO anchor investor but also accumulated additional shares from the secondary market. This signals conviction beyond a short-term listing gain and reflects confidence in the company’s business fundamentals.
Today, his 4.36% stake makes him one of the prominent public shareholders in the company.
Why Investors Are Watching Indo SMC
Several factors make Indo SMC an interesting company to monitor:
- 201% gain from its IPO price of ₹149 within months of listing.
- 135.96% revenue growth in Q1 FY27, reflecting strong business momentum.
- Exposure to high-growth sectors such as power transmission and railway infrastructure.
- A fresh ₹66.60 crore purchase order, improving revenue visibility.
- Strong backing from renowned investor Ashish Kacholia, who has steadily increased his ownership.
Outlook
India’s infrastructure spending cycle continues to gather pace, supported by government investments in power, railways, and industrial development. Companies with proven execution capabilities and growing order books stand to benefit from this long-term trend.
Indo SMC’s robust quarterly performance, healthy order inflows, and exposure to structurally growing sectors have strengthened investor confidence. The remarkable rally since its IPO reflects the market’s expectations that the company can sustain its growth trajectory.
While valuations should always be considered after a sharp run-up, Indo SMC has demonstrated that strong execution and participation in high-growth industries can create substantial shareholder value. With Ashish Kacholia maintaining a meaningful stake and the company delivering robust operational performance, the stock is likely to remain on investors’ watchlists in the quarters ahead.
