1. Opening Hook
After decades of being politely ignored, Indobell finally discovered that design pays better than just advice.
For 50 years, the company survived as a consultant. Then climate change, carbon credits, and export clients showed up — fashionably late.
Suddenly, thermal insulation became ESG-friendly, dollar-earning, and PowerPoint-approved. Management now talks Siemens NX, carbon credits, and Poland shipments like it’s always been this way.
Revenue crossed ₹25 crore only recently, but confidence crossed the stratosphere. Jackets are flying to Europe, turbines are getting stripped every 15,000 hours, and carbon emissions are being monetized.
This isn’t a turnaround story. It’s a “we finally figured it out” story.
Stick around — the real insulation is between management optimism and execution reality.
2. At a Glance
- Revenue crossed ₹25 cr – Took 50 years to warm up, then sprinted like a startup.
- Exports gaining traction – Poland, Europe, Southeast Asia now know Kolkata insulation.
- Order book ~$0.7 mn exports + ₹6.6 cr domestic – Jackets stitched, money pending.
- EBITDA ~11.6% (H1) – Management promises glow-up to 13–14%.
- Receivables stretched – 150-day terms,
- because GE pays when GE feels like it.
3. Management’s Key Commentary
“Earlier we were only consultants, now we design, manufacture, and supply.”
(Translation: We stopped talking and started billing 😏)
“Carbon emission reduction leads to carbon credits.”
(Translation: Climate change finally became a revenue line item.)
“Once surface temperature drops below design, fuel savings begin.”
(Translation: Thicker insulation = thinner fuel bills.)
“We manufacture tailor-made jackets exported globally.”
(Translation: One wrong measurement and Poland laughs at us.)
“Design is the most critical part.”
(Translation: Software investment saved us from site visits and embarrassment.)
“We can double capacity easily if orders come.”
(Translation: Orders first, capex later — disciplined optimism.)
4. Numbers Decoded
| Metric | Reality Check |
|---|---|
| FY25 Revenue | ₹25+ crore, after decades below ₹10 crore |
| Export Order Book | ~$700k, execution through FY26 |
| Domestic Orders | ₹6.64 crore from BHEL; more in pipeline |
| EBITDA Margin | ~11.6%, aiming 13–14% by FY27–28 |
| Receivable Days | Painful but “manageable” |
