Stock Watch     

Published: May 15, 2026
Updated: May 15, 2026

Indobell Insulations (IIL)

Insulation solutions for gamut of sectors

Based at Kolkata and listed on the SME platform of BSE, Indobell Insulations (IIL) is owned by the Bur man family, with Vijay Burman as Managing Director. The company provides thermal insulations to various industries with an eye on energy-saving solutions and reducing carbon emissions. It manufactures thermal insulation jackets, nodulated wool for the friction industry, and undertakes contracting assignments like technical supervision, project work and thermal audits. The company is one of the pioneers of the spray insulation technique.

Two of its three manufacturing units are located in Kolkata and Burdwan of West Bengal. These facilities are primarily engaged in the production of nodulated wool derived from mineral and ceramic fibre nodules. The third unit is located in Palghar, near Mumbai in Maharashtra, and focuses on the production of ceramic fibre nodules

All the manufacturing facilities are equipped with state-ofthe art testing laboratories and hold several international certifications for quality and safety. Importantly, the company uses NX Siemens software for design. IIL’s insulation products have a variety of applications, including in homes, commercial buildings and industrial plants. It has ventured into the oil & gas sector through HPCL. However, its core business is with the power industry which requires a full range of insulation and lining services, scaffolding, surface protection, refractory, passive fire protection and borosilicate lining in chimneys.

The thermal insulation industry demands an upgradation in technology, innovation solutions, fuel-saving concepts, etc. IIL has already started making energy-saving products for the industry, which will reduce carbon emissions and contribute positively to the environment. With the Indian economy likely to grow at a faster pace, industrial growth will also simultaneously witness significant acceleration, making IIL’s business outlook encouraging. As the company has successfully made inroads in the export market, competing directly with multinational players in the field, the export business holds bright prospects.

TIE-UP WITH I.I.T.

Recently, IIL executed a 10-year exclusive transfer of technology agreement with IIT-Roorkee for high-performance and strategic thermal insulation applications. This technology is expected to support the company’s business operations and strengthen its product-service offerings. In the last couple of months, the company has received sizeable orders, especially for exports. GE Vernova is a major client, while other clients include BHEL, NTPC and the Goa shipyard. Overall, till March 2026, the company’s order book stands at around Rs 21 crore. In the new financial year beginning April, it received two more orders – one export and one domestic. However, its performance during the first half of FY26 (Sept 31, 2025) has been lacklustre. The company clocked operational revenue of Rs 7 crore with a PAT of Rs 48 lakh, vis-à-vis Rs 26 crore and Rs 2.19 crore respectively during the full financial year ended March 2025. It was recently assigned a ‘high’ IAR-SME2 credit rating by Infomerics and Analytics Research Pv Ltd.

The company’s IPO got oversubscribed nearly 53 times. It raised Rs 1,014.30 lakh by issuing 22,05,000 shares at Rs 46 a share (a premium of Rs 36) and got listed in January 2025 on the BSE-SME platform. As of March 2026, the promoter group holds a 65% equity stake in the company while the remaining 35% is spread among 466 public shareholders.

SOUND VERTICALS

Currently, the stock is hovering at Rs 69 with a yearly high and low of Rs 158 and Rs 46 respectively, a book value of Rs 24.54 and a market capitalisation of Rs 43 crore. Undoubtedly, its business verticals are extremely good and hold a promising future. However, it is equally true that the company is very small in size and is yet to prove its mettle. Moreover, as it is listed on the SME platform, the current minimum lot size is 750 shares. We would therefore recommend the stock to investors who can wait a minimum of two years. By then, the company will not only grow in revenue and profits but will also be ready to shift to the BSE main board.