Synopsis: This penny stock is a manufacturer of thermal insulation products, has secured a domestic NTPC order and multiple export orders from GE Vernova, with total orders worth Rs. 9.51 cr, representing ~26% of its Rs. 36.6 cr market capitalization.
The shares of this company are specialised in manufacturing insulation products like nodulated/granulated wool and prefabricated thermal insulation jackets are in the spotlight after securing International Export Orders from GE Vernova and a Domestic Contract from NTPC.
With a market capitalisation of Rs. 36.60 cr, the shares of Indobell Insulations Ltd closed at Rs. 58.10 per share, decreasing 0.77% from its previous close of Rs. 58.55 per share. The value of orders is more than 20% of its market capitalisation.
About the orders
Indobell Insulations Limited has announced that it has secured a domestic order from NTPC Limited for the re-insulation of the exhaust duct of a gas turbine, valued at Rs. 85,15,125. The contract, to be executed by March 2028, includes payment terms of 85% upon completion, with provisions for delays, safety compliance, and defect liability. The order is from a domestic entity, is not a related party transaction, and there is no interest of the promoter or promoter group in NTPC Limited.
It has received two export orders from GE Vernova Operations LLC for Steam Turbine Insulation – Blanket Therm, valued at USD 172,672 and USD 185,902. The first order is to be executed by November 2026 and the second by August 2026, both on FCA Supplier Factory terms with net 150-day payment.
Additionally, the company has secured a larger export order from the same entity valued at USD 583,527, to be executed by June 2027 under the same payment and Incoterm conditions. All orders are international, not related party transactions, and the promoter or promoter group has no interest in the contracting entity. Total value of the orders is Rs. 9.51 cr.
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Indobell Insulations Limited is one of the leading manufacturers of Granulated and Nodulated Rockwool in Eastern India and a prominent thermal insulation contractor across the country. The company is a pioneer of the Spray Insulation technique in India and is renowned for producing export-quality Granulated and Nodulated Rockwool.
It demonstrates strong financial performance, with a Return on Capital Employed (ROCE) of 23.7% and a Return on Equity (ROE) of 20.7%. The company is nearly debt-free, with a debt-to-equity ratio of 0.04, and its stock trades at a P/E of 16.4 compared to the industry P/E of 23.5. The PEG ratio stands at a low 0.11, reflecting attractive growth relative to its valuation.
The company has consistently maintained a healthy dividend payout of 28.2%. Over the past three years, it has achieved remarkable growth, with a compounded profit growth of 144% and a compounded sales growth of 39%, highlighting strong operational efficiency and robust expansion.
It has a reported export order book of approximately USD 700,000, with execution for 2026 already underway and some deliveries completed in November 2025, including two orders disclosed on the exchange.
The domestic order book includes Rs. 6.64 crore order from BHEL, with the total domestic book estimated at roughly twice the export order value. Domestic orders are expected to be executed over 2026–2028, indicating longer-cycle projects with staggered call-offs.
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