Promising SMEs Poised for Strong FY26 Growth

(Select companies with market cap above ₹1,000 crore)

India’s SME ecosystem continues to demonstrate strong earnings visibility and expansion momentum, led by companies capitalizing on structural themes such as clean energy, defence, cooling, and electronics manufacturing. Supported by policy incentives, capacity expansion, and improving balance sheets, several emerging names are guiding for robust topline and profit growth through FY26.

Key Standout Performers & FY26 Guidance

INA Insolation – Aiming for ₹3,000 crore revenue and ₹350 crore PAT by FY26, driven by backward integration into solar glass and wafers.

Oriana Power – Targeting ₹2,000–2,500 crore topline in FY26, backed by a strong solar EPC order book and expansion into international markets including Africa and the Middle East.

Rajesh Power – Projecting ₹1,600–1,700 crore revenue by FY26, driven by renewable EPC diversification and increased infrastructure project execution.

Ice Make Refrigeration (NSE Mainboard )– Leading the cold-chain and industrial refrigeration space, Ice Make is on track to achieve a ₹1,000 crore topline by FY28, supported by rising demand from food processing, pharma logistics, and dairy sectors. The company has also announced a ₹150 crore fund-raise plan to drive capacity expansion, technology upgradation, and product diversification into sustainable cooling and clean energy-linked solutions.

AFCOM – Expects 80–100% PAT growth in FY26 as it scales operations in data infrastructure and enhances export capabilities.

K.P. Green Energy (KPGEL) – Guides for 50–60% topline growth (conservative), leveraging its hybrid renewable projects and expanding client base.

Aimtron Electronics – Aims for ₹280 crore topline by FY26, supported by growing demand from defence, industrial automation, and EV component sectors.

Krishna Defence & Allied Industries – Forecasts 30–40% CAGR over the next three years, with strong traction in defence manufacturing and export markets.

Alpex Solar – Anticipates 100% topline growth by FY26, buoyed by expansion in solar module production and strong demand from EPC developers.

Australian Premium Solar – Targets 75% CAGR over the next two years, supported by capacity ramp-up and strong presence in the C&I segment.

Cosmic CRF – Plans to double production volumes by FY26, supported by demand from automotive, railways, and infrastructure customers.

Danish Industries – Projects 50% topline growth, aided by expansion in specialized industrial manufacturing.

Vilas Transcore – Eyes ~65% revenue growth, benefiting from strong demand in power transformers and grid modernization initiatives.

Concord Control Systems – Targets ~40% annual growth over the next 2–3 years, supported by a healthy order book in railway automation and control systems.

Investor Insight

The FY26 outlook highlights how India’s SME sector is maturing into a high-growth, innovation-driven segment of the economy. With several players scaling rapidly and focusing on exports, value-added manufacturing, and sustainability, investors can expect re-rating potential in select companies demonstrating strong capital efficiency, governance, and execution discipline.