SME Platform · India · Independent Research

Hidden Champions
of the SME Platform

Deep-dive reports on under-researched companies with mainboard-quality fundamentals — strong margins, growing order books, and credible promoters.

ESDM Defence Power T&D Refractory Precision Mfg Pharma Packaging Fresh Protein Elevators Clean Energy Fintech DSA B2B Jewellery Fintech API / BC Surveillance

Research Reports

March 2026
01 Clean Energy
NSE SME · Solar EPC / BESS / Green H₂
Oriana Power
From Solar EPC to India's Integrated Clean-Energy Platform
~₹3,140 Cr Market cap
₹781 Cr H1 FY26 revenue
+117% Rev YoY growth
₹122 Cr H1 FY26 PAT
~14× TTM P/E
A–/Stable CRISIL rating
02 Precision
NSE SME · Auto / Defence / EV
OBSC Perfection
From Pure-Play Auto to Multi-Vertical
~₹686 Cr Market cap
₹193 Cr TTM revenue
18.5% OPM 9MFY26
₹1,250+ Cr Order book
30× TTM P/E
67% PAT CAGR 3yr
03 Capital Goods
BSE SME · Elevators / D2C Home
L.T. Elevator
India's Only Listed Pure-Play Elevator Manufacturer
~₹284 Cr Market cap
₹84 Cr TTM revenue
21.3% EBITDA H1FY26
₹289+ Cr Combined order book
20× P/E TTM
33% ROCE FY25
04 Food Tech
BSE SME · Fresh Protein / D2C
DSM Fresh Foods
Zappfresh · Farm-to-Fork Platform
~189 Cr Market cap
~₹160 Cr TTM revenue
15.9% EBITDA H1FY26
43% Revenue growth YoY
12× TTM P/E
97% PAT CAGR 3yr
05 ESDM
NSE SME · Electronics
Aimtron Electronics
Building India's First Global ESDM Platform
~₹1,639 Cr Market cap
₹224 Cr TTM revenue
~25% EBITDA margin
₹463+ Cr Order book H1FY26
47× TTM P/E
29% ROCE FY25
06 Refractory
NSE SME · Secondary Steel
Monolithisch India
India's Ramming Mass Consolidator
~₹820 Cr Market cap
~₹125 Cr TTM revenue
23.9% EBITDA Q3FY26
5,74,000 MT Target capacity
41× Trailing P/E
5× FY28 Revenue target
07 Power T&D
BSE SME · Electrical Equipment
Yash Highvoltage
India's Bushing Backbone — RIP Leader
~₹1,193 Cr Market cap
~₹193 Cr TTM revenue
22.8% EBITDA H1FY26
₹300+ Cr Order book Oct'25
41× TTM P/E
50% PAT CAGR 5yr
08 Defence
BSE SME · Aerospace & Defence
CFF Fluid Control
Building India's Submarine Defence Ecosystem
~₹1,146 Cr Market cap
~₹170 Cr TTM revenue
28% EBITDA H1FY26
~₹540+ Cr Order book Nov'25
39× TTM P/E
45% PAT CAGR 3yr
09 Pharma Pack
NSE SME · Pharma Packaging
GSM Foils
Vasai to Ahmedabad. Capacity Doubled.
~₹251 Cr Market cap
~₹259 Cr FY26 revenue
~11% EBITDA margin
2,00,000 MT Total capacity
~15× Trailing P/E
0.24 Debt/Equity
10 ESDM
NSE SME · LED / MedTech / Mobile
Osel Devices
From LED Displays & Hearing Aids to India's Exclusive Philips Mobile Partner
~₹899 Cr Market cap
₹246 Cr TTM revenue
17% EBITDA H1FY26
+89% YoY H1 FY26 PAT
33× Trailing P/E
111% PAT CAGR 3yr
11 Fintech DSA
NSE SME · Fintech / Credit Distribution
Akiko Global Services
India's Fastest-Growing Fintech DSA & AkikoPay Ecosystem
₹216 Cr Market cap
₹154 Cr TTM revenue
16% EBITDA Q3FY26
175% Q3 FY26 Rev YoY
~14× TTM P/E
67% Promoter holding
12 Power T&D
BSE SME · Electrical Equipment
Rajesh Power Services
Niche EPC player in underground cabling, GIS & Power T&D
~₹1,531 Cr Market cap
₹1,397 Cr TTM revenue
55% / 51% ROCE / ROE FY25
₹4,000+ Cr Orders Mar'26 Tentative
13× TTM P/E
₹118 Cr TTM PAT
13 Fintech
NSE SME · API Orchestration / BC
RNFI Services
From BC Network to India's Integrated Fintech Railroad
₹550 Cr Market cap
₹24.1 Cr 9M FY26 PAT
+63.3% YoY PAT Growth
2.2 Lac+ Active Sahayaks
~18.6× Trailing P/E
AD-II Forex License
14 Surveillance
NSE SME · Security & Surveillance
Prizor Viztech
India's Emerging Security & Surveillance Brand
~₹433 Cr Market cap
₹82 Cr TTM revenue
22% OPM TTM
45.3% ROCE FY25
~37× Trailing P/E
53.6% ROE 3yr
15 Solar
NSE SME · Solar Modules, Cells & EPC
Alpex Solar
India's Emerging Vertically Integrated Solar Player
~₹2,143 Cr Market cap
₹1,879 Cr TTM revenue
₹185 Cr PAT TTM
50% ROCE FY25
~11× Trailing P/E
48% ROE FY25
16 B2B Jewellery
NSE SME · Designer Gold Jewellery
Utssav CZ Gold Jewels
India's Premier B2B Designer Gold Jewellery Manufacturer
₹442 Cr Market cap
₹837 Cr TTM revenue
9.45% EBITDA H1FY26
+197% YoY H1 FY26 PAT
10× TTM P/E
31.5% ROE FY25
About the series

Independent research.
No agenda.

SME Gems surfaces under-researched companies on India's BSE and NSE SME platforms that demonstrate mainboard-quality fundamentals — strong and expanding margins, growing order books, promoters with demonstrated execution capabilities, and structural competitive advantages.

Each report covers company journey, business model, financial performance, growth roadmap, peer comparison, substantiated and speculation averse risk analysis, and an investor execution checklist. All research is independent. There is no paid promotion.

Metrics shown on cards may reflect more recent figures than the ones documented in the reports.

Sectors covered

Across industries,
One common thread.

ESDM / Electronics Precision Manufacturing Defence & Aerospace Power T&D Refractory / Steel Pharma Packaging Fresh Protein / D2C Elevators / Capital Goods Clean Energy / Solar / EPC LED / MedTech Fintech DSA B2B Jewellery Fintech API & Orchestration Security & Surveillance Specialty Chemicals Agri-tech Logistics More coming