New Delhi: As SMPP Limited prepares for its Initial Public Offering (IPO), it aims to present itself as a leader in India’s defense manufacturing ambitions. However, behind the patriotic pitch lies a series of omissions, inconsistencies, and unanswered questions that should give investors pause. Most notably, SMPP was blacklisted by the Philippine National Police in 2025 — a fact that is missing from its IPO filings. For a company seeking public funding, this silence raises questions about its transparency.

The company has built its IPO story around large defense contracts and ambitious expansion plans. However, its disclosures tell a different story. One of the company’s major contracts, heavily promoted in its marketing, is conditional — a detail that has not been made clear to pros

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