Aesthetik Engineers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Aug 2024 – 12 Aug 2024
- Listing date
- 16 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹58 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹26.47 Cr
- Market cap at offer price
- ₹99.88 Cr
- Promoter holding
- 94.61% → 69.54% pre-issue → post-issue
- ISIN
- INE0TSF01011
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- 1858/1, 5th Floor, Unit 503-505, Acropolis Mall, Rajdanga Main Road, Kasba, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 12,96,000 | — | — |
| Market maker | 2,32,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹58
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,16,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,32,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,28,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,44,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.97 | 2.92 |
| P/E (×) | 14.61 | 19.86 |
| Price to book (×) | 4.89 | — |
| Market cap | — | ₹99.88 Cr |
Key performance indicators
- Return on net worth
- 33.48%
- ROCE
- 37.32%
- Debt / equity
- 0.57
- PAT margin
- 8.28%
- NAV per share
- ₹11.87
- Price to book
- 4.89
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aesthetik Engineers
Incorporated on April 02, 2008 as Aesthetik Engineers Private Limited upon takeover of the partnership firm 'M/s Aesthetik' (which began in 2003 with interior decoration and expanded into facade design, fabrication and installation in 2007), and converted into a public limited company effective January 24, 2024, Aesthetik Engineers Limited executes end-to-end facade solutions from design through on-site installation. Headquartered in Kolkata with a ~3,000 square meter factory at Howrah used for fabrication and assembly, the company serves reputed clients such as Coal India, Infosys, Larsen & Toubro, Shapoorji Pallonji, and Ambuja Neotia group companies across West Bengal, Bihar, Maharashtra, Assam, Odisha, Gujarat and other states. It earns revenue through project contracts secured via competitive bidding (typically with 10–15% advance payments and milestone-based recoveries), generating FY2024 standalone revenue from operations of ₹6,07,203.05 thousand (up 51.76% YoY) and profit after tax of ₹50,298.96 thousand; West Bengal contributed 86.52% of FY2024 revenue and the top ten customers accounted for 81.05%.
Company Analysis
from RHPAesthetik Engineers Limited is engaged in the designing, engineering, fabrication and installation of facade systems — spanning building facades (structural/spider glazing, cladding, louvers), aluminium doors and windows, railings and staircases, and glassfibre reinforced concrete (GFRC) — serving customers in hospitality, residential, commercial and infrastructure sectors.
Incorporated on April 02, 2008 as Aesthetik Engineers Private Limited upon takeover of the partnership firm 'M/s Aesthetik' (which began in 2003 with interior decoration and expanded into facade design, fabrication and installation in 2007), and converted into a public limited company effective January 24, 2024, Aesthetik Engineers Limited executes end-to-end facade solutions from design through on-site installation. Headquartered in Kolkata with a ~3,000 square meter factory at Howrah used for fabrication and assembly, the company serves reputed clients such as Coal India, Infosys, Larsen & Toubro, Shapoorji Pallonji, and Ambuja Neotia group companies across West Bengal, Bihar, Maharashtra, Assam, Odisha, Gujarat and other states. It earns revenue through project contracts secured via competitive bidding (typically with 10–15% advance payments and milestone-based recoveries), generating FY2024 standalone revenue from operations of ₹6,07,203.05 thousand (up 51.76% YoY) and profit after tax of ₹50,298.96 thousand; West Bengal contributed 86.52% of FY2024 revenue and the top ten customers accounted for 81.05%.
Objects of the Issue
- Capital Expenditure — expansion of the existing manufacturing facility at Howrah (Rs. 66,147.66 thousand), 150 Kw rooftop solar installation (Rs. 6,300.00 thousand) and purchase of plant & machinery (Rs. 38,750.00 thousand) Rs. 800.00 Lakhs p.82
- Working Capital Requirements Rs. 1,500.00 Lakhs p.87
- General Corporate Purposes (not to exceed 25% of gross proceeds) p.93
- Issue Expenses p.81
Issue Structure
- Total Issue
- Initial Public Offering of up to 45,64,000 Equity Shares of Rs. 10/- each for cash at a price of Rs. [●]/- per Equity Share, aggregating to Rs. [●] Lakhs (constituting 26.50% of the post-issue paid-up equity share capital)
- Fresh Issue
- 45,64,000 Equity Shares of face value Rs. 10/- each (entire issue is a fresh issue)
- Offer for Sale
- NIL
- Price Band
- Floor Price of Rs. 55/- per Equity Share to Cap Price of Rs. 58/- per Equity Share (5.5 times and 5.8 times of the face value, respectively)
- Lot Size
- 2,000 Equity Shares and in multiples of 2,000 Equity Shares thereafter
- Face Value
- Rs. 10/- each
Business Model
Project-based contracting: the company wins orders through tender submission and competitive bidding, receives an advance payment typically of 10–15% of project value, procures raw materials (glass, aluminium profiles, mild/GI steel, sealants, hardware), fabricates products at its Howrah factory, gets them performance-tested by NABL-accredited independent laboratories, and installs them on-site. Revenue is earned from milestone-based contract payments under 'Supply of Services' (structural/curtain wall/spider glazing, doors-windows-louvers, GFRC/speciality concrete/civil works, ACP/stone/terracotta/HPL cladding, architectural steel/finishing works) and 'Supply of Products' (solar frames, window sections, scrap).
Business Segments
SWOT Analysis
- • Experienced promoter-led management with over two decades of facade industry experience driving consistent growth(p.155)
- • Dedicated logistics solutions enabling seamless, timely project execution across India(p.155)
- • Standardised operating processes ensuring consistency in quality and service standards(p.155)
- • Advanced Italian fabrication technology and machinery supporting quality production(p.155)
- • Stable, long-standing customer base including government clients (e.g., Coal India)(p.156)
- • End-to-end in-house capability from facade design to on-site installation(p.130)
- • Ongoing legal proceedings/litigations involving the Company (civil and criminal)(p.31)
- • Registered office and factory premises are rented (from promoters), not owned by the Company(p.31)
- • Loss incurred in FY2022 (PAT of Rs. (4,512.46) thousand)(p.32)
- • No long-term contracts with suppliers, creating raw material availability risk(p.32)
- • Heavy geographic revenue concentration in West Bengal (86.52% of FY2024 revenue)(p.33)
- • Customer concentration: top 10 customers contributed 81.05% of FY2024 revenue(p.34)
- • Negative cash flows from operating and investing activities in recent years(p.34)
- • Unsecured loans of Rs. 44,285.00 thousands recallable by lenders at any time(p.34)
- • Capitalise on rapid growth in renewable energy/solar, construction and infrastructure sectors(p.156)
- • Expand geographical network beyond currently served states(p.156)
- • Improve operational efficiency to achieve cost reductions and competitive edge(p.156)
- • India facade market projected to nearly double to US$ 5,431.9 Million by 2032 (7.18% CAGR)(p.122)
- • Global aluminium doors & windows market projected to grow at 6.2% CAGR to USD 1,12,902.3 million by 2032(p.124)
- • IPO-funded capacity expansion: factory expansion, 150 Kw rooftop solar and new machinery including a Solar PV Aluminium Framework Processing Line(p.82)
- • Intense competition from organised and unorganised players with no entry barriers in the industry(p.40)
- • Monsoon seasonality impedes operations and projects(p.32)
- • Outbreaks of contagious diseases (e.g., COVID-19) disrupting supply chains and operations(p.46)
- • Adverse changes in Government policy affecting economic conditions and the business(p.46)
- • Slowdown in Indian economic growth reducing demand for products(p.46)
- • Taxes and levies imposed by Central/State Governments may hurt results(p.46)
- • Natural calamities negatively impacting the Indian economy and the Company's business(p.46)
- • Rapid technological change and evolving standards leading to product obsolescence(p.35)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Avinash Agarwal | Promoter & Managing Director | 66.12% | 48.60% |
| Sreeti Agarwal | Promoter & Executive Director | 6.70% | 4.93% |
| Avinash Agarwal (HUF) | Promoter | 5.67% | 4.17% |
| Manisha Sureka | Promoter & Non-Executive Director | 0.06% | 0.04% |
| Vijay kumar Agarwal | Promoter Group | 0.12% | 0.09% |
| Shyama Agarwal | Promoter Group | 0.30% | 0.22% |
| Priyanka Jalan | Promoter Group | 0.23% | 0.17% |
| Anukaaran Suppliers Private Limited | Promoter Group | 8.30% | 6.10% |
| Vijay kumar Agarwal HUF | Promoter Group | 12.50% | 9.19% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.