Aluwind Architectural
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Mar 2024 – 04 Apr 2024
- Listing date
- 09 Apr 2024
- Face value
- ₹10 per share
- Issue price
- ₹45 per share
- Lot size
- 3,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹29.70 Cr
- Market cap at offer price
- ₹112 Cr
- Promoter holding
- 98.22% → 72.13% pre-issue → post-issue
- ISIN
- INE0STM01017
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Corpwis Advisors Pvt.Ltd.
- Registered office
- 604, Palm Spring Centre, Link Road, Malad (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 3,30,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹45
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,35,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,70,000 |
| S-HNI (max) | 7 | 21,000 | ₹9,45,000 |
| B-HNI (min) | 8 | 24,000 | ₹10,80,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.48 | 3.00 |
| P/E (×) | 30.41 | 15.00 |
| Price to book (×) | 5.40 | — |
| Market cap | — | ₹112 Cr |
Key performance indicators
- Return on net worth
- 19.77%
- ROCE
- 24.55%
- Debt / equity
- 0.48
- PAT margin
- 9.01%
- NAV per share
- ₹8.33
- Price to book
- 5.40
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aluwind Architectural
Aluwind Architectural Limited was incorporated on April 22, 2003 as Aluwind Architectural Private Limited to take over the business of M/s. Alu-Wind Industries, a partnership firm of Mr. Murli Manohar Ramshankar Kabra and Mr. Rajesh Kabra, and was converted into a public limited company (fresh certificate dated January 3, 2024) ahead of listing on the NSE Emerge platform. The company manufactures and installs a diverse range of aluminium architectural products — systemized doors and windows, curtain walls, structural glazing, unitized glazing, spider glazing, aluminium composite panels, skylights, railings and balustrades, and canopies — from a roughly 45,000 sq ft semi-automated facility at Koregaon Bhima, Pune equipped with powder coating and CNC machinery, selling across Indian cities including Mumbai, Pune, Bangalore and Hyderabad. It makes money by winning design-fabricate-install contracts through competitive bidding and tenders from builders, developers, project management companies, architects and institutional clients, executing projects end-to-end with its own teams plus contract labour (an approximately 80% repeat-client rate and a current pipeline of 85 projects), and since December 2023 it has been the Anchor Partner for Eternia (a Hindalco/Aditya Birla Group brand) window systems in the MMRDA region under an agreement valid till December 2026 — Eternia-brand projects contributed 52.22% of revenue in the six months ended September 30, 2023. Revenue from operations grew from ₹2,128.35 lakhs in FY2021 to ₹4,886.72 lakhs in FY2023 (PAT ₹270.05 lakhs), with six-month FY2024 revenue of ₹4,136.15 lakhs and PAT of ₹372.83 lakhs; the company had 178 permanent employees as of September 30, 2023.
Company Analysis
from RHPAluwind Architectural Limited is an aluminium fabricator that designs, manufactures and installs windows, doors, curtain walls, cladding and glazing systems for architects, builders, institutions and corporates across India.
Aluwind Architectural Limited was incorporated on April 22, 2003 as Aluwind Architectural Private Limited to take over the business of M/s. Alu-Wind Industries, a partnership firm of Mr. Murli Manohar Ramshankar Kabra and Mr. Rajesh Kabra, and was converted into a public limited company (fresh certificate dated January 3, 2024) ahead of listing on the NSE Emerge platform. The company manufactures and installs a diverse range of aluminium architectural products — systemized doors and windows, curtain walls, structural glazing, unitized glazing, spider glazing, aluminium composite panels, skylights, railings and balustrades, and canopies — from a roughly 45,000 sq ft semi-automated facility at Koregaon Bhima, Pune equipped with powder coating and CNC machinery, selling across Indian cities including Mumbai, Pune, Bangalore and Hyderabad. It makes money by winning design-fabricate-install contracts through competitive bidding and tenders from builders, developers, project management companies, architects and institutional clients, executing projects end-to-end with its own teams plus contract labour (an approximately 80% repeat-client rate and a current pipeline of 85 projects), and since December 2023 it has been the Anchor Partner for Eternia (a Hindalco/Aditya Birla Group brand) window systems in the MMRDA region under an agreement valid till December 2026 — Eternia-brand projects contributed 52.22% of revenue in the six months ended September 30, 2023. Revenue from operations grew from ₹2,128.35 lakhs in FY2021 to ₹4,886.72 lakhs in FY2023 (PAT ₹270.05 lakhs), with six-month FY2024 revenue of ₹4,136.15 lakhs and PAT of ₹372.83 lakhs; the company had 178 permanent employees as of September 30, 2023.
Objects of the Issue
- Funding of Working Capital requirements ₹ 2,045.00 Lakhs p.76
- General Corporate Expenses ₹ 650.00 Lakhs p.78
Issue Structure
- Total Issue
- Fresh Issue of upto 66,00,000 Equity Shares aggregating upto ₹ 2,970 Lakhs
- Fresh Issue
- Fresh Issue of upto 66,00,000 Equity Shares aggregating upto ₹ 2,970 Lakhs
- Offer for Sale
- NIL
- Price Band
- ₹ 45/- per Equity Share (100% Fixed Price Issue)
- Lot Size
- 3000 Equity Shares and in multiples of 3000 thereafter; minimum allotment of 3000 Equity Shares
- Face Value
- ₹ 10/- each
Business Model
The Company earns revenue from contracts to design, detail-engineer, fabricate, coat, assemble and install aluminium fenestration and facade products (windows, doors, curtain walls, cladding and glazing systems), secured primarily through competitive bidding/tenders floated by builders, developers, project management companies, architects and institutional clients; production takes place at its Pune manufacturing unit and site installation is executed by the Company itself using third-party contract labour, supplemented by its Anchor Partner collaboration with Eternia (a brand of Hindalco Industries Limited) for window systems in the MMRDA region.
Business Segments
SWOT Analysis
- • Experienced senior management with over two decades of hands-on industry expertise(p.116)
- • Consistent profitability maintained even through COVID-19 (PAT rising from Rs 76.92 Lakhs in FY21 to Rs 372.83 Lakhs in H1-FY24)(p.116)
- • Long-standing client relationships with repeat orders from leading developers like L&T and Birla(p.117)
- • Anchor Partner for Eternia (brand of Hindalco/Aditya Birla Group) for MMRDA region under agreement valid till December 2026(p.121)
- • Pioneer position and extensive market reach across aluminium windows, doors, curtain walls, cladding and glazing(p.117)
- • Owned 45,000 sq ft Pune manufacturing facility with advanced machinery including powder coating and CNC machines(p.105)
- • High customer concentration - top 10 customers contributed 67.11% (FY23) and 59.09% (Sep-2023) of revenue(p.35)
- • Heavy dependence on Eternia/Hindalco agreement (52.22% of H1-FY24 revenue from Eternia-brand projects) with no assurance of renewal(p.35)
- • Geographic concentration of revenue in Maharashtra(p.30)
- • Negative cash flows from operating, investing and financing activities in past periods(p.32)
- • Working-capital-intensive business model (working capital gap rose from Rs 911.23 Lakhs in FY21 to Rs 2,257.89 Lakhs in Sep-2023)(p.32)
- • No formal supply agreements with vendors/suppliers - operates purely on purchase orders(p.39)
- • Single manufacturing facility that is not fully automated and requires manual intervention(p.33)
- • Company and promoters are parties to pending legal proceedings(p.26)
- • India facade market expected to grow at 7.18% CAGR from US$ 2,855.4 Million (2023) to US$ 5,431.9 Million by 2032(p.101)
- • Indian real estate sector growth (projected US$1 trillion market by 2030) driving demand for facade and fenestration solutions(p.19)
- • Geographical expansion planned into Karnataka, Gujarat and Telangana, plus exploring panel exports(p.117)
- • Product expansion into the growing facade systems market (cladding materials, curtain walls)(p.118)
- • Brownfield expansion to maximize operational efficiency using existing infrastructure(p.117)
- • Expansion of the Eternia brand to capture larger market share(p.117)
- • Intense competition from a large number of new entrants in the Indian aluminium products market(p.43)
- • Slowdown in the Indian real estate sector could significantly reduce product demand(p.36)
- • Input material price fluctuations and availability risk due to spot-market purchases without long-term supply contracts(p.28)
- • Monsoon seasonality restricts project activities in Q2 of each fiscal year(p.33)
- • Slowdown in Indian economic growth or global commodity price volatility could hurt financial performance(p.43)
- • Interest rate fluctuations increasing cost of servicing debt(p.43)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Murli Manohar Ramshankar Kabra | Promoter (also Managing Director) | 35.02% | 25.72% |
| Rajesh Kabra | Promoter (also Executive Director) | 30.08% | 22.09% |
| Jagmohan Ramshankar Kabra | Promoter (also Executive Director) | 0.18% | 0.13% |
| Jagmohan Kabra HUF | Promoter | 14.67% | 10.77% |
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.