Faalcon Concepts
Fixed Price issueSME₹12.09 Cr issue
+53.23%
Listing gain over issue price
Issue size
₹12.09 Cr
1 lot at cut-off
₹1,24,000
Lot size
2,000shares
Open
19 Apr 2024
Close
23 Apr 2024
Allotment
24 Apr 2024
Listing
26 Apr 2024
Listing performance
Issue price
₹62
Listed at
₹95
Listing-day close
₹90.25
Latest price
₹36.21
Close on 23 Oct 2026
Listing gain
+53.23%
Return since issue
-41.60%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Apr 2024 – 23 Apr 2024
- Listing date
- 26 Apr 2024
- Face value
- ₹10 per share
- Issue price
- ₹62 per share
- Lot size
- 2,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹12.09 Cr
- Market cap at offer price
- ₹42.35 Cr
- Promoter holding
- 91.76% → 65.56% pre-issue → post-issue
- ISIN
- INE0Q9W01015
- Registrar
- Beetal Financial & Computer Services Pvt.Ltd.
- Lead managers
- Navigant Corporate Advisors Ltd.
- Registered office
- N-75 Ground Floor Mayfield Garden, Sector-51NA, Haryana
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 | 98,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹62
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,24,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,48,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,92,000 |
| B-HNI (min) | 9 | 18,000 | ₹11,16,000 |
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
₹62 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.68 | 3.31 |
| P/E (×) | 16.85 | 18.73 |
| Price to book (×) | 9.21 | — |
| Market cap | — | ₹42.35 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.88%
- ROCE
- 26.18%
- Debt / equity
- 0.58
- PAT margin
- 10.57%
- NAV per share
- ₹11.07
- Price to book
- 9.21
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Faalcon Concepts
Incorporated in May 2018 and converted to public limited company in May 2023, Faalcon Concepts Limited is engaged in designing, engineering, fabrication and installation of façade systems. The company specializes in technically demanding façades and offers a range of products including glazing/curtain walls, high-end aluminium doors & windows, skylights, canopies, frameless glazing, MS structures, stone cladding, metal cladding, and roofing. The company operates primarily across states including Haryana, Uttar Pradesh, Rajasthan, Madhya Pradesh, Karnataka, Gujarat, Punjab and Delhi. It is also accredited as a Merchant Exporter with the Federation of Indian Export Organisations (FIEO) and exports façade-related materials to West Africa.
Company Analysis
from RHPFaalcon Concepts Limited designs, engineers, fabricates and installs façade systems for complex construction projects across India and exports façade-related materials.
Incorporated in May 2018 and converted to public limited company in May 2023, Faalcon Concepts Limited is engaged in designing, engineering, fabrication and installation of façade systems. The company specializes in technically demanding façades and offers a range of products including glazing/curtain walls, high-end aluminium doors & windows, skylights, canopies, frameless glazing, MS structures, stone cladding, metal cladding, and roofing. The company operates primarily across states including Haryana, Uttar Pradesh, Rajasthan, Madhya Pradesh, Karnataka, Gujarat, Punjab and Delhi. It is also accredited as a Merchant Exporter with the Federation of Indian Export Organisations (FIEO) and exports façade-related materials to West Africa.
Building façades and architectural systemsConstruction materials and servicesImport-export of building materials
Objects of the Issue
- To Finance the Capital Expenditure for purchase of façade Structural Equipments Rs. 251.12 Lakhs p.24
- To part finance the requirement of Incremental Working Capital Rs. 575.00 Lakhs p.24
- To meet General Corporate Purposes Rs. 187.43 Lakhs p.24
- To finance the Capital Expenditure for purchase of façade Structural Equipments ₹251.12 Lakhs p.75
- To part finance the requirement of Working Capital ₹575.00 Lakhs p.75
- To meet General corporate purposes ₹187.43 Lakhs p.75
- Funding capex/capital expenditure and general corporate purposes
Issue Structure
- Total Issue
- Upto 19,50,000 Equity Shares at the Issue Price of Rs. 62 each aggregating Rs. 1,209.00 Lakhs
- Fresh Issue
- Upto 19,50,000 Equity Shares of Face Value of Rs. 10/- each for cash at a price of Rs. 62 per Equity Share aggregating to Rs. 1,209.00 Lakhs
- Offer for Sale
- Nil
- Price Band
- Rs. 62 per Equity Share (Fixed Price Issue)
- Lot Size
- 2,000 Equity Shares and in multiples thereof
- Face Value
- Rs. 10 per Equity Share
Business Model
The company operates on a project-by-project contract basis, executing contracts for designing, fabricating and installing façade systems. Revenue is generated from fabrication and installation services for commercial and residential construction projects. The company sources materials from suppliers and subcontractors, executes projects under fixed or time-and-materials pricing arrangements, and exports façade materials internationally.
Business Segments
Designing, engineering, fabricating and installing façade systems including glazing/curtain walls, high-end aluminium doors & windows, skylights, canopies, frameless glazing, MS structures, stone cladding, metal cladding, roofing and related products
Export of façade related materials such as Glass, Aluminium, Aluminium Composite Panel (ACP), High Pressure Laminate (HPL), Silicon and Fasteners to foreign clients
Includes unitized and semi-unitized pre-assembled panel systems where full panels are assembled with glass pasting or framing is installed first with pre-fabricated structural glass panels fixed on that framing. Suited to angular and complex facades construction.
Services includes designing and installing facades that blend seamlessly with the building's architecture while offering protection against the elements using quality materials and innovative design concepts.
Provides an attractive and protective layer to the exterior of buildings with variety of design options and finishes, known for durability, low maintenance, and ability to withstand harsh environmental conditions.
A frameless glazing façade through a web of glass sheet sealed together from the building structure, fixed directly on MS/SS and GLASS fins for maximum light and transparency. Suited to very large, monumental spaces.
Stick type glazing systems wherein mullions and transoms are installed on the building structure with help of brackets, glass is fixed onto the grid and retained using pressure plates and decorative capping. Typically suited for projects involving onsite activity and short height buildings.
Design, engineering, fabrication and installation of façade systems for commercial, residential and institutional projects
Export of façade-related materials including glass, aluminium, aluminium composite panels, high-pressure laminates, silicone and fasteners to international markets
Design, manufacture, and execution of façade systems and building decoration services for interior and exterior applications, serving both domestic and international markets
SWOT Analysis
Strengths
- • Established client relationships and repeat business through nomination-based project sourcing(p.31)
- • Diversified façade product portfolio meeting varied customer requirements(p.23)
- • Multi-state geographic presence across India's key construction markets(p.23)
- • Export credentials and international market access as accredited merchant exporter(p.23)
- • Experienced promoter team with industry domain knowledge(p.111)
- • Strong marquee client base with repeat business(p.111)
- • Capability to handle complex, technically demanding façade projects(p.112)
- • ISO 9001:2015 certification for building façade development(p.110)
- • Significant revenue growth with CAGR of 61.83% from FY 2020-21 to FY 2022-23(p.111)
- • Strong profitability with PAT CAGR of 281.42% over three years(p.111)
- • Mouth-to-mouth marketing and established customer relationships(p.123)
- • ISO 9001:2015 certification for building façade development(p.201)
- • Diversified project portfolio across multiple sectors and geographies(p.201)
- • Export capabilities and merchant exporter accreditation(p.201)
- • Broad product range addressing multiple façade requirements(p.201)
Weaknesses
- • High revenue concentration risk from dependence on few customers(p.32)
- • Material supply concentration without formal long-term supply contracts(p.32)
- • Significant inventory buildup and working capital strain(p.34)
- • History of delayed statutory and regulatory compliance filings(p.33)
- • Negative cash flows from operations impacting growth capacity(p.35)
- • Dependence on leased offices without ownership security(p.31)
- • Pending litigation against promoters and company(p.30)
- • Unsecured loans repayable on demand creating cash flow risk(p.43)
- • Heavy dependence on project-based revenue with working capital intensity(p.78)
- • Revenue concentration with exposure to single market segment and limited geographic presence(p.109)
- • High customer concentration with revenue dependent on few large orders(p.115)
- • Reliance on third-party fabricators and contractors for project execution(p.120)
- • High reliance on limited customer base(p.123)
- • Significant inventory levels relative to assets(p.185)
- • Short-term lease agreements for office properties(p.124)
- • Rising finance costs and increased debt burden(p.204)
- • Dependence on director-related loans with no interest(p.177)
- • Significant dependence on top 5 customers(p.212)
- • Significant dependence on top 5 suppliers(p.212)
- • Outstanding TDS defaults across multiple financial years(p.215)
- • Pending litigation regarding non-payment and material quality disputes(p.216)
Opportunities
- • Growing India façade market driven by urbanization and construction activity(p.23)
- • Rising demand for modern, sustainable and high-performance façade solutions(p.23)
- • Infrastructure development through government-sponsored programs creating project pipeline(p.23)
- • Capital expenditure expansion to enhance operational capacity and capabilities(p.24)
- • Expanding facade market in India growing at CAGR of 8.23%(p.102)
- • Increased construction activities and urbanization driving commercial and residential projects(p.103)
- • Government focus on sustainable construction and energy efficiency(p.103)
- • Strategy to expand geographic reach and penetrate new markets(p.112)
- • Growing remodeling and upgradation projects for infrastructure(p.103)
- • India's real estate sector expansion with projected 15.5% GDP contribution by 2047(p.108)
- • Haryana's industrial policy emphasis on MSME sector development(p.125)
- • Focus on existing and target market expansion(p.123)
- • Growing construction and infrastructure sector requiring specialized facades(p.201)
- • Export market growth potential in African and international markets(p.134)
- • Growth potential in domestic facade market following export decline recovery(p.208)
- • Expansion into international markets, particularly West Africa(p.208)
- • Capital structure improvement through IPO to fund future growth(p.225)
Threats
- • Dependence on principal contractor and third-party timelines for project execution(p.39)
- • Geographic concentration in Delhi, Haryana and Uttar Pradesh creates regional risk(p.32)
- • Seasonal business disruption from monsoon and air pollution affecting construction(p.34)
- • Real estate sector slowdown would materially reduce demand for products(p.39)
- • Intense competition from organized and unorganized sector players(p.42)
- • Exposure to material price volatility and supply disruptions(p.37)
- • Currency exchange rate fluctuation risk from export operations(p.41)
- • General economic slowdown in India would adversely impact business performance(p.48)
- • Intense competition from organized and domestic players in fragmented market(p.122)
- • Project-based revenue dependent on tender bidding with execution risks(p.119)
- • Exposure to raw material price fluctuations and supply chain disruptions(p.120)
- • Dependency on continued government infrastructure spending and construction sector growth(p.122)
- • Weather-related risks and project execution delays(p.78)
- • Intense competitive bidding in project selection(p.123)
- • Regulatory compliance requirements across multiple jurisdictions(p.125)
- • Complex environmental and labor law compliance obligations(p.127)
- • Potential changes in tax laws and GST applicability(p.129)
- • Revenue decline from prior year indicating market challenges(p.202)
- • Seasonal business interruption from monsoon affecting project execution(p.212)
- • Exposure to global economic volatility and commodity price fluctuations(p.212)
- • Intense competition from established and new entrants(p.213)
- • Inability to fully pass on cost increases to customers(p.212)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mrs. Ekta Seth | Promoter and Managing Director | 58.77% | — |
| Mr. Tribhuvan Seth | Promoter and Whole Time Director | 16.47% | — |
| Mr. Prithvi Seth | Promoter and Whole Time Director | 16.52% | — |
| Mrs. Ekta Seth | Promoter | 58.77% | 41.99% |
| Mr. Tribhuvan Seth | Promoter | 16.47% | 11.77% |
| Mr. Prithvi Seth | Promoter | 16.52% | 11.80% |
| Mrs. Ekta Seth | Promoter | 58.77% | — |
| Mr. Prithvi Seth | Promoter | 16.52% | — |
| Mr. Tribhuvan Seth | Promoter | 16.47% | — |
| Ms. Ekta Seth | Promoter | — | — |
| Mr. Prithvi Seth | Promoter | — | — |
Leadership
Mrs. Ekta Seth · Chairperson and Managing Director
Mr. Prithvi Seth · Whole Time Director
Mr. Tribhuvan Seth · Whole Time Director
Mr. Praveen Pathania · Chief Financial Officer
Mr. Vinod Kumar · Company Secretary & Compliance Officer
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.
Faalcon Concepts IPO FAQs
What is the lot size of Faalcon Concepts IPO?
The minimum lot size of Faalcon Concepts IPO is 2,000 shares. One lot costs ₹1,24,000 at the cut-off price.
When does Faalcon Concepts IPO open and close?
Faalcon Concepts IPO opened for subscription on 19 Apr 2024 and closed on 23 Apr 2024.
What is the listing date of Faalcon Concepts IPO?
Faalcon Concepts IPO listed on 26 Apr 2024.