💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 45.8% YoY, reaching INR 37.71 Cr in H1 FY26 compared to INR 25.86 Cr in H1 FY25. The growth is driven by the core facade engineering business and the integration of new solar subsidiaries.

Geographic Revenue Split

Not explicitly disclosed, though operations are primarily centered in Kolkata, West Bengal, with a branch office in New Delhi and a presence in Mumbai.

Profitability Margins

Net Profit Margin improved significantly from 2.37% in H1 FY25 to 9.28% in H1 FY26. This expansion is due to better absorption of fixed costs as the company scales post-IPO.

EBITDA Margin

EBITDA margin stood at approximately 15.6% for H1 FY26 (INR 5.89 Cr), reflecting strong core profitability compared to the previous year's lower base.

Capital Expenditure

The company utilized INR 8.00 Cr from IPO proceeds for capital expenditure as of September 30, 2025, to enhance its manufacturing and execution capabilities.

Credit Rating & Borrowing

Total borrowings surged from INR 1.70 Cr in March 2025 to INR 15.30 Cr in September 2025. Finance costs increased by 197% YoY to INR 0.67 Cr, reflecting higher utilization of credit lines for working capital.

⚙️ Operational Drivers

Raw Materials

Key materials include aluminum sections, architectural glass, and solar components, with Cost of Materials Consumed representing 73.3% of total revenue (INR 27.63 Cr).

Import Sources

Not specifically disclosed in the provided documents.

Key Suppliers

Not specifically disclosed in the provided documents.

Capacity Expansion

Current capacity not quantified in units; however, INR 8.00 Cr was invested in capital assets post-IPO to expand project execution capacity.

Raw Material Costs

Raw material costs stood at INR 27.63 Cr in H1 FY26, a 61% increase from INR 17.17 Cr in H1 FY25, tracking the revenue growth and increased project scale.

Manufacturing Efficiency

Not specifically disclosed in percentage terms.

Logistics & Distribution

Not specifically disclosed as a percentage of revenue.

📈 Strategic Growth

Expected Growth Rate

45%

Growth Strategy

Growth is being achieved through diversification into the renewable energy sector via subsidiaries Aesthetik Renewables and Solisys Solar, and by utilizing INR 15.00 Cr in IPO proceeds for working capital to take on larger facade engineering contracts.

Products & Services

Architectural facade systems, structural glazing, aluminum doors/windows, and solar power solutions (BIPV and solar installations).

Brand Portfolio

Aesthetik, Solisys Solar, Aesthetik Renewables.

New Products/Services

Expansion into solar energy services through Solisys Solar Private Limited, which contributed INR 7.66 Cr in turnover for FY25.

Market Expansion

Expansion into the solar energy market and strengthening presence in the Mumbai and Delhi regions.

Strategic Alliances

Acquisition of Aesthetik Renewables Private Limited (Sept 2024) and Solisys Solar Private Limited (Feb 2025).

🌍 External Factors

Industry Trends

The industry is shifting toward sustainable building envelopes and integrated solar facades (BIPV), which the company is positioning for through its new solar subsidiaries.

Competitive Landscape

Operates in a fragmented market with competition from both unorganized local players and large-scale engineering firms.

Competitive Moat

The company possesses a niche engineering moat in facade design and has established an early-mover advantage in the SME space for integrated solar solutions.

Macro Economic Sensitivity

Highly sensitive to the construction and real estate cycles, as facade engineering is a late-stage construction activity.

Consumer Behavior

Increasing demand for energy-efficient buildings and green certifications is driving demand for high-performance facades.

Geopolitical Risks

Potential impact on the supply chain for specialized glass or aluminum components if trade barriers are imposed.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act 2013, SEBI (LODR) Regulations 2015, and building safety standards for facade installations.

Environmental Compliance

The company monitors energy conservation and technology absorption as per Section 134(3)(m) of the Companies Act.

Taxation Policy Impact

Effective tax rate for H1 FY26 was approximately 25% (INR 1.17 Cr tax on INR 4.67 Cr PBT).

Legal Contingencies

The Secretarial Auditor (Rawal & Co.) resigned on November 13, 2025, citing other professional commitments; no specific pending court case values were disclosed in the provided audit reports.

⚠️ Risk Analysis

Key Uncertainties

The sudden resignation of the Secretarial Auditor and the massive 22,000% spike in inventory levels pose risks to governance and liquidity management.

Geographic Concentration Risk

Significant concentration of operations and management in Kolkata, West Bengal.

Third Party Dependencies

High dependency on specialized vendors for glass and aluminum extrusions.

Technology Obsolescence Risk

Risk of falling behind in BIPV (Building Integrated Photovoltaics) technology if R&D is not prioritized.

Credit & Counterparty Risk

Trade receivables stood at INR 16.10 Cr as of September 2025, representing a significant portion of current assets and posing a credit risk if collections are delayed.