💰 Financial Performance

Revenue Growth by Segment

The company operates in a single reportable segment: 'design, engineering, fabrication, supply and installation of facade systems'. Total revenue grew by 55.05% YoY, reaching INR 28.76 Cr in FY 2024-25 compared to INR 18.54 Cr in FY 2023-24.

Geographic Revenue Split

Not disclosed in available documents; however, the registered office is in Gurgaon, Haryana, suggesting a primary focus on the Indian domestic market.

Profitability Margins

Net Profit Margin (PAT to turnover) was 9.29% in FY 2024-25, representing a compression from 10.97% in FY 2022-23. Standalone PAT for H1 FY 2025-26 was INR 1.25 Cr, while consolidated PAT (including the new subsidiary) was INR 1.72 Cr.

EBITDA Margin

EBIDTA for FY 2024-25 was INR 3.80 Cr, a 39.64% increase from INR 2.72 Cr in the previous year. The EBITDA margin is approximately 13.21% based on total revenue of INR 28.76 Cr.

Capital Expenditure

As of September 30, 2025, Standalone Property, Plant, and Equipment stood at INR 7.55 Cr. The company made a significant non-current investment of INR 19.30 Cr, primarily related to the acquisition of its subsidiary.

Credit Rating & Borrowing

As of September 30, 2025, standalone long-term borrowings were INR 3.29 Cr (down from INR 3.71 Cr in March 2025) and short-term borrowings were INR 2.08 Cr. Specific credit ratings and interest rate percentages are not disclosed.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include aluminum profiles, glass panels, and fabricated metal products, which are essential for facade systems. The subsidiary, Chrome Coaters Private Limited, specifically focuses on the manufacture of fabricated metal products.

Capacity Expansion

The company expanded its operational capacity through the acquisition of a 53% equity stake in Chrome Coaters Private Limited on September 17, 2025, to integrate metal fabrication into its supply chain.

Raw Material Costs

Total expenditure for FY 2024-25 was INR 24.95 Cr, representing 86.7% of revenue. This was a 57.7% increase from INR 15.82 Cr in the previous year, driven by higher project execution volumes.

📈 Strategic Growth

Expected Growth Rate

55.05%

Growth Strategy

Growth is driven by the execution of large-scale facade system work contracts. The strategy includes vertical integration via the acquisition of Chrome Coaters Private Limited (53% stake) to enhance fabrication capabilities and the expansion of the project portfolio across different building types.

Products & Services

Design, engineering, fabrication, supply, and installation of facade systems for commercial and residential buildings.

Brand Portfolio

Faalcon Concepts.

New Products/Services

The company has integrated 'manufacture of fabricated metal products' through its new subsidiary, Chrome Coaters Private Limited, which contributed to a consolidated revenue of INR 14.36 Cr in H1 FY 2025-26.

Strategic Alliances

Acquired 53% equity in Chrome Coaters Private Limited (CCPL) in September 2025, obtaining control and consolidating its financials for the first time.

🌍 External Factors

Industry Trends

The industry is shifting toward specialized, engineered facade solutions for modern architecture. Faalcon is positioning itself as an end-to-end provider from design to installation to capture this growth.

Competitive Landscape

The market consists of various project-based players; Faalcon competes by managing the entire lifecycle of facade execution as a specialized work contract.

Competitive Moat

The company's moat lies in its integrated 'design-to-installation' model and its specialized engineering expertise in facade systems, which are difficult for general contractors to replicate.

Macro Economic Sensitivity

The business is highly sensitive to the real estate and construction sectors, as demand for facade systems is directly linked to new building developments and infrastructure spending.

Consumer Behavior

Increased demand for energy-efficient and aesthetically advanced building exteriors is driving the need for complex facade systems.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013, SEBI (LODR) Regulations 2015, and Accounting Standards (AS-17 for segments and AS-21 for consolidation).

Taxation Policy Impact

The company provided INR 1.07 Cr for current tax in FY 2024-25, reflecting an effective tax rate of approximately 28.3% on Profit Before Tax of INR 3.80 Cr.

Legal Contingencies

The Secretarial Audit for FY 2024-25 reported compliance with applicable statutory provisions; no specific pending high-value court cases or consumer disputes were detailed.

⚠️ Risk Analysis

Key Uncertainties

The Debtors Turnover Ratio decreased by 50% (from 5.88 to 2.94), indicating a significant risk in credit management and potential working capital strain.

Geographic Concentration Risk

The company is headquartered in Gurgaon, Haryana, suggesting a potential concentration of projects in the North Indian region.

Third Party Dependencies

High dependency on project-specific vendors for materials, though partially mitigated by the acquisition of Chrome Coaters Private Limited.

Technology Obsolescence Risk

The company must continuously update its design and engineering software to meet evolving architectural standards for facade systems.

Credit & Counterparty Risk

Trade receivables stood at INR 13.72 Cr as of September 30, 2025, representing a significant portion of current assets and highlighting exposure to client payment defaults.