💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 94.6% YoY to INR 112.38 Cr in H1 FY26, primarily driven by the retail fixtures segment. The company also accounts for advisory services through its subsidiary, Inscite Advisory Services LLP.

Geographic Revenue Split

The company operates primarily in India with key projects in Mumbai, Pune, and Hyderabad. It is expanding its international footprint with increased export orders supported by new partnerships in the Middle East.

Profitability Margins

Net Profit (PAT) margin stood at 29.6% for H1 FY26, up from 29.4% in H1 FY25. The company achieved a Net Profit of INR 33.25 Cr, representing a 96.1% YoY growth.

EBITDA Margin

EBITDA margin was 39.6% in H1 FY26, a slight compression from 41.5% in H1 FY25. EBITDA grew 85.4% YoY to INR 44.50 Cr, reflecting strong operating leverage despite margin normalization.

Capital Expenditure

Capital Work-in-Progress (CWIP) increased significantly to INR 57.43 Cr as of September 2025, compared to INR 0.15 Cr in March 2025, primarily for the upcoming Ambernath plant.

Credit Rating & Borrowing

The company is virtually debt-free with long-term borrowings of only INR 0.26 lakhs. It raised INR 169.74 Cr through an IPO on the NSE SME platform in 2025 to fund expansion.

⚙️ Operational Drivers

Raw Materials

Metal and wood fabrication materials (e.g., steel, timber) represent 37.6% of total revenue, with material costs totaling INR 42.23 Cr in H1 FY26.

Import Sources

Not disclosed in available documents; however, manufacturing facilities are located in Mumbai and Pune, Maharashtra.

Capacity Expansion

Expanded Pune facility by 46,505 sq. ft. and added a leased facility in Mumbai. The upcoming Ambernath plant is currently under development (INR 57.43 Cr CWIP) to enable long-term scalability.

Raw Material Costs

Cost of materials consumed grew 48.1% YoY to INR 42.23 Cr. Procurement strategies focus on high-precision metal and wooden fabrication using CNC and CAD technology.

Manufacturing Efficiency

Implemented advanced robotic cells to reduce cycle times and improve output consistency. EBITDA margins of 39.6% reflect high operational efficiency.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be achieved through the operationalization of the Ambernath plant, expansion into home-interior segments via the 'EVOLV' product line, and increasing export orders in the Middle East.

Products & Services

Shop fittings, retail fixtures, modular display systems (Forte, Engage, Syntrack), and electrified modular systems for home interiors (EVOLV).

Brand Portfolio

InSync Shop Fittings, Safe Classic, EVOLV.

New Products/Services

Launched 'EVOLV', an electrified modular system for home living and lifestyle interiors, leveraging retail engineering expertise to enter adjacent markets.

Market Expansion

Targeting Tier-II and Tier-III cities in India where 25 million sq. ft. of retail space is expected by 2029, alongside Middle East export expansion.

Strategic Alliances

Formed new partnerships in the Middle East to support export growth and international brand collaborations.

🌍 External Factors

Industry Trends

Organized retail share in India is projected to rise from 12% in 2022 to 17% by 2030, creating a USD 230 billion market opportunity for fixture providers.

Competitive Landscape

Operates in a fragmented industry transitioning from unorganized to organized, competing on design innovation and automation.

Competitive Moat

Moat includes 30+ years of heritage, 15 registered IPs, and integrated design-to-installation capabilities, which are sustainable due to high technical barriers and deep client relationships.

Macro Economic Sensitivity

Highly sensitive to India's organized retail growth (10% CAGR) and urbanization trends driving modern trade formats.

Consumer Behavior

Shift toward 'experiential' retail and immersive in-store environments increases demand for bespoke, high-tech fixtures.

Geopolitical Risks

Exposure to Middle East trade dynamics due to increasing export focus and partnerships.

⚖️ Regulatory & Governance

Industry Regulations

Subject to manufacturing standards and labor laws in Maharashtra; must comply with SEBI (LODR) and NSE SME listing regulations.

Environmental Compliance

Not disclosed in absolute INR, but company focuses on sustainability and responsible manufacturing for international clients.

Taxation Policy Impact

Effective tax rate for H1 FY26 was approximately 23.8%, with current tax expenses of INR 10.40 Cr on a PBT of INR 43.72 Cr.

⚠️ Risk Analysis

Key Uncertainties

Working capital intensity is a risk, as trade receivables grew 128% from INR 23.81 Cr in March 2025 to INR 54.28 Cr in September 2025.

Geographic Concentration Risk

High concentration in Maharashtra (Mumbai/Pune facilities), though expanding nationally and to the Middle East.

Third Party Dependencies

Dependency on retail brands' expansion plans; a slowdown in store rollouts by top clients would directly impact order inflows.

Technology Obsolescence Risk

Low risk due to proactive investment in robotic cells and electrified modular systems like EVOLV.

Credit & Counterparty Risk

Trade receivables of INR 54.28 Cr represent 48.3% of H1 revenue, indicating significant credit exposure to retail clients.