Financial Performance Highlights

Income Statement (₹ crores)

Full Year FY26 vs FY25:

  • Revenue from operations: ₹67.5 vs ₹42.1 (60% YoY growth)
  • Cost of materials consumed: ₹31.8 vs ₹19.3 (65% YoY growth)
  • Employee benefits expense: ₹6.0 vs ₹3.8 (58% YoY growth)
  • Total operating expenses: ₹49.6 vs ₹31.4 (58% YoY growth)
  • EBIDTA: ₹17.9 vs ₹10.7 (68% YoY growth)
  • EBIDTA Margin: 26.6% vs 25.4% (115 bps improvement)
  • Profit before tax: ₹13.8 vs ₹6.9 (100% YoY growth)
  • Profit after tax: ₹10.2 vs ₹5.1 (98% YoY growth)
  • PAT Margin: 15.1% vs 12.2% (290 bps improvement)
  • EPS: ₹6.6 vs ₹3.8 (75% YoY growth)

Second Half FY26 vs H2FY25:

  • Revenue from operations: ₹41.2 vs ₹21.8 (89% YoY growth)
  • EBIDTA: ₹9.5 vs ₹3.8 (152% YoY growth)
  • EBIDTA Margin: 23.0% vs 17.3% (573 bps improvement)
  • PAT: ₹5.7 vs ₹1.4 (311% YoY growth)
  • PAT Margin: 13.8% vs 6.3% (743 bps improvement)
  • EPS: ₹3.3 vs ₹2.1 (57% YoY growth)

Balance Sheet (₹ crores)

FY26 vs FY25:

  • Property, plant & equipment: ₹45.4 vs ₹46.1
  • Capital work-in-progress: ₹15.6 vs ₹0.4
  • Long Term loans and advances: ₹9.2 vs ₹1.8
  • Inventories: ₹34.6 vs ₹15.5
  • Trade receivables: ₹17.7 vs ₹13.2
  • Cash and bank balance: ₹0.1 vs ₹0.1
  • Total Assets: ₹136.6 vs ₹80.6
  • Equity capital and reserves: ₹75.4 vs ₹20.1
  • Borrowings: ₹39.4 vs ₹38.7
  • Trade payables: ₹13.4 vs ₹11.8

Cash Flow Statement (₹ crores)

FY26 Highlights:

  • Net cash from operating activities: -₹11.1
  • Sale/(Purchase) of Fixed Assets: -₹24.1
  • Net cash from investing activities: -₹32.2
  • Net cash from financing activities: ₹43.3

Operational Metrics

  • Cash Conversion Cycle: 340 days (YoY +155 days)
  • Working Capital days: 158 days (YoY +183 days)
  • Net Debt To Equity: 0.5x (YoY -1.4x)
  • Completed Projects: 58 (vs 70 in FY25)
  • Total Workforce: 194 employees (YoY 59.0% growth)
  • Manufacturing Capacity: 15,00,000 sq. ft.
  • Solar Plant Capacity: 422 kW

Strategic Initiatives and Business Updates

  • Company listed in December 2025
  • Established subsidiary Geotrix Pvt. Ltd. to expand capabilities and market reach
  • Entered Coimbatore and Mumbai markets in 2025
  • Current active projects: 24+
  • Total completed projects: 250+
  • Machinery: 30+

Key Projects

Commercial Projects:

  • Rajyash One: 85,000 sq. ft., Unitised Glazing System, June-Dec 2025
  • Vishwanath Builders Ozone: 70,000 sq. ft., Unitised Glazing System, Dec 2025-Feb 2026
  • Trogon Twin Towers: 2,80,000 sq. ft., Unitised Glazing System, Jan 2026-Jun 2027

Residential Projects:

  • Riviera Prestige: 160,957 sq. ft., various products, Dec 2025-Mar 2026
  • Riviera Majestica: 322,352 sq. ft., various products, Jan 2025-Aug 2026
  • Riviera Palacio: 152,060 sq. ft., various products, Feb 2026-May 2027

Competitive Advantages

  • Full backward integration with in-house powder coating and automated processes
  • 422 kW captive solar plant reducing energy costs
  • MSME ZED Bronze and ISO 9001:2015 certifications
  • End-to-end execution capabilities from design to installation
  • ~80% of revenues from repeat clients

IPO Proceeds Utilization (As of March 31, 2026)

  • Funding capital expenditure for assembly & glass glazing line: ₹11.4 crore utilized out of ₹18.3 crore proposed
  • Funding working capital requirements: ₹18.5 crore utilized out of ₹19.0 crore proposed
  • General corporate purpose: ₹7.6 crore utilized (fully utilized)
  • Issue expenses: ₹6.0 crore utilized (fully utilized)

Future Plans

  • Installation of 1,000 kWp Solar Power PV Plant
  • Proposed ~13,714 sq. m expansion alongside existing facility
  • Installation of advanced automated assembly and glazing lines
  • Expansion of manufacturing footprint to cater to increasing demand

Management Team

Board of Directors:

  • Rupesh Pravin Shah (Managing Director) - 35+ years experience in operations, procurement & distribution
  • Pinky Rupesh Shah (Executive Director) - 13+ years experience in client relationships & strategic planning
  • Hrishikesh Rupesh Shah (Executive Director) - 4+ years experience in strategy, business expansion
  • Shail Jayesh Shah (Independent Director) - 13+ years experience in financial strategy & governance
  • Heta Hiren Shah (Independent Director) - 5+ years experience in strategy planning & operational analytics
  • Niki Nitin Thakkar (Independent Director) - Expertise in corporate and regulatory legal matters

Key Management Personnel:

  • Ashish Ram Jadhav (President – Facades) - 35+ years experience in manufacturing, fabrication & project management
  • Arun Singh (General Manager – Facades) - 15+ years experience in operations, project planning & client engagement
  • Samir Kantilal Oswal (Chief Financial Officer) - 15+ years experience in accounting, financial operations
  • Anil Gagroo (Head – Human Resources) - 20+ years experience in human resources, talent management

Industry Outlook

  • Façade market projected to reach ~$4.0B by 2028
  • Industry growing at over 8% annually
  • Growth drivers include urban expansion, government infrastructure spending, sustainability priorities, and real estate premiumization
  • Energy-efficient "smart" buildings creating demand for certified façade solutions