With an operating history spanning over years, Aluwind Architectural Limited commenced its business operations as a family venture. Today, the company operates in the segment of manufacturing and installing a diverse range of aluminum products. This includes windows, doors, curtain walls, cladding, and glazing systems, all meticulously crafted to meet the unique needs of architects, consultants, builders, institutions, and corporations. Operating from a cutting-edge 45,000-square-foot facility in Pune, Maharashtra, this tech-driven company specializes in a niche product segment. With infrastructure and advanced machinery, including a powder coating facility and CNC machines, it ensures precision in manufacturing aluminum products like windows, doors, and curtain walls. The facility is strategically organized with distinct sub-divisions for manufacturing, testing, and storage, ensuring an efficient production process. Specialized machines, such as a two-part pump for glazing, contribute to the company's unique offerings. Additionally, it maintains a display center and goods storage premise in Pune. Rigorous quality checks at multiple stages underscore the company's commitment to meeting the highest standards. On the backing of this infrastructure, the company has successfully expanded its market presence, with products sold in cities across India, including Mumbai, Pune, Bangalore, Hyderabad, among others, the company demonstrates a widespread reach and a commitment to serving customers across the nation. Expanding upon this foundation, the company has successfully executed numerous projects over the years and is presently managing a diverse portfolio of ongoing projects. These achievements reflect the company's commitment to excellence, continuous growth, and its dedication to delivering outstanding results for its clients. The company is dedicated to achieving excellence in product quality and has recently solidified its commitment through a strategic collaboration with Eternia, a cutting-edge product line from Hindalco (Aditya Birla Group). This collaboration positions the company as anchor partner for Eternia products in the MMRDA region. By aligning with this latest offering, the company not only reinforces its dedication to maintaining high-quality standards but also looks forward to establish itself as a player in delivering custom tailored solutions to its clientele in the fenestration industry. The company aspires to lead the façade and fenestration industry, aiming to be at the forefront by delivering elegant products that contribute to enhancing the city's skyline. With a clear vision, it strives to redefine architectural landscapes and set new standards for aesthetic and functional excellence in the industry. Company’s Vision: To be the most trusted name and become the market leader in the Facade and Fenestration industry across India by delivering high quality and innovative products on time. They are Committed to Customer Satisfaction and Value creation for all the stakeholders. Company’s Mission: AluWind is committed to exceeding Customer expectation, crafting architectural masterpieces and fostering the culture of excellence and innovation. While meeting the commitments, AluWind is striving to become a vendor of choice in the Façade and Fenestration industry. They aspire to bring growth and well-being for all the stakeholders. As per financial performance, Aluwind Architectural Limited has posted total income / net profits of Rs 21.39 Cr / Rs 0.77 Cr (FY21), Rs 29.25 Cr / Rs 0.79 Cr (FY22), Rs 49.01 Cr / Rs 2.70 Cr (FY23) and Rs 41.43 Cr / Rs 3.74 Cr (upto Q2 FY24). So as per previous financials data, company has shown very good growth, but sudden rise in net-profit just before IPO raises doubts. Company has posted an average EPS of Rs 0.95 and average RoNW of 12.03% for last three fiscals. Issue is priced at a P/BV of 2.22 as per NAV of 20.28 as on Post issue. If we attribute latest earnings of FY22, FY23 and annualised FY24 on fully diluted equity post issue, then asking price is at a P/E of around 141.90, 41.40 and 15 respectively, which looks fully priced. As per RHP, comparison between listed peers is shown in above table. This is first IPO From the BRLM, Corpwis Advisors Private Limited. As per financials, Aluwind Architectural Limited has shown good results, RoNW is 17.24% and P/E is respectively 141.90, 41.40 and 15.00 as per FY22, FY23 and annualised FY24 earnings. So, issue looks fully priced, but sudden rise in net-profit just before IPO is very surprising. Company is in business of manufacturing and installing a diverse range of aluminum products, which is highly competitive and fragmented segment. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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