ALUWIND INFRA-TECH LIMITED (ALUWIND)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, ALUWIND INFRA-TECH's revenue was ₹73.1 Cr (+14.3% year on year, +13.4% on the previous half-year), and net profit ₹5.4 Cr (-9.6% year on year); the operating margin was 11.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹73.1 | +14.3% | +13.4% |
| Operating profit | ₹8.3 | +3.9% | +17.2% |
| Net profit | ₹5.4 | -9.6% | +7.7% |
| EPS (₹) | 2.18 | -7.8% | +7.4% |
| Operating margin | 11.4% | — | — |
ALUWIND delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the ALUWIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 83.42%. That is higher than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 100.0% · 60.0% · 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Aluwind Infra-Tech Limited has informed the exchange that quarterly Corporate Governance reporting under SEBI LODR Regulations 17 to 27 is not applicable to the company for the quarter ended September 30, 2026. This exemption is granted under Regulation 15(2) due to the company being listed on the SME Exchange. The filing is standard regulatory compliance documentation and carries no direct financial or operational impact.
- Corporate Governance provisions under Regulations 17 to 27 deemed non-applicable under Regulation 15(2)
- Exemption applies for the quarter and half-year ended September 30, 2026
- Exemption granted due to listing on the NSE SME Exchange
- Provisions under Regulation 23 (Related Party Transactions) remain applicable
Aluwind Infra-Tech Limited has appointed Mr. Kailash Goyal as an Additional Director (Independent Director) for a term of 5 years, effective September 28, 2026. Mr. Goyal brings over 39 years of banking and finance experience from State Bank of India, where he retired as Deputy General Manager (DGM) in 2012. He currently serves as Director and CFO at MPIL Steel Structures Limited, with a background spanning credit appraisal, merchant banking, and IPO management. The board meeting lasted 14 minutes, commencing at 2:30 PM and concluding at 2:44 PM IST.
- Appointment of Mr. Kailash Goyal as Independent Director for a 5-year tenure effective September 28, 2026
- Over 39 years of banking and finance experience, including retirement as SBI DGM in 2012
- Associated since 2014 with MPIL Steel Structures Limited as Director and CFO
- Board meeting conducted in 14 minutes (2:30 PM to 2:44 PM IST)
Aluwind Infra-Tech Limited has appointed Mr. Kailash Goyal as an Additional Director (Independent Director) for a term of 5 years, effective September 28, 2026. Mr. Goyal brings over 39 years of banking and finance experience from State Bank of India, where he retired as Deputy General Manager (DGM) in 2012. He currently serves as Director and CFO at MPIL Steel Structures Limited, with a background spanning credit appraisal, merchant banking, and IPO management. The board meeting lasted 14 minutes, commencing at 2:30 PM and concluding at 2:44 PM IST.
- Appointment of Mr. Kailash Goyal as Independent Director for a 5-year tenure effective September 28, 2026
- Over 39 years of banking and finance experience, including retirement as SBI DGM in 2012
- Associated since 2014 with MPIL Steel Structures Limited as Director and CFO
- Board meeting conducted in 14 minutes (2:30 PM to 2:44 PM IST)
Mangla Murli Kabra, a member of Aluwind Infra-Tech Limited's promoter group, acquired 51,000 equity shares via open market purchase on September 23, 2026. The transaction was valued at ₹26,92,800 (averaging approximately ₹52.8 per share). Following this acquisition, her individual shareholding increased from 3,13,500 shares (1.26%) to 3,64,500 shares (1.47%). Overall promoter holding in the company remains strong at over 72%.
- Promoter group member Mangla Murli Kabra acquired 51,000 equity shares on September 23, 2026
- Total transaction value stood at ₹26,92,800 via open market purchase
- Individual holding increased from 3,13,500 shares (1.26%) to 3,64,500 shares (1.47%)
- Trade executed on the National Stock Exchange (NSE)
Aluwind Infra-Tech Limited has scheduled a virtual interaction with Arihant Capital Markets Ltd on Friday, September 25, 2026. The company noted that no Unpublished Price Sensitive Information (UPSI) will be discussed during this interaction. This represents a routine investor outreach for the small-cap construction and facade company (market cap Rs 118 Cr, TTM revenue Rs 247 Cr).
- Virtual interaction scheduled for Friday, September 25, 2026
- Meeting participant is Arihant Capital Markets Ltd
- Company confirmed that no UPSI will be shared during the meeting
Santosh Kumar Rathi has tendered his resignation as an Independent Director of Aluwind Infra-Tech Limited, effective September 6, 2026. With this resignation, he also steps down as Chairman of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. The reasons cited are personal, including age, preoccupation, and logistical challenges due to his residence in Hyderabad. The company confirmed the resignation will be placed before the Board at its upcoming meeting.
- Independent Director Santosh Kumar Rathi resigned effective September 6, 2026
- Stepped down as Chairman of Audit, Nomination & Remuneration, and Stakeholders Relationship Committees
- Confirmed no material reasons other than personal preoccupation and Hyderabad residence
- Company acknowledged receipt and will place before Board at next meeting
Aluwind Infra-Tech Limited announced the resignation of Mr. Santosh Kumar Rathi from his position as Non-Executive Independent Director, effective September 06, 2026. Mr. Rathi cited personal reasons, including age, preoccupation, and his residence in Hyderabad, making it difficult to attend board meetings. Following his resignation, he also steps down as Chairman/Member of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. The director confirmed that there are no other material reasons behind his departure.
- Resignation of Independent Director Santosh Kumar Rathi effective September 06, 2026
- Ceases to be Chairman/Member of Audit, Nomination & Remuneration, and Stakeholder Relationship Committees
- No material dispute or other operational reasons cited; resignation attributed to age, preoccupation, and residence in Hyderabad
- Resignation to be formally placed before the Board of Directors in the upcoming meeting
Aluwind Infra-Tech Limited concluded its 23rd Annual General Meeting on September 03, 2026, where shareholders approved all four proposed resolutions with requisite majorities. Key approvals include the adoption of FY26 financial statements, the re-appointment of Director Jagmohan Ramshankar Kabra, and ratification of cost auditor remuneration. Additionally, a special resolution to enhance overall borrowing limits and create security charges under Section 180(1)(a) and (c) was passed unanimously with 100% of 18,443,620 votes cast in favor.
- Shareholders approved all 4 resolutions at the 23rd AGM held on September 03, 2026
- Special resolution to enhance borrowing limits passed with 100% votes (18,443,620 votes in assent)
- Adoption of FY26 Standalone and Consolidated Financial Statements approved with 100% voting in favor
- Re-appointment of Director Jagmohan Ramshankar Kabra passed with 99.984% assent (3,000 votes against)
Aluwind Infra-Tech has entered into a Strategic Partnership Agreement with Solar Scape LLP to jointly develop and market Building-Integrated Photovoltaic (BIPV) and Solar Façade solutions in India. The company targets high-rise commercial, data centre, and institutional projects seeking green-building certifications. Aluwind estimates a potential serviceable market opportunity of ₹25,000–45,000 crore in India, though specific financial terms or guaranteed order values under the agreement were not disclosed.
- Formed strategic partnership with Solar Scape LLP to offer integrated solar glass and BIPV façades in India
- Estimated an addressable serviceable market opportunity of ₹25,000–45,000 crore across commercial and institutional sectors
- Referenced India's installed solar capacity of ~164.6 GW (including >30.7 GW rooftop) as of July 31, 2026, targeting high-rises where rooftop area is constrained
- Initial target segments include data centres, Grade-A offices, GCC campuses, airports, and net-zero buildings
Aluwind Infra-Tech has issued its Annual Report for FY25-26 and scheduled its AGM for September 03, 2026. The company reported a stable Net Profit margin of 7.54% and an improved ROCE of 22.19% for the fiscal year. However, the Debt-Equity ratio increased significantly by 168.44% to 0.59 as the company took on more borrowings to fund working capital. The company continues to utilize its ₹29.70 Cr IPO proceeds to support larger project execution cycles in the architectural facade segment.
- Debt-Equity ratio increased by 168.44% to 0.59 in FY26 due to increased borrowings for operations.
- Return on Capital Employed (ROCE) improved to 22.19% from 19.99% in the previous fiscal year.
- Inventory Turnover Ratio declined by 28.12% to 2.19, reflecting longer project execution cycles.
- Net Profit Ratio remained stable at 7.54% for FY26 compared to 7.44% in FY25.
- Company utilized IPO proceeds of ₹29.70 Cr primarily for working capital and capacity expansion.
Aluwind Infra-Tech Limited has secured a new domestic order worth ₹12.59 crore from Cowtown Infotech Services Limited (Lodha Developers). The contract involves the fabrication and installation of aluminium windows, doors, fins, and louvers for a premium project in Bhandup. This order represents approximately 5.1% of the company's TTM revenue of ₹247 crore. The project is scheduled for completion by July 1, 2028, providing revenue visibility over the next two years.
- New order worth ₹125,946,172 (₹12.59 crore) received on July 28, 2026
- Contract awarded by Cowtown Infotech Services Limited, a Lodha Developers entity
- Execution timeline spans approximately 23 months with a completion deadline of July 1, 2028
- Order value constitutes ~5.1% of the company's TTM revenue of ₹247 crore
- Scope includes Full Material + Labour (FML) item rate basis for aluminium fabrication
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 30.92% YoY, reaching INR 109.22 Cr in FY25 compared to INR 83.43 Cr in FY24, driven by the execution of high-value architectural infrastructure projects.
Geographic Revenue Split
Not disclosed in available documents; however, the company operates out of Mumbai and Surat, targeting large-scale urban infrastructure projects.
Profitability Margins
Net Profit Margin compressed from 9.04% in FY24 to 7.43% in FY25. Profit After Tax (PAT) stood at INR 8.12 Cr in FY25, a 7.65% increase from INR 7.54 Cr in FY24.
EBITDA Margin
EBITDA margin was 10.97% in FY25 (INR 11.98 Cr), down from 14.15% in FY24 (INR 11.81 Cr). The margin compression is primarily due to a 42.17% increase in raw material consumption costs.
Capital Expenditure
The company utilized INR 29.70 Cr from IPO proceeds by September 30, 2025, with INR 20.45 Cr allocated to working capital to support project scaling and INR 6.55 Cr for general corporate purposes.
Credit Rating & Borrowing
Finance costs increased by 49.48% YoY to INR 1.20 Cr in FY25. Long-term borrowings stood at INR 1.13 Cr as of March 31, 2025, up from INR 0.67 Cr in FY24.
Operational Drivers
Raw Materials
Aluminium and Glass are the primary raw materials, with the total cost of materials consumed representing 75.74% of total revenue in FY25.
Capacity Expansion
The company is expanding its operational capacity using IPO proceeds of INR 29.70 Cr, specifically targeting working capital needs for larger project execution cycles.
Raw Material Costs
Raw material costs rose 42.17% to INR 82.74 Cr in FY25 from INR 58.20 Cr in FY24, significantly outpacing revenue growth and impacting gross margins.
Manufacturing Efficiency
Operational efficiency is linked to project execution cycles; the company reported that timely delivery of large-scale projects bolstered FY25 revenue.
Strategic Growth
Expected Growth Rate
31%
Growth Strategy
Growth will be achieved through the execution of a healthy order book in the high-value facade segment, utilizing INR 20.45 Cr of IPO funds for working capital, and expanding the footprint of its subsidiary, Aluwind Clean Tech Private Limited.
Products & Services
Aluminium Windows and Glass Facade Work, including fabrication and installation for architectural infrastructure.
Brand Portfolio
Aluwind Infra-Tech (formerly Aluwind Architectural).
New Products/Services
Expansion into 'Clean Tech' via its subsidiary Aluwind Clean Tech Private Limited, though specific revenue contribution percentages are not yet disclosed.
Market Expansion
Targeting high-value architectural infrastructure projects in urban centers to leverage its specialized fabrication capabilities.
External Factors
Industry Trends
The facade and fenestration industry is evolving toward energy-efficient and specialized architectural designs, with Aluwind positioning itself as a high-end infrastructure specialist.
Competitive Landscape
Operates in a capital-intensive sector with long gestation periods, competing with both organized and unorganized players in the architectural aluminium segment.
Competitive Moat
The company's moat is built on its ability to manage complex, long-gestation construction contracts (AS-7) and its specialized fabrication infrastructure, which are difficult for new entrants to replicate quickly.
Macro Economic Sensitivity
Highly sensitive to real estate and infrastructure cycles; performance is linked to macroeconomic conditions and regulatory frameworks governing construction.
Consumer Behavior
Increasing demand for premium, aesthetically superior, and sustainable building envelopes in commercial and luxury residential real estate.
Geopolitical Risks
Vulnerable to trade barriers or global supply chain disruptions affecting aluminium and glass availability.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and Accounting Standard 7 (Construction Contracts) for revenue recognition.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 26% (INR 2.86 Cr tax on INR 10.98 Cr PBT).
Risk Analysis
Key Uncertainties
Project delays and client-side funding constraints pose a risk to cash flow management, given the capital-intensive nature of the business.
Geographic Concentration Risk
Primarily concentrated in the Indian real estate market, specifically high-density urban infrastructure.
Third Party Dependencies
Significant dependency on third-party suppliers for aluminium and glass, as material costs constitute over 75% of revenue.
Technology Obsolescence Risk
Risk of evolving fenestration technologies; the company mitigates this through its 'Clean Tech' subsidiary and focus on innovation.
Credit & Counterparty Risk
Trade receivables increased by INR 8.99 Cr in FY25, indicating potential credit exposure risks from large-scale real estate clients.
