Aluwind Architectural Ltd

About the Company:

Aluwind Architectural Ltd 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.

Company operates 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.

Company has successfully expanded its market presence, with products sold in cities across India, including Mumbai, Pune, Bangalore, Hyderabad, among others.



Company has strategic collaboration with Hindalco (Aditya Birla Group).

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.



Company’s Top 10 customers:




Company’s Capacity and Capacity Utilization:



Number of Projects Completed by the Company: 



Management Team:

  1. Mr. Murli Manohar Ramshankar Kabra (Designation: Managing Director)
  2. Mr. Rajesh Kabra (Designation: Executive Director)




Objectives of the Issue:

Fresh Issue: (Rs.29.7 cr)

  • Funding of working capital requirements of the Company
  • General Corporate Expenses



Fund Utilization:

Particulars Amount (Rs. in Crores)
Funding of Working Capital requirements 20.45 cr
General Corporate Expenses 6.50 cr
Net Proceeds 26.95 cr



Positives for the company:

Company’s Geographical Expansion.

  • Company recognizes the potential for expansion and are considering regions like Karnataka, Gujarat, and Telangana. Company plans to create a superior value proposition, a strong go-to-market strategy, competitive profit structures, and a high market share before expanding.



Expansion of Eternia Brand.

  • Expanding the Eternia brand is a key aspect of company’s growth strategy, focusing on establishing a strong brand presence.
  • By leveraging the trust and credibility associated with the Eternia brand, company seeks to diversify the product line and capture a larger share of the market.
  • The expansion strategy includes introducing new product variants, improving brand visibility, and ensuring consistent quality to resonate with a broader customer base.




Financials of the Company:

(in Crores) FY 21 FY 22 FY 23 Upto 30th Sept 23
Revenue 21.39 29.25 49.0 41.42
Net Profit 0.76 0.78 2.70 3.72



Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Aluwind Architectural Ltd 10 1.48 30.41 17.24% 9.33
Innovators Façade Systems Ltd 10 2.68 34.2 3.80% 71.75




IPO Details:

Details Info
Issue Opens on 28th March 2024
Issue Closes on 4th April 2024
Issue Price Rs.45
Face Value Rs.10
Minimum Lot 3000 Shares
Minimum Investment Rs.1,35,000
Issue Constitutes 26.56 %
Issue Size Rs.29.7 cr
Market Cap Rs.111.8 cr 
Listing at NSE SME
Equity Shares Offered (Fresh) 66,00,000 (Rs.29.7 cr)
Equity Shares Prior to the Issue 1,82,47,420
Equity Shares after the Issue 2,48,47,420

Also Read : List of Upcoming IPO’s in India.
Also Read: List of Upcoming SME IPO’s in India.



Important Dates:

Finalization of Basis of Allotment on or Before 5th April 2024
Initiation of Refunds on or Before 8th April 2024
Credit of Equity Shares: on or Before 8th April 2024
Listing Date: on or Before 9th April 2024



IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
1.48 30.41 17.24% 9.33



Should You Subscribe or Not ?
Aluwind Architectural Ltd, a promising player in the manufacturing and installation of aluminum products, is gearing up for an SME IPO. Specializing in windows, doors, curtain walls, cladding, and glazing systems, the company caters to a diverse clientele, including architects, consultants, builders, institutions, and corporations.

What sets Aluwind apart is its strategic collaboration with Eternia, a prestigious product line from Hindalco, part of the esteemed Aditya Birla Group. This partnership not only enhances Aluwind’s product offerings but also signifies a stamp of quality and innovation.

With plans to expand operations to Karnataka, Gujarat, and Telangana, Aluwind Architectural Ltd appears poised for substantial growth. These strategic expansions tap into burgeoning markets, promising increased visibility and market share for the company.

Moreover, by aligning with Eternia’s cutting-edge technologies and Hindalco’s established reputation, Aluwind is well-positioned to capitalize on emerging opportunities. As investors eye SME IPOs for potential growth prospects, Aluwind’s trajectory seems promising, fueled by innovation, strategic partnerships, and an expanding market presence.



Company Contact Info:
Aluwind Architectural Limited
604, Palm Spring Centre, Link Road,
Malad (West), Mumbai City, Mumbai,
Maharashtra, India 400064
Telephone: 022- 35135036/37/38/39
Email ID:


Registrar to the Issue:
D-153/ A, First Floor,
Okhla Industrial Area, Phase – I,
New Delhi – 110020
Telephone: +91-11-40450193-97


Lead Manager to the Issue:
510, 5th Floor, Dilkap Chambers,
Plot – A/7 Veera Desai Road,
Andheri (West), Mumbai – 400 053
Telephone: +91 – 22 – 4972 9990



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