At a Glance
Aluwind Infra-Tech Ltd builds aluminum facades, doors, glazing systems—and maybe investor hopes. With a ₹19 Cr L&T order, a CNC machine upgrade, and ROCE of 22%, the Pune-based SME player looks solid. But its cash flows are wobblier than a builder’s promise.
1. 🧲 Hook — From Aluminium Windows to NSE Windows?
Every SME investor has that one hope:
“Bhai, ek order mil gaya toh stock 2x ho jayega.”
Well, Aluwind did get the order. ₹19.22 Cr worth, from Larsen & Toubro, no less. For AIIMS Madhuri, Tamil Nadu. Not some shady “client X from Gujarat.”
Also in the last 12 months:
- Added CNC machine (₹3.9 Cr capex)
- Doubled revenue in 2 years
- ROCE at 22%
- No IPO fund ka jugaad—official deviation = zero 🧾
But then, why is the cash flow redder than a builder’s timeline?
2. 🏗️ WTF Do They Even Do?
Aluwind Infra-Tech Ltd, incorporated in 2003, is in the business of:
- 🪟 Aluminium Windows
- 🚪 Doors
- 🏢 Curtain walls
- 🧱 Cladding
- ✨ Glazing systems
Their core clients are infra and real estate companies. Their products don’t go to your home—they go on the outside of malls, airports, hospitals, tech parks.
Basically: they make the building look expensive. And now they want the stock to follow.
3. 📉 Financials – Profits, Margins, ROE, Growth
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 21 | 29 | 49 | 83 | 109 |
| Net Profit (₹ Cr) | 1 | 1 | 3 | 8 | 8 |
| OPM (%) | 9% | 7% | 10% | 14% | 11% |
| ROE (%) | 4.1% | 3.3% | 10.8% | 19.3% | 19.3% |
💹 5-Year Revenue CAGR: 45%
📈 5-Year Profit CAGR: 69%
🔥 3-Year Profit CAGR: 109%
This SME isn’t just reporting profits. It’s scaling. Smoothly.
4. 📊 Valuation – Is It Cheap, Meh, or Crack?
| Metric | Value |
|---|---|
| CMP | ₹80.2 |
| EPS (FY25) | ₹3.27 |
| P/E | 24.5x |
| Book Value | ₹24 |
| P/B | 3.34x |
| Market Cap | ₹199 Cr |
Now compare with SME peers like Baheti Recycling, Shera Energy:
- They have 10x revenue, similar ROEs, and trade at 20–35x P/E
- Aluwind is at ~24.5x on ₹109 Cr revenue and ₹8 Cr PAT
So we’re not in fantasy land. But it’s slightly pricey.
🎯 EduFair™ Value Range: ₹50–65
- At 15x P/E on FY25 EPS = ₹49
- At 20x P/E = ₹65
- CMP ₹80 = Slightly ahead of itself, but not 🚨
5. 🍳 What’s Cooking – News, Triggers, Drama
🔥 Biggest Trigger: ₹19.22 Cr L&T Order
📦 Project: Facade work for AIIMS Madhuri, Tamil Nadu
🔧 Capex: New CNC Machine added June 2025
🏭 Capacity Bump: +3,162 sqm/month
🧾 IPO Deviation: NONE. Funds are being used as promised. No shady investments, no yacht dreams.
Confidence booster? Yes.
Stock-moving material? Maybe.
6. ⚖️ Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY25 |
|---|---|
| Equity Capital | ₹25 Cr |
| Reserves | ₹35 Cr |
| Total Net Worth | ₹60 Cr |
| Borrowings | ₹13 Cr |
| Assets | ₹114 Cr |
| Fixed Assets | ₹7 Cr |
🧾 D/E Ratio = 13/60 = 0.22
Decent control. No red flags. Also:
- No CWIP. So no stuck projects.
- ₹4 Cr investments added this year (maybe surplus parked smartly?)
7. 💸 Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | CFI | CFF |
|---|---|---|---|
| FY23 | +₹1 Cr | -₹1 Cr | ₹0 Cr |
| FY24 | -₹2 Cr | -₹1 Cr | +₹5 Cr |
| FY25 | -₹18 Cr | -₹4 Cr | +₹26 Cr |
❌ FY25 CFO = –₹18 Cr
That’s worrying. They’ve grown fast, but receivables and working capital ballooned. The new CNC machine and L&T order may help fix this—if execution is solid.
8. 🧮 Ratios – Sexy or Stressy?
| Metric | FY25 |
|---|---|
| Debtor Days | 98 |
| Inventory Days | 146 |
| Payable Days | 118 |
| CCC (Cash Cycle) | 127 |
| ROCE | 22.2% |
| ROE | 19.3% |
🟢 ROCE + ROE = clean.
🟡 CCC = slightly long, but manageable in this industry.
9. 🧾 P&L Breakdown – Show Me the Money
- Sales: ₹109 Cr
- Operating Profit: ₹12 Cr
- Other Income: ₹1 Cr
- Net Profit: ₹8 Cr
📌 No accounting trickery. Profit is driven by operations.
Also, the IPO wasn’t used to fund “brand building” or “digital initiatives” or any other LinkedIn buzzwords.
10. 🔍 Peer Comparison – Who Else in the Game?
| Company | Revenue (₹ Cr) | ROE | P/E | OPM |
|---|---|---|---|---|
| Baheti Recycling | 524 | 35.7% | 34.6 | 7.8% |
| Shera Energy | 1277 | 13.7% | 19.7 | 4.6% |
| Sunlite | 1396 | 35.6% | 13.3 | 1.7% |
| Aluwind | 109 | 19.3% | 24.5 | 11% |
Aluwind holds its own on margins and ROCE, but is still a toddler compared to the grown-ups. Think of it as a small but promising franchise—not the IPL team yet, but winning Ranji trophies.
11. 🧠 Misc – Shareholding, Promoters
| Metric | Value |
|---|---|
| Promoter Holding | 72.13% |
| Public Holding | 27.87% |
| No. of Shareholders | 952 |
No major institutional names yet. But no pledging, no dilution, no shady anchor exits either.
12. 🧾 EduInvesting Verdict™
“For once, an SME stock where the shiny stuff is real.”
✅ Orders are real
✅ Machines are installed
✅ Margins are solid
✅ IPO money was used properly
🚩 But:
- Cash flow needs fixing
- Valuation is slightly rich
- Size is still small vs peers
Would we call this a multibagger? No.
Would we call this credible? Yes.
📜 Watchlist it. Don’t worship it.
✍️ Written by Prashant | 📅 June 30, 2025
Tags: Aluwind Infra-Tech, SME stock, aluminum facade, AIIMS order, L&T contract, architectural aluminum, IPO analysis, CNC machine, infra suppliers, EduInvesting deep-dive, SME with real revenue, India construction suppliers
