Aesthetik Engineers Ltd Management Discussions

Economy overview

The indian economy in fy 2024-25 is projected to have grown at a robust rate of 7.3% to 7.8%, driven by strong domestic consumption, resilient manufacturing, and the governments consistent push on capital expenditure in infrastructure.

Growth has been further supported by improved global trade sentiment, higher private investments, and a continued surge in the services sector.

The government of indias long-term vision, as laid out in the union budget 2025-26, continues to target transforming india with emphasis on smart cities, green construction, renewable energy, and sustainable infrastructure augurs well for sectors like fagade engineering and fenestration, where aesthetics, energy efficiency, and innovative materials are gaining strategic importance.

Global and indian faqade market

The global fagade market was valued at approximately usd 303.15 billion in 2024 and is projected to reach usd 488.45 billion by 2032, growing at a cagr of around 5.4%. This growth is fueled by rapid urbanization, rising infrastructure investments, and the increasing adoption of sustainable building practices. North america continues to lead in technology adoption, europe follows with stringent green construction regulations, while the asia-pacific region — including india — remains the fastest-

Growing market, supported by cost-effective resources and expanding construction activity.

In fiscal 2024-25, the india fagade market reached a valuation of approximately usd 3,060.5 million and is projected to expand to around usd 5,578.3 million by 2033, reflecting a cagr of 6.9% over the forecast period. This sustained growth is underpinned by the governments smart cities mission, the pradhan mantri awas yojana (pmay), and significant infrastructure developments through the national infrastructure pipeline, which collectively bolster demand for energy-efficient, high-performance fagades. Market demand is being propelled by advanced fagade types such as unitized glazing systems, acp/hpl cladding, glass- fiber reinforced concrete (gfrc), and solar- integrated fagades, aligning closely with indias evolving green building norms and sustainability targets

The sector is also benefiting from government incentives for green construction, technological advancements in materials, and adoption of bim and automated fabrication processes for improved precision and project timelines. Growing awareness among developers about lifecycle cost savings, aesthetics, and environmental performance is further accelerating adoption. With sustained policy support, continuous innovation, and rising demand from both metros and tier-2 cities, the fagade industry in india is poised to remain on a robust growth path in the coming decade.

Aesthetik engineers limited - business overview

Aesthetik engineers limited (ael) — headquartered in kolkata — is a premium fagade engineering and installation company with over 18 years of experience.

Specializing in design, engineering, fabrication, and installation, ael delivers building envelopes that meet global standards of quality and sustainability.

Key highlights

Manufacturing capacity: 74000 sq. Ft.

Facility in howrah equipped with advanced machinery; 20000 sq. Ft. Facility in mumbai. Product range: unitized curtain wall glazing, acp/hpl/stone cladding, spider glazing, aluminum louvers, skylights/domes, gfrc, railings, and aluminum windows/doors. Clientele: infosys, l&t, shapoorji pallonji, godrej properties, coal india, amri hospitals, ps group, primarc, merlin group and many more.

Order book: 8,372.58 lakhs as on 1 april 2025.

Through its wholly owned subsidiary aesthetik renewables pvt. Ltd., strengthened presence in the fast-growing expansion & capital expenditure during fy 2024-25, the company:

Expanded manufacturing capacity through advanced machinery procurement and workflow optimization.

Operationalized the glass processing unit of uday tuff pvt. Ltd., securing a stable supply chain for glass components.

Invested in acquiring solisys solar pvt. Ltd.,

A solar frame manufacturer, to enhance backward integration and reduce energy costs.

Invested in automated fabrication units and quality control systems to boost precision and reduce lead time.

Indian solar epc sector by offering turnkey solar solutions covering design, procurement, construction, and grid integration for rooftop, ground- mounted, and utility-scale projects, with a strong emphasis on quality, cost- efficiency, and sustainability.

Segment-wise Performance

Given the integrated nature of fagade projects, revenues are recognized as single work contract income across all products and services, and therefore no separate segmental disclosure is provided. For fy 2024-25, the revenue mix comprised 28.8% from structural/ curtain wall/spider glazing, 40.9% from doors, windows & louvers, 14.4% from gfrc/specialty concrete, with the remaining share derived from other offerings such as acp cladding, steel works, solar frames, and related products.

Future outlook: opportunities and threats

Opportunities:

»rising adoption of green building certifications to push premium fagade demand.

»growth in metro cities, airports, it parks, hotels fueling demand for

» turnkey fagade solutions.

Governments renewable energy » targets open opportunities for solar- integrated fagades.

Threats:

» dependence on large real-estate/ infrastructure projects — delays can impact cash flows.

» volatility in raw material costs (aluminum, glass, steel).

» competitive pricing pressures from unorganized players.

Risks & Concerns

project execution risk due to onsite dependencies.

Working capital intensity — long

» payment cycles in construction sector.

Regulatory risk from changes in

» building codes and environmental mandates.

The company mitigates these via

» robust procurement contracts, diversified clientele, and prudent financial management.

Internal control systems & adequacy

Aesthetik engineers limited has established a robust internalcontrol system designed to ensure the proper authorization and recording of all transactions, safeguard assets through systematic

Protection and physical verification, and maintain compliance with all applicable statutory regulations. The companys internal controls are structured to support operational efficiency, accuracy in financial reporting, and adherence to policies and procedures across all functions. The audit committee, in collaboration with the management team, periodically reviews these control mechanisms and the overall risk management framework to identify potential gaps, strengthen processes, and ensure that risks are mitigated effectively. This proactive approach enables the company to maintain high standards of governance, operational discipline, and financial integrity.

Human Resources

Ael is supported by a dedicated team of permanent employees and contractual site workers who play a pivotal role in the companys success. The company places strong emphasis on training, safety, and continuous skill enhancement, fostering a workplace culture that prioritizes quality, safety, and client-centricity.

Cautionary Statement

Statements made in this report describing the companys objectives, expectations, or projections may be forward-looking. The actual results may differ materially due to economic conditions, market factors, raw material availability, changes in regulations, and other risks.