Aluwind Architectural Ltd Management Discussions

A. Economic and Industry Overview

A.1 Global Economic Outlook

The global economy continued to demonstrate resilience in 2024, with real GDP growth reaching 3.3%, despite ongoing geopolitical uncertainties and tight financial conditions.

According to the International Monetary Fund (IMF) World Economic Outlook (April 2025), global growth is expected to ease to 2.8% in 2025, before rising again to 3.0% in 2026.

Advanced economies show a slower growth trajectory, easing from 1.8% in 2024 to 1.4% in 2025, followed by a marginal improvement to 1.5% in 2026. In contrast, emerging market and developing economies will continue to drive global expansion, although at a slightly reduced pace of 4.3% in 2024, 3.7% in 2025, and 3.9% in 2026.

Inflationary pressures are gradually easing. Global headline inflation has declined from 5.9% in 2024 to 4.5% in 2025, reflecting the lagged effects of monetary tightening, reduced energy costs, and improving supply chains. Central banks maintain a strong focus on achieving price stability while supporting a sustainable recovery.

A.2 Indian Economic Outlook

Infrastructure is widely regarded as the backbone of the Indian economy. India continues to stand out among major global economies, supported by resilient fundamentals and transformative policy reforms. For the financial year 2024?€“25, Indias real GDP growth reached 6.5% , exceeding initial projections. This strong performance was fueled by robust domestic demand , accelerated infrastructure investment , and sustained momentum in both manufacturing and services sectors .

While the International Monetary Fund (IMF) had initially forecast growth at 6.3%, it later revised its estimate to

6.5%, aligning with the National Statistical Offices figures.

Looking ahead, the Economic Survey 2024 25 projects Indias GDP growth for FY 2025?€“26 to range between 6.3% and 6.8% , with a baseline estimate of 6.5% . This outlook is underpinned by ongoing capital investment, continued policy support, and a stable macroeconomic environment. With this trajectory, India remains firmly on course to become the worlds third-largest economy by 2027 .

B. Industry Structure & Overview: Façade & Fenestration in India:

Indias façade and fenestration sector?€”including curtain walls, aluminium windows and doors, cladding, and glazing systems?€”has become a vital component of the countrys construction ecosystem. The segment has seen significant momentum, driven by rapid urbanization, large-scale infrastructure investments, and the growing emphasis on sustainability and energy efficiency in modern building practices.

In 2023, the Indian façade market was estimated at USD 2.5 billion , and further grew to approximately USD 3.06 billion in 2024 . It is projected to reach

USD 5.58 billion by 2033 , reflecting a robust CAGR of

6.9% during the forecast period. This growth is fueled by increasing demand for smart façades, energy-compliant systems, and modern architectural aesthetics?€”particularly across commercial, institutional, and high-end residential projects.

Globally, the façade market stood at USD 292.2 billion in 2024 and is expected to grow to USD 534 billion by 2033 , at a CAGR of 6.6% , indicating parallel momentum worldwide for performance-driven and sustainable façade solutions. Within this broader sector, Indias fenestration market ?€”comprising windows and doors?€”is poised for steady expansion. National programs such as the Smart Cities Mission have played a pivotal role by promoting urban development through modern, eco-friendly construction solutions.

Additionally, the aluminium extrusion sub-segment , which supports the fabrication of modern façades and curtain walls, is expected to touch USD 2.5 billion by 2027 . The materials inherent recyclability, high strength-to-weight ratio, and compatibility with energy-efficient designs make it a preferred choice in smart city infrastructure and green-certified buildings.

C. Segment?€“wise or product-wise performance:

The Company is exclusively engaged in the execution of façade and fenestration solutions, with a specialized focus on the installation of aluminium windows and doors, curtain walls, cladding, and glazing systems. The Company does not offer any products or services outside of this core area of expertiseGiven that the business operates as a single integrated segment , and all activities are closely interrelated, segment-wise or product-wise reporting is not applicable and therefore not presented separately.

D. Company Overview: Aluwind Infratech Limited:

Aluwind Infra-Tech Limited (formerly known as Aluwind Architectural Limited "the "Company" or "Aluwind") is a recognized name in Indias façade and fenestration industry. With a track record spanning over two decades, the Company has built its reputation on quality, innovation, and precision engineering.

Established in 2003 by Mr, Murli Manohar Kabra and Mr. Rajesh Kabra , Aluwind has evolved from a small-scale operation into a nationally acknowledged enterprise. The Company is headquartered in Mumbai, Maharashtra and continues to contribute to Indias modern architectural landscape.

The companys robust product portfolio addresses the evolving needs of modern construction and sustainable architecture. Its range includes high-performance aluminium windows?€”such as sliding, casement, and fixed systems that promote energy efficiency and occupant comfort. Aluwind also offers architecturally refined aluminium doors for interior and exterior use, as well as advanced curtain wall systems that deliver sleek aesthetics, thermal insulation, and acoustic performance. Complementing these are durable cladding solutions that protect and elevate building façades, and custom glazing systems including spider glazing, skylights, partitions, and full-glass façades engineered for both transparency and structural integrity. Collectively, these offerings position

Aluwind as a one-stop partner for comprehensive façade and fenestration solutions across India.

E. Government of India Initiatives Supporting the Industry

Indias growing emphasis on sustainable, energy-efficient, and future-ready infrastructure is driving increased demand for high-performance façade and fenestration solutions. Several government-led programs are directly or indirectly supporting this industrys rapid expansion:

?€? Atal Mission for Rejuvenation and Urban Transformation (AMRUT)

Focused on strengthening core urban infrastructure and development , AMRUT has catalyzed demand for quality façade systems through public-private partnerships and investments in modern city planning.

?€? NITI Aayogs Aluminium Strategy

This strategic framework recognizes aluminium as a key enabler for national infrastructure?€”spanning transportation, power, construction, and urban housing. Aluminium usage in India is expected to continue increasing, with strong policy alignment supporting its adoption in modern façades and window systems.

?€? Fenestration Centre of Excellence (Pune) Aligned with national skill development programs , this centre is contributing to the creation of a trained and certified workforce by offering specialized training for façade installers. This initiative supports the industry by enhancing execution quality, safety standards , and technical capabilities across the country.

?€? Energy Conservation Building Code (ECBC)

Formulated by the Bureau of Energy Efficiency (BEE),

ECBC mandates energy-efficient building design practices ?€”including façade and fenestration performance standards?€”for commercial, institutional, and public buildings. It supports the adoption of solar-integrated, thermally efficient facade materials .

?€? National Infrastructure Pipeline (NIP) & Gati Shakti

These comprehensive government programs channel public and private investment into urban, industrial, logistics, and transport infrastructure . As a result, the demand for durable, low-maintenance, and high-performance facade systems continues to rise in both public and private sector construction.

?€? Green Building Certifications (IGBC & GRIHA)

To promote sustainable construction, government bodies and private developers are increasingly adopting

IGBC and GRIHA rating systems , which emphasize energy efficiency, material sustainability, and reduced environmental impact. This trend has accelerated the uptake of solar-enhanced, ventilated, and thermally insulated facade systems .

Conclusion

These strategic initiatives by the Government of India are fostering a robust ecosystem for the façade and fenestration industry. As missions like Smart Cities , AMRUT , and Housing for All continue to accelerate urbanization and infrastructure modernization , they generate sustained demand for advanced aluminium facade systems ?€”a segment in which Aluwind Infra-Tech excels .

Furthermore, initiatives like the Aluminium Strategy and the Fenestration Centre of Excellence are enhancing material adoption, compliance frameworks, and workforce quality. Collectively, these policies empower Aluwind Infra-Tech to scale operations , uphold regulatory benchmarks, and expand its leadership across Indias evolving built environment.

E. SWOT Analysis

Strengths

Experienced Leadership and Strategic Vision

Aluwind Infra-tech Limited is guided by a seasoned leadership team with over two decades of industry experience. Their deep market insight, operational foresight, and strategic agility have consistently enabled the company to identify growth opportunities, adapt to market shifts, and deliver sustainable profitability.

Strong Client Relationships and Industry Trust

The Company has built lasting relationships with top-tier developers, including repeat projects from marquee clients. Aluwinds reputation for timely execution, high-quality workmanship, and responsive service has established it as a preferred choice across the residential, commercial, and institutional sectors.

Extensive Market Reach and Client Base

Aluwinds aluminium systems are widely adopted and installed across Indias infra landscape , serving a diverse spectrum of stakeholders?€”including architects, consultants, builders, corporates, and institutions. This extensive geographic and sectoral presence reflects the Companys adaptability and reliability in delivering complex, high-performance façade solutions.

Technical Expertise in Aluminium Facade Solutions

Aluwind blends design innovation with engineering excellence to deliver façade solutions that go beyond functionality?€”enhancing both architectural aesthetics and overall building performance

Cutting-Edge Manufacturing Infrastructure

The companys 1,00,000 sq ft Pune facility is equipped with advanced CNC machinery, automated fabrication units, and an in-house automatic powder coating machine. This vertically integrated infrastructure ensures high production, consistency in quality, and dependable delivery schedules.

Focus on Sustainability and Energy Efficiency

Aluwinds product lines are designed in alignment with green building codes and energy compliance standards. Its aluminium windows meet the quality and performance benchmarks of both European (EN) and American (AAMA) standards, making them ideally suited for environmentally conscious developments and premium institutional projects. This strategic positioning strengthens Aluwinds market competitiveness and ensures future-readiness in an increasingly regulation-driven industry.

Weaknesses

?€? Government Policy: Changes in government policies may impact business operations and project timelines.

?€? Capital Investment Pressures Continuous investment in equipment upgrades, green certifications, and capacity expansions can stretch financial resources during lean cycles.

Opportunities

?€? Rising Demand for Smart & Green Facades

National mandates promoting energy efficiency and sustainable building practices are driving strong demand for advanced aluminium façade systems in modern infrastructure and real estate projects.

?€? Expansion into Emerging Urban Markets Tier-II and Tier-III cities are increasingly adopting modern construction practices, offering Aluwind the opportunity to expand its geographic footprint and capture untapped growth potential.

?€? Strengthening Industry Linkages Building closer engagement with architects, developers, and infrastructure companies can help secure recurring projects and improve market stability.

?€? Diversification into Adjacent Services

Introducing offerings such as facade maintenance, retrofitting, and ventilated curtain wall systems can expand the revenue base and enhance margin resilience.

Threats

?€? Substitute Materials & Competitive Pressure While lower-cost alternatives such as uPVC and steel are present in the market, their impact on our existing business remains limited, as aluminium continues to be preferred for premium and large-scale projects.

?€? Stringent Regulatory Compliance

Tighter norms on fire safety, thermal performance, and sustainability require ongoing compliance and testing. However, our established systems ensure minimal disruption to current operations.

?€? Emerging Technologies & Construction Methods Innovations in alternative building materials and construction techniques represent a long-term industry trend. Nonetheless, aluminium retains its strong position due to its durability, versatility, and alignment with sustainable building practices.

81 Annual Report -2024-25

F. PERFORMANCE REVIEW (FY 2024?€“25):

	(Amount in Lakhs)
Particulars	2024-25	2023-24
Income
Revenue from operations	10,922.48	8,342.71
Operational revenue	10,922.48	8,342.71
Expenses
Cost of Materials Consumed	8,274.36	5,819.99
Changes in inventory of fin -	(663.84)	25.13
ished goods, work-in-prog-
ress and Stock-in-Trade
Employee benefit expenses	1,477.15	833.81
Other Expenses	636.32	483.11
EBITDA (Earnings Before In-	1,198.49	1,180.66
terest Depreciation & Tax)
Depreciation & Amortization	110.00	94.16
EBIT (Earnings Before Inter-	1,088.49	1,086.50
est and Tax)
Finance Cost	(120.14)	(80.37)
Add: Other Income	130.00	16.76
Profit Before Tax	1,098.34	1,022.88
Tax Expense	286.21	268.42
Profit/(Loss) After Tax	812.14	754.46
Earning Per Equity Share
Basic	3.27	4.13
Diluted	3.27	4.13

The Company delivered a strong financial performance for the year ended 31 st March 2025, driven by the successful execution of high-value façade and architectural infrastructure projects and supported by a healthy order book.

?€? Revenue from Operations stood at INR 10,922.48 lakhs, registering a robust growth of 31% over the previous years revenue of INR 8,342.71 lakhs,

?€? Other Income rose to INR 130 lakhs, compared to INR 16.76 lakhs in FY 2023?€“24.

?€? As a result, Total Income for the year increased to INR 11,052.47 lakhs up from INR 8,359.47 lakhs in the previous year.

Operational efficiency and scale contributed to strong profitability metrics:

?€? EBITDA stood at approximately INR 1,328.48 lakhs, reflecting healthy operational margins.

?€? Profit Before Tax (PBT) reached INR 1,098.34 lakhs, up from INR 1,022.88 lakhs in FY 2023 24, reflecting a year-on-year growth of 7.3% .

?€? Profit After Tax (PAT) increased to INR 812.14 lakhs from INR 754.46 lakhs in the previous year, marking a growth of 7.7% .

This improvement in profitability is primarily attributable to the Companys timely and effective delivery of several large-scale projects, which not only bolstered revenue but also enhanced operational efficiencies across project execution cycles.

G. Key Financial Ratios

The details of key financial ratios, along with explanations for significant changes, have been disclosed in the Notes to the Financial Statements of the Company for the year ended 31 st March 2025.

H. Risk and Concerns

Risk management remains a strategic priority at Aluwind

Infra-tech Limited. The management actively identifies, evaluates, and classifies risks based on their potential impact and likelihood of occurrence. These insights are incorporated into the companys strategic and operational planning to ensure business continuity and resilience.

The façade and fenestration industry is capital-intensive by nature and often involves long gestation periods , making efficient project execution and cash management critical. Moreover, the industrys performance is significantly linked to the real estate and infrastructure sectors , which are influenced by macroeconomic conditions, regulatory frameworks, and cyclical demand patterns. These external dependencies introduce inherent risks, including project delays, cost fluctuations, and client-side funding constraints.

To mitigate such risks, Aluwind maintains a proactive monitoring mechanism for both internal operations and the external business environment. Strategic buffers, flexible procurement practices, and ongoing client engagement are deployed to navigate uncertainties and ensure timely delivery. Through this comprehensive risk management approach, the company remains focused on sustaining growth, safeguarding stakeholder interests, and maintaining operational stability.

I. Internal Control Systems and Their Adequacy

Aluwind Infra-tech Limited maintains a robust internal control framework that reflects its commitment to governance, operational integrity, and regulatory compliance. The Companys internal financial controls are meticulously designed to suit the scale, complexity, and specialized nature of its façade and fenestration operations. These controls form the backbone of its risk management strategy and are regularly reviewed and updated to align with evolving business landscapes and statutory requirements.

J. Material Developments in Human Resources / Industrial

Relations

At Aluwind Infra-Tech Limited, we recognize that our people are the foundation of our operational excellence and sustained growth. Our human resource strategy focuses on nurturing a culture of innovation, collaboration, and continuous learning?€”empowering employees to excel in a dynamic and technically intensive environment.

In line with our commitment to employee engagement and long-term value creation, the Company introduced an

Employee Stock Option Plan (ESOP) during the year under review. This initiative is designed to foster a deeper sense of ownership among team members, strengthen their connection to the Companys vision, and align individual aspirations with organizational goals.

By investing in our people and promoting inclusive growth, we aim to build a resilient and future-ready workforce that drives performance and innovation across every level of the organization.

Training and Development

At Aluwind Infra-Tech Limited, we foster a learning-driven culture where employees are encouraged to enhance their skills, acquire cross-functional capabilities, and strengthen technical competence through structured training and hands-on experience. This focus on continuous development enhances operational expertise, agility, and innovation, while our strong emphasis on employee well-being ensures a safe, inclusive, and motivating workplace. Stringent safety protocols, regular audits, advanced equipment, and continuous training form part of our risk mitigation framework, complemented by compliance with statutory requirements such as the POSH Act, reaffirming our commitment to a respectful and supportive work environment.

As of March 31, 2025, Aluwind Infra-Tech Limited employed 222 permanent employees . We take pride in being a responsible employer within the aluminium façade and fenestration sector, offering fulfilling careers, continuous professional development, and performance-based recognition. By investing in talent and nurturing a culture of excellence, we aim to reinforce our industry leadership and create sustainable value for all stakeholders.

K. Return on Net Worth:

The Return on Net Worth stood at 13.06% for the financial year ended 31 st March 2025. While the Profit After Tax

(PAT) increased from INR 754.46 lakhs to INR 812.14 lakhs during the same period, the growth in net profit was not proportionate to the increase in Net Worth?€”mainly on account of retained earnings and fresh capital infusion to support future business expansion.

L. Future Outlook

At Aluwind, we are guided by the principle of being

" Committed to Commitments." This unwavering value reinforces trust, transparency, and accountability?€”laying the foundation for long-standing relationships with clients, partners, employees and all stakeolders.

As we move forward, the Company remains focused on building upon its legacy of precision, innovation, and timely execution. With the construction industry increasingly embracing modern and sustainable building practices, Aluwind is well-positioned to address the rising demand for high-performance façade and fenestration solutions.

Our strategic priorities include enhancing operational efficiency, strengthening our design and engineering capabilities, and continuously investing in technology and talent. Backed by these pillars and our steadfast commitment to quality and ethics, we are confident in delivering long-term growth and sustainable value for all our stakeholders.

Cautionary Statement

Certain statements in this Report describing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable Securities Laws and Regulations.

Actual results could differ from those expressed or implied. Important factors that could make a difference to the

Companys operations include global and Indian demand supply conditions, finished goods prices, availability and prices of raw materials, power, interest rates, changes in Government regulations, tax regimes, economic developments within India and the countries in which the Company conducts business and other ancillary factors. Your Company is not obliged to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events or otherwise.