BSE: 541353
Innovators Facade Systems Limi
Designs, supplies, and installs facade systems — including windows and CRP (curtain reinforced panel) works — for commercial and residential building projects in India. Revenue is project-based, with the company securing work orders from real estate developers and then executing them over one- to two-year timelines. In FY26, new work orders of ₹57,179 lakhs were booked, a 134% increase over ₹24,430 lakhs in FY25, lifting the order book to an all-time high of ₹74,102 lakhs as of 31 March 2026, with an additional ₹18,306 lakhs of orders received after year-end. Notable wins include a ₹84.84 crore contract from Reliance Industries for the Anant Vilas Project in BKC, Mumbai and a ₹76.82 crore Letter of Award from Lodha Developers for the Lodha Worli Sea Face Project. The business operates as a single segment (facade systems, windows and CRP) with no separately reportable segments, and its wholly-owned subsidiary Innovators Engineering Works contributed zero revenue. Materials for facade fabrication are the dominant cost at 67.6% of revenue, followed by employee costs at 13.4% and other opex at 6.5%, with capex intensity low at 3.5% of revenue and ROCE at 14.13%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Facade systems, windows and CRP works. Project-based, asset-light facade contracting with low capex intensity and a single operating segment
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 89 | 181 | 215 | 221 | 228 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 0.85 | 4.46 | 8.09 | 8.49 | 7.19 |
| ROE % · ROCE % | — · 4.3 | — · 11.1 | — · 17.5 | — · 17.5 | — · 14.1 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 10 | 16 | 31 | 3 | 43 |
| Capex | — | — | — | (6) | (8) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY22 | Q2 FY23 | Q4 FY23 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 59 | 72 | 109 | 115 | 114 | 107 | 84 | 144 |
| Profit before tax | 1 | 1 | 9 | 13 | 11 | 11 | 7 | 12 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.65 | 0.61 | 3.85 | 5.41 | 4.42 | 4.06 | 2.78 | 4.41 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.5 | 26.7 | 17 of 130 | 88% |
| ROCE | 10.1 | 11.3 | 78 of 142 | 45% |
| Revenue growth | 25.4 | 20.6 | 45 of 114 | 61% |
| Market cap | 220 | 273 | 78 of 141 | 45% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to review half-year results on 6 November 2026 | results | low | — | — |
| 27 Oct 2026 · IFSL board approves acquisition of ICWPL's remaining 51.03% via share swap | strategic transactions | medium | — | — |
| 26 Oct 2026 · Board approves 51.03% ICWPL buyout through share swap | strategic transactions | medium | — | — |
| 21 Oct 2026 · Board to weigh acquisition and fundraising on Oct 26 | strategic transactions | medium | — | — |
| 9 Oct 2026 · Quarterly Compliance Certificate on Share Dematerialisation Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · GST appeal order decided against company; liability of around Rs 52.58 lakhs | regulatory legal | medium | — | — |
| 28 Sept 2026 · Trading Window Closure for Half Yearly Results | compliance | minimal | — | — |
| 23 Sept 2026 · All 7 resolutions passed at 27th AGM with near-unanimous majority | board shareholder meetings | low | — | — |
| 23 Sept 2026 · All 7 resolutions passed at 27th AGM; RPTs and cost auditor approved | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Appointment of M/s. Y.R. Doshi and Co. as Cost Auditor for FY 2026-27 | management changes | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.