### **Overview** **EFC (I) Ltd.** (formerly Elves Facilities (India) Limited), founded in **2014** by first-generation entrepreneur **Mr. Umesh Kumar Sahay**, is a **BSE-listed** company headquartered in **Pune, India**. It operates as a pioneering **Real Estate as a Service (RaaS)** provider, offering integrated, tech-enabled workspace solutions across India. With a presence in **10 cities** and over **82 managed centers**, EFC has positioned itself as a **fully integrated, vertically aligned real estate services ecosystem** through its three core business verticals: 1. **Managed Offices (Leasing)** 2. **Design & Build (D&B)** 3. **Furniture Manufacturing** As of **Q1 FY26**, EFC manages **3 million square feet** of office space with a seating capacity of **over 63,300 seats**, serving **650+ clients**, including startups, SMEs, and multinational corporations. The company is on the cusp of a **transformative merger with WhiteHills Interior Limited (WIL)**, aimed at solidifying its end-to-end service model. --- ### **Proposed Merger with WIL – August 2025** A strategic move set for **late 2025**, the **merger of WIL into EFC** will create a powerful, vertically integrated **workplace solutions platform**. Key highlights include: - **Synergistic Integration**: Combines EFC’s managed leasing model with WIL’s **turnkey design-and-build capabilities** in commercial interiors. - **Enhanced Capabilities**: - Reduces reliance on third-party contractors. - Improves **execution speed, quality control, and cost efficiency**. - Enables **end-to-end service delivery** – from space planning and design to construction and long-term management. - **Revenue & Margin Consolidation**: - Integrates high-margin **design-and-build services** (39–40% of revenue) with **recurring managed office revenue** (~56% of revenue). - Captures previously outsourced margins internally, boosting **bottom-line profitability**. - **Diversified Exposure**: WIL brings strong expertise in **IT/ITES, healthcare, co-working, data centers, and industrial units**, reducing client and sector concentration risk. - **Growth & Scalability**: The combined entity will have a **larger project execution capacity**, improved **creditworthiness**, and expanded **market reach**. --- ### **Core Verticals (Current Structure)** #### 1. **Managed Offices & Leasing** - **Segment Contribution**: ~55–56% of Q1 FY26 revenue; ~64% of profit before tax. - **Capacity**: 82 centers | ~3 million sq. ft. | ~63,389 seats. - **Occupancy**: Consistently **above 90%**, supported by long-term corporate contracts (3–5 years). - **Key Brands**: EFC (enterprise), Sprint (business centers), Bigbox (co-working via acquisition). - **Pricing**: Average rental of **₹6,500–₹7,500 per seat**, optimized for occupancy and revenue stability. - **Geography**: Operates in Pune, Mumbai, Hyderabad, Chennai, Kolkata, Noida, Ahmedabad, and others. #### 2. **Design & Build (D&B)** - **Segment Contribution**: ~39% of Q1 FY26 revenue; ~34% of profit before tax. - **Order Book**: **INR 115 crore** as of Q1 FY26 (up from >INR 200 crore in FY25 due to project completion). - **Capabilities**: Full-cycle **interior fit-out, general contracting, project management, MEP integration**, and **brand-aligned office design**. - **Clients & Projects**: - **Coforge** (100,000 sq. ft. in 62 days). - **TATA Consultancy Services (TCS)** (multi-phase projects). - **Passport Seva Kendras**, **Tech Mahindra**, and MNCs. - INR 183 crore contract secured in Q1 FY26. - **Delivery**: Emphasis on **timely execution**, with a track record of on-time delivery driving client trust. #### 3. **Furniture Manufacturing (via Ek Design Industries Ltd.)** - **Launch**: **September 2024** – marks EFC’s entry into backward integration. - **Facility**: **1.25 lakh sq. ft. (3-acre)** in Fursungi, Pune, equipped with **CNC, metal woodworking, soft seating, and assembly lines**. - **Capabilities**: Modular office furniture, luxury hospitality, premium residential, **office/gaming chairs**, and smart furniture. - **Sales & Orders**: - **INR 22 crore** order book at end of Q1 FY26. - Secured **INR 25 crore export contract** with a resort in the **Middle East**. - First domestic and international orders delivered in FY25. - **Revenue Contribution**: 5.8% of Q1 FY26 revenue; margin enhancement via **in-house supply chain**. - **Growth Plan**: Scaling to **INR 250–300 crore annual revenue by FY26**, with plans for **white-labeling and distribution partnerships**. --- ### **Strategic Initiatives & Growth Drivers** #### **1. Integration & Vertical Synergy** - EFC operates a **closed-loop ecosystem**: - **Leases space** → **Designs & builds interiors** (using WIL capabilities) → **Furnishes** (using Ek Design) → **Leases out** as managed offices. - This integration **reduces capex, shortens project timelines, enhances quality**, and **maximizes margin retention**. #### **2. M&A & Portfolio Expansion** - **Acquisition of Bigbox Ventures (51%, INR 51 crore)**: - Added **3,000+ seats** across **9 Pune locations**. - Strengthened co-working footprint; expansion into **NCR, Ahmedabad, Kolkata** underway. - **Property Acquisitions**: - **Quantum Towers, Pune** (122,000 sq. ft., 3,000+ seats). - Additional floors in Pune (26,500 sq. ft., 600+ seats). - Prime freehold land acquired for future development. - **REIT Strategy**: - Launched **EMBERSTONE SM REIT**, **India’s first SM REIT managed by a co-working operator**. - Plans to list the REIT to monetize real estate assets while retaining management control. #### **3. Technology & Innovation** - **TryThat.Ai**: AI/ML-powered software platform co-developed by co-founder **Mr. Abhishek Narbaria** for **real estate analytics, procurement optimization, and CRM**. - **Smart Furniture**: Development of **sensor-equipped desks, AR/VR-enabled office layout tools**, and **Furniture-as-a-Service (FaaS)** model. - **Tech-Enabled Spaces**: Fully connected, secure, high-bandwidth environments with aspirational amenities. #### **4. Expansion & Scalability** - **Seat Growth Target**: **92,000 seats by March 2026** (from 63,000 in Q1 FY26). - **Geographic Strategy**: Focus on **nine key cities**, with monitoring of **tier-2 markets** for future entry. - **International Foray**: **Middle East exports**, with potential for further expansion. #### **5. Financial Strength & Business Model** - **Revenue Mix (Q1 FY26)**: - Managed Office: **56%** - Design & Build: **39%** - Furniture: **5.8%** - **Profitability**: - Managed Office contributes **64% of PBT**, D&B **34%**, Furniture **2.3%**. - **EBITDA**: ~25% of rental income in managed spaces. - **Asset-Light + Asset-Ownership Balance**: Mix of **leased properties and acquired assets**; strategic use of **REITs and AIFs** for capital efficiency. --- ### **Leadership & Corporate Governance** - **Mr. Umesh Kumar Sahay (CMD)**: - 20+ years in real estate, IT/ITES, and data center infrastructure. - Co-founded **EFC**, **TCC Concepts**, and **Elves Technology**. - Instrumental in EFC’s listing – **India’s first profit-making co-working company on BSE**. - **Mr. Abhishek Narbaria (Co-Founder & Whole-Time Director)**: - 22+ years in real estate and tech. - Led the development of over **2 million sq. ft. of office space**. - Creator of **TryThat.Ai**, awarded **“Innovation in Real Estate & CRM”** at Outlook Awards 2024. - **Mr. Nikhil Bhuta (Whole-Time Director)**: - Led cross-border capital raises, hotel developments, and infrastructure projects. - Key role in EFC’s capital strategy and compliance. --- ### **Key Achievements & Milestones** - **First listed RaaS company in India** (BSE: 543443). - **Pioneer in integrated workspace solutions**, combining leasing, design, and manufacturing. - **Backward integration into furniture manufacturing** – a rare competitive advantage. - **INR 183 crore TCV contract with an MNC** in FY25. - **Expansion to 82 centers**, with Q1 FY26 completion of **5.2 lakh sq. ft. of designed space**. - **Middle East export breakthrough** via strategic distribution partner.