**NSE Emerge: ELEGANZ** Eleganz Interiors Limited is a premier Indian provider of end-to-end interior fit-out, **EPC (Engineering, Procurement, and Construction)**, and turnkey solutions for the built environment. With a **37-year** track record, the company has evolved from a specialized interior firm into a diversified infrastructure player. Following its **January 2025 IPO**, the company is aggressively scaling its manufacturing capabilities and expanding into "Space-as-a-Service" models to capture the growing demand for premium corporate and commercial infrastructure in India and the Middle East. --- ### **Operational Footprint & Market Reach** Eleganz maintains a dominant Pan-India presence with a growing international footprint, serving a blue-chip clientele across **26+ industries**. * **Geographic Reach:** Operations across **12 states** and **35+ cities** in India. * **Project Track Record:** Delivered over **3 crore sq. ft.** across **625+ projects**. * **Client Base:** **450+ customers**, including major players in IT, BFSI, Pharma, FMCG, and Aviation. * **International Presence:** Active subsidiaries and associates in **Singapore**, **UAE (Dubai)**, and **Rwanda**. * **Customer Loyalty:** Maintains a **repeat customer rate of 48.8%**, which scales up to **80%** for long-term global corporate accounts. --- ### **Core Service Verticals & Specialized Capabilities** The company has transitioned from simple contracting to a high-value, integrated service model designed to reduce competition and protect margins. #### **1. Design & Build (D&B) and General Contracting (GC)** * **D&B:** A turnkey "bare shell to fully furnished" model where Eleganz acts as the single point of contact for conceptualization, space planning, and execution. * **GC:** Execution-focused services managing civil, interior, HVAC, and finishing works based on client-provided designs. #### **2. Integrated EPC & Infrastructure** Eleganz provides comprehensive engineering and construction services beyond interiors: * **Technology Infrastructure:** Structured cabling, fiber optics, precision cooling, and **Data Centre** colocation facilities. * **Specialized Systems:** Sector-specific installations including **Clean Rooms** for Pharma, **Baggage Handling Systems**, and **Passenger Boarding Bridges** for Airports. * **Sustainability:** Founding member of the **IGBC**; specialist in **LEED Platinum and Gold** certified projects, integrating Solar PV, EV charging, and waste heat recovery. #### **3. Managed Spaces & Asset Lifecycle (New Vertical)** * **Space-as-a-Service:** Management of flexible workspaces and co-working hubs. * **Asset Leasing:** Providing furniture and IT equipment through **operating or finance leases** (Dry & Wet). --- ### **Manufacturing Infrastructure & Backward Integration** To ensure quality control and improve EBITDA margins, Eleganz is significantly expanding its in-house production capabilities. | Facility | Status | Capabilities | | :--- | :--- | :--- | | **Vasai, Maharashtra** | **Operational (27,190 sq. ft.)** | CNC cutting, edge banding, woodwork, and metal works. | | **Khopoli, Maharashtra** | **Upcoming / Automated** | Fully automated mass production line including **soft furnishings**. | | **BKC, Mumbai** | **Inaugurated 2025** | High-end Design Studio for client consultation and BIM visualization. | **Annual Installed Capacity (Vasai):** * **Flush Doors:** **1,800 Nos.** * **Pressed Laminated Sheets:** **9,720 Nos.** * **Pelmets / Window Sills:** **10,800 Nos.** * **Storages:** **2,416 sq. mtrs.** * *Note: The company maintains a strict policy prohibiting the use of Particle Board in all factory outputs.* --- ### **Financial Performance & Growth Guidance** The company demonstrated exceptional growth in **FY 2024-25**, nearly doubling its income and profitability. | Metric (Consolidated) | FY 2024-25 | FY 2023-24 | Growth (%) | | :--- | :--- | :--- | :--- | | **Total Income** | **₹393.80 Crore** | **₹221.93 Crore** | **+77.4%** | | **Net Profit (PAT)** | **₹19.79 Crore** | **₹11.05 Crore** | **+79.1%** | | **Order Book** | **₹586 Crore** | **₹435 Crore** | **+34.7%** | **Forward-Looking Targets:** * **Revenue Growth:** Aiming for **15-20% growth** in **FY26**, with a long-term **3-5 year CAGR** of **25-30%**. * **Margin Profile:** Targeting **8-9% EBITDA** and **7-8% PAT** margins. * **Seasonality:** Revenue is typically skewed toward **H2 (Q4)** as corporate clients exhaust infrastructure budgets. **H2FY26** execution is projected to be **3x heavier** than H1. --- ### **Project Pipeline & Landmark Wins** As of late 2025, the company maintains a bidding pipeline of approximately **₹4,000 crore** with a historical success rate of **~10%**. **Recent Major Contracts:** * **Aviation:** **₹188.1 crore** Airport Renovation Project (3-year duration). * **IT/Software:** **₹159.7 crore** and **₹122.02 crore** contracts from global tech organizations. * **Pharma:** **₹131.13 crore** Letter of Intent for specialized facility fit-out. * **Real Estate:** **₹80.96 crore** contract for commercial development. --- ### **Capital Structure & Strategic Investments** * **IPO Details:** Raised **₹78.06 crore** in **January 2025** at **₹130/share** to fund working capital and expansion. * **Promoter Commitment:** In **April 2026**, the Promoter (**Sameer Akshay Pakvasa**) infused **₹6.64 crore** via **8,00,000 Convertible Warrants** at **₹83/warrant**. * **Strategic Acquisition:** Acquired a **33.33% stake** in **SAR Universal Infra Private Limited** in **March 2026** to bolster EPC capabilities. * **Banking Partners:** Working capital facilities are managed through **Bank of Baroda** and **HDFC Bank**, secured by current assets and industrial properties in **Dahisar** and **Lonavala**. --- ### **Risk Profile & Mitigation Strategies** #### **1. Working Capital & Payment Cycles** * **Risk:** Projects require **40% to 70% upfront funding** for long-lead items (chillers, modular furniture). Client advances are limited to **5-10%**. * **Mitigation:** Focus on **top-rated global corporates** to ensure payment security; bad debts are maintained below **0.5%**. #### **2. Supply Chain & Raw Materials** * **Risk:** Reliance on imports from **China/SE Asia** for fabrics and plastics; exposure to crude oil volatility. * **Mitigation:** Backward integration through the new **Khopoli facility** to bring soft-suiting in-house (previously 5-6% of contract value). #### **3. Legal & Statutory Contingencies** The company is actively managing the following: * **Service Tax:** **₹1.76 crore** demand (under appeal). * **GST:** Liability intimations for **FY 2018-19 to FY 2021-22** in Tamil Nadu. * **Commercial:** Ongoing mediation with **POSCO Maharashtra Steel** and reconciliation of **TDS discrepancies** on the TRACES portal. #### **4. Operational Confidentiality** * **Risk:** Strict **NDAs** with international clients; unauthorized disclosures can lead to loss of future business. * **Mitigation:** Robust internal compliance and data security protocols.