Falcon Technoprojects India Limited is a Mumbai-based, **ISO 9001:2015** certified engineering firm providing integrated **Mechanical, Electrical, and Plumbing (MEP)** solutions. Established in **2010** and incorporated in **2014**, the company has evolved from a specialized electrical contractor into a comprehensive turnkey provider for residential, commercial, and industrial infrastructure. The company listed on the **NSE Emerge** platform on **June 26, 2024**. --- ### Integrated MEP Service Portfolio & Technical Standards The company operates under a "Single Window" philosophy, providing end-to-end engineering from design and selection to installation and long-term maintenance. * **Electrical Systems (Est. 2010):** The company’s foundational segment provides turnkey **High Tension (HT)** and **Low Tension (LT)** engineering. Services include power generation, energy-efficient distribution, lighting, and IT/AV integration for industrial and process-heavy projects. * **Mechanical & HVAC (Est. 2014):** Comprehensive design and maintenance of heating, ventilation, and cooling systems. This includes central plant designing, elevators, and escalators. * **Firefighting & Safety (Est. 2014):** Systems compliant with **NBC, TAC, and NFPA** standards. Offerings include fire alarms, smoke detection, hydrants, wet risers, sprinklers, and **CO2-based** gas suppression. * **Plumbing & Public Health (Est. 2014):** Solutions for water supply, internal/external drainage, sewage treatment, and rainwater harvesting. Systems are designed to meet **LEED** and **IGBC** green building norms. * **Civil & Fabrication:** Support services including land identification, soil testing, foundation work, glass/glazing, and structural fabrication (grills, railings, and windows). ### Specialized Technology & Smart Infrastructure Falcon integrates **Internet of Things (IoT)** and renewable energy to address the modern demand for "Smart Buildings": * **Renewable Energy:** Installation of **Solar Rooftop PV modules** and solar water heaters. The company’s **Solar Power Pack Systems** serve as silent, pollution-free alternatives to diesel generators, capable of off-grid or grid-tied operation. * **Security & Automation:** Advanced surveillance ranges (Analog, Turbo, IP) featuring **WDR technology** and Pan/Tilt sensors. Security is bolstered by biometric access control and Building Management Systems (**BMS**) with mobile application integration. * **Networking:** Infrastructure for paging and computer networking tailored for large-scale institutions like hospitals and hotels. ### Operational Model & Project Execution Framework Falcon utilizes a **PAN India** delivery model, having executed over **145 projects** across **17 states**. * **Supply Chain Efficiency:** Employs a **"Just-in-Time"** material strategy. Materials are ordered per project and delivered directly to sites, minimizing working capital blockage and storage costs. * **Digital Project Management:** Execution is managed via an **ERP-based monitoring system** and cloud-based digital drawings (**AutoCAD, Revit11, Pipe Net**) to ensure coordination with Project Management Consultants (PMC). * **Workforce Strategy:** Projects are led by in-house engineers, while a network of local third-party contractors is utilized to scale operations and manage costs effectively. * **Client Verticals:** The company serves high-barrier sectors including **Petroleum Refineries** (BPCL, HPCL), **Atomic Energy**, and **Aviation** (Mumbai International Airport), alongside major developers like **Lodha** and **Shapoorji Pallonji**. ### Contractual Structures & Revenue Visibility Engagements typically span **4 to 6 months**, governed by three distinct pricing models: | Contract Type | Pricing Mechanism | Typical Application | | :--- | :--- | :--- | | **Cost-Plus** | Actual material costs + fixed margin/% mark-up | Private sector industrial projects | | **Fixed Price** | Fixed at signing; may include escalation clauses | Standard commercial/residential MEP | | **SLA-Linked** | Paid based on agreed delivery parameters | Government & State-Owned Corporations | As of late 2024, the company reported completed contracts worth over **₹40 crore** in the preceding three fiscals, with an ongoing order book exceeding **₹30 crore** as of March 31, 2023. Standard credit terms for customers range from **60 to 100 days**. ### Financial Performance & Capital Allocation The company has demonstrated aggressive top-line growth, though it remains in a phase of heavy reinvestment. | Metric (INR Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Total Revenue** | **26.50** | **11.47** | - | | **Profit Before Tax (PBT)** | **1.66** | **1.30** | - | | **Profit After Tax (PAT)** | **1.17** | **0.87** | **0.90** | * **IPO Utilization:** The **₹13.69 crore** raised in the June 2024 IPO was fully utilized by September 2024, with **₹10.27 crore** directed toward working capital and the remainder toward corporate purposes and issue expenses. * **Dividend Policy:** The Board has opted to **not declare dividends** for the recent fiscal years, prioritizing the retention of earnings in **Reserve & Surplus** to fund expansion. ### Strategic Growth & Capital Raising Initiatives Falcon is currently executing a transition from a service provider to a high-value turnkey integrator: * **Rights Issue:** The company approved a Rights Issue of up to **21,427,172** shares at **₹10 per share**, aiming to raise approximately **₹21.43 Crores**. The record date was fixed as **March 18, 2026**. * **Capital Expansion:** Authorized Share Capital was increased from **₹10 Crores** to **₹20 Crores** in 2025, and subsequently to **₹30 Crores** in 2026 to facilitate future fundraising. * **Sector Expansion:** * **Atomic Energy:** Executing specialized projects for the **Department of Atomic Energy**. * **Renewables:** Scaling solar water pump installations (currently **>40,000 units**). * **Operating Leverage:** Aiming to improve EBITDA margins by maintaining stable fixed costs while scaling revenue through a shared services model. ### Risk Profile & Governance Challenges The company faces a dual challenge of operational risks and recent regulatory lapses. **1. Regulatory & Compliance Lapses (2024-2025):** * **Board Vacancies:** Following a director's resignation in **February 2025**, the Audit and Nomination committees were non-compliant until **July 2025**. * **KMP Delays:** The **Company Secretary** position was vacant for over **9 months**, and there was a **154-day delay** in disclosing the CFO's resignation. * **Disclosure Failures:** Multiple delays occurred regarding SEBI filings, including a **96-day delay** for governance disclosures and failures to meet the **30-minute** board meeting outcome window. * **Auditor Transition:** A procedural non-compliance was noted during the statutory auditor transition in **December 2024**. **2. Operational Risks:** * **Human Capital:** A significant **skills deficit** exists in specialized areas like BIM and automated systems. * **Market Pressure:** The MEP segment is highly fragmented, leading to **margin compression** from rising competition and raw material price volatility. * **Execution Dependency:** Profitability is highly sensitive to the coordination of developers and vendors; misalignments often lead to **cost overruns**. ### Management & Corporate Structure * **Bharat Shreekishan Parihar (MD):** Over **16 years** of experience in Electrical Engineering and MEP. * **Sheetal Bharat Parihar (Director):** Oversees HR, administration, and the critical tendering/bidding process. * **Corporate Evolution:** Converted to a **Public Limited Company** on **June 30, 2023**. The registered office was moved to **Dahisar East, Mumbai** in August 2025 to support increased administrative scale.