Project Threshold is an established, profitable manufacturer of engineered doors and interior solutions
A Pune-based, promoter-funded building-products business serving developers, institutions, dealers and project customers — offered for acquisition with significant headroom for growth.
Executive summary
Project Threshold is a Pune-based manufacturer of engineered doors, door frames and interior solutions, selling to real estate developers, institutions, hospitals, hotels, dealers and OEM customers. The business is operating, profitable and promoter-funded, with no external term borrowing. The promoters are offering the business for outright acquisition at an indicative ₹18 Cr, with structure and terms open to discussion.
Management states current revenue of ₹10.46 Cr+, current profit of ₹1.25 Cr and an adjusted EBITDA potential of 15%+. No financial year is attached to any of these figures, no balance sheet, cash-flow statement or add-back schedule has been supplied, and none of the numbers has been independently verified. On the two figures given, stated profit equals roughly 12% of stated revenue.
Management's own growth trajectory runs ₹20 Cr → ₹30 Cr → ₹50 Cr, with ₹100 Cr+ as a long-term ambition. The route is better utilisation of existing resources, then dealer and developer expansion with capacity addition, then systems and retention. This summary sets out what a buyer can and cannot establish before signing the NDA.
Basis of preparation. All figures are management-provided, stated in ₹ crore and not verified by the adviser. The revenue and profit figures carry no financial-year label; the year will be confirmed in the data room. The 15%+ adjusted EBITDA potential has no supporting reconciliation.
The asking price is indicative and describes a transaction consideration, not a valuation opinion. Final structure and terms are subject to discussion and diligence.
Investment highlights
The case rests on an operating platform with an existing book, existing equipment and existing relationships — not on a greenfield build. Each point below is management's statement and has not been independently verified.
Profitable and operating today
Revenue of ₹10.46 Cr+ is stated alongside current profit of ₹1.25 Cr. Unlike a restart, the business is trading, staffed and delivering projects. The financial year is to be confirmed.
Promoter-funded, no term debt
Management states the business carries no external term borrowing. That removes refinancing risk at entry, though the position is asserted rather than evidenced by a balance sheet.
Asset-light growth model
Management describes the model as asset-light, with existing woodworking and finishing equipment and in-house value-added processes. Scale is expected from manpower, sales and dealer expansion before plant.
Relationships across five segments
Developers, institutional projects, healthcare, hotels and commercial projects, plus dealers and OEM relationships. Management cites strong repeat and project-based relationships.
Additional factory space available
Space exists on site for targeted machinery, so capacity can be added incrementally rather than through a new facility. Installed capacity and utilisation are not stated.
15%+ adjusted EBITDA potential
Management states an adjusted EBITDA potential above 15% of revenue. The bridge from ₹1.25 Cr stated profit to that level is not supplied and is the first financial question for a buyer.
Business overview
The company manufactures engineered doors and door frames and supplies flooring, decorative and architectural interior solutions, executing project supply alongside customised OEM manufacture. The range runs from standard product to project-specific specification.
Engineered doors & frames
The core manufactured line. Product specifications, volumes and price points are not supplied and will be in the data room.
Flooring & interior solutions
Supplied alongside doors on interior packages. Whether this is manufactured in-house or traded is not stated.
Decorative / profile-wrapped products
Value-added finishes produced using the existing woodworking and finishing equipment.
Architectural interior solutions
Specification-led supply for commercial and institutional interiors.
Project supply & execution
Supply and installation on live projects, which is where the multi-project execution capability is used.
Customised OEM manufacturing
Manufacture to other parties' specifications. The size of this book and the customers behind it are not supplied.
The chips above are the product families named by management. A product-mix split by revenue is not supplied, so the share contributed by doors, flooring and OEM work cannot be established from this document.
Customers & routes to market
Customers are project buyers and trade intermediaries. Demand for doors and interior packages moves with construction and fit-out cycles, so repeat business depends on specification approval, delivery reliability and the ability to run several projects at once.
The table sets each route to market against the buyer and the position today.
| Route | Buyer | Lead offer | Status |
|---|---|---|---|
| Project supply & execution | Developers, institutions, hospitals, hotels | Engineered doors, frames, interior packages | Existing |
| Dealer distribution | Dealers | Product range | Expansion opportunity |
| OEM / customised manufacture | OEM relationships | Build to specification | Existing |
| Commercial fit-out | Hotels and commercial projects | Architectural interior solutions | Existing |
Concentration cannot be tested. Management cites strong repeat and project-based relationships, but no customer-level billing was supplied. Until the top-account schedule is released, the buyer cannot tell whether the ₹10.46 Cr rests on a handful of developers or on a broad dealer base — and that difference drives both valuation and post-completion risk.
Manufacturing platform
The business manufactures from a single established facility in Pune, using existing woodworking and finishing equipment and in-house value-added processes. Additional factory space is available on site.
Capacity cannot yet be sized. Without installed capacity or utilisation history, neither the ₹20 Cr step nor the ₹30 Cr capacity addition can be tied to output. A plant inspection and a machinery schedule are the first requests a buyer should make.
Management describes five operating strengths that support the scale-up.
Multiple projects at once
The business states it executes several projects simultaneously, which is the operating capability the developer and institutional book depends on.
Experienced project workforce
Site and project staff are described as experienced. Headcount, tenure and retention are not supplied.
Established vendor ecosystem
Long-standing suppliers for inputs and bought-in items. Contract terms, credit and dependence on any single vendor are not supplied.
Dealer expansion opportunity
Management identifies dealer and distribution expansion as a specific growth lever, ahead of adding capacity.
Asset-light model
Growth is expected to come from manpower, sales development and product extension rather than heavy fixed investment. The trade-off is that outsourced or bought-in content introduces supply dependence, and the split between in-house manufacture and bought-in supply is not stated.
Financial snapshot & roadmap
The figures below are management's, stated in ₹ crore, with no financial-year label attached. Only three numbers are given: revenue, profit and an adjusted EBITDA potential. No balance sheet, cash-flow statement, working-capital schedule or debt schedule has been supplied.
| Stage | Revenue | Stated lever | Basis |
|---|---|---|---|
| Current | 10.46+ | Operating platform as it stands | Management-stated; year to be confirmed |
| ₹20 Cr | 20 | Better utilisation of current resources | Target; no plan or order book attached |
| ₹30 Cr | 30 | Dealer and developer expansion; capacity addition | Target; capacity not yet sized |
| ₹50 Cr | 50 | Systems, retention and sustainability become priorities | Target; depends on the earlier steps |
| Long-term ambition | 100+ | Management ambition | Not a forecast; no plan attached |
The table repeats the chart values with the rupee figures behind them.
| Particulars | Stated figure | % of revenue | Status |
|---|---|---|---|
| Current revenue | 10.46+ | 100.0% | Management-stated; year to be confirmed |
| Current profit | 1.25 | 11.9% | Management-stated; margin recomputed |
| Adjusted EBITDA potential | 1.57+ implied | 15%+ | Potential, not a reported result; unreconciled |
| External term borrowing | Nil, per management | – | Balance sheet not supplied |
- Stated profit equals roughly 12% of stated revenue, while management states an adjusted EBITDA potential above 15%. The gap between the two is unexplained.
- On the stated figures, the ₹18 Cr asking price is about 14.4× stated profit and about 11.5× the implied EBITDA potential. This is arithmetic, not a valuation opinion.
- No financial year is attached to revenue or profit, so recency cannot be tested.
Weakest point in the file: the numbers are single-point and unlabelled. One revenue figure and one profit figure, with no year, no comparatives and no statements behind them, cannot support a valuation on earnings. Any price will rest on the verified accounts, the customer schedule and the plant, all of which sit behind the NDA.
M&A proposition
The promoters are offering the business for acquisition at an indicative ₹18 Cr. The proposition is a purchase of a running, profitable platform with a stated growth path, not a turnaround and not a restart.
Describes a transaction consideration, with structure and terms subject to discussion after the NDA.
An outright purchase is indicated. Whether any minority is retained by the promoter is open for discussion.
Growth is expected from manpower, sales development, dealer expansion and product extension.
Why this opportunity
Acquire an operating platform rather than build from zero. Add professional management, sales scale and capital to a business that already manufactures, sells and delivers.
Where synergies sit
Building materials, interiors, construction products and related manufacturing. An acquirer already selling to developers, dealers or institutions can carry the range into its own channel.
Management's growth plan rests on four levers, in the order the business intends to use them.
Utilisation
Improve use of existing equipment, space and workforce before committing capital. This is the only lever that needs nothing new.
Manpower and sales
Add sales capacity and project manpower, which management identifies as the constraint on volume rather than plant.
Dealer and developer expansion
Widen distribution and deepen developer relationships, then add targeted machinery as volume requires.
Product extension
Extend the range into adjacent interior solutions, using existing finishing and value-added processes.
The roadmap is not a forecast. The ₹20 → ₹30 → ₹50 Cr progression, and the ₹100 Cr+ ambition, are management's own figures. No order book, capacity plan, dealer pipeline or capital budget has been supplied to support them, and the adviser places no weight on them until they are tested in diligence.
The ideal acquirer is one of the following.
Risks & mitigants
The risks below are stated plainly. Several arise directly from how little the teaser discloses.
Process & next steps
Interested parties proceed in four steps, each released by the adviser.