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Innovators Facade Systems Limi

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uuid0007hej

Namestring
Innovators Facade Systems Limi
Legal namestring
INNOVATORS FAÇADE SYSTEMS LIMITED
Websiteurl
innovators.in
Company typeenum
Public
Founded yearint
1999
Descriptiontext

Innovators Facade Systems Limited is an India-based, BSE-listed facade and fenestration engineering contractor that designs, fabricates, assembles, erects, and installs building envelope systems for high-rise residential, commercial, infrastructure, hospitality, and pharmaceutical projects. The company is the only public limited entity in the Indian facade and fenestration industry, founded in 1999 by Radheshyam Sharma and operating from a registered office in Mira Bhayandar, Maharashtra, and a 3 Lakh sq. ft. manufacturing facility in Wada, Maharashtra. Its core offering spans window wall glazing, ACP cladding, unitized curtain wall systems, glass railing, aluminum perforated sheets, steel structures, modular cleanroom partitions, modular panels, and metal doors, with a sub-brand (Innovative Windows) and a vertical (Winnovate) extending the portfolio into adjacent window and cleanroom categories.

The company runs a project-based revenue model with no publicly disclosed pricing: it engages architects at the concept stage for design-assist services, partners with general contractors for site execution, and delivers facade solutions directly to developers. Notable customers include Lodha, Tata Housing, Oberoi Realty, Raheja Universal, Reliance Industries (Twin Tower, Navi Mumbai), Adani (Inspire BKC), Cipla (R&D Center Mumbai), TCS (Kolkata via L&T/Shapoorji JV), Airports Authority of India (Mumbai domestic airport), and Hyatt (Lucknow via Chartered Hotels). Operations are supported by an in-house design team using AutoCAD, Solidworks, Optimiser, Staad Pro, and Ansys, plus an in-house 3D printer for mock-ups, and the company holds ISO 9001:2015, 14001:2015, and 45001:2018 certifications, Dow Quality Bond certification, and IGBC membership.

Notable investor Vijay Kedia has held a 10.7% stake since June 2018. Recent corporate activity under SEBI LODR disclosures includes CEO and Company Secretary turnovers in 2025, Non-Executive Director changes in January 2026, a Whole-Time Director re-appointment in January 2025, and a tax litigation disclosure in February 2025, indicating an active governance cadence consistent with the company's small-cap public profile.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
101–250
akta.pro rankint
HeadquartersMumbai, India
HQ citystring
Mumbai
HQ countrystring
India
HQ regionstring
Asia
Markets served

Serves global market

Offices2 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
facade systems, fenestration solutions, curtain wall glazing, building envelope design, architectural cladding
Industry3 codes
1Architectural Glazing & Fenestration (Curtain Wall, Windows, Storefronts, Skylights)
CodeIMAFAMACPrimaryYes
2Storefronts, Curtain Wall & Window Wall Systems
CodeIMADAIAGPrimaryNo
3Architectural & Building Glazing Systems (Curtain Wall/Storefront/Canopies)
CodeIMADAHABPrimaryNo
NAICS code1 code
  • Glass and Glazing Contractors23815
SIC code1 code
  • Metal Doors, Sash, Frames, Moldings & Trim3442
Product category
Facade & Fenestration Systems
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model1 record
1Facade and Fenestration Solutions
TypeOne Time License
Description

Project-based revenue from design, engineering, fabrication, assembly, erection, and installation of customized facade systems. Services include window wall glazing, ACP cladding, unitized curtain wall, glass railing, and other building envelope solutions.

innovators.in
Marketing channels3 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels2 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure
GTM typeB2B
B2B
Offering typeHardware or Manufacturing
Hardware or Manufacturing
Core offering1 text field

Innovators Facade Systems Limited is a facade and fenestration one-stop solution provider that designs, engineers, fabricates, assembles, erects, and installs customized building envelope systems including unitized curtain walls, window wall glazing, ACP cladding, glass railing, and aluminum perforated sheets for residential, commercial, and infrastructure projects. The company combines in-house design and engineering with a 3 Lakh sq. ft. manufacturing facility to deliver turnkey facade projects across India.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

Innovators Facade Systems Limited operates as a facade and fenestration one-stop solution provider, offering a unified portfolio of products and services. The core offering is Facade & Fenestration, which includes window wall glazing, ACP cladding, unitized curtain wall systems, and related installation services. Supporting this core are sub-brands and verticals including Innovative Windows (specialized window solutions), Winnovate, Modular Cleanroom Partitions, Modular Panels, and Metal Doors. The company serves three primary client segments: architects (design-assist services), general contractors (site management and installation), and developers (facade solutions and products). All offerings are delivered through the company's in-house design, engineering, fabrication, and installation capabilities at its Wada, Maharashtra facility.

Product and service6 records
1Facade & Fenestration Solutions
CategoryFacade & Fenestration
Description

Comprehensive facade and fenestration solutions including window wall glazing, ACP cladding, unitized curtain wall systems, aluminum perforated sheets, glass railing, and steel structures delivered through design, fabrication, and installation for residential, commercial, and infrastructure building projects.

2Innovative Windows
CategoryWindows
Description

Specialized window solutions brand (innovativewindows.in) offering windows designed for thermal, light, and acoustic insulation as a sub-brand of Innovators Facade Systems.

3Winnovate
CategoryFacade & Fenestration
Description

A vertical of Innovators Facade Systems focused on innovative window and facade solutions.

4Modular Cleanroom Partitions
CategoryModular Building Solutions
Description

Modular cleanroom partition systems designed for controlled environments including pharmaceutical and R&D facilities, part of the company's building enveloping solutions portfolio.

5Modular Panels
CategoryModular Building Solutions
Description

Modular panel systems for building envelope applications as part of the comprehensive building enveloping offerings.

6Metal Doors
CategoryBuilding Envelope Components
Description

Metal door solutions designed for commercial and industrial buildings, part of the comprehensive building enveloping offerings.

Scale indicator4 records

Each record includes

Type, Value, Description, Source

Recent move3 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight5 records

Each record includes

Type, Description

Peers10 records
TypeBroad incumbent
Description

Global German fenestration and facade systems manufacturer with extensive India presence through Schüco India. Directly comparable in unitized curtain wall, window wall, and aluminum facade systems targeted at premium Indian commercial and residential projects.

TypeBroad incumbent
Description

Belgian-headquartered designer and supplier of aluminum facade, window, door, and sliding systems with active operations in India. Comparable as a high-specification fenestration/facade systems competitor for premium Indian real estate.

TypeBroad incumbent
Description

Japanese manufacturer of architectural aluminum products including curtain walls, windows, and entrances, with India operations. Competes with Innovators on unitized curtain wall and window wall systems for commercial towers.

TypeBroad incumbent
Description

Italy-based global leader in design, fabrication, and installation of architectural envelopes and curtain walls. Comparable as a marquee-project facade contractor working on signature Grade-A buildings worldwide.

TypeBroad incumbent
Description

US-based facade engineering, fabrication, and installation firm specializing in custom unitized curtain walls for landmark commercial towers. Comparable on the design-engineer-fabricate-install delivery model.

TypeDirect peer
Description

Indian uPVC and aluminum windows and doors brand from DCM Shriram, serving residential and commercial construction with branded fenestration. Comparable as an Indian branded window/fenestration competitor with national distribution.

TypeDirect peer
Description

Indian building products manufacturer offering uPVC windows, aluminum systems, venetian blinds, and modular solutions. Comparable as an Indian diversified facade/building envelope manufacturer serving developers and contractors.

TypeBroad incumbent
Description

Indian arm of global building materials leader with strong glass, glazing, and facade-adjacent product portfolio. Comparable as a supplier/competitor in glazed facades and architectural glass for Indian Grade-A developments.

TypeEmerging player
Description

European aluminum systems brand for windows, doors, and curtain walls with growing presence in India and the Middle East. Comparable as a premium aluminum facade systems competitor targeting residential and commercial towers.

TypeEmerging player
Description

German facade specialist within the Permasteelisa group focused on unitized curtain walls and complex geometries for signature buildings. Comparable as a premium-curtain-wall design-fabrication competitor for landmark projects.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks7 records

Each record includes

Headline, Details, Source

Key highlights7 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers15 records

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment4 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile4 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature4 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles3 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
Compliance5 records

Each record includes

Name, Class, Description

Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Innovators Facade Systems Limi

Facade & Fenestration Systemsinnovators.in

What Innovators Facade Systems Limi does

Innovators Facade Systems Limited is an India-based, BSE-listed facade and fenestration engineering contractor that designs, fabricates, assembles, erects, and installs building envelope systems for high-rise residential, commercial, infrastructure, hospitality, and pharmaceutical projects. The company is the only public limited entity in the Indian facade and fenestration industry, founded in 1999 by Radheshyam Sharma and operating from a registered office in Mira Bhayandar, Maharashtra, and a 3 Lakh sq. ft. manufacturing facility in Wada, Maharashtra. Its core offering spans window wall glazing, ACP cladding, unitized curtain wall systems, glass railing, aluminum perforated sheets, steel structures, modular cleanroom partitions, modular panels, and metal doors, with a sub-brand (Innovative Windows) and a vertical (Winnovate) extending the portfolio into adjacent window and cleanroom categories.

The company runs a project-based revenue model with no publicly disclosed pricing: it engages architects at the concept stage for design-assist services, partners with general contractors for site execution, and delivers facade solutions directly to developers. Notable customers include Lodha, Tata Housing, Oberoi Realty, Raheja Universal, Reliance Industries (Twin Tower, Navi Mumbai), Adani (Inspire BKC), Cipla (R&D Center Mumbai), TCS (Kolkata via L&T/Shapoorji JV), Airports Authority of India (Mumbai domestic airport), and Hyatt (Lucknow via Chartered Hotels). Operations are supported by an in-house design team using AutoCAD, Solidworks, Optimiser, Staad Pro, and Ansys, plus an in-house 3D printer for mock-ups, and the company holds ISO 9001:2015, 14001:2015, and 45001:2018 certifications, Dow Quality Bond certification, and IGBC membership.

Notable investor Vijay Kedia has held a 10.7% stake since June 2018. Recent corporate activity under SEBI LODR disclosures includes CEO and Company Secretary turnovers in 2025, Non-Executive Director changes in January 2026, a Whole-Time Director re-appointment in January 2025, and a tax litigation disclosure in February 2025, indicating an active governance cadence consistent with the company's small-cap public profile.

Innovators Facade Systems Limi firmographics

Firmographics
Name
Innovators Facade Systems Limi
Legal name
INNOVATORS FAÇADE SYSTEMS LIMITED
Website
https://innovators.in
Company type
Public
Founded year
1999
Operating status
Operating
Headcount range
101–250 employees
Ownership category
akta.pro rank

Innovators Facade Systems Limi industry classification

Industry
Product category
Facade & Fenestration Systems
NAICS
Glass and Glazing Contractors (23815)
SIC
Metal Doors, Sash, Frames, Moldings & Trim (3442)
akta.pro primary industry
Architectural Glazing & Fenestration (Curtain Wall, Windows, Storefronts, Skylights) (IMAFAMAC)
akta.pro secondary industries
Storefronts, Curtain Wall & Window Wall Systems (IMADAIAG), Architectural & Building Glazing Systems (Curtain Wall/Storefront/Canopies) (IMADAHAB)

Keywords

  • Facade systems
  • Fenestration solutions
  • Curtain wall glazing
  • Building envelope design
  • Architectural cladding

Where Innovators Facade Systems Limi is headquartered

Location

Headquarters

HQ city
Mumbai
HQ country
India
HQ region
Asia

Offices2 records

Markets served

Innovators Facade Systems Limi business model

Business model
GTM type
B2B
Offering type
Hardware or Manufacturing
Cost components
Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

  1. Facade and Fenestration Solutions: Project-based revenue from design, engineering, fabrication, assembly, erection, and installation of customized facade systems. Services include window wall glazing, ACP cladding, unitized curtain wall, glass railing, and other building envelope solutions.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Innovators Facade Systems Limi product offering

Product offering

Core offering

Innovators Facade Systems Limited is a facade and fenestration one-stop solution provider that designs, engineers, fabricates, assembles, erects, and installs customized building envelope systems including unitized curtain walls, window wall glazing, ACP cladding, glass railing, and aluminum perforated sheets for residential, commercial, and infrastructure projects. The company combines in-house design and engineering with a 3 Lakh sq. ft. manufacturing facility to deliver turnkey facade projects across India.

Product overview

Innovators Facade Systems Limited operates as a facade and fenestration one-stop solution provider, offering a unified portfolio of products and services. The core offering is Facade & Fenestration, which includes window wall glazing, ACP cladding, unitized curtain wall systems, and related installation services. Supporting this core are sub-brands and verticals including Innovative Windows (specialized window solutions), Winnovate, Modular Cleanroom Partitions, Modular Panels, and Metal Doors. The company serves three primary client segments: architects (design-assist services), general contractors (site management and installation), and developers (facade solutions and products). All offerings are delivered through the company's in-house design, engineering, fabrication, and installation capabilities at its Wada, Maharashtra facility.

Differentiator

Problem solved

Functional benefit

Products and services

  • Facade & Fenestration Solutions Comprehensive facade and fenestration solutions including window wall glazing, ACP cladding, unitized curtain wall systems, aluminum perforated sheets, glass railing, and steel structures delivered through design, fabrication, and installation for residential, commercial, and infrastructure building projects.
  • Innovative Windows Specialized window solutions brand (innovativewindows.in) offering windows designed for thermal, light, and acoustic insulation as a sub-brand of Innovators Facade Systems.
  • Winnovate A vertical of Innovators Facade Systems focused on innovative window and facade solutions.
  • Modular Cleanroom Partitions Modular cleanroom partition systems designed for controlled environments including pharmaceutical and R&D facilities, part of the company's building enveloping solutions portfolio.
  • Modular Panels Modular panel systems for building envelope applications as part of the comprehensive building enveloping offerings.
  • Metal Doors Metal door solutions designed for commercial and industrial buildings, part of the comprehensive building enveloping offerings.

Companies that use Innovators Facade Systems Limi

Customer profile

Named customers15 records

Segments4 records

Ideal customer profiles4 records

Innovators Facade Systems Limi technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature4 records

Innovators Facade Systems Limi partnerships and signals

Strategic signal

Scale indicators4 records

Recent moves3 records

Expansion highlights5 records

Innovators Facade Systems Limi competitors and assessment

Company assessment

Broad incumbents

  • Schüco: Global German fenestration and facade systems manufacturer with extensive India presence through Schüco India. Directly comparable in unitized curtain wall, window wall, and aluminum facade systems targeted at premium Indian commercial and residential projects.
  • Reynaers Aluminium: Belgian-headquartered designer and supplier of aluminum facade, window, door, and sliding systems with active operations in India. Comparable as a high-specification fenestration/facade systems competitor for premium Indian real estate.
  • YKK AP: Japanese manufacturer of architectural aluminum products including curtain walls, windows, and entrances, with India operations. Competes with Innovators on unitized curtain wall and window wall systems for commercial towers.
  • Permasteelisa (Permasteelisa Group): Italy-based global leader in design, fabrication, and installation of architectural envelopes and curtain walls. Comparable as a marquee-project facade contractor working on signature Grade-A buildings worldwide.
  • Enclos: US-based facade engineering, fabrication, and installation firm specializing in custom unitized curtain walls for landmark commercial towers. Comparable on the design-engineer-fabricate-install delivery model.
  • Saint-Gobain India: Indian arm of global building materials leader with strong glass, glazing, and facade-adjacent product portfolio. Comparable as a supplier/competitor in glazed facades and architectural glass for Indian Grade-A developments.

Direct peers

  • Fenesta (DCM Shriram): Indian uPVC and aluminum windows and doors brand from DCM Shriram, serving residential and commercial construction with branded fenestration. Comparable as an Indian branded window/fenestration competitor with national distribution.
  • Aparna Enterprises: Indian building products manufacturer offering uPVC windows, aluminum systems, venetian blinds, and modular solutions. Comparable as an Indian diversified facade/building envelope manufacturer serving developers and contractors.

Emerging players

  • Aluk Group: European aluminum systems brand for windows, doors, and curtain walls with growing presence in India and the Middle East. Comparable as a premium aluminum facade systems competitor targeting residential and commercial towers.
  • Josef Gartner (Gartner Permasteelisa): German facade specialist within the Permasteelisa group focused on unitized curtain walls and complex geometries for signature buildings. Comparable as a premium-curtain-wall design-fabrication competitor for landmark projects.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Innovators Facade Systems Limi social profiles

Digital presence

Innovators Facade Systems Limi compliance and trust

Trust signal

Compliance5 records

Innovators Facade Systems Limi financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Innovators Facade Systems Limi leadership team

Management profile

Number of profiles

Profiles3 records

Innovators Facade Systems Limi funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Innovators Facade Systems Limi M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Innovators Facade Systems Limi

What does Innovators Facade Systems Limi do?

Innovators Facade Systems Limited is a facade and fenestration one-stop solution provider that designs, engineers, fabricates, assembles, erects, and installs customized building envelope systems including unitized curtain walls, window wall glazing, ACP cladding, glass railing, and aluminum perforated sheets for residential, commercial, and infrastructure projects. The company combines in-house design and engineering with a 3 Lakh sq. ft. manufacturing facility to deliver turnkey facade projects across India.

Is Innovators Facade Systems Limi a public or private company?

Innovators Facade Systems Limi is a public company. It is classified as public and is currently operating.

When was Innovators Facade Systems Limi founded?

Innovators Facade Systems Limi was founded in 1999. It employs 101 to 250 people.

Where is Innovators Facade Systems Limi based?

Innovators Facade Systems Limi is headquartered in Mumbai, India, in the Asia region.

How does Innovators Facade Systems Limi make money?

One revenue line is on record: facade and Fenestration Solutions.

Who are Innovators Facade Systems Limi's main competitors?

Broad incumbents on record are Schüco, Reynaers Aluminium, YKK AP, Permasteelisa (Permasteelisa Group), Enclos and Saint-Gobain India. Direct peers are Fenesta (DCM Shriram) and Aparna Enterprises. Emerging players are Aluk Group and Josef Gartner (Gartner Permasteelisa).

Does Innovators Facade Systems Limi have an API?

No public API is recorded for Innovators Facade Systems Limi.

What industry is Innovators Facade Systems Limi in?

Innovators Facade Systems Limi's product category is Facade & Fenestration Systems. Its primary akta.pro industry code is IMAFAMAC, Architectural Glazing & Fenestration (Curtain Wall, Windows, Storefronts, Skylights), with a secondary code of IMADAIAG, Storefronts, Curtain Wall & Window Wall Systems. Its NAICS code is 23815 and its SIC code is 3442.

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Live signals
ScanXInnovators Facade approves FY26 accounts, related party dealsInnovators Facade Systems held its 27th AGM on September 22, 2026, approving FY26 audited financial statements and material related-party transactions with four group companies. The meeting also reappointed a director and appointed cost auditors for FY27. Shareholders voted via remote e-voting from September 18 to 21.ScanXInnovators Facade Systems re-appoints Y. R. Doshi & Co. as cost auditorInnovators Facade Systems' Board of Directors, meeting in Thane on August 25, 2026, re-appointed M/s. Y. R. Doshi & Co. as cost auditor for FY27, approving the Directors' Report and MD&A for FY26 and the notice for the 27th Annual General Meeting. Remuneration is set at ₹40,000 plus taxes and expenses, with no disclosed director-auditor relationships.ScanXInnovators Façade Systems re-appoints K. C. Shah & Associates as internal auditorsInnovators Façade Systems re-appointed K. C. Shah & Associates as internal auditors for FY 2026-27, with the decision ratified by the Board on August 6, 2026. The company reported a revenue of ₹22,751.51 lakh for FY26, with a record high order book of ₹74,102 lakh and a net profit of ₹1,345.93 lakh, amid a 134.05% increase in new orders.The Times of IndiaVijay Kedia sells 4 lakh shares of this microcap facade maker in Q1, stock down 35% in 6 months. Do you own?Vijay Kedia, a noted market veteran, reduced his stake in Innovators Facade Systems by selling over 3.66 lakh shares during Q1 FY27, bringing his holdings down from 10.66% to 8.71%. The microcap stock has dropped more than 35% in six months and approximately 42% in a year, currently trading near Rs 118 with a market capitalisation of about Rs 223 crore. The company reported consolidated net profit of Rs 13.57 crore for FY26, down from Rs 16 crore in the previous year, though revenue from operations increased marginally to Rs 227.5 crore from Rs 221 crore.Financial ExpressVijay Kedia’s next masterstroke? Inside his 8% stake in a high-growth cybersecurity microcapVijay Kedia acquired an 8% stake in Sattrix Information Security Ltd through a preferential share allotment approved by the company's board on February 10, 2026, at Rs 347 per share, with the transaction structured as a share swap to fund Sattrix's acquisition of Sattrix Software Solutions Private Limited. Kedia also holds a 10.7% stake in Innovators Facade Systems Ltd, a facades company he has invested in since June 2018. The article highlights Sattrix's premium valuation at 51x PE versus industry median of 26x and governance risks associated with SME stocks, including liquidity bottlenecks and potential retail shareholder dilution.Financial Express2 microcaps in Vijay Kedia’s portfolio trade near 52-week lows: Opportunity or value trap?Investor Vijay Kedia continues to hold stakes in Affordable Robotic & Automation Ltd and Innovators Façade Systems Ltd despite their share prices trading near 52-week lows. Both companies have demonstrated financial recoveries, with Affordable Robotic reporting a return to profitability in H1 FY26 and Innovators Façade securing over Rs 200 crore in new orders during the same period.The Times of IndiaSensex falls! These stocks are down 5% or more on BSE - The Economic TimesThe BSE Sensex fell 591.78 points to 75598.68 in Monday trading (January 27, 2025) amid brisk selling in frontline bluechip counters. Multiple stocks plunged over 5%, with Olympic Cards down 17.73%, Duncan Engineering down 16.35%, Haria Apparels down 15.86%, Insolation Energy down 14.48%, and Innovators Facade Systems down 13.81%. The Nifty index also declined 186.86 points to 22905.35, with 43 of its constituent stocks trading in the red.