Glass Wall Systems (India) IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Glass Wall Systems (India)

Price band

₹172 – ₹182

Lot size

82 shares

Min investment

₹14,924

Issue size

₹427.89 Cr

About the company

Glass Wall Systems (India) Limited was started in 2010 and works in façade solutions and fenestration. A façade is the outer glass and metal skin of a building, and fenestration means the windows, doors and openings in it. It works in India as well as overseas markets including the United States and Australia, and as on 31 March 2026 had completed more than 158 projects. The business runs across three verticals. Domestic façade solutions covers design, engineering, fabrication, supply, installation and EPC work for real estate developers, contractors and corporate clients. International façade products supply covers sending façade products to contractors and façade companies abroad. Fenestration solutions covers custom luxury windows, doors, skylights and partition systems for the high end domestic market, done mainly through its subsidiary Yes Systems Private Limited, which it acquired in August 2025 and which works under the brand ORIA with international partners including LIBART and OIKAS. Its clients include real estate developers, contractors, hospitals, airport authorities and corporates. Its projects include The Capital, Kohinoor Square, Bagmane Rio and Lodha World One in India, and Jackson Avenue, 1400 South Wabash, Spark GTIC and Harper Court in the United States, along with Project Dove in Australia. As on 31 March 2026 it had 370 permanent employees.

Glass Wall Systems (India) Limited designs, makes and installs building façades and premium windows and doors, working in India, the United States and Australia. It had completed more than 158 projects as on 31 March 2026, including Lodha World One and Kohinoor Square, and runs its fenestration business through subsidiary Yes Systems.

IPO details

Issue price: ₹182
Price band: ₹172 – ₹182
Face value: ₹2
Lot size: 82
Min investment: ₹14,924
Issue size: ₹427.89 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7948
NSE symbol: GLASSWALL.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	82	₹14,924
Retail (Max)	13	1,066	₹1,94,012
S-HNI (Min)	14	1,148	₹2,08,936
B-HNI (Min)	68	5,576	₹10,14,832

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the Offer

Objects of the issue

1Funding capital expenditure requirement for setting up of a glass processing unit (GPU Project) as part of planned backward integration of the Company at Vile Bhagad Facility60.00

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	468.38	316.63	281.76
Total Income	471.43	288.14	310.26
Profit After Tax	83.79	57.51	20.25
EBITDA	105.20	73.01	54.70
NET Worth	261.58	175.75	122.60
Reserves and Surplus	242.96	158.88	101.47
Total Borrowing	6.68	8.46	24.85

Key performance indicators

P/E Ratio

19.1

EPS (₹)

9.53

RoE

38.62%

RoCE

43.01%

RoNW

32.03%

PAT Margin

18.34%

EBITDA Margin

23.02%

Debt / Equity

0.03

NAV (₹)

30.91

✓ Strengths

• Profit has grown more than four times in two years, from Rs 20.25 crore in FY2024 to Rs 57.51 crore in FY2025 and Rs 83.79 crore in FY2026.

• Sales grew 64% in FY2026, from Rs 288.14 crore to Rs 471.43 crore.

• The PAT margin of 20.66% is high for a business tied to construction, and RoCE was 43.39% with RoNW of 32.72%.

• The company is practically debt free. Total borrowing was Rs 6.68 crore against a net worth of Rs 261.58 crore, and debt has come down every year from Rs 24.85 crore in FY2024.

• The issue is priced moderately at about 19.1 times earnings on an EPS of Rs 9.53.

• It has completed more than 158 projects, including landmark buildings such as Lodha World One, Kohinoor Square and The Capital.

• It earns abroad as well as in India, with projects in the United States and Australia, so it is not tied to the Indian construction cycle alone.

• Rs 60 crore of the issue money goes into a glass processing unit at Vile Bhagad, which is backward integration and should reduce dependence on outside glass suppliers.

⚠ Risks

• Revenue is lumpy because the work is project based. Total income actually fell from Rs 310.26 crore in FY2024 to Rs 288.14 crore in FY2025 before jumping to Rs 471.43 crore in FY2026.

• Façade work depends on commercial and premium residential construction. A slowdown in that segment directly reduces new orders.

• Large façade contracts carry execution risk. Delays, design changes and site conditions can turn a profitable contract into a loss.

• The planned glass processing unit is a new manufacturing activity, which is different from the fabrication and installation work the company does today, so it brings fresh execution and utilisation risk.

• The subsidiary Yes Systems was bought only in August 2025, so the fenestration vertical is recent and its integration is not yet proven over a full cycle.

• Overseas projects in the United States and Australia bring currency risk and exposure to local rules and payment practices.

• Promoter holding is already moderate at 64.11% and falls to 55.72% after the issue.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

Promoters & holding

Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani

Pre-issue promoter holding

64.11%

Post-issue promoter holding

55.72%

Data refreshed 07 Nov 2026, 04:59 pm IST. GMP is unofficial market sentiment, not investment advice.