Glass Wall Systems (India) IPO
Glass Wall Systems (India) IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹172-182 |
| Face Value | ₹2 |
| Lot Size | 82 Shares |
| Issue Size | ₹427.89 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| NSE Symbol | GLASSWALL.NS |
| BSE Scrip Code | 7948 |
| Min Investment | ₹14,924 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 82 | ₹14,924 |
| Retail (Max) | 13 | 1,066 | ₹194,012 |
| S-HNI (Min) | 14 | 1,148 | ₹208,936 |
| B-HNI (Min) | 68 | 5,576 | ₹1,014,832 |
Strengths & Risks
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.
Valuation & Key Ratios
Financials (Rs. Crore)
| 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 |
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.
Company & Registrar
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|---|---|---|
| HDFC BUSINESS CYCLE FUND | — | 1,098,882 | — |
| HDFC INFRASTRUCTURE FUND | — | 549,482 | — |
| BANK OF INDIA ELSS TAX SAVER | — | 329,670 | — |
| BANK OF INDIA MANUFACTURING & INFRASTRUCTURE FUND | — | 384,632 | — |
| IKIGAI EMERGING EQUITY FUND | — | 604,422 | — |
| PINEBRIDGE GLOBAL FUNDS-PINEBRIDGE INDIA EQUITY FUND | — | 604,422 | — |
| KOTAK MAHINDRA LIFE INSURANCE CO.LTD. | — | 471,992 | — |
| ABAKKUS GROWTH FUND-OPEN ENDED | — | 494,542 | — |
| INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD. | — | 471,992 | — |
| BENGAL FINANCE & INVESTMENT PVT.LTD. | — | 531,852 | — |
| SUBHKAM VENTURES (I) PVT.LTD. | — | 412,132 | — |
| EDELWEISS LIFE INSURANCE CO.LTD. | — | 274,777 | — |
| LC PHAROS MULTI STRATEGY FUND VCC-LC PHAROS MULTI STRATEGY FUND SF1 | — | 274,777 | — |
| AUTHUM INVESTMENT & INFRASTRUCTURE LTD. | — | 274,776 | — |
| INDIA CAPITAL GROWTH FUND LTD. | — | 274,777 | — |
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