Glass Wall Systems (India) Ltd. IPO
Price Band
₹172 – ₹182
Issue Size
₹427.89 Cr
Issue Dates
8 Sept – 10 Sept 2026
Listing Date
16 Sept 2026
About Glass Wall Systems (India) Ltd.
Incorporated in 2010, Glass Wall Systems (India) Limited is a façade solutions and fenestration provider with operations in India as well as international markets, including the United States and Australia. The company has over two decades of industry experience and, as of March 31, 2026, has completed more than 158 projects. Its business is structured across three verticals: Domestic Façade Solutions (design, engineering, fabrication, supply, installation, and EPC services for real estate developers, contractors, and corporate clients); International Façade Products Supply (supply of sustainable façade products to contractors and façade companies overseas); and Fenestration Solutions (custom luxury windows, doors, skylights, and partition systems for the high-end domestic market, primarily through its subsidiary Yes Systems Private Limited, acquired in August 2025, which operates under the brand ORIA and collaborates with international partners including a Swiss window systems brand, LIBART, and OIKAS). The company's client base includes real estate developers, contractors, hospitals, airport authorities, and corporations across commercial, residential, and institutional projects, with notable projects including The Capital, Kohinoor Square, Bagmane Rio and Lodha World One in India, and international assignments such as Jackson Avenue, 1400 South Wabash, Spark GTIC and Harper Court in the U.S. and Project Dove in Australia. As of March 31, 2026, the company employed 370 permanent staff.
IPO Details
| Price Band | ₹172 – ₹182 |
| Face Value | ₹2 |
| Issue Size | ₹427.89 Cr |
| Fresh Issue | ₹60 Cr |
| Offer for Sale | ₹367.89 Cr |
| Total Shares Offered | 2,35,10,425 |
| Listed On | Both |
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards the following objects: (1) Funding 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 Facility - Rs. 60.00 Cr; (2) General Corporate Purposes (amount not disclosed). Total of specified objects: Rs. 60.00 Cr. The Offer for Sale of 2,02,13,722 equity shares (aggregating Rs. 367.89 Cr) comprises shares sold by Jawahar Hariram Hemrajani (Promoter, 25,30,243 shares, Rs. 46.05 Cr), Eshan Jawahar Hemrajani (Promoter, 27,40,431 shares, Rs. 49.88 Cr) and India Business Excellence Fund IIA (Corporate, 1,49,43,048 shares, Rs. 271.96 Cr).
Key Financial Metrics
EPS (Basic)
₹9.9
P/E Ratio
18.38x
ROE
38.62%
ROCE
43.01%
Debt / Equity
0.03
Financial Performance
| Particulars (₹ Cr) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | — | — | — |
| EBITDA | 54.7 | 73.01 | 105.2 |
| PAT | 20.25 | 57.51 | 83.79 |
| Total Assets | 281.76 | 316.63 | 468.38 |
| Net Worth | 122.6 | 175.75 | 261.58 |
| Total Borrowings | 24.85 | 8.46 | 6.68 |
Valuation
Market Capitalisation
P/E Ratio
Promoter Holding
Public Holding
Lot Size & Allocation
Investment by Category
| Category | Lot Size | Min Investment | Max Investment |
|---|---|---|---|
| retail_min | 82 shares | ₹14,924 | — |
| retail_max | 82 shares | — | ₹1,94,012 |
| shni_min | 14 × 82 | ₹2,08,936 | — |
| shni_max | 82 shares | — | ₹9,99,908 |
| bhni_min | 68 × 82 | ₹10,14,832 | — |
Reservation / Allocation
| Category | Allocation | Cut-off |
|---|---|---|
| QIB Shares Offered | 50% | No |
| Retail Shares Offered | 35% | Yes |
| NII (HNI) Shares Offered | 15% | No |
Registrar & Lead Managers
Peer Comparison
| Company | Listed | Mkt Cap (₹ Cr) | EPS (₹) | P/E | ROE % |
|---|---|---|---|---|---|
| Glass Wall Systems (India) Ltd. IPO (this IPO) | — | 1,600.42 | ₹9.9 | 18.38x | 38.62% |
| Annu Projects Ltd. | Yes | — | — | 14.33x | — |
| Technocraft Ventures Ltd. | Yes | — | — | 14.73x | — |
| Om Power Transmission Ltd. | Yes | — | — | 21.13x | — |
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