Glass Wall Systems
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 167.93×
- Big non-institutionalbNII · above ₹10 lakh
- 73.90×
- Small non-institutionalsNII · ₹2–10 lakh
- 90.88×
- Retail individualRII · up to ₹2 lakh
- 32.04×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹52 | +28.57% | ₹3,200 | ₹234 | ₹4,264 |
| 12 Sept 2026 | ₹51 | +28.02% | ₹3,200 | ₹233 | ₹4,182 |
| 11 Sept 2026 | ₹48 | +26.37% | ₹3,000 | ₹230 | ₹3,936 |
| 10 Sept 2026 | ₹45 | +24.73% | ₹2,800 | ₹227 | ₹3,690 |
| 09 Sept 2026 | ₹66 | +36.26% | ₹4,100 | ₹248 | ₹5,412 |
| 08 Sept 2026 | ₹56 | +30.77% | ₹3,500 | ₹238 | ₹4,592 |
| 07 Sept 2026 | ₹51 | +28.02% | ₹3,200 | ₹233 | ₹4,182 |
| 06 Sept 2026 | ₹35 | +19.23% | ₹2,200 | ₹217 | ₹2,870 |
| 05 Sept 2026 | ₹50 | +27.47% | ₹3,100 | ₹232 | ₹4,100 |
| 04 Sept 2026 | ₹65 | +35.71% | ₹4,100 | ₹247 | ₹5,330 |
| 03 Sept 2026 | ₹20 | +10.99% | ₹1,200 | ₹202 | ₹1,640 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 08 Sept 2026 – 10 Sept 2026
- Listing date
- 16 Sept 2026
- Face value
- ₹2 per share
- Price band
- ₹172 – ₹182
- Lot size
- 82 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹428 Cr
- Fresh issue
- ₹60 Cr 32,96,703 shares
- Offer for sale
- ₹368 Cr 2,02,13,722 shares
- Market cap at offer price
- ₹1,600 Cr
- Promoter holding
- 61.52% → 53.22% pre-issue → post-issue
- ISIN
- INE644Q01039
- CIN
- U74999MH2010PLC207187
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- IIFL Capital Services Ltd.
- Registered office
- 503-504, 5th Floor, A Wing, Marathon Futurex, Mafatlal Mills Compound, N.M. Joshi Marg, Lower Parel (East), Mumbai – 400 013, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 47,02,085 | 28.57% | 28.57% |
| Anchor investor · within QIB | 70,53,127 | — | 42.86% |
| NII (HNI) | 35,26,564 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 23,51,043 | — | 14.29% |
| sNII < ₹10L · within NII | 11,75,521 | — | 7.14% |
| Retail (RII) | 82,28,649 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 1,64,57,298 | — | 100.00% |
Net offer to the public of 1,64,57,298 shares, out of a total issue of 1,64,57,298. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 82 shares per lot, in multiples, at ₹182
| 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 |
| S-HNI (max) | 67 | 5,494 | ₹9,99,908 |
| B-HNI (min) | 68 | 5,576 | ₹10,14,832 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹182 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.90 | 9.53 |
| P/E (×) | 18.38 | 19.10 |
| Price to book (×) | 9.00 | — |
| Market cap | — | ₹1,600 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 32.72%
- ROCE
- 43.39%
- Debt / equity
- 0.05
- PAT margin
- 20.66%
- EBITDA margin
- 26.23%
- NAV per share
- ₹20.22
- Price to book
- 9.00
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 471.43 | 288.14 | 310.26 |
| Revenue from operations | 456.97 | 278.33 | 304.34 |
| Other income | 14.45 | 9.81 | 5.92 |
| Total expenses | 360.33 | 212.53 | 262.72 |
| Operating profit | 111.1 | 75.61 | 47.54 |
| Operating margin | 23.57% | 26.24% | 15.32% |
| Profit before tax | 111.1 | 75.6 | 31.35 |
| Profit after tax | 83.79 | 57.51 | 20.25 |
| PAT margin | 17.77% | 19.96% | 6.53% |
| Balance sheet | |||
| Total assets | 468.38 | 316.63 | 281.76 |
| Current assets | 315.61 | 222.81 | 175.47 |
| Current liabilities | 198.6 | 131.88 | 142.32 |
| Total liabilities | 208.5 | 142.57 | 160.85 |
| Net worth | 259.88 | 174.06 | 120.91 |
| Current ratio | 1.59× | 1.69× | 1.23× |
| Return on equity | 32.24% | 33.04% | 16.75% |
| Cash flow | |||
| Operating cash flow | 73.25 | 72.95 | 42.72 |
| Investing cash flow | -38.83 | -53.15 | 8.76 |
| Financing cash flow | -5.3 | -25.53 | -44.25 |
| Net cash flow | 29.11 | -5.72 | 7.23 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
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 ₹50 Cr
The company intends to establish an in-house GPU where raw glass will be purchased from manufacturers and processed internally to convert them into toughened and performance glass suitable for facades. This backward integration will reduce procurement of processed glass from other vendors and eliminate leakage of margin to third-party suppliers, resulting in direct reduction in unit cost of production.
2 General corporate purposes —
The company proposes to utilize funds towards general corporate purposes including meeting ongoing corporate contingencies, expenses incurred in ordinary course of business, funding growth opportunities including marketing expenses, funding strategic initiatives, and other purposes as approved by the Board from time to time.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Glass Wall Systems
Glass Wall Systems (India) Limited is a premium fa?ade solutions and fenestration provider in India and across markets in the USA and Australia. The company is the second largest provider of fa?ade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024, and India's largest fa?ade exporter in 2024. With over two decades of experience, the company has successfully completed 158 projects as of March 31, 2026, operating through three main verticals: Domestic Fa?ade Solutions, International Fa?ade Products Supply, and Fenestration Solutions.
Management
Jawahar Hariram Hemrajani
CEO
Eshan Jawahar Hemrajani
MD
Prakash Bagla
Director
Sunaina Primlani Gera
Director
Siddharth Nandkishore Bafna
Director
Nandita Khurana
Director
Sanjay Suresh Sawant
CFO
Sagar Lambole
COO
Rahul Miskeen
VP of Sales
Ravindra Vitthal Pawar
VP of Marketing
Strengths
As stated in the offer document
Market leadership supported by a diversified business model and strong foothold in domestic and international markets
The company is the second largest provider of fa?ade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024, and India's largest fa?ade exporter in 2024. The company has strategically structured operations across domestic fa?ade solutions, global fa?ade products supply, and fenestration solutions businesses.
Marquee client base with proven track record of successful project execution
The company has established long-term associations with key real estate players, with relationships spanning over eight years and extending up to 12 years in certain cases. The company has successfully completed over 158 projects since inception as of March 31, 2026.
Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure
The company operates a team of over 46 dedicated designers as of March 31, 2026, utilizing advanced software such as AutoCAD?, STAAD? and HiCAD. The Vile Bhagad Facility has a post-expansion production capacity of 130 panels per day and is strategically located approximately 100 kilometers from the Nhava Sheva port.
Focused on creating environmentally sustainable high-performance solutions
The company has entered into an exclusive agreement with Dow Corning for the supply of high-quality low-carbon silicone and carbon neutral silicone. The company follows a zero-waste program, ensuring that all waste materials are recycled or disposed of responsibly, including 100% recycling of aluminium scrap.
Experienced Promoters and management team
The company is guided by Promoters with approximately 34 and 12 years of experience in the fa?ade solutions industry respectively. The company has received support from MO Alternate Investment Advisors Private Limited through equity investment, providing both financial resources and strategic guidance since 2014.
Risk factors
As stated in the offer document
Dependence on Key Clients
The company is heavily dependent on certain key clients, with top 10 clients contributing 86.40%, 78.13% and 88.56% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of one or more key clients could have an adverse effect on business prospects, results of operations, financial condition and cash flows.
Limited Supplier Base and Raw Material Price Volatility
The company depends on a limited number of suppliers without long-term agreements, with top 10 suppliers accounting for 69.54%, 65.25% and 64.12% of raw material costs in respective fiscals. Raw material costs represent 48.32%, 46.50% and 50.72% of revenue from operations, exposing the company to supply disruption and price volatility risks.
Overseas Operations Exposure
The company derives 45.20%, 41.21%, and 43.38% of revenue from overseas operations in Fiscals 2026, 2025 and 2024, respectively, primarily from USA and Australia. Any adverse events in these jurisdictions could significantly impact business operations and financial performance.
Single Manufacturing Facility Dependency
The company is entirely dependent on its manufacturing facility located in Vile Bhagad, Maharashtra. Any adverse developments affecting this region or any slowdown, shutdown or prolonged disruption in manufacturing could severely impact business operations and financial condition.
Integration Risks from Acquisitions
The company acquired Yes Systems Private Limited in August 2025. Failure to successfully integrate acquired companies or manage them efficiently could adversely affect overall profitability and growth plans, with potential hidden liabilities or operational issues.
Geographic Revenue Concentration
The company derives significant portions of revenue from Maharashtra (13.08%-28.43% across fiscals) and Karnataka (12.94%-31.55% across fiscals). Any adverse developments in these regions could have significant impact on business operations and financial performance.
Leasehold Property Dependencies
The manufacturing facility is on leasehold basis (valid until June 30, 2108) and certain branch offices are on leave and license basis. Inability to renew leases on competitive terms or manage rental costs could adversely affect business operations.
Working Capital Requirements
The company requires significant working capital with trade receivables of ₹1,089.62 million as of March 31, 2026. Trade receivable days increased to 88 days in Fiscal 2026 from 67 days in Fiscal 2025, indicating potential cash flow strain.
Project-Based Contract Dependency
The company generated 52.75%, 79.75%, and 90.70% of revenues from competitive bidding processes in respective fiscals. Contracts are project-specific and not long-term in nature, creating uncertainty in revenue generation and business continuity.
Real Estate Sector Dependency
The company's business is entirely dependent on real estate sector performance, with 82.82%, 78.46% and 88.56% of revenue from real estate developers and general contractors across fiscals. Any adverse changes in real estate sector conditions could significantly impact business performance.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Glass Wall Systems (India) Ltd. THIS ISSUE | 9.90 | 30.91 | 19.10, computed at the offer price | 9.00, computed at the offer price | 32.03% |
Innovator Façade Systems | 7.19 | 83.15 | 16.54 | 1.42 | 8.65% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.