Glass Wall Systems
Listing performance
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
- 91.34×
- Retail individualRII · up to ₹2 lakh
- 33.18×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 47,02,085 | 78,96,08,094 | ₹14,371 Cr | 167.93× |
| Non-institutional | 35,26,564 | 28,11,03,790 | ₹5,116 Cr | 79.71× |
| Big non-institutionalwithin NII | 23,51,043 | 17,37,47,340 | ₹3,162 Cr | 73.90× |
| Small non-institutionalwithin NII | 11,75,521 | 10,73,67,274 | ₹1,954 Cr | 91.34× |
| Retail individual | 82,28,649 | 27,30,04,568 | ₹4,969 Cr | 33.18× |
| Total | 1,64,57,298 | 1,34,36,57,494 | ₹24,455 Cr | 81.65× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 10 Sep, 06:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 08 Sep 2026 – 10 Sep 2026
- Listing date
- 16 Sep 2026
- Face value
- ₹2 per share
- Price band
- ₹172 – ₹182
- Issue price
- ₹182 per share
- 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% |
| 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
| 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
- 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
| 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
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, incorporated in 2010 as a conversion from the partnership firm 'Glass Wall Systems' (originally formed in 2002), operates three business verticals: domestic façade solutions (engineering, procurement and construction services for building exteriors), international façade products supply (exported to USA, Australia and other markets), and fenestration solutions (premium window and door systems acquired via Yes Systems in August 2025). The company generates revenue by manufacturing aluminum-based façade systems and fenestration products, serving real estate developers, general contractors, and corporate clients. Revenue in FY2026 was ₹4,569.71 million with a PAT margin of 18.34%.
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.
Company Analysis
from RHPGlass Wall Systems manufactures and supplies façade solutions (aluminum-based building envelopes) for domestic projects and exports façade products internationally, with an acquired premium fenestration subsidiary serving India's luxury market.
Glass Wall Systems (India) Limited, incorporated in 2010 as a conversion from the partnership firm 'Glass Wall Systems' (originally formed in 2002), operates three business verticals: domestic façade solutions (engineering, procurement and construction services for building exteriors), international façade products supply (exported to USA, Australia and other markets), and fenestration solutions (premium window and door systems acquired via Yes Systems in August 2025). The company generates revenue by manufacturing aluminum-based façade systems and fenestration products, serving real estate developers, general contractors, and corporate clients. Revenue in FY2026 was ₹4,569.71 million with a PAT margin of 18.34%.
Objects of the Issue
- Funding capital expenditure for setting up a Performance Glass Unit (GPU) as part of planned backward integration at the Vile Bhagad Facility p.32
- Funding capital expenditure requirement for setting up of GPU Project at as part of planned backward integration of the Company at our Vile Bhagad Facility p.43
- General corporate purposes p.54
- Funding capital expenditure requirement for setting up of a glass processing unit (GPU Project) as part of planned backward integration of the Company at our Vile Bhagad Facility ₹500.00 million p.126
- General corporate purposes [●] p.126
- Funding capital expenditure requirement for setting up of GPU Project as part of planned backward integration of the Company at Vile Bhagad Facility ₹500.00 million p.223
- Not specified in this section of the document
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹2 each aggregating up to ₹600.00 million
- Offer for Sale
- Up to 20,213,722 Equity Shares of face value of ₹2 each aggregating up to ₹[●] million
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹2 each
Business Model
Project-based contract manufacturing and engineering services for façade systems (domestic EPC and exports), supplemented by fenestration product sales. Revenue comes from project-specific contracts awarded through competitive bidding, with clients including real estate developers (37.62% of FY2026 revenue), general contractors (45.20%), and corporate clients (12.23%). The company manufactures using aluminum extrusions, silicone, and performance glass; raw materials consumed were 48.32% of revenue in FY2026.
Business Segments
SWOT Analysis
- • Strong order book position with significant domestic and international pipeline(p.33)
- • Diversified revenue streams across domestic façade, international products, and fenestration(p.32)
- • Established relationships with repeat customers across multiple fiscals(p.37)
- • Acquisition of Yes Systems to capture premium fenestration market segment(p.31)
- • Backward integration strategy reduces external supplier dependency(p.43)
- • Strong interest coverage ratio demonstrates financial stability(p.60)
- • High capacity utilization in core manufacturing operations(p.66)
- • Market leadership with diversified business model and strong domestic/international presence(p.143)
- • Marquee client base with proven track record of successful project execution(p.143)
- • Expertise in design and engineering with strategically located manufacturing facility and large capacity(p.143)
- • Strong ROCE of 43.01% and ROE of 38.62% in Fiscal 2026(p.146)
- • High EBITDA margin of 23.02% in Fiscal 2026(p.146)
- • Revenue from operations grew 64% from Fiscal 2025 to Fiscal 2026(p.146)
- • India's largest façade exporter with strong international presence(p.189)
- • ISO 14001 environmental management certification and IGCC compliance(p.189)
- • Successful supply track record in premium US and Australian markets(p.189)
- • Low-cost skilled labor and efficient supply chain(p.172)
- • Yes Systems subsidiary demonstrates consistent premium fenestration growth(p.207)
- • Second largest façade provider in India by revenue with India's largest export footprint(p.227)
- • Diversified revenue model across domestic façade, international products supply, and fenestration(p.228)
- • Only Indian company with fully integrated end-to-end façade operations (design, fabrication, installation)(p.222)
- • Strong financial performance with no long-term business debt and high profit margins(p.224)
- • Strategically located manufacturing facility near major ports enabling efficient exports(p.235)
- • Strong long-term client relationships with repeat business from marquee developers(p.230)
- • Sustainability credentials including Environmental Product Declarations and carbon-neutral partnerships(p.235)
- • Acquisition of Yes Systems provides entry into high-growth ultra-luxury fenestration segment(p.228)
- • Long-term lease facility enabling integrated manufacturing(p.294)
- • Consistent industry recognition through multiple awards(p.296)
- • Experienced promoter with 33+ years in construction and engineering(p.305)
- • Established financial controls and accounting practices under Ind AS(p.344)
- • Diversified revenue streams from construction contracts and operating activities(p.364)
- • Access to government incentives through Package Scheme(p.364)
- • Strong cash generation from operations(p.356)
- • Extreme client concentration with top 10 clients accounting for majority of revenue(p.27)
- • Single manufacturing facility location creating operational risk(p.33)
- • Limited supplier diversification with heavy reliance on top 10 suppliers(p.28)
- • No long-term supply contracts exposing company to raw material price volatility(p.28)
- • Logo trademark application still pending without statutory protection(p.40)
- • Statutory audit qualifications and modifications on financial statements(p.42)
- • High working capital requirements with significant trade receivables outstanding(p.39)
- • Heavy dependence on single supplier for aluminum coating services(p.45)
- • Material contingent liabilities from tax proceedings(p.52)
- • High employee attrition rate creates operational instability(p.46)
- • Manpower-intensive operations expose to labor cost inflation and disputes(p.46)
- • Past delays in statutory dues payments indicate compliance weaknesses(p.48)
- • Promoter personal guarantees create contingent liability(p.56)
- • High dependence on glass as raw material, representing 31.71% of raw materials cost in Fiscal 2026(p.128)
- • Contingent liabilities of ₹334.07 million representing 12.77% of Net Worth(p.88)
- • Outstanding Maharashtra VAT demand of ₹312.13 million under appeal(p.88)
- • Concentration of related party service transactions, with M.J. Coaters accounting for 4.51% of revenue from operations(p.89)
- • Dependence on raw material price volatility(p.164)
- • Exposure to geopolitical tariff risks affecting key markets(p.163)
- • Vulnerability to US tariff policy changes on aluminium and steel(p.169)
- • High dependence on top 10 clients constituting majority of revenue(p.279)
- • Reliance on limited number of suppliers without long-term agreements(p.278)
- • High employee attrition rate of 27.03% in Fiscal 2026(p.283)
- • Manufacturing facility operates on leasehold basis with renewal dependency(p.285)
- • Capacity underutilization in Fiscal 2025 due to deferred export orders(p.275)
- • Guarantees issued by promoters on external borrowings(p.300)
- • Concentration of shareholding and control with two promoters(p.325)
- • Dependency on key managerial personnel with limited stated succession plan(p.305)
- • Dependence on limited customer base(p.368)
- • Significant outstanding trade receivables aging(p.356)
- • Past contingent tax liabilities from VAT/CST assessments(p.367)
- • Write-down of investment property advance due to developer insolvency(p.355)
- • Backup of books of account not maintained on servers physically located in India on daily basis(p.382)
- • Audit trail feature not enabled for certain privileged/administrative access rights(p.382)
- • Significant concentration of revenue among top 10 clients(p.399)
- • Substantial portion of purchases from limited number of suppliers(p.398)
- • High dependence on a few international clients for export business(p.399)
- • Deferred tax asset recognition dependent on future taxable income estimates(p.415)
- • Outstanding VAT demand and disputed tax liabilities(p.427)
- • Significant tax litigation exposure with substantial disputed amounts(p.437)
- • High concentration of trade payables with material creditors representing significant portion of liabilities(p.439)
- • Dependence on limited borrowing facilities with multiple loan covenants(p.434)
- • Geographic expansion into premium fenestration segment through Yes Systems integration(p.31)
- • Backward integration through glass processing unit setup for cost efficiency(p.42)
- • International market expansion with established presence in USA and Australia(p.30)
- • Growing demand for energy-efficient and green building façade solutions(p.42)
- • Backward integration through GPU project for cost savings and supply chain control(p.43)
- • Strategic geographic expansion into new markets(p.48)
- • Capacity expansion to handle larger-scale projects(p.56)
- • Enhanced operational efficiency through technological advancement(p.45)
- • Planned backward integration through GPU Project to reduce glass procurement costs and margin leakage(p.128)
- • GPU Project expected to generate 5,292,000 square meters annual glass tempering capacity(p.128)
- • Potential to serve external GPU customers post internal demand fulfillment(p.128)
- • Focus on environmentally sustainable high-performance solutions(p.143)
- • Benefits of listing including enhanced visibility, brand image, and public market for equity shares(p.126)
- • US-India trade agreement expected to ease tariff and non-tariff barriers(p.189)
- • Significant growth in India's premium residential fenestration segment(p.208)
- • Rapid expansion of India's façade market at 11.9% CAGR(p.190)
- • Rising demand for energy-efficient and sustainable façade solutions(p.192)
- • Strong commercial real estate absorption driving façade demand(p.175)
- • Growth in premium residential segment with 53% surge in luxury homes(p.175)
- • India's façade market projected to grow from ₹90.6 billion (FY26) to ₹144.1 billion (FY30) at 12.3% CAGR(p.225)
- • Ultra-luxury fenestration segment growing at 21% CAGR with projected market size of ₹20.9 billion by FY30(p.209)
- • Global façade market opportunity with India positioned as low-cost manufacturing hub(p.236)
- • Government-led Smart Cities Mission and infrastructure projects driving façade demand(p.217)
- • Delhi-Mumbai Industrial Corridor requiring 15 million sq. m of façade materials by 2032(p.217)
- • Expansion into Canada and European markets with established partnerships model(p.237)
- • Regulatory tailwinds from evolving compliance standards favoring organized players(p.210)
- • Growing demand for energy-efficient and sustainable building solutions across tier-1 cities(p.209)
- • Acquisition of Yes Systems to enter fenestration market(p.296)
- • Environmental product certifications and sustainability positioning(p.296)
- • Expansion in residential market segment(p.297)
- • Expansion of unsatisfied project pipeline(p.370)
- • Growth in overseas operations(p.369)
- • Continued capital investment in property, plant and equipment(p.350)
- • India façade market growing at 15.9% CAGR with projected reach of ₹144.1 billion by Fiscal 2030(p.400)
- • Fenestration market expected to grow at 13.8% CAGR(p.400)
- • Intensifying demand for eco-certified envelope systems and energy-efficient façades(p.400)
- • Yes Systems acquisition expands presence in premium fenestration sector(p.399)
- • Pursuing diversification strategies to expand client base(p.399)
- • International façade products supply benefits from higher realisations and lower working capital(p.398)
- • High dependence on real estate sector cyclicality and economic downturns(p.33)
- • Volatility in raw material prices and global supply chain disruptions(p.28)
- • Currency exchange rate fluctuations impacting imported materials cost(p.29)
- • Intense competition in façade solutions industry(p.33)
- • Geographic revenue concentration in Maharashtra and Karnataka states(p.35)
- • Project-specific contracts without long-term agreements creating revenue uncertainty(p.37)
- • Regulatory and compliance risks related to statutory dues and tax assessments(p.42)
- • Operational hazards in manufacturing and project execution causing business interruption(p.40)
- • Intense competition from international brands and low-cost local players(p.53)
- • US tariffs under 'Fair and Reciprocal Plan' could reduce price competitiveness(p.50)
- • Geopolitical tensions affecting crude oil prices and supply chains(p.70)
- • Commodity price volatility, particularly steel and aluminum(p.43)
- • Foreign exchange fluctuation risks from unhedged export receivables(p.64)
- • Regulatory and approval delays for GPU project could impact timelines(p.44)
- • Weather and seasonal disruptions to construction operations(p.61)
- • Project execution risks and cost escalations in EPC contracts(p.47)
- • GPU Project implementation risk with no certainty on equipment procurement at estimated costs(p.136)
- • Dependency on imported machinery for GPU Project with exchange rate and lead time risks(p.136)
- • Water availability constraint with GPU Project requiring 50 kilolitres per day against current 0.5 kilolitres(p.129)
- • Risk of regulatory changes affecting façade industry operations and approvals(p.136)
- • Variation in project costs due to financial conditions, interest/exchange rate fluctuations beyond management control(p.129)
- • Geopolitical disruptions affecting global aluminium supply and pricing(p.164)
- • Significant global aluminium supply risk from Middle East disruptions(p.164)
- • Intense competition from low-cost unorganized players(p.191)
- • High exposure to cyclical construction sector dynamics(p.194)
- • Competition from established international façade players(p.193)
- • Intense competition from approximately 18,000 players in fragmented façade market(p.282)
- • Price sensitivity particularly in fenestration segment with intense competition(p.211)
- • Volatility in raw material prices affecting margins and project costs(p.217)
- • Exposure to US market political uncertainty affecting export orders(p.275)
- • Low budget allocation by developers for façade systems in tier 2 and 3 cities(p.217)
- • Long gestation periods for custom stick façade systems due to onsite fabrication(p.217)
- • Real estate market cyclicality and project-specific challenges(p.229)
- • Exchange rate volatility affecting export profitability and import costs(p.278)
- • Regulatory compliance burden across multiple environmental and labour laws(p.290)
- • Requirements for specialized waste management and hazardous materials handling(p.291)
- • Complex foreign trade and import-export regulations(p.292)
- • Potential volatility in input costs and foreign exchange exposure(p.289)
- • Foreign exchange rate volatility on overseas operations(p.379)
- • Interest rate risk on floating rate borrowings(p.380)
- • Commodity price exposure on aluminium profiles(p.381)
- • Potential extended contract disputes and regulatory risks(p.347)
- • Revenue and profitability sensitive to project execution timelines and client approvals(p.398)
- • Exposure to foreign exchange fluctuations and international logistics risks(p.398)
- • Raw material price volatility influenced by global commodity trends and geopolitical factors(p.398)
- • Import exposure to supply chain disruptions from multiple countries(p.399)
- • Dependence on third-party vendors for critical processes(p.399)
- • Slowdown in construction activity could impact project pipelines and revenue visibility(p.400)
- • Regulatory and credit risks with major clients(p.399)
- • Ongoing high-value tax disputes with government authorities over VAT classification and rates(p.437)
- • Multiple outstanding indirect tax demands across multiple states and years creating ongoing compliance burden(p.437)
- • Regulatory risk of approval delays or non-renewal of critical business licenses and certifications(p.441)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jawahar Hariram Hemrajani | Promoter Selling Shareholder | — | — |
| Eshan Jawahar Hemrajani | Promoter Selling Shareholder | — | — |
| Jawahar Hariram Hemrajani | Promoter | 37.42% | — |
| Eshan Jawahar Hemrajani | Promoter | 15.11% | — |
| Jawahar Hariram Hemrajani | Promoter | 37.42% | — |
| Eshan Jawahar Hemrajani | Promoter | 9.37% | — |
| Eshan Jawahar Hemrajani (held jointly with Dikshita Eshan Hemrajani) | Promoter | 5.74% | — |
| Jawahar Hariram Hemrajani | Promoter and Chairman | — | — |
| Eshan Jawahar Hemrajani | Promoter | — | — |
| Jawahar Hariram Hemrajani | Promoter | 37.42% | — |
| Eshan Jawahar Hemrajani | Promoter | 15.11% | — |
| Mr. Jawahar H. Hemrajani | Promoter | 41.42% | 37.15% |
| India Business Excellence Fund – IIA | Promoter Group | 28.80% | 25.84% |
| Mr. Eshan J. Hemrajani | Promoter | 12.26% | 15.12% |
| Vistra ITCL (India) Limited (Trustee of Business Excellence Trust II - India Business Excellence Fund II) | Promoter Group | 11.20% | 10.05% |
| Mr. Amit J. Hemrajani | Promoter | 5.83% | 9.35% |
| Jawahar Hariram Hemrajani | Promoter | — | — |
| Jawahar Hariram Hemrajani | Selling Shareholder | — | — |
| Eshan Jawahar Hemrajani | Selling Shareholder | — | — |
| India Business Excellence Fund IIA | Selling Shareholder | — | — |
| Jawahar Hemrajani (Mr. Jawahar Hariram Hemrajani) | Key Shareholder | — | — |
| Key Shareholder Group | Promoter Group | — | — |
| Jawahar Hariram Hemrajani | Promoter | — | — |
| Eshan Jawahar Hemrajani | Promoter | — | — |
| India Business Excellence Fund II | Investor | — | — |
| India Business Excellence Fund – IIA | Investor | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| 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.