HA
HRS Aluglaze
Book Building issueSMEBSE₹50.92 Cr issue
+31.25%
Listing gain over issue price
Issue size
₹50.92 Cr
1 lot at cut-off
₹1,15,200
Lot size
1,200shares
Open
11 Dec 2025
Close
15 Dec 2025
Allotment
16 Dec 2025
Listing
18 Dec 2025
Listing performance
Issue price
₹96
Listed at
₹126
Listing-day close
₹132.30
Latest price
₹253.20
Listing gain
+31.25%
Return since listing
+163.75%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹22
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 18 Dec 2025 | ₹22 | +22.92% | ₹20,100 | ₹118 | ₹26,400 |
| 17 Dec 2025 | ₹22 | +22.92% | ₹20,100 | ₹118 | ₹26,400 |
| 16 Dec 2025 | ₹24 | +25.00% | ₹21,900 | ₹120 | ₹28,800 |
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
- 11 Dec 2025 – 15 Dec 2025
- Listing date
- 18 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹96 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹50.92 Cr
- Market cap at offer price
- ₹185 Cr
- Promoter holding
- 100.00% → 72.49% pre-issue → post-issue
- ISIN
- INE1E1V01017
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Cumulative Capital Pvt.Ltd.
- Registered office
- 601 W-1, 6th Floor, New York Timber Street, Opp.PSP House, B/H.S.G.Highway, Ambali Road, Jodhpur, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,44,000 | — | — |
| Market maker | 2,74,800 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹96
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,15,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (min) | 9 | 10,800 | ₹10,36,800 |
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.
Shares allocated
10,44,000
Anchor portion
₹10.02 Cr
at ₹96 per share
Valuation and performance
Valuation at offer price
₹96 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.68 | 4.71 |
| P/E (×) | 26.09 | 20.38 |
| Price to book (×) | 6.53 | — |
| Market cap | — | ₹185 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 34.24%
- ROCE
- 15.97%
- Debt / equity
- 1.92
- PAT margin
- 12.22%
- EBITDA margin
- 25.42%
- NAV per share
- ₹14.70
- Price to book
- 6.53
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About HRS Aluglaze
HRS Aluglaze Limited, incorporated on March 30, 2012, is engaged in the business of design, manufacturing, and installation of a wide range of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems. These solutions are tailored to meet the specific requirements of builders, contractors, architects, and institutions, with both standard and customized options. The company also provides material supply and procurement support. The company converted from private to public limited status in August 2024 and is headquartered in Ahmedabad, Gujarat.
Company Analysis
from RHPHRS Aluglaze Limited designs, manufactures, and installs aluminium and glass glazing systems including windows, doors, curtain walls, cladding, and glazing solutions for the construction and facade industries.
HRS Aluglaze Limited, incorporated on March 30, 2012, is engaged in the business of design, manufacturing, and installation of a wide range of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems. These solutions are tailored to meet the specific requirements of builders, contractors, architects, and institutions, with both standard and customized options. The company also provides material supply and procurement support. The company converted from private to public limited status in August 2024 and is headquartered in Ahmedabad, Gujarat.
constructionreal estateinfrastructurebuilding facade systems
Objects of the Issue
- Funding capital expenditure to set up assembly & glass glazing line at Rajoda, Ahmedabad for façade work ₹ 1,829.80 lakhs p.26
- Funding of Working Capital requirements of the Company ₹ 1,900.00 lakhs p.26
- General Corporate Purposes p.26
- Funding capex for assembly & glass glazing line at Rajoda, Ahmedabad for façade work and set up of Solar PV Power Plant ₹1,829.80 Lakhs p.66
- Funding capital expenditure to set up assembly & glass glazing line at Rajoda, Ahmedabad for façade work ₹1,829.80 Lakhs p.112
- Funding of working capital requirements of the Company ₹1,900.00 Lakhs p.112
- General corporate purposes p.112
- Funding capex for new manufacturing facility expansion at Plot No. 1, Rajoda, Bavla, Ahmedabad to add approximately 13,714 sq. meters of built-up space p.185
- Installation of additional 1-megawatt solar power plant to support increased production capacity and sustainability goals p.178
- General corporate purposes
- Not explicitly stated in this part of the document
Issue Structure
- Total Issue
- Up to 53,04,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [•] lakhs
- Fresh Issue
- Up to 53,04,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [•] lakhs
- Offer for Sale
- Not Applicable
- Face Value
- ₹ 10 each
Business Model
The company earns revenue through design, manufacturing, and installation of aluminium and glass glazing solutions. It operates on a project basis, typically securing contracts through competitive bidding processes. The company receives purchase orders from customers specifying product specifications, quantities, and delivery schedules. Revenue is generated from the fabrication and supply of customized aluminium and glass products, along with on-site installation services.
Business Segments
Design, manufacture and installation of aluminium windows, doors, curtain walls and glass glazing solutions for commercial and residential construction projects
Design, manufacturing, and installation of aluminium and UPVC doors and windows including sliding, openable, bifold, and integrated blind systems for residential, commercial, and institutional buildings
Design, fabrication, and installation of cap curtain wall systems and structural glazing façade systems engineered for weather protection, energy efficiency, and aesthetics in commercial, institutional, and residential buildings
Design, manufacturing, and installation of glass and aluminium-based interior and exterior systems such as frameless or supported glass railings, glass partitions, aluminium louvers, and decorative screens
Design, fabrication, and installation of custom aluminium dynamic screen façade systems including aluminium composite panel cladding and adaptive façade systems that respond to environmental conditions
Supply of aluminium profiles, glass units, hardware, sealants, and related accessories to builders, contractors, and institutions who prefer to manage fabrication or installation independently
Supply and installation of aluminium windows, doors, and related fenestration systems for residential and commercial buildings
Design, fabrication, and installation of curtain wall systems, rainscreen cladding, and structural glazing for commercial and institutional projects
Supply of toughened glass, insulated glass units (IGU), double glazed units (DGU), and related glass processing and glazing services
In-house powder coating application and surface treatment for aluminium profiles using electrostatic spray and curing processes
Manufacturing and installation of aluminium doors, windows, and façade systems including customized solutions for commercial, residential, industrial, and institutional projects
Provision of labour work services and job work related to aluminium fabrication and installation
Sale of aluminium materials and components
Manufacturing and execution of aluminium structures, glazing systems, and facade solutions for commercial and residential construction projects
SWOT Analysis
Strengths
- • Growing façade market with strong CAGR(p.25)
- • Diversified customer base across multiple sectors(p.25)
- • Significant order book providing revenue visibility(p.37)
- • In-house design capability enabling customization(p.44)
- • Profitable operations with positive PAT growth(p.27)
- • Promoter personal guarantees and collateral support for company debt(p.52)
- • No material fraud or misconduct incidents in recent history(p.60)
- • No labour disputes or strikes experienced(p.56)
- • No major power disruption incidents at manufacturing facility(p.63)
- • Functional insurance coverage across assets(p.61)
- • ISO 9001:2015 certification and MSME ZED Bronze award demonstrating quality commitment(p.163)
- • Integrated in-house manufacturing with advanced machinery and powder coating capabilities(p.162)
- • Strong promoter experience in aluminium fabrication and façade industry(p.163)
- • High repeat business rate of 80% indicating strong customer satisfaction(p.171)
- • Comprehensive end-to-end service capability across project lifecycle(p.165)
- • Established track record delivering customized solutions across multiple sectors(p.162)
- • Experienced leadership with 30+ years in aluminium fabrication industry(p.181)
- • Strong track record with repeat customer relationships and on-time delivery(p.181)
- • In-house design, fabrication, and quality control capabilities(p.181)
- • ISO 9001:2015 certified quality management and MSME ZED Bronze sustainability certification(p.181)
- • Advanced manufacturing infrastructure with 12-axis CNC and automated powder coating(p.182)
- • Established 28 ongoing projects with combined order value of ₹10,307.07 Lakhs(p.183)
- • Strong revenue growth trajectory(p.284)
- • Robust project pipeline and order book(p.284)
- • ISO certification and quality recognition(p.283)
- • Modern manufacturing infrastructure with specialized equipment(p.284)
- • Improving profitability and margins(p.285)
- • Geographical expansion beyond traditional markets(p.284)
Weaknesses
- • Heavy dependence on top customers creating revenue concentration(p.37)
- • High customer concentration with single largest customer at 15.73%(p.37)
- • Significant working capital requirements with high receivables(p.48)
- • Increasing receivables outstanding beyond six months(p.48)
- • High supplier concentration limiting negotiating power(p.39)
- • No long-term supply agreements with suppliers exposing to price volatility(p.38)
- • Significant operational losses and negative cash flows in prior periods(p.45)
- • High employee attrition rate(p.50)
- • Regulatory compliance failures with past filing delays(p.42)
- • No long-term customer commitment agreements(p.38)
- • Dependence on promoter personal guarantees for debt facilities(p.52)
- • History of delays in statutory payments(p.53)
- • High fixed debt burden and debt-dependent capital structure(p.63)
- • Unsecured promoter loans repayable on demand(p.65)
- • Heavy dependence on machinery with no technical support service agreements(p.66)
- • Outstanding litigation involving company, directors, promoters and KMPs(p.55)
- • Significant inventory and working capital constraints(p.65)
- • Sharply declining capacity utilization post-expansion(p.69)
- • High geographical concentration with 90.07% revenue from Gujarat as at September 30, 2025(p.164)
- • Significant dependence on top customers with 76.90% revenue from top 10 customers(p.165)
- • High supplier concentration with top 3 suppliers representing 46.91% of purchases(p.164)
- • Current capacity utilization at only 34.75% as of September 30, 2025(p.116)
- • Relatively modest scale with revenue of ₹2,633.30 lakhs in HY 2025-26 compared to peers(p.133)
- • Low capacity utilization at 34.75% as of September 30, 2025(p.177)
- • Significant decline in capacity utilization from 95.55% in March 2024 to 34.75% in September 2025(p.177)
- • Limited installed capacity of 15,00,000 square feet compared to doubling from 6,00,000 sq ft(p.177)
- • Dependence on contract labour with 60 contract workers versus 90 total employees(p.186)
- • Lease-dependent manufacturing facilities with high annual lease rental obligations(p.187)
- • High leverage with debt-to-equity ratio above 1.5(p.285)
- • Significant geographical concentration despite expansion efforts(p.289)
- • High borrowings and finance costs(p.290)
- • Current ratio below 1.0 indicating working capital pressures(p.285)
- • Material cost intensity with raw material purchases 77.96% higher year-on-year(p.289)
- • Promoter-dominated shareholding structure(p.259)
- • High dependence on top 5 suppliers(p.294)
- • High customer concentration(p.294)
- • Significant debt burden(p.295)
- • Rising finance costs(p.311)
Opportunities
- • Expanding market demand for modern sustainable building solutions(p.25)
- • Geographic expansion beyond Gujarat into new markets(p.46)
- • Capacity expansion enabling increased production and market share(p.43)
- • Growing infrastructure and real estate sectors driving demand(p.44)
- • Potential for product portfolio and service expansion(p.50)
- • Expansion into façade and glazing segment with new assembly line(p.66)
- • Increased production capacity and market potential(p.69)
- • Planned capacity expansion of 13,714 square meters to support long-term growth(p.162)
- • Strong projected demand for Indian façade market growing to USD 4 billion by 2028(p.155)
- • Government initiatives promoting green buildings and energy-efficient facades(p.155)
- • Geographic expansion beyond Gujarat with existing projects in Telangana, Maharashtra and Tamil Nadu(p.164)
- • Strong order book of ₹10,307.07 lakhs provides revenue visibility(p.120)
- • Rising demand for sustainable and energy-efficient building solutions in India(p.155)
- • Capacity expansion through new manufacturing unit at adjacent land in Rajoda(p.182)
- • Planned 1-megawatt solar power installation for cost reduction and sustainability(p.178)
- • Geographical expansion through showrooms and regional offices across India(p.182)
- • Diversified product portfolio expansion into uPVC production(p.201)
- • Growing demand for aluminium façade and glazing systems in real estate sector(p.183)
- • Strong real estate and infrastructure demand in growth markets(p.284)
- • Planned facility expansion to support growth(p.284)
- • Pan-India project execution expansion(p.289)
- • Rising demand for customized architectural solutions(p.283)
- • Growing segments including commercial complexes and government infrastructure(p.284)
- • Expansion through further capital issuance(p.330)
- • Stated revenue growth strategy(p.294)
Threats
- • Order cancellations or delays beyond company control(p.37)
- • Commodity price volatility for aluminum and raw materials(p.38)
- • Customer inability to maintain outsourcing budgets or place orders(p.37)
- • Dependence on real estate and infrastructure sector growth(p.44)
- • Competition and dominance of alternative construction methods(p.44)
- • Disruption of supply chain from third-party suppliers(p.38)
- • Customer quality standard non-compliance impacting orders(p.44)
- • Geographic concentration risk in Gujarat operations(p.39)
- • Facility disruption or operational outages(p.40)
- • Capacity underutilization affecting profitability(p.40)
- • Lease agreement terminations affecting operations(p.51)
- • Intense competition from unorganized sector with low entry barriers(p.59)
- • Potential for unionization and work stoppages(p.56)
- • Stringent labour laws and regulatory compliance costs(p.56)
- • Environmental and health regulations with unpredictable compliance costs(p.59)
- • Volatile inflation eroding margins and limiting pricing flexibility(p.71)
- • Geopolitical tensions affecting raw material sourcing(p.72)
- • Pandemic and natural disaster risks(p.70)
- • Regulatory changes and labour code implementation risks(p.71)
- • High dependence on construction industry cyclicality and economic downturns(p.160)
- • Intense competition from established players including Innovators Façade Systems and Aluwind(p.161)
- • Supply chain vulnerability to raw material price fluctuations and shortages(p.161)
- • Regulatory compliance burden with varying building codes and environmental standards(p.160)
- • Skilled labor shortage for installation and maintenance of advanced facade systems(p.161)
- • Exposure to extreme weather events impacting construction timelines and costs(p.161)
- • Fragmented and competitive industry with organized and unorganized players(p.186)
- • Regional competitors with lower pricing and strong local networks(p.186)
- • Dependence on real estate and construction sector cyclicality(p.183)
- • Exposure to input cost volatility and supply chain disruptions(p.175)
- • Regulatory compliance requirements across multiple states and environmental regulations(p.184)
- • Cyclicality and volatility in real estate and construction sector(p.287)
- • Input cost volatility and labour-intensive operations(p.287)
- • Intense competition from existing and new entrants(p.287)
- • Seasonal patterns affecting project execution(p.287)
- • Dependence on customer concentration and project execution capability(p.287)
- • Restrictive debt covenants limiting operational flexibility(p.282)
- • Regulatory approval dependency(p.303)
- • Economic sensitivity(p.293)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rupesh Pravinbhai Shah | Promoter | 80.75% | — |
| Pinky Rupesh Shah | Promoter | 16.90% | — |
| Hrishikesh Rupesh Shah | Promoter | 2.34% | — |
| Rupesh Pravinbhai Shah | Promoter | 80.75% | — |
| Pinky Rupesh Shah | Promoter | 16.90% | — |
| Hrishikesh Rupesh Shah | Promoter | 2.34% | — |
| Rupesh Pravinbhai Shah | Promoter | 80.75% | — |
| Pinky Rupesh Shah | Promoter | 16.90% | — |
| Hrishikesh Rupesh Shah | Promoter | 2.34% | — |
| Rupesh P. Shah | Promoter/Chairman | 80.75% | — |
| Pinky R. Shah | Promoter | 16.90% | — |
| Hrishikesh R. Shah | Promoter | 2.35% | — |
| Not explicitly named in this section | Promoter/Promoter Group | — | — |
Leadership
Rupesh Pravinbhai Shah · Managing Director
Pinky Rupesh Shah · Executive Director
Hrishikesh Rupesh Shah · Executive Director
Oswal Samirkumar Kantilal · CFO
Siddhi Mangal · Company Secretary and Compliance Officer
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.