Glass Wall Systems IPO

Glass Wall Systems (India) Limitedglasswallsystems.in

ListedMainboardIndustrialsNSE · BSE

Price band: ₹172 – ₹182
Issue size: ₹428 Cr
Lot size: 82 sh
Bidding: 8 – 10 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Glass Wall Systems (India) designs, engineers, manufactures and installs building façades; the record describes manufacturing as running through a single plant at Vile Bhagad in Raigad, Maharashtra, with 370 permanent staff and 158 projects completed as of 31 March 2026. Revenue from operations was Rs 304.34 Cr in FY24, Rs 278.33 Cr in FY25 — a fall of 8.55% — and Rs 456.97 Cr in FY26, a rise of 64.18%; the record gives the FY26 split as 48.88% domestic façade EPC, 45.20% export supply and 5.92% fenestration. The Rs 427.89 Cr issue at a band of Rs 172 to Rs 182 was Rs 367.89 Cr offer for sale against Rs 60 Cr fresh, or 85.98% secondary. It was subscribed 81.65 times overall on the closing day of 10 September 2026; it listed on 16 September 2026 at Rs 194 against the band top of Rs 182, closed day one at Rs 214.85 and last traded at Rs 214.15 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

80Exceptional

IPOVista score

Broadly well-balanced

59% of the scoring model was backed by disclosed data for Glass Wall Systems, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Majority offer for sale
Only 14.0% of the raise is fresh capital into the company; the rest goes to selling shareholders.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2002 · Lower Parel (East), Mumbai, Maharashtra, India · 370 employees

Glass Wall Systems (India) designs, engineers, manufactures and installs building façades — the glass-and-metal outer skin of a building. Its offerings include curtain wall façades, storefront and frameless façades, unitised and semi-unitised curtain wall systems, skylights, canopies, space frames, louvers, rain-screen cladding and aluminium doors and windows. It works in three lines: domestic façade contracts for Indian real-estate developers, hospitals, airport authorities and general contractors, where it takes on design-through-installation EPC work; export supply of façade products to contractors in the United States and Australia; and, since acquiring Yes Systems in August 2025, premium windows, doors and skylights for luxury Indian homes under the ORIA brand. It had completed 158 projects as of 31 March 2026, manufactures at Vile Bhagad in Raigad, Maharashtra, and employed 370 permanent staff.

Revenue is project-based: the company books contract revenue as façade packages are designed, fabricated and erected. Revenue from operations was ₹456.97 crore in FY26, split 48.88% domestic façade EPC, 45.20% export supply and 5.92% fenestration. Raw materials — aluminium extrusions, performance glass units and silicone — absorbed 48.32% of FY26 revenue, and EBITDA margin was 23.02% against 26.23% in FY25. The structural constraints are concentration and single-site capacity: the top ten clients produced 86.40% of FY26 revenue, the top ten suppliers 69.54% of material cost, and the Company's manufacturing runs through one plant at Vile Bhagad. Order book was ₹981.55 crore on 31 July 2026.

The company on paper

Legal name: Glass Wall Systems (India) Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 27 Aug 2010trading as Glass Wall Systems since 2002
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U74999MH2010PLC207187
Sector: Industrials · Architectural façade and fenestration systems — design, manufacture and installation
Employees: 370
Registered office: Lower Parel (East), Mumbai, Maharashtra, India
Promoters: Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani
Promoter holding, pre-issue: 52.5%
Website: glasswallsystems.in

The numbers

Financial performance

Revenue has compounded at 22.5% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

14% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹60.00 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹368 Cr
Total issue size: ₹428 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription81.65×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹182.00
Listed at: ₹194.00
Listing gain: up 6.6%
Since listing: up 9.2%
Against the issue price: up 16.4%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 82
At cut-off price: ₹182.00
Amount blocked: ₹14,924

One lot is 82 shares at ₹14,924. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~3%

chance of one lot, per application

Retail subscription: 33.18×
Applicants per share available: 33.2× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹194.00

listed at, 6.6% against the issue price

Issue price: ₹182.00
Premium said: —
If allotted 82 shares: ₹984

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Profit after tax was Rs 20.25 Cr in FY24, Rs 57.51 Cr in FY25 and Rs 83.79 Cr in FY26 — higher in each year the record carries. By FY26 it was 313.78% above the FY24 figure (83.79 against 20.25), while revenue was 50.15% higher over the same span (Rs 456.97 Cr against Rs 304.34 Cr).
EBITDA was Rs 54.70 Cr in FY24, Rs 73.01 Cr in FY25 and Rs 105.20 Cr in FY26, higher in each year on record. As a share of revenue that is 17.97% (54.70 on 304.34), 26.23% (73.01 on 278.33) and 23.02% (105.20 on 456.97).
Total borrowings fell in each year on record, from Rs 24.85 Cr in FY24 to Rs 8.46 Cr in FY25 and Rs 6.68 Cr in FY26, while net worth was Rs 122.60 Cr, Rs 175.75 Cr and Rs 261.58 Cr. Borrowings were 2.55% of net worth in FY26 (6.68 on 261.58) against 20.27% in FY24 (24.85 on 122.60).

What to weigh against it

The revenue line is not monotonic across the three years recorded: Rs 278.33 Cr in FY25 was 8.55% below the Rs 304.34 Cr of FY24, before Rs 456.97 Cr in FY26.
EBITDA margin was 23.02% in FY26 (Rs 105.20 Cr on Rs 456.97 Cr) against 26.23% in FY25 (Rs 73.01 Cr on Rs 278.33 Cr). The record states that raw materials absorbed 48.32% of FY26 revenue.
The record states that the top ten clients produced 86.40% of FY26 revenue and the top ten suppliers 69.54% of material cost, that manufacturing runs through one plant at Vile Bhagad, and it labels concentration and single-site capacity as the structural constraints.
Rs 367.89 Cr of the Rs 427.89 Cr issue, or 85.98%, was offer for sale, against Rs 60 Cr fresh. Pre-issue promoter holding was 52.53%; the record carries no post-issue figure.

Easy to miss in the prospectus

Order book, stated at Rs 981.55 Cr on 31 July 2026, is 2.15 times FY26 revenue of Rs 456.97 Cr.
Export supply was 45.20% of FY26 revenue, close to domestic façade EPC at 48.88%, with fenestration at 5.92%.
The fenestration line was 5.92% of FY26 revenue; the record dates the ORIA premium windows, doors and skylights business to the acquisition of Yes Systems in August 2025.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Glass Wall Systems — Red Herring Prospectus dated 2026-09-011 Sep 2026The document the issue was bid on. Carries the price band and the dates.Opens on api.indiaipoapp.indiaipo.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to Glass Wall Systems's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Draft Red Herring Prospectus dated 5 September 2025, filed on BSE · read 15 Oct 2026
NSE issue information and bid details API for GLASSWALL (ISIN, listing date, price range, face value, bid lot, BRLMs, issue structure, anchor portion, NSE-only category bids) · read 15 Oct 2026
Company website — business description, product lines, office and project locations · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 8 Sep 2026
Closes: 10 Sep 2026
Allotment: 11 Sep 2026
Lists: 16 Sep 2026
Revenue (FY26): ₹457 Cr
Profit (FY26): ₹83.79 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.