- NEUTRAL
Annual Revenue Glass Wall Systems Annual Revenue is Rs 0 Cr which is growth of 0% YoY.
- NEUTRAL
Annual Net Profit Glass Wall Systems Annual Net Profit is Rs 0 Cr which is growth of 0% YoY.
Glass Wall Systems India was incorporated on July 19, 2002. The company is a premium facade and fenestration provider with over 20 years of experience, operating in India, the US, and Australia. It is India’s second-largest facade solutions provider and the largest facade exporter by revenue, with 150+ projects completed by FY25
| Bidding Dates |
|---|
| 08 Sep 2026 - 10 Sep 2026 |
| Subscription |
|---|
| 81.65x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,104 | 1 | 13 | 82 | 23.5 M | ₹172 - ₹182 | 55.98 % | ₹4,043.8 M - ₹4,278.9 M | RHP DOC |
Glass Wall Systems IPO SUBSCRIPTION STATUS
10 Sep '26Total81.65x
Retail Individual Investor33.18x
HNI (NII) Investors79.71x
Qualified Institutional Buyers167.93x
Glass Wall Systems IPO overall subscription rate was 81.65 times the total available shares
Glass Wall Systems IPO retail subscription rate was 33.18 times in the retail segment
Glass Wall Systems IPO non-institutional investor subscription rate was 79.71 times in the non-institutional investor category
Glass Wall Systems IPO Qualified Institutional Bidder subscription rate was 167.93 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
10 Sep 2026 (Day 3) | 33.18x | 79.71x | 167.93x |
09 Sep 2026 (Day 2) | 10.96x | 12.41x | 0.3x |
08 Sep 2026 (Day 1) | 3.75x | 3.02x | 0.01x |
Glass Wall Systems FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 457.0 | 83.8 | 73.3 | 50.0 | 23.0% |
| FY25 | 278.3 | 57.5 | 73.0 | 69.3 | 26.2% |
| FY24 | 304.3 | 20.3 | 42.7 | 38.2 | 18.0% |
Glass Wall Systems IPO SUBSCRIPTION STATUS DETAILS
Glass Wall Systems had 23.5 M shares on offer
Glass Wall Systems IPO offer price was in the range ₹172 - ₹182
Glass Wall Systems IPO minimum Investment was ₹14104
Glass Wall Systems IPO issue size was ₹ 4,043.8 M - ₹ 4,278.9 M
Glass Wall Systems had a minimum lot size of 82 Shares per application
Glass Wall Systems NUMBER OF SHARES ON OFFER
Total23.5 M
Fresh Issue3.3 M
Offer for Sale20.2 M
Post Issue Promoter Holding %55.98 %
Glass Wall Systems IPO IMPORTANT DATES
| Issue Open Date | 08 Sep 2026 |
| Issue close Date | 10 Sep 2026 |
| Allotment Date | 11 Sep 2026 |
| Refund Date | 15 Sep 2026 |
| Demat Account Credit Date | 15 Sep 2026 |
| Listing Date | 16 Sep 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Glass Wall Systems Allotment Status | Exchange/ Registrar |
Glass Wall Systems IPO subscription opened on 08 Sep 2026, and closed on 10 Sep 2026
IPO allotment for Glass Wall Systems was finalized on Friday, 11 Sep 2026
IPO listing for Glass Wall Systems was on NSE and BSE on Wednesday, 16 Sep 2026
Glass Wall Systems IPO LISTING GAINS
| Issue Price (adjusted) | 182.0 |
| Listing Open Price | 194.0 |
| Listing Close Price | 214.8 |
| Listing Gain% | 6.6% |
| Current Gain% | 43.6% |
Glass Wall Systems Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Glass Wall Systems (India) Ltd. | 261.4 | 2298.2 | 27.4 | 0.6 | 4.9 | 32.2 | 17.9 | 471.4 | 63.6 | 83.8 | 45.7 | 9.5 | 45.7 |
| Midwest Ltd. | 1012.8 | 3662.2 | 33 | 2.8 | 5.3 | 10.9 | 7.7 | 659.8 | 2.6 | 104.8 | -14.4 | 30.7 | 11.7 |
| Shankara Buildpro Ltd. | 227.9 | 2763.2 | 21 | 0.2 | 0.4 | 23.4 | 8 | 6827.1 | 29.6 | 127.7 | 63.4 | 10.8 | 114.3 |
| Ramco Industries Ltd. | 293 | 2544 | 7.8 | 0.1 | 1.4 | 6.8 | 6.2 | 1807.3 | 7.9 | 306.3 | 69.3 | 37.7 | 58 |
| Pokarna Ltd. | 666.6 | 2066.9 | 21.8 | -0.5 | 3.5 | 9.4 | 5 | 593.7 | -37.6 | 80.6 | -57 | 30.6 | -48.1 |
| Arisinfra Solutions Ltd. | 139 | 1137.1 | 17.2 | 0 | 1 | 7.1 | 5.1 | 1080 | 38.1 | 52.7 | 2452.3 | 8.1 | 9720.6 |
Quarterly
Annual
Balance Sheet
Ratios
Cash Flow
Glass Wall Systems annual results: revenue, profit, P&L, and margins as of Mar 2025 – 11 year history
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| Indicator | Graph | Mar '25 | Mar '24 |
|---|---|---|---|
| 251.7 | 288 | ||
Operating Exp. Ann. | 186.7 | 239 | |
Operating Profit Ann. | 58.1 | 43.2 | |
OPM Ann. % | 23.08% | 14.99% | |
| 192.8 | 250.4 | ||
EBITDA Ann. | 65 | 49 | |
EBITDA Ann. margin % | 25.83% | 17.02% | |
Interest Ann. | 3 | 8.4 | |
Depr. | 3.1 | 3 | |
PBT Ann. | 58.9 | 21.4 | |
Tax Ann. | 15.1 | 9.5 | |
| 43.8 | 12 | ||
Net Profit Ann. | 43.8 | 12 | |
NPM Ann. % | 17.89% | 4.23% | |
EPS Adj. latest Ann. | 5 | 1.4 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
-12.6%
Net Profit Ann.
1Y CHG
265%
Operating Exp. Ann.
1Y CHG
-21.9%
Glass Wall Systems INFORMATION ON IPO ISSUE
About Glass Wall Systems
Glass Wall Systems India was incorporated on July 19, 2002. The company is a premium facade and fenestration provider with over 20 years of experience, operating in India, the US, and Australia. It is India’s second-largest facade solutions provider and the largest facade exporter by revenue, with 150+ projects completed by FY25
Object of the Issue
- Funding capital expenditure requirement for setting up of a glass processing unit as part of planned backward integration of the company at their Vile Bhagad Facility
- General corporate purposes
Glass Wall Systems - PROMOTERS
| Name |
|---|
| Jawahar Hariram Hemrajani |
| Eshan Jawahar Hemrajani |
Glass Wall Systems - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Jawahar Hariram Hemrajani | Chairman & Whole-Time Director |
| Eshan Jawahar Hemrajani | Managing Director & Chief Executive Officer |
| Prakash Bagla | Non-Executive Director |
| Sunaina Primlani Gera | Non-Executive Independent Director |
| Siddharth Nandkishore Bafna | Non-Executive Independent Director |
| Nandita Khurana | Non-Executive Independent Director |
Glass Wall Systems Book Running Lead Manager
IIFL Capital Services Limited
gws.ipo@iiflcap.com
Motilal Oswal Investment Advisors Limited
gws.ipo@motilaloswal.com
Glass Wall Systems Registrar to the Offer
MUFG Intime India Private Limited
glasswallsystems.ipo@in.mpms.mufg.com
Glass Wall Systems Strengths
Design & engineering
The company leverages strong design and engineering expertise, supported by a large, advanced manufacturing facility. Its innovative solutions ranging from seismic- and fire-resistant designs to diagrid systems, curved panels, and dynamic façade lighting ensure quality, flexibility, and architectural alignment
Strength
Environmentally sustainable high-performance solutions
The company delivers sustainable, high-performance façade solutions with the lowest embodied carbon in its products (Source: Ken Report). Through partnerships for low-carbon materials and solar-powered manufacturing, it supports green construction, enhances energy efficiency, and benefits clients seeking eco-friendly building practices
Strength
Client relationship
The company’s success is built on long-term client relationships and proven project execution, backed by over 20 years of promoter experience. As of March 31, 2025, it served 17 domestic and 4 international clients, with strong repeat business from financially stable partners
Strength
Glass Wall Systems Risks
Depend on real estate sector
The company’s business is closely tied to the real estate sector in India and overseas. Any slowdown or adverse changes in this sector could negatively impact its operations, cash flows, and financial performance
Risk
Operational risks
The company’s operations involve hazardous machinery and activities that may cause accidents, injuries, or property damage. Despite safety measures, risks such as fires, explosions, equipment failures, or natural disasters could disrupt operations and impact financial performance
Risk
Technology adoption risks
The company’s industry is subject to rapid technological changes, and failure to adopt new processes or upgrade facilities on time may affect competitiveness. High capital requirements or obsolete technologies could negatively impact operations and financial performance
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 367.9 crore, of 20,213,722 shares. It also consists of a fresh issue of Rs 60.0 crore.
The promoters of the company are Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 172.0 - 182.0.
The IPO application opens on Sep 08, 2026 and closes on Sep 10, 2026.
The minimum lot size for the IPO is 82. The maximum lot size for the IPO is 1066.
For all category investors, the minimum application amount for this IPO is Rs. 14,104.0, the maximum value for this IPO is Rs 194,012.0.
This IPO will be allotted on Sep 11, 2026.
The refund will be credited to your account on Sep 15, 2026.
The allotted shares will be credited to your demat on Sep 15, 2026.
Glass Wall Systems India Ltd.’s shares listed on the stock exchanges on Sep 16, 2026.