Minerva Capital Research Solutions

Glass Wall Systems (India)

RHP
ListedListed 16 Sep 2026MainboardNSE: GLASSWALLCheck allotment
Current price₹ 215.25+18.27% since issue
Listing day+6.59%
Issue price
₹ 182
Issue size
₹ 427.89 Cr.
Min. investment
₹ 14,924
Listing price
₹ 194
Subscribed
81.65x
Lot size
82 shares
P/E
19.1
RoNW
32.03%
RoCE
43.01%
Debt / Equity
0.03
PAT margin
18.34%
EBITDA margin
23.02%
RoE
38.62%
EPS
₹ 9.53
NAV
₹ 30.91
Promoter stake
55.72%

About

Glass Wall Systems (India) Limited was started in 2010 and works in façade solutions and fenestration. A façade is the outer glass and metal skin of a building, and fenestration means the windows, doors and openings in it. It works in India as well as overseas markets including the United States and Australia, and as on 31 March 2026 had completed more than 158 projects. The business runs across three verticals. Domestic façade solutions covers design, engineering, fabrication, supply, installation and EPC work for real estate developers, contractors and corporate clients. International façade products supply covers sending façade products to contractors and façade companies abroad. Fenestration solutions covers custom luxury windows, doors, skylights and partition systems for the high end domestic market, done mainly through its subsidiary Yes Systems Private Limited, which it acquired in August 2025 and which works under the brand ORIA with international partners including LIBART and OIKAS. Its clients include real estate developers, contractors, hospitals, airport authorities and corporates. Its projects include The Capital, Kohinoor Square, Bagmane Rio and Lodha World One in India, and Jackson Avenue, 1400 South Wabash, Spark GTIC and Harper Court in the United States, along with Project Dove in Australia. As on 31 March 2026 it had 370 permanent employees.

Timeline

  1. Opens
    8 Sep
    done
  2. Closes
    10 Sep
    done
  3. Allotment
    11 Sep
    done
  4. Refunds
    15 Sep
    done
  5. Demat credit
    15 Sep
    done
  6. Listing
    16 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 66 on 9 Sep 2026
Lowest
₹ 20 on 3 Sep 2026
First quoted
₹ 20 on 3 Sep 2026

Subscription

How many times each investor group bid for its share, as of 16 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)182₹ 14,924
Retail (Max)131,066₹ 1,94,012
S-HNI (Min)141,148₹ 2,08,936
B-HNI (Min)685,576₹ 10,14,832

Company overview

Financials

Financials by year
Assets468.38316.63281.76
Total Income471.43288.14310.26
Profit After Tax83.7957.5120.25
EBITDA105.273.0154.7
NET Worth261.58175.75122.6
Reserves and Surplus242.96158.88101.47
Total Borrowing6.688.4624.85

Strengths

  • Profit has grown more than four times in two years, from Rs 20.25 crore in FY2024 to Rs 57.51 crore in FY2025 and Rs 83.79 crore in FY2026.
  • Sales grew 64% in FY2026, from Rs 288.14 crore to Rs 471.43 crore.
  • The PAT margin of 20.66% is high for a business tied to construction, and RoCE was 43.39% with RoNW of 32.72%.
  • The company is practically debt free. Total borrowing was Rs 6.68 crore against a net worth of Rs 261.58 crore, and debt has come down every year from Rs 24.85 crore in FY2024.
  • The issue is priced moderately at about 19.1 times earnings on an EPS of Rs 9.53.
  • It has completed more than 158 projects, including landmark buildings such as Lodha World One, Kohinoor Square and The Capital.
  • It earns abroad as well as in India, with projects in the United States and Australia, so it is not tied to the Indian construction cycle alone.
  • Rs 60 crore of the issue money goes into a glass processing unit at Vile Bhagad, which is backward integration and should reduce dependence on outside glass suppliers.

Risks

  • Revenue is lumpy because the work is project based. Total income actually fell from Rs 310.26 crore in FY2024 to Rs 288.14 crore in FY2025 before jumping to Rs 471.43 crore in FY2026.
  • Façade work depends on commercial and premium residential construction. A slowdown in that segment directly reduces new orders.
  • Large façade contracts carry execution risk. Delays, design changes and site conditions can turn a profitable contract into a loss.
  • The planned glass processing unit is a new manufacturing activity, which is different from the fabrication and installation work the company does today, so it brings fresh execution and utilisation risk.
  • The subsidiary Yes Systems was bought only in August 2025, so the fenestration vertical is recent and its integration is not yet proven over a full cycle.
  • Overseas projects in the United States and Australia bring currency risk and exposure to local rules and payment practices.
  • Promoter holding is already moderate at 64.11% and falls to 55.72% after the issue.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

What the money is for

Objects of the issue
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 Facility60
General Corporate Purposes—

Promoters

  • Jawahar Hariram Hemrajani
  • Eshan Jawahar Hemrajani
Promoter holding64.11%→55.72%before → after the issue · down 8.39 points

Anchor investors

15 anchors put in ₹ 128.36 Cr., including 4 mutual funds.

Anchor investors
HDFC BUSINESS CYCLE FUND10,98,8822015.58%
HDFC INFRASTRUCTURE FUND5,49,482107.79%
BANK OF INDIA ELSS TAX SAVER3,29,67064.67%
BANK OF INDIA MANUFACTURING & INFRASTRUCTURE FUND3,84,63275.45%
IKIGAI EMERGING EQUITY FUND6,04,422118.57%
PINEBRIDGE GLOBAL FUNDS-PINEBRIDGE INDIA EQUITY FUND6,04,422118.57%
KOTAK MAHINDRA LIFE INSURANCE CO.LTD.4,71,9928.596.69%
ABAKKUS GROWTH FUND-OPEN ENDED4,94,54297.01%
INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD.4,71,9928.596.69%
BENGAL FINANCE & INVESTMENT PVT.LTD.5,31,8529.687.54%
SUBHKAM VENTURES (I) PVT.LTD.4,12,1327.55.84%
EDELWEISS LIFE INSURANCE CO.LTD.2,74,77753.9%
LC PHAROS MULTI STRATEGY FUND VCC-LC PHAROS MULTI STRATEGY FUND SF12,74,77753.9%
AUTHUM INVESTMENT & INFRASTRUCTURE LTD.2,74,77653.9%
INDIA CAPITAL GROWTH FUND LTD.2,74,77753.9%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 2 a share
Registrar
MUFG Intime India Private Limited
Lead managers
Motilal Oswal Investment Advisors, IIFL Capital Services Limited
Red herring prospectus (RHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.