• Market position: Management put the domestic facade market at ₹9,000 crore across major cities, with Tier 2 cities adding scope; it said the market is consolidating and Glass Wall is among the first 3 to 4 players by revenue.
• Growth and orders: The company is targeting ₹590 crore of turnover this year, after ₹492 crore last year. Its ₹982 crore order book is expected to execute over 18 to 24 months, with some work extending into FY29 as new orders are added.
• Business mix: Glass Wall plans for domestic facade and international facade each to contribute 40%-45% of business, with fenestration around 10%. Management cited EBITDA margins of 23% to 25% in domestic facades, 27% to 28% internationally and around 35% in fenestration.
• Glass processing plant: The company raised around ₹60 crore in the IPO to build a glass processing plant, bringing processes such as toughening, cutting and lamination in-house for its own requirements.
• Costs and assessment: Management said freight, tariff and customs costs are passed through to customers, and annual margins should not decline. The programme gave Glass Wall 6 out of 8, with neutral ratings on income statement, shareholding and valuation; the stock was cited at 31 times price-to-earnings.