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Glass Wall Systems (India) Ltd
ConstructionIPO
₹172 - 182
Founded in 2002, Glass Wall Systems is India's second-largest façade engineering company and leading exporter, delivering custom curtain walls (non-structural exterior building walls), architectural cladding, and luxury fenestration (doors, windows, and glazed openings) through integrated design, factory fabrication, and site assembly. The business operates by pairing centralized engineering and automated manufacturing in Maharashtra with dual distribution channels, delivering complete turnkey installations for premier Indian real estate developments while shipping factory-glazed modular panel
Lot82Min Invest₹14,924Face Value₹2Issue Size₹428 CrFresh Issue₹60 CrOffer for Sale₹368 Cr
Timeline
8 Sept
Bidding opens
10 Sept
Bidding closes
11 Sept
Allotment
15 Sept
Refund & demat credit
16 Sept
Listing
Subscription
Subscription opens 8 Sept
Reports
Offer Details
Terms
Issue Size₹428 Cr
Fresh Issue₹60 Cr
Offer for Sale₹368 Cr
Face Value₹2
Lot Size82 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9241-13 lots
sNII₹2,08,936from 14 lots
bNII₹10,14,832from 68 lots
Managers & Registrar
Lead ManagerIIFL Capital Services Limited
Co-ManagerMotilal Oswal Investment Advisors Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrJawahar Hariram HemrajaniPRMTR25,30,24346.05Eshan Jawahar HemrajaniPRMTR27,40,43149.88India Business Excellence Fund IIAOTH1,49,43,048271.96Total2,02,13,722367.89
Shareholding
CategoryPre IPOPost IPOPromoter Group64.38%45.51%Public35.62%54.49%
Objects of the Issue
- Funding capital expenditure requirement for setting up of GPU Project as part of planned backward integration of the Company at the Vile Bhagad Facility
- General corporate purposes
Anchor Book
Bid Date07-Sep-2026
Financials
Profit & Loss
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| RevenueCr | 304 | 278 | 457 |
| Operating ProfitCr | 55 | 73 | 105 |
| OPM% | 18.0 | 26.2 | 23.0 |
| PBTCr | 31 | 76 | 111 |
| PATCr | 20 | 58 | 84 |
Cash Flow
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating Cash FlowCr | 43 | 73 | 73 |
| Investing Cash FlowCr | 9 | -53 | -39 |
| Financing Cash FlowCr | -44 | -26 | -5 |
| Net Cash FlowCr | 7 | -6 | 29 |
Strengths & Risks
Strengths · as stated in the DRHP
- Market leadership supported by a diversified business model and strong foothold in domestic and international markets.
- Marquee client base with proven track record of successful project execution.
- Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure.
- Focused on creating environmentally sustainable high-performance solutions.
- Experienced Promoters and management team.
Strategies · as stated in the DRHP
- Strategically expand global reach.
- Continue to enhance leadership in domestic markets.
- Focus on expanding luxury fenestration business through integration of Yes Systems.
- Drive growth and improve profitability through capacity expansion, backward integration and technological advancement to enhance operational efficiency and market competitiveness.
Risks · as stated in the DRHP
- Our business is dependent on certain key clients, and our top 10 clients contributed 86.40%, 78.13% and 88.56% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The loss of one or more of these clients could have an adverse effect on our business prospects, results of operations, financial condition and cash flows.
- We depend on a limited number of suppliers and we do not have long term agreements with our suppliers for our raw materials and volatility in raw material prices and shortages or disruption in their supply could adversely affect our business, results of operations, financial condition and cash flows.
- We derived 45.20%, 41.21%, and 43.38% of our revenue from operations from overseas operations, based on the criteria set out in Ind AS 108 - Operating Segments, in Fiscals 2026, 2025 and 2024, respectively. Any adverse events in these jurisdictions could have an adverse impact on our business, results of operations, financial condition and cash flows.
- If we fail to integrate or manage acquired companies or businesses efficiently, our overall profitability and growth plans could be adversely affected.
- We derive a portion of our revenue from our domestic façade business, which accounted for 48.88%, 46.64%, and 49.34% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any decline in demand for our domestic façade services could have an adverse impact on our business, results of operations, financial condition and cash flows.
- We are entirely dependent on our manufacturing facility located in Vile Bhagad, Maharashtra. Any adverse developments affecting this region or any slowdown, shutdown or unscheduled or prolonged disruption in our manufacturing could have an adverse effect on our business, results of operations, financial condition and cash flows.