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Glass Wall Systems (India) Limited IPO
Façade Solutions · Luxury Fenestration · International Supply · EPC Services
📋 Mainline IPO
Fresh + OFS
NSE, BSE
₹182
Upper Price
₹427.89 Cr
Issue Size
Sep 16, 2026
Listing Date
₹1,540.00 Cr
Market Cap (Pre)
📅 IPO Timetable
All dates tentative🟢
IPO Opens
Tuesday, 8 September 2026
Bidding starts — apply before close
🔒
IPO Closes
Thursday, 10 September 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Friday, 11 September 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Tuesday, 15 September 2026
Unallotted funds returned; shares credited to demat
🏷️
Wednesday, 16 September 2026
Trading begins from 10:00 AM IST
📋 IPO Details
IPO Open Date8 September 2026 (Tue)
IPO Close Date10 September 2026 (Thu)
Listing Date16 September 2026 (Wed)
Face Value₹2 per share
Price Band₹172 to ₹182
Issue Price (Upper Band)₹182 per share
Issue TypeBook Build — Fresh + OFS
Lot Size82 shares
Total Issue Size2,35,10,425 shares (₹427.89 Cr)
Fresh Issue32,96,703 shares (₹60.00 Cr)
Offer for Sale (OFS)2,02,13,722 shares (₹367.89 Cr)
Pre-Issue Shares8,46,38,550
Post-Issue Shares8,79,35,253
Promoter Holding (Pre)64.11%
Market Cap (Pre-IPO)₹1,540.00 Cr
Listing ExchangeNSE, BSE
Lead ManagerIIFL Capital Services, Motilal Oswal
RegistrarMUFG Intime India Pvt.Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹182| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail — Minimum | 1 | 82 | ₹14,924 |
| Retail — Maximum | 13 | 1,066 | ₹1,94,012 |
| S-HNI (sNII) — Min | 14 | 1,148 | ₹2,08,936 |
| S-HNI (sNII) — Max | 67 | 5,494 | ₹9,99,908 |
| B-HNI (bNII) — Min | 68 | 5,576 | ₹10,14,832 |
⚠️ Note: Investors can bid for a minimum of 82 shares and in multiples thereof. Retail individual investors can apply up to ₹2,00,000.
👥 Investor Reservation
Allocated portion of Net OfferNot more than 50%
QIB Portion
Not less than 35%
Retail Portion
Not less than 15%
NII Portion
📊 Subscription Status
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📈 Company Financials
Restated Consolidated · ₹ Crore| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 468.38 | 316.63 | 281.76 |
| Total Income | 471.43 | 288.14 | 310.26 |
| PAT | 83.79 | 57.51 | 20.25 |
| EBITDA | 105.20 | 73.01 | 54.70 |
| Net Worth | 261.58 | 175.75 | 122.60 |
| Reserves & Surplus | 242.96 | 158.88 | 101.47 |
| Total Borrowing | 6.68 | 8.46 | 24.85 |
Income Growth
FY 2023–24₹310.26 Cr
FY 2024–25₹288.14 Cr
FY 2025–26₹471.43 Cr
🎯 Key Performance Indicators
38.62%
ROE
FY 2025–26
0.03
Debt/Equity
FY 2025–26
43.01%
ROCE
FY 2025–26
18.34%
PAT Margin
FY 2025–26
23.02%
EBITDA Margin
FY 2025–26
32.03%
RoNW
FY 2025–26
5.89x
Price/Book
FY 2025–26
30.91
NAV
FY 2025–26
⚖️ Valuation & EPS
Pre-IPO EPS
₹9.90
FY26 earnings + pre-issue shares
P/E: 18.38xPost-IPO EPS
₹9.53
FY26 earnings + post-issue shares
P/E: 19.10xPrice to Book Value
5.89x
At upper price band ₹182
Market Cap (Pre-IPO)
₹1,540.00 Cr
At issue price ₹182
ℹ️
Pre-IPO EPS (₹9.90) based on pre-issue shares (8,46,38,550) and FY26 earnings. Post-IPO EPS (₹9.53) accounts for the dilution resulting from the issuance of 32,96,703 fresh equity shares extending the total post-issue equity to 8,79,35,253 shares. Post-IPO Market Cap expands to ₹1,600.42 Cr at the issue price of ₹182.
🎯 Objects of the Issue
Net proceeds utilisation1
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 Facility
₹60.00 Cr
2
General Corporate Purposes
Balance
Total Fresh Issue Goal
₹60.00 Cr
🏢 About Glass Wall Systems (India) Ltd.
Est. 2010 · Mumbai, Maharashtra · Façade Solutions & FenestrationGlass Wall Systems (India) Limited, incorporated in 2010, is a premier façade solutions and architectural fenestration provider serving high-end real estate and corporate clients across India and globally (specifically the United States and Australia). Drawing upon over two decades of technical industry experience, the company has successfully engineered and installed solutions for over 158 prestigious landmark projects.
The business is structured across three core verticals: Domestic Façade EPC Solutions, International Façade Export Supply, and Premium Fenestration Solutions. Through its 2025 acquisition of Yes Systems Private Limited, Glass Wall established the luxury ORIA brand, collaborating with global industry leaders like LIBART and OIKAS to offer bespoke windows, doors, and skylights. The company’s remarkable portfolio includes iconic Indian installations such as The Capital, Kohinoor Square, and Lodha World One, along with major international towers in the US (Jackson Avenue, Harper Court) and Australia, supported by 370 permanent engineering and operational staff.
Brand Ecosystem
🏢
Domestic Façade EPC
End-to-end design, fabrication, and installation of curtain walls and high-rise facades
🌍
International Supply
Exporting advanced, sustainable façade systems to top contractors in the US and Australia
🚪
Luxury Fenestration
ORIA brand delivering premium doors, windows, and skylights via European technical partnerships
🏗️
Iconic Installations
Portfolio encompassing 158+ global mega-structures including Lodha World One and Bagmane Rio
Competitive Strengths
🏆Over 20 years of dominant market expertise establishing Glass Wall as a premium national façade EPC player
⚙️Backward integration via new glass processing facilities enhancing project margin controls and delivery timelines
🌐Growing international export channel and global technical collaborations diversifying geographic revenue reliance
📈Robust financial health indicated by a 64% surge in FY26 income, 38.62% ROE, and negligible leverage (0.03x D/E)
Company Promoters
JH
Jawahar Hariram Hemrajani
Promoter, Glass Wall Systems (India) Ltd.
EH
Eshan Jawahar Hemrajani
Promoter, Glass Wall Systems (India) Ltd.
📅 Key Dates
IPO Opens08 Sep 2026
IPO Closes10 Sep 2026
Allotment11 Sep 2026
Refund & Share Credit15 Sep 2026
Listing Day16 Sep 2026
💡 Quick Summary
Price Band₹172 – ₹182
Upper Price₹182 / share
Lot Size82 shares
Min. Investment (Retail)₹14,924
Issue Size₹427.89 Cr
ListingBSE, NSE
🏦 Registrar & Lead Manager
Lead Manager
IIFL Capital Services, Motilal Oswal
📍 Registered Address
Glass Wall Systems (India) Ltd.
503-504, 5th Floor, A Wing,
Marathon Futurex, Mafatlal Mills Compound,
N.M. Joshi Marg, Lower Parel (East), Mumbai — 400013
📞 +91 22 6103 3456
[email protected]
503-504, 5th Floor, A Wing,
Marathon Futurex, Mafatlal Mills Compound,
N.M. Joshi Marg, Lower Parel (East), Mumbai — 400013
📞 +91 22 6103 3456
[email protected]
🛡️ Regulatory Note: Mainline IPO investments are subject to SEBI regulations. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
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Disclaimer: This page presents publicly available information from the Glass Wall Systems IPO RHP for informational purposes only. This layout is styled according to the requested. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
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