Glass Wall Systems (India) IPO
Glass Wall Systems (India) IPO is a book-built Mainboard issue of up to ₹427.89 crore, comprising a Fresh Issue of ₹60.00 crore and an Offer for Sale of 2,02,13,722 equity shares. The price band is ₹172 to ₹182 per share, with a lot size of 82 shares.
Glass Wall Systems (India) IPO Details
Glass Wall Systems (India) IPO is scheduled to open for subscription on September 8, 2026 and close on September 10, 2026. The basis of allotment is scheduled for September 11, refunds and Demat credit are expected on September 15, and listing is scheduled for September 16, 2026. The company is offering up to 2,35,10,425 equity shares through a 100% book-built issue.
Glass Wall Systems (India) IPO GMP
The reported grey-market premium for Glass Wall Systems (India) IPO was approximately ₹20 on September 3, 2026 against the upper issue price of ₹182. This implies an unofficial estimated price of approximately ₹202. GMP is unofficial, unregulated and can change rapidly. It should not be considered a guaranteed indication of the actual listing price.
Glass Wall Systems (India) IPO Timeline (Tentative)
Glass Wall Systems (India) IPO is scheduled to open on September 8, 2026 and close on September 10, 2026. The basis of allotment is scheduled for September 11, followed by refund initiation and Demat credit on September 15. The shares are scheduled to be listed on the NSE and BSE on September 16, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Sep 8, 2026 |
| IPO Close Date | Thu, Sep 10, 2026 |
| Basis of Allotment | Fri, Sep 11, 2026 |
| Initiation of Refunds | Tue, Sep 15, 2026 |
| Credit of Shares to Demat | Tue, Sep 15, 2026 |
| Listing Date | Wed, Sep 16, 2026 |
| IPO Opens | September 8, 2026 |
| IPO Closes | September 10, 2026 |
| Basis of Allotment | September 11, 2026 |
| Refund Initiation | September 15, 2026 |
| Credit of Shares to Demat | September 15, 2026 |
| Listing Date | September 16, 2026 |
Glass Wall Systems (India) IPO Lot Size
The market lot for Glass Wall Systems (India) IPO is 82 shares. Individual Investors can apply for a minimum of 1 lot, or 82 shares, at the upper price band of ₹182, requiring ₹14,924. Small HNI applicants can apply for a minimum of 14 lots, or 1,148 shares, while Big HNI applicants can apply for a minimum of 68 lots, or 5,576 shares.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 82 | 14,924 |
| Retail (Max) | 13 | 1,066 | 1,94,012 |
| S-HNI (Min) | 14 | 1,148 | 2,08,936 |
| S-HNI (Max) | 67 | 5,494 | 9,99,908 |
| B-HNI (Min) | 68 | 5,576 | 10,14,832 |
Glass Wall Systems (India) IPO Reservation
Glass Wall Systems (India) IPO comprises 2,35,10,425 equity shares, including a Fresh Issue of 32,96,703 shares and an Offer for Sale of 2,02,13,722 shares. The issue reservation provides not more than 50% for QIBs, not less than 15% for Non-Institutional Investors and not less than 35% for Retail Individual Investors.
Glass Wall Systems (India) IPO Subscription
Glass Wall Systems (India) IPO has not opened for public subscription as of September 3, 2026. Therefore, category-wise and overall subscription figures are not yet available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Glass Wall Systems (India)
Glass Wall Systems (India) Limited is a façade engineering and architectural fenestration solutions provider engaged in the design, engineering, manufacturing and installation of façade systems and related products for premium residential, commercial and institutional projects.
The company provides a range of façade solutions including curtain wall façades, storefront wall façades, unitized and semi-unitized curtain wall façades, structural glazing and frameless façade systems. It also operates in the premium fenestration segment through its subsidiary, Yes Systems Private Limited.
Glass Wall Systems serves customers across India as well as international markets including the United States and Australia. Its client base includes real estate developers, contractors, hospitals, airport authorities and corporates.
The company's project portfolio includes landmark developments such as The Capital, Kohinoor Square, Bagmane Rio and Lodha World One in India, along with projects including Jackson Avenue, 1400 South Wabash, Spark GTIC and Harper Court in the United States and Project Dove in Australia.
As of March 31, 2026, the company had completed more than 158 projects and had 370 permanent employees. Its business is supported by design, engineering, project management, manufacturing and installation capabilities.
The company is also pursuing backward integration through the proposed establishment of a Glass Processing Unit at its Vile Bhagad facility. The project is intended to strengthen control over glass processing and reduce dependence on external suppliers.
Strengths
- Established presence in façade engineering and architectural solutions.
- More than 158 completed projects as of March 31, 2026.
- Experience across domestic and international markets.
- Presence in India, the United States and Australia.
- Comprehensive capabilities covering design, engineering, manufacturing and installation.
- Diverse façade product portfolio.
- Presence in premium fenestration through Yes Systems Private Limited.
- Established relationships with prominent real estate developers, contractors and institutional customers.
- Portfolio includes several landmark domestic and international projects.
- Integrated manufacturing and project-management capabilities.
- Experienced promoters and management team.
- Strong improvement in revenue and profitability in FY2026.
- Low debt compared with its net worth.
- Proposed Glass Processing Unit provides an opportunity for backward integration.
Risks to Consider
- Revenue is dependent on project-based façade and construction activity.
- A slowdown in commercial or premium residential construction could reduce new project opportunities.
- Large projects involve execution, design, site-condition and completion risks.
- Delays in project execution could increase costs and affect profitability.
- The business depends on obtaining new orders and maintaining relationships with key customers.
- A significant portion of revenue is derived from a limited number of customers.
- Loss or reduction of orders from major customers could adversely affect financial performance.
- International projects expose the company to foreign-exchange and overseas regulatory risks.
- The company is exposed to changes in construction activity and real estate market conditions.
- Fluctuations in raw-material prices may affect project margins.
- Dependence on skilled personnel and labour creates operational risks.
- The proposed Glass Processing Unit represents a new backward-integration activity and involves execution and utilisation risks.
- The acquisition and integration of Yes Systems Private Limited is relatively recent.
- Competition in façade, glazing and fenestration markets may put pressure on margins.
- Working-capital requirements can increase with growth in project execution.
- A portion of the IPO proceeds from the Offer for Sale will accrue to selling shareholders rather than the company.
Glass Wall Systems (India) Financials (₹ Cr)
Glass Wall Systems (India) recorded strong growth in revenue and profitability between FY2024 and FY2026. Revenue from operations increased from ₹304.34 crore in FY2024 to ₹456.97 crore in FY2026, while PAT increased from ₹20.25 crore to ₹83.79 crore. Total assets increased from ₹281.76 crore to ₹468.38 crore and net worth increased from ₹122.60 crore to ₹261.58 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 304.34 | 20.25 | 281.76 | 122.60 |
| FY2025 | 278.33 | 57.51 | 316.63 | 175.75 |
| FY2026 | 456.97 | 83.79 | 468.38 | 261.58 |
KPIs & Valuation
At the upper issue price of ₹182, Glass Wall Systems (India) reported FY2026 pre-IPO EPS of ₹9.90 and post-IPO EPS of ₹9.53. The corresponding P/E ratios are approximately 18.38x and 19.10x. FY2026 RoNW was 32.03%, ROE was 38.62%, ROCE was 43.01%, EBITDA margin was 23.02% and PAT margin was 18.34%.
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue primarily towards funding capital expenditure for establishing a Glass Processing Unit as part of its planned backward integration at the Vile Bhagad facility. The balance is proposed to be used for general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Funding capital expenditure requirements for setting up the Glass Processing Unit at the Vile Bhagad Facility – approximately ₹50.00 crore.
- General corporate purposes – balance amount as permitted under applicable regulations.
- Meeting issue-related expenses from the issue proceeds.
Promoters, Lead Managers & Registrar
Glass Wall Systems (India) Limited is promoted by Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani. IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers to the Issue, while MUFG Intime India Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 810 811 4949 |
| glasswallsystems.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/ |
Glass Wall Systems (India) IPO Review
Glass Wall Systems reported revenue from operations of ₹304.34 crore in FY2024, ₹278.33 crore in FY2025 and ₹456.97 crore in FY2026. Profit after tax increased from ₹20.25 crore in FY2024 to ₹57.51 crore in FY2025 and ₹83.79 crore in FY2026.
EBITDA increased from ₹54.70 crore in FY2024 to ₹73.01 crore in FY2025 and ₹105.20 crore in FY2026. EBITDA margin improved substantially over the reported period, reaching approximately 23.02% in FY2026.
Net worth increased from ₹122.60 crore in FY2024 to ₹175.75 crore in FY2025 and ₹261.58 crore in FY2026. Total borrowings declined from ₹24.85 crore in FY2024 to ₹8.46 crore in FY2025 and ₹6.68 crore in FY2026.
The company's core business is focused on façade solutions, where it provides design, engineering, manufacturing and installation services for complex commercial and premium residential projects.
Glass Wall Systems has also expanded into premium fenestration through Yes Systems Private Limited. This provides exposure to luxury windows, doors, skylights and related solutions in addition to its established façade business.
As of March 31, 2026, the company had completed more than 158 projects across India and international markets. Its project portfolio includes several prominent commercial and residential developments, supporting its positioning in the premium façade segment.
The company is proposing to establish a Glass Processing Unit at its Vile Bhagad facility. The backward-integration project is intended to provide greater control over glass processing and reduce dependence on third-party suppliers.
At the upper price band of ₹182, the reported FY2026 EPS is ₹9.90 on a pre-issue basis and ₹9.53 on a post-issue basis. The corresponding P/E ratios are approximately 18.38x and 19.10x respectively.
For FY2026, the company reported RoNW of 32.03%, ROE of 38.62%, ROCE of 43.01%, EBITDA margin of 23.02% and PAT margin of 18.34%. Debt-to-equity was approximately 0.03x and NAV was approximately ₹30.91 per share.
The company's financial performance has improved strongly in FY2026, while its completed project portfolio and international presence provide business diversification. However, investors should also consider project-based revenue volatility, customer concentration, construction-cycle dependence, foreign-exchange exposure and execution risks associated with the proposed Glass Processing Unit.
How to Apply
Glass Wall Systems (India) IPO applications can be made through the applicable ASBA and UPI-supported IPO application process. Individual Investors can apply for a minimum of 1 lot, or 82 shares, at the upper price band of ₹182, requiring ₹14,924.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Glass Wall Systems (India) IPO.
- Enter the required number of lots.
- Enter the bid price or select the Cut-off option where permitted.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the mandate using your UPI PIN.
- The application amount will remain blocked in your bank account until the allotment process is completed.
Prospectus & Documents
Glass Wall Systems (India) Limited has published its IPO-related filings and regulatory documents through its corporate and regulatory disclosures. Investors can refer to the RHP and other offer documents for information relating to the issue, business operations, financial statements, risk factors and objects of the issue.
Last updated Sep 3, 2026.