Incorporated in 2012, HRS Aluglaze Ltd is engaged in the design, manufacturing, and installation of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems.
The Company provides standard and customized solutions to builders, contractors, architects, and institutions, along with material supply and procurement support.
The manufacturing facility is located at Village Rajoda, Taluka Bavla, Ahmedabad, Gujarat, with an area of 11,176 square meters, equipped with CNC precision machinery and powder coating facilities. An expansion of 13,714 square meters adjoining the current facility is proposed.
As on September 30, 2025, the Company has 28 active projects.
Offerings:
As of September 30, 2025, the Company employed approximately Ninety (90) personnel, including skilled, semiskilled, and unskilled workers across various functions.
Competitive Strengths:
HRS Aluglaze Ltd.’s revenue increased by 56% and profit after tax (PAT) rose by 188% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 91.16 | 80.60 | 42.43 | 34.10 |
| Total Income | 26.35 | 42.14 | 26.97 | 22.69 |
| Profit After Tax | 4.54 | 5.15 | 1.79 | 0.87 |
| EBITDA | 8.45 | 10.70 | 3.53 | 1.75 |
| NET Worth | 24.61 | 20.11 | 9.96 | 8.17 |
| Reserves and Surplus | 10.66 | 13.45 | 3.46 | 1.67 |
| Total Borrowing | 41.04 | 38.66 | 24.35 | 17.91 |
| Amount in ₹ Crore | ||||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 34.24% |
| ROCE | 15.97% |
| Debt/Equity | 1.92 |
| RoNW | 34.24% |
| PAT Margin | 12.22% |
| EBITDA Margin | 25.42% |
| Price to Book Value | 6.53 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 3.68 | 4.71 |
| P/E (x) | 26.07 | 20.4 |
The Company HRS Aluglaze IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Funding capital expenditure to set up assembly & glass glazing line at Rajoda, Ahmedabad for façade work. | 18.30 |
| 2 | Funding of working capital requirements of the Company | 19.00 |
| 3 | General corporate purposes |
| IPO Date | Thu, Dec 11, 2025 to Mon, Dec 15, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹94 to ₹96 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 53,04,000 shares (aggregating up to ₹50.92 Cr) |
| Reserved for Market Maker |
2,74,800 shares
(aggregating up to ₹2.64 Cr) |
| Net Offered to Public | 50,29,200 shares (aggregating up to ₹48.28 Cr) |
| Share Holding Pre Issue | 1,39,78,125 shares |
| Share Holding Post Issue | 1,92,82,125 shares |
Rupesh Pravinbhai Shah, Pinky Rupesh Shah and Hrishikesh Rupesh Shah are the company promoters.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 72.49% |
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As per our analysis and Based on the information we have, this is the output.
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