Incorporated in 2010, Glass Wall Systems (India) Limited is a façade solutions and fenestration provider with operations in India as well as international markets, including the United States and Australia. The company has over two decades of industry experience and, as of March 31, 2026, has completed more than 158 projects.
Its business is structured across three verticals:
The company’s client base includes real estate developers, contractors, hospitals, airport authorities, and corporations in commercial, residential, and institutional projects. Notable projects include The Capital, Kohinoor Square, Bagmane Rio, Lodha World One in India, and international assignments such as Jackson Avenue, 1400 South Wabash, Spark GTIC, Harper Court in the U.S. and Project Dove in Australia.
As of March 31, 2026, the company employed 370 permanent staff.
Glass Wall Systems (India) Ltd.’s revenue increased by 64% and profit after tax (PAT) rose by 46% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 468.38 | 316.63 | 281.76 |
| Total Income | 471.43 | 288.14 | 310.26 |
| Profit After Tax | 83.79 | 57.51 | 20.25 |
| EBITDA | 105.20 | 73.01 | 54.70 |
| NET Worth | 261.58 | 175.75 | 122.60 |
| Reserves and Surplus | 242.96 | 158.88 | 101.47 |
| Total Borrowing | 6.68 | 8.46 | 24.85 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Annu Projects Ltd. | Mainboard | ₹175.06 Cr | ₹99 | 14.33 | ₹75.60 | -23.64% | ₹68.23 |
| Technocraft Ventures Ltd. | Mainboard | ₹251.88 Cr | ₹212 | 14.73 | ₹311.15 | +46.77% | ₹366.10 |
| Om Power Transmission Ltd. | Mainboard | ₹150.06 Cr | ₹175 | 21.13 | ₹193.38 | +10.50% | ₹175.68 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | 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 |
| 2 | General Corporate Purposes | |
| Total | 60.00 |
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 38.62% | 39.00% |
| ROCE | 43.01% | 43.39% |
| Debt/Equity | 0.03 | 0.05 |
| RoNW | 32.03% | 32.72% |
| PAT Margin | 18.34% | 20.66% |
| EBITDA Margin | 23.02% | 26.23% |
| NAV | 30.91 | 20.22 |
| Price to Book Value | 5.89 | 9.00 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 9.90 | 9.53 |
| P/E (x) | 18.38 | 19.1 |
| IPO Date | 8 to 10 Sep, 2026 |
| Listing Date | Wed, Sep 16, 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹172 to ₹182 |
| Lot Size | 82 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,35,10,425 shares (agg. up to ₹428 Cr) |
| Fresh Issue | 32,96,703 shares (agg. up to ₹60 Cr) |
| Offer for Sale | 2,02,13,722 shares of ₹2 (agg. up to ₹368 Cr) |
| Share Holding Pre Issue | 8,46,38,550 shares |
| Share Holding Post Issue | 8,79,35,253 shares |
The promoters of the company are Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani.
| Share Holding Pre Issue | 64.11% |
| Share Holding Post Issue | 55.72% |
As per our analysis and Based on the information we have, this is the output.
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