Glass Wall Systems (India) IPO

This issue combines a fresh issue and an offer for sale. The amounts for each part are not available in our data; see the offer document for the split.

Lot size and investment

Reservation

QIB

Not more than 50% of the Offer

Retail

Not less than 35% of the Offer

NII

Not less than 15% of the Offer

Current GMP

₹41

▲+22.53%

Estimated listing price

₹223

Issue price ₹182

Highest

₹66

9 Sep

Lowest

₹20

3 Sep

GMP by day (₹ per share)

GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.

P/E Ratio

19.1

EPS (₹)

9.53

RoE

38.62%

RoCE

43.01%

RoNW

32.03%

PAT Margin

18.34%

EBITDA Margin

23.02%

Debt / Equity

0.03

NAV (₹)

30.91

Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.

Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.

Glass Wall Systems (India) Limited was started in 2010 and works in façade solutions and fenestration. A façade is the outer glass and metal skin of a building, and fenestration means the windows, doors and openings in it. It works in India as well as overseas markets including the United States and Australia, and as on 31 March 2026 had completed more than 158 projects. The business runs across three verticals. Domestic façade solutions covers design, engineering, fabrication, supply, installation and EPC work for real estate developers, contractors and corporate clients. International façade products supply covers sending façade products to contractors and façade companies abroad. Fenestration solutions covers custom luxury windows, doors, skylights and partition systems for the high end domestic market, done mainly through its subsidiary Yes Systems Private Limited, which it acquired in August 2025 and which works under the brand ORIA with international partners including LIBART and OIKAS. Its clients include real estate developers, contractors, hospitals, airport authorities and corporates. Its projects include The Capital, Kohinoor Square, Bagmane Rio and Lodha World One in India, and Jackson Avenue, 1400 South Wabash, Spark GTIC and Harper Court in the United States, along with Project Dove in Australia. As on 31 March 2026 it had 370 permanent employees.

Objects of the issue

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 Cr
2. General Corporate Purposes

Promoters and shareholding

Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani

Promoter holding, pre-issue

64.11%

Promoter holding, post-issue

55.72%