Glass Wall Systems (India) Limited IPO Analysis

1. IPO Snapshot

Particulars	Details
Company Name	Glass Wall Systems (India) Limited
IPO Type	Book Built Offer; Fresh Issue cum Offer for Sale
Fresh Issue	32,96,703 Equity Shares
Offer for Sale	2,02,13,722 Equity Shares
Total Issue Size	2,35,10,425 Equity Shares
Face Value	₹2 per Equity Share
Price Band	₹172–₹182 per Equity Share
Lot Size	82 Equity Shares
IPO Opening Date	September 8, 2026
IPO Closing Date	September 10, 2026
Listing Exchange	BSE Limited and National Stock Exchange of India Limited; NSE is the Designated Stock Exchange
Registrar	MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
Book Running Lead Managers	IIFL Capital Services Limited; Motilal Oswal Investment Advisors Limited

2. IPO Details

Particulars	At Floor Price ₹172	At Cap Price ₹182
Fresh Issue Shares	3.297 million	3.297 million
Fresh Issue Amount	₹567.03 million	₹600.00 million
Offer for Sale Shares	20.214 million	20.214 million
OFS Amount	₹3,476.76 million	₹3,678.90 million
Total Shares Offered	23.510 million	23.510 million
Total Offer Amount	₹4,043.79 million	₹4,278.90 million
Pre-Issue Shares	84.639 million	84.639 million
Post-Issue Shares	87.935 million	87.935 million
Market Capitalisation	₹15,124.93 million	₹16,004.21 million

3. Issue Reservation

Investor Category	Reservation / Allocation
QIBs	Not more than 50% of the Offer; 5% of the Net QIB Portion is available for allocation to Mutual Funds, subject to the RHP conditions.
Non-Institutional Bidders	Not less than 15% of the Offer; one-third for applications above ₹0.20 million and up to ₹1.00 million, and two-thirds for applications above ₹1.00 million, subject to the RHP conditions.
Retail Individual Bidders	Not less than 35% of the Offer.
Anchor Investors	Up to 60% of the QIB Portion may be allocated on a discretionary basis.

4. IPO Lot Size

Application	Lots	Shares	Amount at ₹172	Amount at ₹182
Retail (Min)	1	82	₹14,104	₹14,924
Retail (Max)	13	1,066	₹1,83,352	₹1,94,012
S-HNI (Min)	14	1,148	₹1,97,456	₹2,08,936
S-HNI (Max)	67	5,494	₹9,44,968	₹9,99,908
B-HNI (Min)	68	5,576	₹9,59,072	₹10,14,832

5. About the Company

Business Overview

Glass Wall Systems (India) Limited describes itself as a premium façade solutions and fenestration provider in India and across markets in the USA and Australia. The RHP states that the Company has more than two decades of experience and had completed 158 projects as of March 31, 2026. It identifies three principal business verticals: Domestic Façade Solutions, International Façade Products Supply and Fenestration Solutions.

Domestic Façade Solutions covers design, engineering, fabrication and manufacturing, supply and installation services. The Company primarily undertakes engineering, procurement and construction (EPC) and manufacturing services for façade solutions. International Façade Products Supply focuses on design, engineering, fabrication, manufacturing and supply of façade products to general contractors and façade contracting companies. Fenestration Solutions focuses on premium windows, doors, skylights and partition systems for the luxury residential market in India and includes the business of Yes Systems Private Limited, acquired in August 2025.

Products and Services

Curtain wall facades, storefront wall facades, unitized and semi-unitized curtain wall facades and frameless facades.
Bolted façades, skylights, canopies and space frames, louvers, rainscreen cladding and diagrids.
Aluminium doors and windows and premium fenestration solutions, including custom-designed luxury windows, doors, skylights and partition systems.
Design and engineering, fabrication/manufacturing, supply and installation, and project-management support.

Geographic and Revenue Mix

Revenue Segment	FY2026 ₹ million	FY2026 %	FY2025 ₹ million	FY2025 %	FY2024 ₹ million	FY2024 %
Indian Operations	2,503.98	54.80%	1,636.21	58.79%	1,723.14	56.62%
Overseas Operations	2,065.73	45.20%	1,147.06	41.21%	1,320.28	43.38%
Total	4,569.71	100.00%	2,783.27	100.00%	3,043.42	100.00%

6. Restated Consolidated Financial Information

Particulars (₹ million except EPS)	FY2026	FY2025	FY2024
Revenue from operations	4,569.71	2,783.27	3,043.42
Other income	144.54	98.09	59.15
Total income	4,714.25	2,881.36	3,102.57
Restated profit before exceptional items and tax	1,110.95	756.04	475.35
Exceptional items	—	—	161.89
Restated profit before tax	1,110.95	756.04	313.46
Total tax expense	273.06	180.94	110.95
Restated profit for the year (PAT)	837.89	575.10	202.51
Basic and diluted EPS (₹)	9.90	6.21	1.81
Equity share capital	169.27	151.84	194.39
Other equity	2,429.57	1,588.75	1,014.67
Total equity	2,598.84	1,740.59	1,209.06
Non-current borrowings	47.36	67.29	139.59
Current borrowings	19.46	17.35	108.94
Total assets	4,683.80	3,166.26	2,817.57
Total liabilities	2,084.96	1,425.67	1,608.51
Finance costs	35.20	35.86	93.74
Depreciation and amortisation	50.37	36.28	37.09
Inventories	393.43	384.32	297.40
Trade receivables	1,089.62	507.66	634.37
Trade payables – MSME	187.78	98.85	94.41
Trade payables – other creditors	467.68	279.02	288.19
Net cash flow from operating activities	732.50	729.53	427.22
Net cash flow used in / generated from investing activities	(388.33)	(531.49)	87.58
Net cash flow used in financing activities	(53.02)	(255.27)	(442.54)
Net increase / (decrease) in cash and cash equivalents	291.15	(57.23)	72.26
Cash and cash equivalents at year end	324.79	26.15	83.38

7. Key Performance Indicators (KPI)

KPI	FY2026	FY2025	FY2024
Revenue from operations (₹ million)	4,569.71	2,783.27	3,043.42
Domestic façade solutions (₹ million)	2,233.43	1,298.14	1,501.43
International façade products supply (₹ million)	2,065.73	1,147.06	1,320.28
Fenestration solution (₹ million)	270.55	338.07	221.71
EBITDA (₹ million)	1,051.98	730.09	547.03
EBITDA margin	23.02%	26.23%	17.97%
PAT (₹ million)	837.89	575.10	202.51
PAT margin	18.34%	20.66%	6.65%
Adjusted PAT (₹ million)	837.89	575.10	364.40
Adjusted PAT margin	18.34%	20.66%	11.97%
ROCE	43.01%	43.39%	27.96%
Adjusted ROCE	55.48%	66.33%	44.74%
ROE	38.62%	39.00%	18.28%
Net debt / Total Equity	(0.30)x	(0.40)x	(0.06)x
Debt / Total Equity	0.03x	0.05x	0.21x
Gross fixed asset turnover	5.98x	5.92x	7.09x

8. IPO Valuation

Valuation Metric	RHP Disclosure / Final Information
Price band	₹172–₹182 per share
FY2026 basic/diluted EPS	₹9.90
Weighted average EPS	₹7.32 for Equity Shares; ₹3.17 for Class B Equity Shares
Industry P/E – Highest / Lowest / Average	16.54x / 16.54x / 16.54x
FY2026 RoNW	32.03%
Weighted average RoNW	29.68%
NAV per share as of March 31, 2026	₹30.91
WACA of primary issuances	₹177.81 per Equity Share

9. Peer Comparison

Particulars	Glass Wall Systems	Innovator Façade Systems Limited
Face value (₹)	2.00	10.00
Closing price on Aug. 13, 2026 (₹)	N.A.	118.90
FY2026 revenue (₹ million)	4,569.71	2,275.15
FY2026 PAT (₹ million)	837.89	135.69
FY2026 basic/diluted EPS (₹)	9.90	7.19
NAV per share (₹)	30.91	83.15
RoNW	32.03%	8.65%
P/E	N.A.	16.54x

10. Shareholding Structure

Particulars	Pre-Issue Shares	Pre-Issue %	Post-Issue Shares	Post-Issue %	Value at ₹172 (₹ million)	Value at ₹182 (₹ million)
Promoters & Promoter Group	54,494,876	64.38%	48,997,523	55.72%	8,427.57	8,917.55
Public	30,143,674	35.62%	38,937,730	44.28%	6,697.29	7,086.67
Total	84,638,550	100.00%	87,935,253	100.00%	15,124.86	16,004.21

11. IPO Objects of the Issue

Object	Amount	Timeline / Funding
GPU Project – Capital expenditure for planned backward integration at Vile Bhagad Facility	₹500.00 million from Net Proceeds	₹350.00 million in FY2027 and ₹150.00 million in FY2028
General Corporate Purposes	[●] in RHP; shall not exceed 25% of gross Fresh Issue proceeds	Amount to be finalized upon determination of Offer Price

Proposed GPU Capacity	Estimated Annual Capacity
Glass tempering	5,292,000 sq. m. at 1 mm thickness
Glass insulation	240,000 sq. m.
Glass lamination	120,000 sq. m.

12. Offer for Sale - Selling Shareholders

Selling Shareholder	Category	Shares Offered	WACA (₹/Share)	OFS Value at ₹172 (₹ million)	OFS Value at ₹182 (₹ million)
Jawahar Hariram Hemrajani	Promoter Selling Shareholder	2,530,243	3.57	435.20	460.50
Eshan Jawahar Hemrajani	Promoter Selling Shareholder	2,740,431	62.77	471.35	498.76
India Business Excellence Fund IIA	Investor Selling Shareholder	14,943,048	24.69	2,570.20	2,719.63
Total	—	20,213,722	—	3,476.76	3,678.90

13. Key Risks Highlighted in the RHP

Category	Risk	RHP Disclosure	Potential Impact
Business/Operational	Dependence on project execution	The Company undertakes project-based façade and EPC work where delays, cost overruns or execution issues may arise.	Could affect project margins, revenue and cash flows.
Customer	Customer concentration	The top 10 customers contributed 86.40% of revenue in FY2026.	Loss or reduction of orders from key customers could affect revenue.
Supplier	Dependence on key suppliers	The Company relies on suppliers for important raw materials and certain processed products, without long-term arrangements in several cases.	Supply disruptions or higher input costs could affect production and margins.
Financial	Working capital requirements	The business requires significant working capital, with trade receivables of ₹1,089.62 million as of March 31, 2026.	Delayed collections could increase funding requirements and affect cash flows.
Industry	Dependence on construction activity	Demand is linked to real-estate, construction and infrastructure activity.	A slowdown in these sectors could reduce project opportunities.
Competition	Competitive market	The Company faces competition from domestic and international façade and fenestration players.	Competitive pressure may affect pricing, margins and market share.
Legal/Regulatory	Regulatory compliance	Operations are subject to environmental, labour, safety, tax and other regulatory requirements.	Changes or non-compliance could increase costs or disrupt operations.
Management	Dependence on key personnel	Business performance depends on key managerial and senior personnel and skilled employees.	Loss of key employees could affect operations and execution.
Geographic	International market exposure	The Company has significant overseas revenue and exposure to the USA and Australia.	Economic, regulatory or geopolitical developments could affect overseas business.
Technology/Cybersecurity	IT system disruptions	IT systems support manufacturing, inventory, finance and supply-chain activities and may face system or cybersecurity disruptions.	Technology failures could interrupt operations and data processing.
Debt/Liquidity	Borrowing and financing requirements	Total borrowings were ₹66.82 million as of March 31, 2026, and financing arrangements contain certain covenants.	Higher financing costs or difficulty obtaining funding could affect financial flexibility.
IPO/Offer	Listing and market-price uncertainty	There is no prior public trading history, and an active market may not develop after listing.	Investors may face price volatility or limited liquidity.
IPO/Offer	Future dilution	Future issuance of equity or equity-linked securities may dilute existing shareholders.	Existing shareholders' proportional ownership could decrease.
Other	Foreign exchange exposure	The Company had ₹615.09 million of unhedged foreign-currency exposure in FY2026.	Currency movements could affect financial performance and cash flows.
Other	Adverse weather and external events	Weather events, natural disasters, geopolitical developments and supply-chain disruptions may affect operations.	Could cause project delays, higher costs or operational disruptions.

14. Litigation and Contingent Liabilities

Matter	RHP Disclosure
Company criminal proceedings	No pending criminal proceedings involving the Company.
Company regulatory actions	No pending actions initiated by statutory or regulatory authorities.
Company tax claims	22 cases involving approximately ₹436.52 million of quantifiable demand/dispute — 1 direct tax case of ₹2.01 million and 21 indirect tax cases of ₹434.51 million.
Key Maharashtra VAT / CST matter	Assessment orders involving approximately ₹312.31 million; MSTT orders and a subsequent High Court petition dated August 24, 2026 are disclosed. The matter is pending.
Subsidiary tax claims	1 direct tax case involving approximately ₹0.01 million.
Directors / Promoters / KMP	No pending criminal proceedings, regulatory actions or material proceedings disclosed in the RHP in the stated categories.
Group Companies	No pending litigation proceedings having a material impact on the Company disclosed.
Creditors	645 creditors with ₹655.46 million in total outstanding dues; six material creditors account for ₹311.52 million.

15. IPO Registrar

Particular	Details
Name	MUFG Intime India Private Limited (Formerly Link Intime India Private Limited)
Address	C-101, Embassy 247, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra, India
Contact Person	Shanti Gopalkrishnan
Telephone	+91 810 811 4949
Email	glasswallsystems.ipo@in.mpms.mufg.com
Investor Grievance Email	glasswallsystems.ipo@in.mpms.mufg.com
Website	www.in.mpms.mufg.com
SEBI Registration No.	INR000004058

16. IPO Lead Managers

BRLM	Address / Contact	SEBI Registration
IIFL Capital Services Limited (formerly IIFL Securities Limited)	24th Floor, One Lodha Place, Senapati Bapat Marg, Lower Parel (W), Mumbai 400 013; +91 22 4646 4728; gws.ipo@iiflcap.com; www.iiflcapital.com	INM000010940
Motilal Oswal Investment Advisors Limited	Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai 400 025; +91 22 7193 4380; gws.ipo@motilaloswal.com; www.motilaloswal.com	INM000011005

17. Company Contact Details

Particular	Details
Registered and Corporate Office	503-504, 5th Floor, A Wing, Marathon Futurex, Mafatlal Mills Compound, N.M. Joshi Marg, Lower Parel (East), Mumbai – 400 013, Maharashtra, India
Telephone	+91 22 6103 3456
Website	www.glasswallsystems.in
Company Secretary & Compliance Officer	Sagar Lambole
Email	compliance@glasswallsystem.com