HRS Aluglaze Limited is an Ahmedabad-based company engaged in the design, manufacturing, and installation of aluminium and glass façade systems.
Its product suite includes windows, doors, curtain walls, cladding, glazing systems, railings, louvers, and partitions, serving both aesthetic and functional needs across residential, commercial, industrial, and institutional projects.
The company offers standard as well as fully customised solutions tailored to the requirements of builders, contractors, architects, consultants, and institutions. In addition, it provides material supply and procurement support for clients who undertake fabrication or installation through in-house teams or external vendors.
HRS Aluglaze operates a fully integrated manufacturing facility at Village Rajoda, Taluka Bavla, Ahmedabad, Gujarat, covering approximately 11,176 sq. meters. The plant is equipped with advanced CNC machines, double-head cutters, fabrication tools, in-house powder coating, anodizing, and testing systems, enabling precision-led production.
To meet rising demand, the Company is also setting up an additional manufacturing unit of ~13,700 sq. meters on adjoining land to expand capacity.
As of September 30, 2025, HRS Aluglaze has executed a strong pipeline of façade and aluminium system projects and is working on multiple ongoing projects across India, reflecting its growing presence in the real estate and infrastructure ecosystem.
Key Offerings:
- Doors & Windows – aluminium and uPVC sliding, openable, bifold, and integrated-blind systems.
- Curtain Walls & Structural Glazing – high-performance façade solutions for modern buildings.
- Glass Railings, Partitions, Louvers & Screens – for interior and exterior architectural applications.
- Cladding & Dynamic Façades – customised aluminium and glass façade systems.
- Material Supply & Procurement Support – aluminium profiles, glass units, hardware, and accessories.
Backed by certifications like ISO 9001:2015 and MSME ZED Bronze, and supported by an experienced leadership team, the company has built long-standing relationships with reputed developers and institutions, driven by quality execution, on-time delivery, and a customer-first approach.
It has a workforce of around 90 employees, supported further by registered contract labour for aluminium, glasswork, and site-execution activities.
HRS Aluglaze IPO – Details
| IPO Opening Date | 11 December 2025 |
| IPO Closing Date | 15 December 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 53,04,000 Shares Worth ₹50.92 Crore Fresh Issue: 53,04,000 Shares Worth ₹50.92 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹94 – ₹96 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Purva Sharegistry (India) Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
HRS Aluglaze IPO – Date Schedule
| IPO Open Date | 11 December 2025 |
| IPO Close Date | 15 December 2025 |
| Basis of Allotment | 16 December 2025 |
| Initiation of Refund | 17 December 2025 |
| Credit of Shares to Demat | 17 December 2025 |
| IPO Listing Date | 18 December 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 15, 2025 |
HRS Aluglaze IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,30,400 |
| Retail (Max) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (Min) | 3 | 3,600 | ₹3,45,600 |
| S-HNI (Max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (Min) | 9 | 10,800 | ₹10,36,800 |
Competitive Strength
- Experienced Leadership and Skilled Teams.
- Proven Track Record with Strong Client Relationships.
- Design, Execution, and Completions.
- Commitment to Quality, Innovation, and Sustainability.
- Vision to Shape the City Skyline.
Company Promoters
- Rupesh Pravinbhai Shah
- Pinky Rupesh Shah
- Hrishikesh Rupesh Shah
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹22.69 Cr | ₹21.48 Cr | ₹0.87 Cr | ₹17.91 Cr |
| 31 March 2024 | ₹26.97 Cr | ₹24.57 Cr | ₹1.79 Cr | ₹24.35 Cr |
| 31 March 2025 | ₹42.14 Cr | ₹35.27 Cr | ₹5.15 Cr | ₹38.66 Cr |
| 30 September 2025 | ₹26.35 Cr | ₹20.23 Cr | ₹4.54 Cr | ₹41.04 Cr |
Key Performance Indicator
| 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 (₹) | 3.68 | 4.71 |
| P/E (x) | 26.07 | 20.40 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding capital expenditure to set up an assembly & glass glazing line at Rajoda, Ahmedabad, for façade work. | ₹18.30 |
| Funding of working capital requirements of the Company. | ₹19.00 |
| General Corporate Purposes. | – |
✅Strengths
- Experienced promoters and skilled technical team.
- Strong track record with repeat clients.
- In-house design, fabrication, and installation capability.
- Advanced manufacturing setup with CNC and powder coating.
- ISO 9001:2015 & MSME ZED Bronze certified.
- Ability to provide customised façade and aluminium solutions.
- Focus on quality, timely delivery, and cost efficiency.
⚠️Risks
- Business depends heavily on real estate and infrastructure demand.
- Raw material price fluctuations (aluminium, glass) may impact margins.
- Errors in design/specifications can lead to penalties or cancellations.
- Competition from many organized and unorganized players.
- Delays in client projects may affect cash flow.
- Loss of key technical/design personnel can impact operations.
- High customer quality requirements; any lapse affects reputation.
HRS Aluglaze IPO Promoter Holding
| Pre-Issue Share Holding | 100.00% |
| Post Issue Share Holding | 72.49% |
HRS Aluglaze IPO Prospectus
Company Contact Information
| HRS Aluglaze Ltd. 601 W-1, 6th Floor, New York, Timber Street Opp. PSP House, B/H. S.G. Highway, Ambali Road, Jodhpur Ahmedabad, Gujarat, 380058 Phone: +91 79 26306595 Email: info@hrsaluglaze.com Website: http://www.hrsaluglaze.com/ |
HRS Aluglaze IPO Registrar
| Purva Sharegistry (India) Pvt.Ltd. Phone: +91-022-23018261/ 23016761 Email: newissue@purvashare.com Website: https://www.purvashare.com/investor-service/ipo-query |
HRS Aluglaze IPO Lead Manager(s)
| 1. Cumulative Capital Pvt.Ltd. |
HRS Aluglaze IPO FAQ
| What is HRS Aluglaze IPO? HRS Aluglaze IPO is an SME IPO. The issue is priced at ₹94 – ₹96 per equity share. The IPO is to be listed on BSE SME. |
| When will HRS Aluglaze IPO open? The IPO is to open on 11 December 2025 for QIB, NII, and Retail Investors. |
| What is HRS Aluglaze IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the HRS Aluglaze IPO Size? HRS Aluglaze IPO size is ₹50.92 Crore. |
| What are the HRS Aluglaze IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,30,400, while the maximum bid is 2400 Shares for ₹2,30,400. |
| What is the HRS Aluglaze IPO Allotment Date? HRS Aluglaze IPO allotment date is 16 December 2025. |
| What is the HRS Aluglaze IPO Listing Date? HRS Aluglaze IPO listing date is 18 December 2025. The IPO is to be listed on the BSE SME. |
