Glass Wall Systems (India) Limited is a façade engineering and fenestration solutions provider serving Indian and international markets. It provides design, engineering, manufacturing, supply and installation of architectural façade and glass curtain wall systems for commercial, residential and institutional projects.
Its business is primarily organised across three verticals:
- Domestic Façade Solutions: Covers manufacturing and EPC services for façade projects in India, contributing ₹2,233.43 million in FY2026 revenue.
- International Façade Products Supply: Supplies façade products to international markets, contributing ₹2,065.73 million in FY2026 revenue.
- Fenestration Solutions: Entered the fenestration market through the acquisition of Yes Systems Private Limited in August 2025, offering window and door solutions.
The company operates a manufacturing facility at Vile Bhagad, Maharashtra, with four production lines and a capacity of 130 panels per day after expansion. It is also pursuing backward integration into glass processing to strengthen supply-chain control and efficiency.
In FY2026, Glass Wall Systems reported ₹456.97 crore revenue from operations. Domestic Façade Solutions, International Façade Products Supply and Fenestration Solutions contributed ₹223.34 crore, ₹206.57 crore and ₹27.06 crore, respectively.
The company has 22 domestic clients with active projects and five international clients as of March 31, 2026. Key clients include Embassy Group, Lodha Group, Bagmane, Prestige Group, K Raheja, Wadhwa Group, Kohinoor CTNL Infrastructure Company, Coriander Specialities, RWW, Winpro and SRG Global.
As of March 31, 2026, the company had 370 permanent employees, supported by a project management team of 134+ professionals and 21 supervisors.
Glass Wall Systems IPO – Details
| IPO Opening Date | 08 September 2026 |
| IPO Closing Date | 10 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,35,10,425 Shares Worth ₹427.89 Crore Fresh Issue: 32,96,703 Shares Worth ₹60.00 Crore Offer For Sale: 2,02,13,722 Shares Worth ₹367.89 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹172 – ₹182 per share |
| Market Lot | 82 Shares |
| Min Order | 82 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Glass Wall Systems IPO – Date Schedule
| IPO Open Date | 08 September 2026 |
| IPO Close Date | 10 September 2026 |
| Basis of Allotment | 11 September 2026 |
| Initiation of Refund | 15 September 2026 |
| Credit of Shares to Demat Account | 15 September 2026 |
| IPO Listing Date | 16 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 10, 2026 |
Glass Wall Systems IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 82 | ₹14,924 |
| Retail (Max) | 13 | 1,066 | ₹1,94,012 |
| S-HNI (Min) | 14 | 1,148 | ₹2,08,936 |
| S-HNI (Max) | 67 | 5,494 | ₹9,99,908 |
| B-HNI (Min) | 68 | 5,576 | ₹10,14,832 |
Competitive Strength
- Market leadership supported by a diversified business model and strong foothold in domestic and international markets.
- Marquee client base with proven track record of successful project execution.
- Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure.
- Focused on creating environmentally sustainable high-performance solutions.
- Experienced Promoters and management team.
Company Promoters
- Jawahar Hariram Hemrajani
- Eshan Jawahar Hemrajani
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹310.26 Cr | ₹262.72 Cr | ₹20.25 Cr | ₹24.85 Cr |
| 31 March 2025 | ₹288.14 Cr | ₹212.53 Cr | ₹57.51 Cr | ₹8.46 Cr |
| 31 March 2026 | ₹471.43 Cr | ₹360.33 Cr | ₹83.79 Cr | ₹6.68 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 38.62% |
| ROCE | 43.01% |
| Debt/Equity | 0.03 |
| RoNW | 32.03% |
| PAT Margin | 18.34% |
| EBITDA Margin | 23.02% |
| NAV | 30.91 |
| Pre IPO | Post IPO | |
| EPS (₹) | 9.90 | – |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding capital expenditure requirement for setting up of GPU Project as part of planned backward integration of the Company at its Vile Bhagad Facility. | ₹50.00 |
| General corporate purposes. |
Glass Wall Systems IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Innovator Façade Systems Limited | 16.54 |
✅Strengths
- Strong Industry Position with 20+ years of experience.
- Diversified Business across façades, exports and fenestration.
- Strong Order Book of ₹981.55 crore as of July 2026.
- Integrated Manufacturing with CNC machinery and backward integration plans.
⚠️Risks
- High Client Concentration with top 10 clients contributing 86.40% of FY2026 revenue.
- Supplier Concentration with top 10 suppliers accounting for 69.54% of raw material costs.
- Import & Supply Chain Risk due to imports and forex exposure.
- Integration Risk from the recently acquired Yes Systems business.
Glass Wall Systems IPO Promoter Holding
| Pre Issue Share Holding | 64.39% |
| Post Issue Share Holding | 55.98% |
Glass Wall Systems IPO Prospectus
Company Contact Information
| Glass Wall Systems Ltd. 503-504, 5th Floor, A Wing Marathon Futurex, Mafatlal Mills Compound, N.M. Joshi Marg, Lower Parel (East) Mumbai, Maharashtra, 400013 Phone: +91 22 6103 3456 Email: compliance@glasswallsystem.com Website: https://www.glasswallsystems.in/ |
Glass Wall Systems IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: glasswallsystems.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Glass Wall Systems IPO Lead Manager(s)
| 1. IIFL Capital Services Limited 2. Motilal Oswal Investment Advisors Limited |
Glass Wall Systems IPO FAQs
| What is the Glass Wall Systems IPO? Glass Wall Systems IPO is a main-board IPO. The issue is priced at ₹172 to ₹182 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Glass Wall Systems IPO open? The IPO is to open on 08 September 2026 for QIB, NII, and Retail Investors. |
| What is Glass Wall Systems IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Glass Wall Systems IPO Size? Glass Wall Systems IPO size is ₹427.89 Crore. |
| What are the Glass Wall Systems IPO Minimum and maximum lot sizes for Retail? The minimum bid is 82 Shares with ₹14,924, while the maximum bid is 1066 Shares with ₹1,94,012. |
| What is the Glass Wall Systems IPO Allotment Date? Glass Wall Systems IPO allotment date is 11 September 2026. |
| What is the Glass Wall Systems IPO Listing Date? Glass Wall Systems IPO listing date is 16 September 2026. The IPO is to be listed on the BSE and the NSE. |
