Glass Wall Systems (India) Limited
Open now8–10 Sep 2026
Updated 2026-09-08 (IST)
What Glass Wall Systems (India) Limited does
We are a premium façade solutions and fenestration provider in India and across markets in the USA and Australia. With over two decades of experience in the façade solutions industry, we have successfully completed 158 projects, as of March 31, 2026, showcasing our expertise in delivering innovative solutions.
Glass Wall Systems (India) Limited financials
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| Fiscal 2024 | Fiscal 2025 | Fiscal 2026 | ||
|---|---|---|---|---|
| Sales | 304 | 278 | 457 | |
| Operating Profit | 55 | 73 | 105 | |
| OPM % | 18.0% | 26.2% | 23.0% | |
| Net Profit | 20 | 58 | 84 | |
| Total Debt | 25 | 8 | 7 |
Glass Wall Systems (India) Limited IPO offer structure
Total: ₹428 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Issue size and split come from a public aggregator rather than the exchange, cross-checked against a second one. The offer document states the offer-for-sale as a share count against a blank amount, so it cannot be read from the document itself.
Use of proceeds- Funding capital expenditure requirement for setting up of a glass processing unit (“GPU Project”) as part of planned backward integration of the Company at our Vile Bhagad Facility: ₹50 cr
- General corporate purposes
Glass Wall Systems (India) Limited promoters and holding
- Jawahar Hariram Hemrajani: Chairman and Whole-Time Director
- Eshan Jawahar Hemrajani: Managing Director and Chief Executive Officer
Glass Wall Systems (India) Limited strengths and risks
Company-stated strengths and disclosed risk factors from the offer document.
- Market leadership supported by a diversified business model and strong foothold in domestic and international markets (p.227)
- Marquee client base with proven track record of successful project execution (p.229)
- Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure (p.234)
- Focused on creating environmentally sustainable high-performance solutions (p.235)
- Our business is dependent on certain key clients, and our top 10 clients contributed 86.40%, 78.13% and 88.56% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. (p.27)
- We depend on a limited number of suppliers and we do not have long term agreements with our suppliers for our raw materials. (p.28)
- We derived 45.20%, 41.21%, and 43.38% of our revenue from operations from overseas operations, based on the criteria set out in Ind AS 108. (p.29)
- If we fail to integrate or manage acquired companies or businesses efficiently, our overall profitability and growth plans could be adversely affected. (p.31)
- We are entirely dependent on our manufacturing facility located in Vile Bhagad, Maharashtra. (p.33)
Glass Wall Systems (India) Limited peer comparison: DRHP median P/E 16.5x
Live BSE prices| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Innovator Façade Systems Limited | Rs 116.6 +2.0% | 16.5x | — | — | live |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Glass Wall Systems (India) Limited market and competition
We are the second largest provider of façade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024. We are also India’s largest façade exporter in 2024 in terms of revenue.
Glass Wall Systems (India) Limited outlook, as the document states it
Our strategy is centered on expanding our presence in existing markets and entering new geographies which have significant business opportunities. We aim to leverage our track record of delivering high-quality, sustainable solutions to deepen our relationships with existing international clients and foster relationships in new markets. We also focus on driving growth and improving profitability through strategic capacity expansion and backward integration.
Never miss an IPO like this
Every upcoming IPO analysed: subscription, GMP and a DRHP breakdown, in your inbox, free. One email when each one opens.
Glass Wall Systems (India) Limited IPO: common questions
When does the Glass Wall Systems (India) Limited IPO open and close?
The Glass Wall Systems (India) Limited IPO is open from 8 Sep 2026 to 10 Sep 2026.
What is the Glass Wall Systems (India) Limited IPO price band?
The price band is ₹172–₹182 per share.
What is the lot size and minimum investment for the Glass Wall Systems (India) Limited IPO?
One lot is 82 shares, and a retail application must be at least one lot. That is about ₹14,924 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
What is the grey-market premium (GMP) for the Glass Wall Systems (India) Limited IPO?
As of 8 Sep 2026 the indicative GMP is +22.0%. GMP is unregulated and self-reported. Never decide on it alone.
When are the Glass Wall Systems (India) Limited IPO allotment and listing dates?
Not published yet. Derived from the close date on the usual timetable: allotment around 11 Sep 2026, refund/unblock around 14 Sep 2026 and listing around 16 Sep 2026. Treat these as estimates until the exchange confirms them.
How do I apply for the Glass Wall Systems (India) Limited IPO?
Through any broker app or your bank's net banking, using a demat account and a PAN. You bid in lots at a price inside the band, or at cut-off. The money is blocked in your account, not debited, until allotment. One application per PAN. We do not recommend brokers and carry no broker links. How to apply, start to finish →
Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
Every GMP figure is a self-reported grey-market estimate. No exchange, regulator or clearing body records or audits it, and there is no settlement guarantee or recourse. Shown for context only; never decide on GMP alone. New to GMP? The 30-second explainer → Has GMP actually been right? →
How often do these actually open above the issue price?
Of the 505 mainboard IPOs that have listed on the NSE since 2003, 359 (71%) opened above their issue price, at a median of +10%. That is the segment's own record, not a forecast for this issue.