Minimum Investment
About Company
Company Name: Glass Wall Systems (India) Limited
Industry / Sector: Façade Solutions & Fenestration / Civil Construction
Founded Year: 2010
Promoters: Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani
Glass Wall Systems (India) Limited is a façade solutions and fenestration provider with operations in India as well as international markets, including the United States and Australia. The company has over two decades of industry experience and, as of March 31, 2026, has completed more than 158 projects. Its business is structured across three verticals: Domestic Façade Solutions – Design, engineering, fabrication, supply, installation, and EPC services for real estate developers, contractors, and corporate clients; International Façade Products Supply – Supply of sustainable façade products, tailored to contractors and façade companies overseas; and Fenestration Solutions – Custom luxury windows, doors, skylights, and partition systems, catering to the high-end domestic market, primarily through its subsidiary Yes Systems Private Limited (acquired in August 2025), which operates under the brand ORIA. Notable projects include The Capital, Kohinoor Square, Lodha World One in India, and international assignments such as Jackson Avenue and Harper Court in the U.S. As of March 31, 2026, the company employed 370 permanent staff.
IPO Basic Details
| Company Name | Glass Wall Systems (India) Limited |
| IPO Type | Mainboard IPO |
| Price Band | ₹172 – ₹182 |
| Lot Size | 82 Shares |
| Total Issue Size | 2,35,10,425 Equity Shares (₹427.89 Cr) |
IPO Strengths & Risks
Strengths
- Over two decades of industry experience
- Completed more than 158 projects as of March 31, 2026
- Presence in international markets including the United States and Australia
- Diverse client base including real estate developers, contractors, hospitals, airport authorities
- Premium fenestration brand ORIA with international collaborations
- Near debt-free balance sheet with debt-to-equity ratio of 0.03
Risks
- High client concentration risk
- Dependence on the real estate and construction sectors
- Project execution and cost overrun risks
- Competition from other façade and fenestration providers
- Exposure to raw material price volatility
IPO Important Dates
| IPO Open Date | 08 Sep 2026 |
| IPO Close Date | 10 Sep 2026 |
| Basis of Allotment | 11 Sep 2026 |
| Refund Initiation | Not specified in the source |
| Demat Credit Date | 15 Sep 2026 |
| Listing Date | 16 Sep 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – Balance Amount
Investor Reservation
| QIB Quota | Not more than 50% of the Offer |
| Retail Quota | Not less than 35% of the Offer |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 82 | ₹14,924 |
| Retail Maximum | 13 Lots | 1,066 | ₹1,94,012 |
| S-HNI Minimum | 14 Lots | 1,148 | ₹2,08,936 |
| S-HNI Maximum | 67 Lots | 5,494 | ₹9,99,908 |
| B-HNI Minimum | 68 Lots | 5,576 | ₹10,14,832 |
Key Performance Indicators (KPI)
| ROE | 38.62% (FY26), 39.00% (FY25) |
| ROCE | 43.01% (FY26), 43.39% (FY25) |
| RoNW | - |
| PAT Margin | 18.34% (FY26), 20.66% (FY25) |
| EBITDA Margin | 23.02% (FY26), 26.23% (FY25) |
| EPS | ₹9.90 (Pre-IPO), ₹9.53 (Post-IPO) |
| NAV per share | - |
| Debt to Equity | 0.03 (FY26), 0.05 (FY25) |
| P/E Ratio | - |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| FY2026 | ₹468.38 Cr | ₹471.43 Cr | ₹83.79 Cr | ₹105.20 Cr | ₹261.58 Cr | ₹6.68 Cr |
| FY2025 | ₹316.63 Cr | ₹288.14 Cr | ₹57.51 Cr | ₹73.01 Cr | ₹175.75 Cr | ₹8.46 Cr |
| FY2024 | ₹281.76 Cr | ₹310.26 Cr | ₹20.25 Cr | ₹54.70 Cr | ₹122.60 Cr | ₹24.85 Cr |
Grey Market Premium
| GMP Price | ₹40 (as of 5 Sep 2026) |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | 05 Sep 2026 |
| Estimated Listing Price | ₹222 (approx. 22% premium over upper price band) |
IPO Subscription Data
| Total Subscription | Pending |
| QIB (Ex Anchor) | Pending |
| HNI Subscription | Pending |
| Retail Subscription | Pending |
| Anchor | - |
IPO Intermediaries
Registrar: MUFG Intime India Pvt. Ltd.
Registrar Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
IPO Lead Manager(s)
Company Information
Address: 503-504, 5th Floor, A Wing, Marathon Futurex, Mafatlal Mills Compound, N.M. Joshi Marg, Lower Parel (East), Mumbai, Maharashtra - 400013
Website: https://www.glasswallsystems.in/
Email: compliance@glasswallsystem.com
Phone: +91 22 6103 3456
IPO Documents
Frequently Asked Questions (FAQ)
Explore More Investment Opportunities
Discover IPOs, unlisted shares, and broker comparison tools curated for smart investors.