Glass Wall Systems (India) Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Price per share₹18282 shares per lot · indicative
Opens8 Sept 2026
Closes10 Sept 2026
AllotmentNot reported
Listing16 Sept 2026
Offer
Issue at a glance
- Issue size
- ₹0.01 crore
- Face value
- ₹2
- Issue method
- Book Building
- Fresh issue
- ₹0.01 crore
- Symbol
- GLASSWALL
- ISIN
- INE644Q01039
Demand
As of 10 Sept 2026, 12:15 amSubscription
5.76×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 1,75,070 | 0.04× |
| Foreign Institutional Investors(FIIs) | — | 6,724 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 0 | — |
| Mutual funds | — | 1,148 | — |
| Others | — | 1,67,198 | — |
| Non Institutional Investors | — | 3,36,17,868 | 9.53× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 1,71,30,456 | 7.29× |
| Corporates | — | 2,62,892 | — |
| Individuals(Other than RIIs) | — | 1,62,73,474 | — |
| Others | — | 5,94,090 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 1,64,87,412 | 14.03× |
| Corporates | — | 84,378 | — |
| Individuals(Other than RIIs) | — | 1,58,09,190 | — |
| Others | — | 5,93,844 | — |
| Retail Individual Investors(RIIs) | — | 6,10,25,466 | 7.42× |
| Cut Off | — | 5,17,17,646 | — |
| Price bids | — | 93,07,820 | — |
| Total | — | 9.48 | 5.76× |
Demand by bid price
₹1729,48,18,404 shares
₹1739,47,97,002 shares
₹1749,47,96,018 shares
₹1759,47,95,362 shares
₹1769,47,89,868 shares
₹1779,47,87,572 shares
₹1789,47,86,424 shares
₹1799,47,84,948 shares
₹1809,47,83,144 shares
₹1819,47,70,106 shares
₹1829,47,65,514 shares
Business
About the company
Incorporated in 2010, 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. 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).
Performance
Financial snapshot
| Particulars | FY25 | FY26 |
|---|---|---|
| Revenue | ₹244.76 cr | ₹456.97 cr (86.70%) |
| PAT | ₹43.81 cr | ₹83.79 cr (91.26%) |
| PAT Margin | 17.90 % | 18.34 % (2.46%) |
| EBITDA | ₹58.09 cr | ₹105.20 cr (81.10%) |
| EBITDA Margin | 23.73 % | 23.02 % (-2.99%) |
| ROE | 28.54 % | 32.03 % (12.23%) |
| ROCE | 38.32 % | 43.01 % (12.24%) |
| D/E | 0.06 | 0.03 (-50.00%) |
Research
What to consider
Business strengths
- Notes- 1) Glass tempering: The glass tempering process involves heating the glass and then rapidly cooling it to increase its strength. This creates internal stresses that make the glass stronger than regular glass and causes it to shatter into small, blunt pieces when broken. - 2) Glass insulation: It involves using multiple glass panes separated by a spacer and sealed to form an insulating glass unit. This reduces heat transfer, improves energy efficiency, and provides better sound insulation in buildings. - 3) Glass lamination: It is the process of bonding two or more layers of glass with an interlayer under heat and pressure. This creates a safety glass that holds together when broken, reducing the risk of injury. The proposed capital expenditure has been approved by our Board pursuant to its resolution dated September 5, 2025. The cost of the project set out below are exclusive of any goods and services taxes that may be applicable.
Key risks
- (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the contents of this Draft Red Herring Prospectus. Specific attention of theinvestors is invited to “Risk Factors” on page 38. ISSUER’S AND SELLING SHAREHOLDERS’ ABSOLUTE RESPONSIBILITY Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus contains all information with regard to our Company and the Offer, which is material in the context of the Offer, that the information contained in this Draft Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect.
Context
Peer comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) |
|---|---|---|---|---|
| Glass Wall Systems (India) Ltd. | 9.90 | 9.90 | 30.91 | 32.03 |
| Innovator Façade Systems | 7.19 | 83.15 | 16.54 | 8.65 |
Filings
Offer documents
Advertisement15 Sept 2026Final Prospectus11 Sept 2026In-principle XBRL6 Sept 2025Draft Prospectus/Draft Red Herring Prospectus5 Sept 2025Anchor Allocation ReportBidding CentersProcessing of ASBA ApplicationsRatios / Basis of Issue PriceRed Herring ProspectusSample Application FormsSecurity Parameters (Post Anchor)Security Parameters (Pre Anchor)