Glass Wall Systems (India) IPO

Strengths · 8

• 01Profit has grown more than four times in two years, from Rs 20.25 crore in FY2024 to Rs 57.51 crore in FY2025 and Rs 83.79 crore in FY2026.
• 02Sales grew 64% in FY2026, from Rs 288.14 crore to Rs 471.43 crore.
• 03The PAT margin of 20.66% is high for a business tied to construction, and RoCE was 43.39% with RoNW of 32.72%.
• 04The company is practically debt free. Total borrowing was Rs 6.68 crore against a net worth of Rs 261.58 crore, and debt has come down every year from Rs 24.85 crore in FY2024.
• 05The issue is priced moderately at about 19.1 times earnings on an EPS of Rs 9.53.
• 06It has completed more than 158 projects, including landmark buildings such as Lodha World One, Kohinoor Square and The Capital.
• 07It earns abroad as well as in India, with projects in the United States and Australia, so it is not tied to the Indian construction cycle alone.
• 08Rs 60 crore of the issue money goes into a glass processing unit at Vile Bhagad, which is backward integration and should reduce dependence on outside glass suppliers.

Risks · 8

• 01Revenue is lumpy because the work is project based. Total income actually fell from Rs 310.26 crore in FY2024 to Rs 288.14 crore in FY2025 before jumping to Rs 471.43 crore in FY2026.
• 02Façade work depends on commercial and premium residential construction. A slowdown in that segment directly reduces new orders.
• 03Large façade contracts carry execution risk. Delays, design changes and site conditions can turn a profitable contract into a loss.
• 04The planned glass processing unit is a new manufacturing activity, which is different from the fabrication and installation work the company does today, so it brings fresh execution and utilisation risk.
• 05The subsidiary Yes Systems was bought only in August 2025, so the fenestration vertical is recent and its integration is not yet proven over a full cycle.
• 06Overseas projects in the United States and Australia bring currency risk and exposure to local rules and payment practices.
• 07Promoter holding is already moderate at 64.11% and falls to 55.72% after the issue.
• 08This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

Glass Wall Systems (India) Limited was started in 2010 and works in façade solutions and fenestration. A façade is the outer glass and metal skin of a building, and fenestration means the windows, doors and openings in it. It works in India as well as overseas markets including the United States and Australia, and as on 31 March 2026 had completed more than 158 projects.

The business runs across three verticals. Domestic façade solutions covers design, engineering, fabrication, supply, installation and EPC work for real estate developers, contractors and corporate clients. International façade products supply covers sending façade products to contractors and façade companies abroad. Fenestration solutions covers custom luxury windows, doors, skylights and partition systems for the high end domestic market, done mainly through its subsidiary Yes Systems Private Limited, which it acquired in August 2025 and which works under the brand ORIA with international partners including LIBART and OIKAS.

Its clients include real estate developers, contractors, hospitals, airport authorities and corporates. Its projects include The Capital, Kohinoor Square, Bagmane Rio and Lodha World One in India, and Jackson Avenue, 1400 South Wabash, Spark GTIC and Harper Court in the United States, along with Project Dove in Australia. As on 31 March 2026 it had 370 permanent employees.

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