Glass Wall Systems (India) IPO — Date, Price Band, GMP & Allotment 2026
Glass Wall Systems (India) Limited designs, makes and installs building façades and premium windows and doors, working in India, the United States and Australia. It had completed more than 158 projects as on 31 March 2026, including Lodha World One and Kohinoor Square, and runs its fenestration business through subsidiary Yes Systems.
Open
08 Sep
2026
Close
10 Sep
2026
Allotment
11 Sep
2026
Listing
16 Sep
2026
IPO Review
Coming Soon
IPO GMP
₹ 20
(10.99%)
IPO Subscription Subscription
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IPO Summary
IPO Dates
8 to 10 Sep, 2026
Price Band
₹172 to ₹182
Face Value
₹2
Lot Size
82 Shares
Issue Size
₹427.89 Cr
Sale Type
Fresh capital cum OFS
Listing On
BSE, NSE
Min Investment
₹ 14,924
What is the Glass Wall Systems (India) IPO Timetable?
Track the IPO schedule and key events.
| Event | Date | Day |
|---|---|---|
| IPO Open Date | 08 Sep, 2026 | Tuesday |
| IPO Close Date | 10 Sep, 2026 | Thursday |
| Basis of Allotment | 11 Sep, 2026 | Friday |
| Refunds Initiated | 15 Sep, 2026 | Tuesday |
| Credit to Demat | 15 Sep, 2026 | Tuesday |
| Listing Date | 16 Sep, 2026 | Wednesday |
What is the Glass Wall Systems (India) IPO Lot Size?
Bidding in multiples of 82 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 82 | ₹14,924 |
| Retail (Max) | 13 | 1066 | ₹1,94,012 |
| S-HNI (Min) | 14 | 1148 | ₹2,08,936 |
| S-HNI (Max) | 67 | 5494 | ₹9,99,908 |
| B-HNI (Min) | 68 | 5576 | ₹10,14,832 |
About Glass Wall Systems (India)
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.
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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Glass Wall Systems (India) Key Performance Indicators (KPIs)
Pe
19.1
Eps
9.53
Roce
43.39%
Ronw
32.72%
Pat margin
20.66%
Objects of the Issue
| Issue Object | Estimate Amount |
|---|---|
| Funding capital expenditure requirement for setting up of a glass processing unit (GPU Project) as part of planned backward integration of the Company at Vile Bhagad Facility | ₹60.00 Cr. |
| General Corporate Purposes |
Issue Object
Funding capital expenditure requirement for setting up of a glass processing unit (GPU Project) as part of planned backward integration of the Company at Vile Bhagad Facility
Estimate Amount
₹60.00 Cr.
Issue Object
General Corporate Purposes
Estimate Amount
Strengths & Risks
Strengths
- ✓ Profit 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.
- ✓ Sales grew 64% in FY2026, from Rs 288.14 crore to Rs 471.43 crore.
- ✓ The PAT margin of 20.66% is high for a business tied to construction, and RoCE was 43.39% with RoNW of 32.72%.
- ✓ The 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.
- ✓ The issue is priced moderately at about 19.1 times earnings on an EPS of Rs 9.53.
- ✓ It has completed more than 158 projects, including landmark buildings such as Lodha World One, Kohinoor Square and The Capital.
- ✓ It 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.
- ✓ Rs 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
- ⚠ Revenue 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.
- ⚠ Façade work depends on commercial and premium residential construction. A slowdown in that segment directly reduces new orders.
- ⚠ Large façade contracts carry execution risk. Delays, design changes and site conditions can turn a profitable contract into a loss.
- ⚠ The 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.
- ⚠ The 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.
- ⚠ Overseas projects in the United States and Australia bring currency risk and exposure to local rules and payment practices.
- ⚠ Promoter holding is already moderate at 64.11% and falls to 55.72% after the issue.
- ⚠ This 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.
Company Financials
The Glass Wall Systems (India) company's financial performance (in ₹ Cr.) is summarized below:
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 468.38 | 316.63 | 281.76 |
| Total Income | 471.43 | 288.14 | 310.26 |
| Profit After Tax | 83.79 | 57.51 | 20.25 |
| EBITDA | 105.20 | 73.01 | 54.70 |
| NET Worth | 261.58 | 175.75 | 122.60 |
| Reserves and Surplus | 242.96 | 158.88 | 101.47 |
| Total Borrowing | 6.68 | 8.46 | 24.85 |
See how this IPO compares — view listing performance of all mainboard IPOs.
IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Offer |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Offer |
Promoters and Shareholding Details
Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani
| Particular | % Share |
|---|---|
| Promoter Holding Pre Issue | 64.11% |
| Promoter Holding Post Issue | 55.72% |
Frequently Asked Questions
What is the GMP of Glass Wall Systems (India)?
The current Grey Market Premium (GMP) of Glass Wall Systems (India) is ₹ 20.
What is the Glass Wall Systems (India) IPO Price Band?
The price band for Glass Wall Systems (India) IPO is ₹172 to ₹182.
When is the Glass Wall Systems (India) IPO Allotment?
The allotment date for Glass Wall Systems (India) IPO is September 11, 2026.
How to check Glass Wall Systems (India) IPO Allotment Status?
You can check the allotment status on the IPO Allotment Status page or on the registrar's website (MUFG Intime India Private Limited).
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