About the Business
Incorporated in 2010, Glass Wall Systems (India) Limited is a leading architectural façade solutions and premium fenestration engineering provider with footprints across India, the United States, and Australia. Backed by over two decades of technical domain experience, the company has successfully completed more than 158 landmark architectural projects as of March 31, 2026.
The company’s integrated operations are structured across three primary business verticals:
- Domestic Façade Solutions: End-to-end design, engineering, fabrication, supply, installation, and turnkey EPC services for real estate developers and corporations.
- International Façade Products Supply: Exporting sustainable, custom-engineered façade assemblies tailored to overseas contractors and engineering firms.
- Fenestration Solutions: Luxury custom windows, doors, skylights, and glass partition systems marketed under the brand ORIA via subsidiary Yes Systems Pvt. Ltd., featuring technical partnerships with Swiss window brands, LIBART, and OIKAS.
Marquee project credentials include prestigious developments such as The Capital, Kohinoor Square, Bagmane Rio, and Lodha World One in India, as well as global installations including Jackson Avenue, 1400 South Wabash, Spark GTIC, and Harper Court in the US, and Project Dove in Australia.
The company’s promoters are Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani.
Financial Overview
Glass Wall Systems (India) Ltd. has demonstrated exceptional business acceleration, with total income jumping by 64% and Profit After Tax (PAT) increasing by 46% between FY25 and FY26.
| Metric (₹ Cr) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Total Income | ₹471.43 | ₹288.14 | ₹310.26 |
| Operating EBITDA | ₹105.20 | ₹73.01 | ₹54.70 |
| PAT (Profit After Tax) | ₹83.79 | ₹57.51 | ₹20.25 |
| Net Worth | ₹261.58 | ₹175.75 | ₹122.60 |
| Reserves & Surplus | ₹242.96 | ₹158.88 | ₹101.47 |
| Total Borrowings | ₹6.68 | ₹8.46 | ₹24.85 |
| Total Assets | ₹468.38 | ₹316.63 | ₹281.76 |
Restated Consolidated Figures | Source: RHP Filings
Key Financial Metrics (FY26)
Issue Reservation
| Investor Category | Allocation Limit |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail (RII) Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Objects of the Issue
The net proceeds from the ₹60.00 Cr fresh issue are proposed to be deployed towards:
- Funding capital expenditure for setting up a glass processing unit (GPU Project) as part of planned backward integration at the Vile Bhagad Facility ₹60.00 Cr
- General Corporate Purposes Balance
Glass Wall Systems (India) Limited commands a strong niche in architectural engineering with demonstrated execution in complex façade systems across India, the US, and Australia. The business displays exceptional operating quality, boasting high return ratios (ROCE of 43.01%, ROE of 38.62%), double-digit net margins (PAT margin of 18.34%), and an almost debt-free balance sheet (Debt/Equity of 0.03).
Deploying fresh capital into setting up its in-house glass processing facility (GPU project) reinforces backward integration, which should strengthen supply chain agility and enhance margin realization. At the upper price band of ₹182 per share, the stock is valued at a post-issue P/E of 19.10x against a market capitalization of ₹1,600.42 Cr. Considering its financial health, execution track record, and reasonable valuations, investors can evaluate this offering with a medium-to-long-term horizon.
