Glass Wall Systems (India) Limited

LISTED

Mainboard IPO · IPO Guide

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Issue Price

₹172 – ₹182

Listed On

16 Sep 2026

Listing Price

₹190.10 (+4.45%)

Current Price LIVE

₹270.75 (+48.76%)

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Live Market Price (BSE: GLASSWALL)

Updated: 02 Oct 2026, 10:15

LIVE BSE

Current Price (LTP)

₹270.75 ▼ -11.25 (-3.99%)

Return vs Issue (₹182.00)

+48.76% From Issue Price

Return vs Listing (₹190.10)

+42.43% Since Listing Day

Day Range

H: ₹283.80 | L: ₹262.65

Prev Close: ₹282.00

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IPO Market Value (GMP)

LAST UPDATED	15 Sep 2026, 17:44
PREMIUM / SHARE As per market view	₹ 52 (28.57%)
AVG EARN / LOT As per market view	R - ₹ 4,264 (1 Lot)

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Lot Size Calculator (Rs 182/share)

Application	Lots	Shares	Amount
🏷️ Retail (Min)	1	82	₹14,924
🏷️ Retail (Max)	13	1,066	₹1,94,012
💼 S-HNI (Min)	14	1,148	₹2,08,936
💼 S-HNI (Max)	67	5,494	₹9,99,908
💼 B-HNI (Min)	68	5,576	₹10,14,832

Retail: ≤ ₹2L • S-HNI: ₹2L–₹10L • B-HNI: > ₹10L

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Final Subscription Breakdown

✅ Final Closed Figures · 10-Sep-2026 19:00

Final Subscription 81.65x

Total Bids Recd 134.37 Cr Shares

Shares Offered 1.65 Cr Shares

QIB 167.93x

Offered: 47.02 L

Bids Recd: 78.96 Cr

FIIs: 18.79 Cr

Mutual Funds: 2.36 Cr

NII (HNI) 79.71x

Offered: 35.27 L

Bids Recd: 28.11 Cr

sHNI (₹2L–₹10L) 91.34x

Bids: 10.74 Cr

bHNI (> ₹10L) 73.90x

Bids: 17.37 Cr

Retail (RII) 33.18x

Offered: 82.29 L

Bids Recd: 27.30 Cr

Cut-Off Bids: 24.10 Cr

📅 Day-by-Day Subscription Growth

Day 1

08 Sep 2026

2.52x

Day 2

09 Sep 2026

8.22x

Day 3 (Final)

10 Sep 2026

81.65x

Key Strengths

Growth Drivers & Highlights

5 Positives

Unrivaled Export Growth Engine:

GWS is India's largest exporter of architectural facades, with exports to key regions in the US and Australia contributing 45.20% of total Fiscal 2026 revenues.

Highly Margin-Accretive Fenestration Vertical:

The acquisition of Yes Systems Private Limited ("ORIA Fenestration") on August 21, 2025, secures high-end exposure to the booming Indian luxury residential segment.

Strategic Backward Integration (GPU Project):

Deploying Rs 50.00 Crore of Fresh proceeds to build an in-house glass processing unit will eliminate third-party margin leakage and streamline production schedules.

Pristine, Virtually Debt-Free Balance Sheet:

Carrying a net cash position of Rs 79.25 Crore with a negligible Debt-to-Equity of 0.03x offers supreme balance sheet flexibility.

Robust Visibility via Order Book:

GWS boasts a massive total outstanding order book of Rs 9,815.46 Million (Rs 981.55 Crore) as of July 31, 2026, providing high earnings visibility.

Risks & Concerns

Key Challenges & Headwinds

5 Risks

Auditor Qualified Opinion Over Unrecognized VAT Liability:

The failure to provision Rs 31.21 Crore for pending VAT assessments is a major red flag, representing a potential 37.3% threat to Net Worth.

Pre-IPO Promoter Transaction Discrepancy:

The transfer of shares to promoters at just Rs 35.00 on September 1, 2026, relative to the Rs 182.00 IPO price, indicates severe pricing asymmetries.

Significant Client Concentration:

Highly exposed to individual buyer changes; in Fiscal 2026, Reflection Window + Wall and its affiliate Winpro accounted for 100% of US export sales.

Elongated Receivable Collection (DSO):

Debtor collection days expanded from 67 days to 88 days in Fiscal 2026, raising working capital cash strain risks.

Substantial Outstanding Tax Litigation:

Pending VAT and tax litigation at tribunals exceeds Rs 31.83 Crore, exposing GWS to sudden cash outflows if decided adversely.

Updated on: 10-Sep-2026 19:00
As on Date	QIB	NII	RII	Total
Shares Offered / Reserved	47,02,085	35,26,564	82,28,649	1,64,57,298
Day 1 08-09-26	42,804 (0.01)	1,06,60,492 (3.02)	3,08,46,924 (3.75)	4,15,50,220 (2.52)
Day 2 09-09-26	14,25,734 (0.30)	4,37,64,220 (12.41)	9,01,59,410 (10.96)	13,53,49,364 (8.22)
Day 3 10-09-26	78,96,08,094 (167.93)	28,11,15,762 (79.71)	27,30,04,732 (33.18)	1,34,37,28,588 (81.65)

Open Date	Sep 08, 2026
Close Date	Sep 10, 2026
Allotment Date	Sep 15, 2026
Listing Date	Sep 16, 2026
Face Value	₹ 2 Per Equity Share
Issue Price	₹ 172 to ₹ 182 Per Equity Share
Issue Size	Total Issue of up to 2,35,10,425 Equity Shares aggregating up to ₹427.89 Cr Fresh Issue of up to 32,96,703 Equity Shares aggregating up to ₹60.00 Cr Offer for Sale of up to 2,02,13,722 Equity Shares aggregating up to ₹367.89 Cr
Allocation	QIB: 50% \| NII: 15% \| RII: 35%
Promoter Shareholding	64.39% (Pre-Issue) 55.98% (Post-Issue)
Registrar	MUFG Intime India Private Limited
Lead Manager	IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited

CORPORATE OVERVIEW & MARKET POSITION

Origins & Structure: Founded as a partnership in 2002, converted to a public limited company in April 2025. In August 2025, it acquired Yes Systems Private Limited as a wholly owned subsidiary to target the high-margin premium residential fenestration sector.
Market Standing: Second-largest facade solutions provider in India by operational revenue (Fiscal 2025) and certified as India's largest facade exporter in 2024.
Business Model: Fully integrated end-to-end delivery model encompassing architectural design, structural engineering, in-house fabrication, precision glazing, logistics, and on-site execution.

CLIENTELE & GEOGRAPHIC REACH

Customer Segments: Real estate developers, commercial builders, corporate enterprises, hospital chains, airport authorities, and international facade/general contractors.
Domestic Presence: Pan-India delivery with core hubs in Mumbai, Pune, Bengaluru, Delhi-NCR, Hyderabad, and Kolkata. Key long-term clients (8-12 year relationships) include Bagmane, K Raheja, and Prestige.
Global Footprint: Active in regulated markets including the United States (primarily Chicago and Philadelphia) and Australia. Exports generated 45.20% of consolidated operational revenue in Fiscal 2026.

MANUFACTURING INFRASTRUCTURE

Central manufacturing facility is located at MIDC Vile Bhagad, Mangaon, Raigad, Maharashtra:

Land & Plant Area: 101,299 sq. m leasehold land parcel with 32,415.45 sq. m of developed manufacturing area.
Machinery: Four dedicated production lines equipped with CNC machinery for automated precision cutting/shaping, alongside automated glass-handling logistics. Custom fabrication lines for Yes Systems are also housed here.
Logistics Advantage: Accredited as a "Designated Export Place," enabling on-site customs clearance to lower logistics overheads.

Production & Capacity Metrics:

Fiscal Year	Installed Capacity (Sq. m.)	Actual Production (Sq. m.)	Capacity Utilization (%)
FY 2024	160,000	120,616	75.40%
FY 2025	160,000	86,255	53.91%*
FY 2026	185,000	161,057	87.06%

*FY 2025 utilization was impacted by capacity reserved for US export orders that were temporarily deferred due to trade policy uncertainties.

ENGINEERING, QUALITY & TESTING

Design Department: Team of 46+ specialized engineers and designers based at the Mumbai corporate office utilizing AutoCAD, STAAD, and HiCAD.
In-House Testing Facility: Dedicated testing rig at Vile Bhagad capable of conducting water penetration, air infiltration, impact resistance, and wind load tests (up to 5 kPa wind pressure) under AAMA, ASTM, AS/NZS, and EN standards.
Certifications: ISO 9001:2015 (Quality), ISO 14001:2015 (Environmental), and ISO 45001:2018 (Occupational Health & Safety).

As per financial performance, Glass Wall Systems (India) Limited has posted total income / net profits of Rs 310.26 Cr / Rs 20.25 Cr (FY24), Rs 288.14 Cr / Rs 57.51 Cr (FY25) and Rs 471.43 Cr / Rs 83.79 Cr (FY26). So as per previous financials data, the company has shown a temporary dip in total income in Fiscal 2025 before a robust rebound and spectacular expansion in Fiscal 2026, alongside an exceptional debt reduction program that saw its total borrowings drop from Rs 24.85 Cr in Fiscal 2024 to Rs 6.68 Cr in Fiscal 2026. Company has an average EPS of Rs 7.32 and average RoNW of 29.68% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.89 as per NAV of Rs 30.91 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 4.98. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 79.03, 27.83, and 19.10 respectively. As per RHP, a comparison between listed peers shows its sole listed peer, Innovator Façade Systems Limited, trades at a P/E multiple of 16.54 with a significantly lower RoNW of 8.65% compared to Glass Wall's superior operating efficiency of 32.03% and Post-Issue P/E of 19.10.

On BRLM's front, IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited are associated with this IPO, and IIFL Capital Services Limited has handled 52 IPOs in the last three fiscal years. (as on 03.09.26).

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Disclaimer

No financial information whatsoever published herein, should be construed as an offer to buy or sell securities, or as information to make investment decisions, or as an official confirmation of any transaction. All matter published herein is purely for educational and informational purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

IPO GUIDE OFFICIAL RATING	Pending
Capital Market	Neutral
Kantilal Chhaganlal Securities Private Limited	Apply
Swastika Investmart Limited	Apply

Period	Total Income	Total Expenses	Profit After Tax (PAT)
FY26	471.43	360.33	83.79
FY25	288.14	212.53	57.51
FY24	310.26	262.72	20.25

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
Glass Wall Systems (India) Limited Current	5.89	19.10	32.03%	471
Innovator Facade Systems Limited	1.20	15.5	8.06%	228

Glass Wall Systems (India) Limited

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