Glass Wall Systems IPO open date is September 8, 2026 and the IPO will close on September 10, 2026. Glass Wall Systems IPO is a Book build Issue. The company to raise around ₹427.89 crores via IPO that comprises fresh issue of ₹60 crores and offer for sale up to 2,02,13,722 equity shares with face value of ₹2 each.
Glass Wall Systems IPO price band is ₹172 to ₹182 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Glass Wall Systems IPO to list on BSE, NSE on September 16, 2026. The allotment of Glass Wall Systems IPO date is September 11, 2026.
The company reported revenue of ₹471.43 crores in 2026 against ₹288.14 crores in 2025. The company reported profit of ₹83.79 crores in 2026 against profit of ₹57.51 crores in 2025. As per the financials, the IPO investors should apply the IPO for a long term.
Glass Wall Systems (India) Subscription Status
Lot Size & Investment
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 82 | 14924 | 100349 |
| sHNI | 14 | 1148 | 208936 | 1024 |
| bHNI | 68 | 5576 | 1014832 | 2048 |
Share Reservation
| Category | Shares Offered | % |
|---|---|---|
| Total | 23510425 | 100% |
| QIB | 11755212 | 50% |
| HNI | 3526564 | 15% |
| Retail | 8228649 | 35% |
About the Company
IPO Details
| Total Issue Size | 2,35,10,425 shares (aggregating up to ₹427.89 Cr) |
| Fresh Issue | 3,296,703 shares (aggregating up to ₹60.00 Cr) |
| Offer for Sale | 20,213,722 shares (aggregating up to ₹367.89 Cr) |
| Face Value | ₹2/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE , NSE |
| Share Holding Pre Issue | 84,638,550 shares |
| Share Holding Post Issue | 8,79,35,253 shares |
Key Performance Indicators (KPI)
| KPI | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 38.62% | 39.00% | 18.28% |
| ROCE | 43.01% | 43.39% | 27.96% |
| EPS (BASIC) | 9.90 | 6.21 | 1.81 |
| P/E Pre IPO | 18.38 | ||
| P/E Post IPO | 19.1 |
Company Financial (In ₹Crore)
| Period Ended | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| 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 | 105.2 | 73.01 | 54.7 |
| NET Worth | 261.58 | 175.75 | 122.6 |
| Reserves and Surplus | 242.96 | 158.88 | 101.47 |
| Total Borrowing | 6.68 | 8.46 | 24.85 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Glass Wall Systems (India) Limited | 18.38 | 182.00 | 2.00 |
| Innovator Façade Systems Limited | 16.54 | 118.90 | 10.00 |
Source:Rhp,All the financial information for listed industry peer mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the filings made with stock exchanges available on www.bseindia.com for the Financial Year ending 2026. P/E Ratio has been computed based on the closing market price of equity shares on BSE SME on August 13, 2026, divided by the Basic EPS. we have shown the P/E ratio of the IPO issuer company based on the pre-IPO valuation, and the CMP has been represented by the IPO issue price (upper price band).
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Glass Wall Systems (India) Limited | 30.91 | 32.03 | 9.90 |
| Innovator Façade Systems Limited | 83.15 | 8.65 | 7.19 |
About Company
Glass Wall Systems (India) Limited traces its origins to “Glass Wall Systems,” a partnership firm established through a partnership deed dated July 19, 2002, with Jawahar Hariram Hemrajani and Kamlesh Arjun Choudhary as partners. The firm was registered with the Registrar of Firms on March 5, 2003 and was reconstituted several times, including in 2004, 2008 and 2010 with changes in its partners.
The Company was incorporated as “Glass Wall Systems (India) Private Limited” on August 27, 2010, upon conversion of the partnership firm into a private limited company under Part IX of the Companies Act, 1956. Subsequently, in 2025, the Company was converted into a public limited company and renamed “Glass Wall Systems (India) Limited”, with a fresh certificate of incorporation issued on April 28, 2025.
The Company is an India-based façade fabricator providing turnkey architectural façade solutions, translating clients’ architectural visions into reality through its design, manufacturing and project management capabilities. Headquartered in Mumbai, it has a pan-India presence across Bangalore, Delhi NCR, Kolkata, Ahmedabad, Hyderabad and Pune, along with international operations in the USA, Australia, Qatar and Sri Lanka. It offers a wide range of glazing systems and custom-designed architectural metal works.
Its key offerings include façade and curtain wall systems such as unitized, semi-unitized, stick and bolted facades, cable-net and glass-fin supported facades, skylights, canopies, space frames, steel/aluminium diagrids and vertical green walls. The Company also provides architectural louvers and sun-control systems, along with various rain-screen cladding solutions, including metal, aluminium composite, dry stone, expanded mesh, tile/HPL, perforated metal and insulated sandwich panel claddings. Its offerings further include aluminium doors and windows, aluminium casement windows and seamless glass railings.
Strengths
Market Leadership & Diversified Presence: The Company is the 2nd largest façade solutions provider in India by revenue in Fiscal 2024 and 2025, and India’s largest façade exporter in 2024 by revenue. Its innovative and sustainable solutions make it a preferred partner for commercial property developers.
Marquee Clients & Strong Execution Track Record: With 20+ years of promoter experience, the Company has successfully executed multiple projects for prominent real estate developers and contractors, supporting strong client relationships and reputation.
Strong Design, Engineering & Manufacturing Capabilities: In-house design and engineering expertise enables innovative, customized and high-quality façade solutions meeting seismic, fire, water and wind resistance requirements. Its strategically located, large-capacity manufacturing facility provides quality control and flexible project-specific solutions.
Risk Factors
Raw Material Supply & Price Volatility: Dependence on a limited number of suppliers without long-term agreements exposes the Company to price volatility, shortages and supply disruptions of key materials such as aluminium extrusions, silicone and performance glass, which may affect profitability and cash flows.
Risk in Managing Acquisitions: Failure to integrate and efficiently manage Yes Systems, acquired to expand into the high-end domestic fenestration market, could adversely affect the Company’s profitability and growth plans.
Dependence on Single Manufacturing Facility: The Company is entirely dependent on its Vile Bhagad, Maharashtra facility. Regional disruptions, natural calamities, accidents, equipment breakdowns or machinery failure could cause production delays, repair costs, operational suspension or inventory losses.
IPO Lead Managers aka Merchant Bankers
- IIFL Capital Services Ltd.
- Motilal Oswal Investment Advisors Ltd.
Company Address
Glass Wall Systems (India) Ltd.
503-504, 5th Floor, A Wing
Marathon Futurex, Mafatlal Mills Compound
N.M. Joshi Marg, Lower Parel (East)
Mumbai, Maharashtra, 400013
Phone: +91 22 6103 3456
Email: compliance@glasswallsystem.com
Website: http://www.glasswallsystems.in/
IPO Registrar
MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: glasswallsystems.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Glass Wall Systems IPO FAQs
What is Glass Wall Systems IPO?
Glass Wall Systems IPO is Mainboard IPO. The company is going to raise ₹427.89 Crores via IPO. The issue is priced at ₹172 to ₹182 per equity share. The IPO is to be listed on BSE & NSE.
When Glass Wall Systems IPO will open for subscription?
The IPO is to open on September 8, 2026 for QIB, NII, and Retail Investors. The IPO will close on September 10, 2026.
What is Glass Wall Systems IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
How to Apply the Glass Wall Systems IPO?
You can apply for Glass Wall Systems IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.
What is Glass Wall Systems IPO Issue Size?
Glass Wall Systems IPO issue size is ₹427.89 crores.
What is Glass Wall Systems IPO Price Band?
Glass Wall Systems IPO Price Band is ₹172 to ₹182.
What is Glass Wall Systems IPO Lot Size?
The minimum bid is 82 Shares with ₹14,924 amount.
What is the Glass Wall Systems IPO Allotment Date?
Glass Wall Systems IPO allotment date is September 11, 2026.
What is the Glass Wall Systems IPO Listing Date?
Glass Wall Systems IPO listing date is September 16, 2026. The IPO is to list on BSE & NSE.