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Glass Wall Systems IPOLISTED
Glass Wall Systems (India) Limited is a façade solutions and premium fenestration provider offering design, engineering, fabrication, supply and installation services in India and international markets.
Listing price
₹194
Listing gain
+6.59%
Current
₹194
Listed
16 Sept 26
Opens
08 Sept 26Closes
10 Sept 26Allotment
11 Sept 26Refund
15 Sept 26Demat
15 Sept 26Listing
16 Sept 26Listed at
₹194
+6.59% on 16 Sept 26
Overview
Price band
₹172-182
Lot size
82 shares
Min. investment
₹14,924
Issue size
₹427.89 Cr
2.35 Cr shares
Fresh issue
₹60 Cr
32.97 L shares
Offer for sale
₹367.89 Cr
2.02 Cr shares
Face value
₹2 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Anchor Investor | 70,53,127 | 30% |
| QIB | 47,02,085 | 20% |
| NII (HNI) | 35,26,564 | 15% |
| B-HNI | 23,51,043 | 10% |
| S-HNI | 11,75,521 | 5% |
| Individual | 82,28,649 | 35% |
| Total | 2,35,10,425 | 100% |
Lot size & investment
| 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 |
Listing performance
NSE/BSE: GLASSWALLListing gain
+6.59%
Gain per retail lot
₹984
Latest vs issue
—
GMP was
₹48 (+26.37%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Glass Wall Systems Live GMP
Latest GMP
₹48
All-time high
₹65
All-time low
₹47
Subscription
11 Sept, 12:00 amOversubscribed 81.65 times · 31,01,710 applications
Total applications
31,01,710
Total bid amount
₹24,456 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 47,02,085 | 78,96,08,094 | 167.93x | ₹14,371 Cr |
| NII (HNI) | 35,26,564 | 28,11,14,614 | 79.71x | ₹5,116 Cr |
| B-HNI | 23,51,043 | 17,37,47,340 | 73.90x | ₹3,162 Cr |
| S-HNI | 11,75,521 | 10,73,67,274 | 91.34x | ₹1,954 Cr |
| Retail | 82,28,649 | 27,30,04,978 | 33.18x | ₹4,969 Cr |
| Total | 1,64,57,298 | 1,34,37,27,686 | 81.65x | ₹24,456 Cr |
Application-wise breakup
| Category | Applications reserved | Applied | Times |
|---|---|---|---|
| B-HNI | 2,048 | 30,718 | 15.00x |
| S-HNI | 1,024 | 90,589 | 88.47x |
| Retail | 1,00,349 | 29,65,091 | 29.55x |
Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
38.62%
PAT Margin
18.34%
ROCE
43.01%
EBITDA Margin
23.02%
Debt to Equity Ratio
0.03
Price to Book Value
5.89
RoNW
32.03%
Valuation vs listed peers
EPS Pre IPO
₹9.9
EPS Post IPO
₹9.53
P/E Pre IPO
18.38
P/E Post IPO
19.1
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| Innovator Façade Systems Limited | 16.54 | — | — | ₹10 |
Peer median P/E 16.5× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+51.9%
Profit growth FY24 → FY26
+313.8%
P/E vs peer median
19.1× vs 16.5×
- PAT margin 18.3% and ROCE 43.0%.
- Priced above its listed-peer median P/E.
Strengths & risks
- Strong Industry Position with 20+ years of experience.
- Diversified Business across façades, exports and fenestration.
- Strong Order Book of ₹981.55 crore as of July 2026.
- Integrated Manufacturing with CNC machinery and backward integration plans.
Buzz score · Solid
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure requirement for setting up of GPU Project as part of planned backward integration of the Company at its Vile Bhagad Facility. | 50 |
| General corporate purposes. | - |
Company & documents
Glass Wall Systems (India) Limited is a façade engineering and fenestration solutions provider serving Indian and international markets. It provides design, engineering, manufacturing, supply and installation of architectural façade and glass curtain wall systems for commercial, residential and institutional projects.
Its business is primarily organised across three verticals:
- Domestic Façade Solutions: Covers manufacturing and EPC services for façade projects in India, contributing ₹2,233.43 million in FY2026 revenue.
- International Façade Products Supply: Supplies façade products to international markets, contributing ₹2,065.73 million in FY2026 revenue.
- Fenestration Solutions: Entered the fenestration market through the acquisition of Yes Systems Private Limited in August 2025, offering window and door solutions.
The company operates a manufacturing facility at Vile Bhagad, Maharashtra, with four production lines and a capacity of 130 panels per day after expansion. It is also pursuing backward integration into glass processing to strengthen supply-chain control and efficiency.
In FY2026, Glass Wall Systems reported ₹456.97 crore revenue from operations. Domestic Façade Solutions, International Façade Products Supply and Fenestration Solutions contributed ₹223.34 crore, ₹206.57 crore and ₹27.06 crore, respectively.
The company has 22 domestic clients with active projects and five international clients as of March 31, 2026. Key clients include Embassy Group, Lodha Group, Bagmane, Prestige Group, K Raheja, Wadhwa Group, Kohinoor CTNL Infrastructure Company, Coriander Specialities, RWW, Winpro and SRG Global.
As of March 31, 2026, the company had 370 permanent employees, supported by a project management team of 134+ professionals and 21 supervisors.
Registrar
MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: glasswallsystems.ipo@in.mpms.mufg.com
Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Company contact
Glass Wall Systems 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
Book running lead managers
- IIFL Capital Services Ltd.
- Motilal Oswal Investment Advisors Ltd.
Promoters
- Jawahar Hariram Hemrajani
- Eshan Jawahar Hemrajani