Glass Wall Systems (India) IPO Details
Glass Wall Systems (India) IPO Summary
Glass Wall Systems (India) IPO opens for subscription on 08 Sep 2026 and closes on 10 Sep 2026.The IPO will be listed on NSE, BSE with the tentative listing date set for 16 Sep 2026.
Glass Wall Systems (India) IPO price band has been fixed at ₹172 – ₹182 per share. The face value is ₹2 per share with a lot size of 82.
Glass Wall Systems (India) IPO total issue size comprises 2,35,10,425 shares (aggregating up to ₹427.89 Cr). This includes a fresh issue of 32,96,703 shares (aggregating up to ₹60.00 Cr). Offer for Sale consists of 2,02,13,722 shares (aggregating up to ₹367.89 Cr). Pre-issue shareholding stands at 8,46,38,550, which will increase to 8,79,35,253 post-issue.
Glass Wall Systems (India) IPO carries a ₹39 (21.43%) GMP, reflecting investor sentiment.
Glass Wall Systems (India) IPO Lot Size :Retail Minimum is 1 lot (82 shares) amounting to ₹14,924. Retail Maximum is 13 lots (1,066 shares) amounting to ₹1,94,012. SHNI Minimum is 14 lots (1,148 shares) amounting to ₹2,08,936. SHNI Maximum is 67 lots (5,494 shares) amounting to ₹9,99,908. BHNI Minimum is 68 lots (5,576 shares) amounting to ₹10,14,832.
Glass Wall Systems (India) IPO Details
Glass Wall Systems (India) IPO Subscription
Glass Wall Systems (India) IPO Application Wise Breakup (Approx)
Glass Wall Systems (India) IPO Dates
- 08 Sep 2026Opening dateOpen
- 10 Sep 2026Closing dateClose
- 11 Sep 2026Allotment Date Allotment
- 15 Sep 2026Initiation of RefundsRefund
- 15 Sep 2026Credit of SharesCredit
- 16 Sep 2026Listing dateListing
Glass Wall Systems (India) IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 82 | ₹14,924 |
| Retail Maximum | 13 | 1066 | ₹1,94,012 |
| SHNI Minimum | 14 | 1148 | ₹2,08,936 |
| SHNI Maximum | 67 | 5494 | ₹9,99,908 |
| BHNI Minimum | 68 | 5576 | ₹10,14,832 |
Glass Wall Systems (India) IPO Reservation
Promoter Holding
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Glass Wall Systems (India) IPO Valuations
Glass Wall Systems (India) Financial Information
| Period Ended | 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 |
| Amount in ₹ Crore | |||
About Glass Wall Systems (India) IPO
Incorporated in 2010, Glass Wall Systems (India) Limited is a façade solutions and fenestration provider with operations in India as well as international markets, including the United States and Australia. The company has over two decades of industry experience and, as of March 31, 2026, has completed more than 158 projects.
Its business is structured across three verticals:
- Domestic Façade Solutions – Design, engineering, fabrication, supply, installation, and EPC services for real estate developers, contractors, and corporate clients.
- International Façade Products Supply – Supply of sustainable façade products, tailored to contractors and façade companies overseas.
- Fenestration Solutions – Custom luxury windows, doors, skylights, and partition systems, catering to the high-end domestic market, primarily through its subsidiary Yes Systems Private Limited (acquired in August 2025). Yes Systems operates in the premium fenestration space under the brand ORIA and collaborates with international partners such as a Swiss window systems brand, LIBART, and OIKAS.
The company’s client base includes real estate developers, contractors, hospitals, airport authorities, and corporations in commercial, residential, and institutional projects. Notable projects include The Capital, Kohinoor Square, Bagmane Rio, Lodha World One in India, and international assignments such as Jackson Avenue, 1400 South Wabash, Spark GTIC, Harper Court in the U.S. and Project Dove in Australia.
As of March 31, 2026, the company employed 370 permanent staff.
Strength Of Glass Wall Systems (India) IPO
- Market leadership supported by a diversified business model and strong foothold in domestic and international markets.
- Marquee client base with proven track record of successful project execution.
- Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure.
- Focused on creating environmentally sustainable high-performance solutions.
- Experienced Promoters and management team.
Risk Of Glass Wall Systems (India) IPO
- Our business is dependent on certain key clients, and our top 10 clients contributed 86.40%, 78.13% and 88.56% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The loss of one or more of these clients could have an adverse effect on our business prospects, results of operations, financial condition and cash flows.
- We depend on a limited number of suppliers and we do not have long term agreements with our suppliers for our raw materials and volatility in raw material prices and shortages or disruption in their supply could adversely affect our business, results of operations, financial condition and cash flows.
- We derived 45.20%, 41.21%, and 43.38% of our revenue from operations from overseas operations, based on the criteria set out in Ind AS 108 - Operating Segments, in Fiscals 2026, 2025 and 2024, respectively. Any adverse events in these jurisdictions could have an adverse impact on our business, results of operations, financial condition and cash flows.
- If we fail to integrate or manage acquired companies or businesses efficiently, our overall profitability and growth plans could be adversely affected.
- We derive a portion of our revenue from our domestic façade business, which accounted for 48.88%, 46.64%, and 49.34% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any decline in demand for our domestic façade services could have an adverse impact on our business, results of operations, financial condition and cash flows.
- We are entirely dependent on our manufacturing facility located in Vile Bhagad, Maharashtra. Any adverse developments affecting this region or any slowdown, shutdown or unscheduled or prolonged disruption in our manufacturing could have an adverse effect on our business, results of operations, financial condition and cash flows.
- We have in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- We derive a significant portion of our revenues from the states of Maharashtra, that accounted for 13.08%, 20.88%, and 28.43% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively and Karnataka that accounted for 31.55%, 12.94%, and 21.05% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively from our revenue from operations - Indian operations. Further, revenue from operations - Indian operations and overseas operations are based on the criteria set out in Ind AS 108 - Operating Segments. Any adverse developments in such regions, could have an adverse impact on our business, results of operations, financial condition and cash flows.
- The premises of manufacturing facility is on a leasehold basis and the premises of certain of branch offices and guest houses are on leave and license basis. If we fail to renew these leases and leave and license agreements on competitive terms or if we are unable to manage our rental costs, our business, results of operations, financial condition and cash flows would be adversely affected.
- If we fail to protect or incur significant costs in defending our intellectual property or if we infringe the intellectual property rights of others, our business, results of operation, financial condition and cash flows could be adversely affected.
Objectives Glass Wall Systems (India) IPO
1. Funding capital expenditure requirement for setting up of a glass processing unit (“GPU Project”) as part of planned backward integration of the Company at our Vile Bhagad Facility;
2. General corporate purposes
Company Contact Details
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/
Registrar Contact Details
Glass Wall Systems (India) FAQs
The Glass Wall Systems (India) IPO is a MAINBOARD public issue comprising 23510425 equity shares with a face value of ₹2 each, aggregating to a total issue size of ₹427.89 Cr. The issue price has been fixed at ₹182 per equity share, and the minimum application size is 82 shares.
The IPO opens for subscription on 08 Sep 2026, and closes on 10 Sep 2026.
MUFG Intime India Pvt Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
As of now, the current GMP stands at ₹39 (21.43%).
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