Glass Wall Systems (India) Limited IPO Price: ₹172 to ₹182 per share
IPO Dates: 8 to 10 Sept, 2026
Company Overview
Incorporated in 2010, Glass Wall Systems (India) Limited is a façade solutions and fenestration provider with operations in India and 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.
Business Operations
The company operates across three business verticals: Domestic Façade Solutions, International Façade Products Supply, and Fenestration Solutions.
Domestic Façade Solutions covers design, engineering, fabrication, supply, installation, and EPC services for real estate developers, contractors, and corporate clients.
International Façade Products Supply focuses on supplying sustainable façade products tailored to contractors and façade companies in overseas markets.
Fenestration Solutions offers custom luxury windows, doors, skylights, and partition systems for the high-end domestic market, primarily through its subsidiary Yes Systems Private Limited, which was 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.
Customer Base
The company serves real estate developers, contractors, hospitals, airport authorities, and corporations across commercial, residential, and institutional projects.
Project Portfolio
Notable projects in India include The Capital, Kohinoor Square, Bagmane Rio, and Lodha World One. International assignments include Jackson Avenue, 1400 South Wabash, Spark GTIC, and Harper Court in the U.S., along with Project Dove in Australia.
Global Presence
Glass Wall Systems (India) Limited has operations across India as well as international markets, including the United States and Australia.
Workforce
As of March 31, 2026, the company employed 370 permanent staff.
Bidding Starts In
Glass Wall Systems (India) Limited IPO Specifics:
| IPO Date | 8 to 10 Sep, 2026 |
| Listing Date | Wed, Sep 16, 2026T |
| Face Value | ₹2 per share |
| Price Band | ₹172 to ₹182 |
| Lot Size | 82 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,35,10,425 shares (agg. up to ₹428 Cr) |
| Fresh Issue | 32,96,703 shares (agg. up to ₹60 Cr) |
| Offer for Sale | 2,02,13,722 shares of ₹2 (agg. up to ₹368 Cr) |
| Share Holding Pre Issue | 8,46,38,550 shares |
| Share Holding Post Issue | 8,79,35,253 shares |
Glass Wall Systems (India) IPO Timetable (Important Dates)
| Event | Date |
|---|---|
| IPO Open | Tue, Sep 8, 2026 |
| IPO Close | Thu, Sep 10, 2026 |
| Allotment | Fri, Sep 11, 2026 |
| Refund | Tue, Sep 15, 2026 |
| Credit of Shares | Tue, Sep 15, 2026 |
| Listing | Wed, Sep 16, 2026 |
Glass Wall Systems (India) Limited IPO Lot Size
Bidders have the opportunity to bid for a minimum of 82 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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 |
Glass Wall Systems (India) Limited IPO Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Offer |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Offer |
Glass Wall Systems (India) Limited IPO Financial Information
| Particulars (₹ Cr) | 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 |
Key Performance Indicator-Glass Wall Systems (India) Limited IPO
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 38.62% | 39.00% |
| ROCE | 43.01% | 43.39% |
| Debt/Equity | 0.03 | 0.05 |
| RoNW | 32.03% | 32.72% |
| PAT Margin | 18.34% | 20.66% |
| EBITDA Margin | 23.02% | 26.23% |
| NAV | 30.91 | 20.22 |
| Price to Book Value | 5.89 | 9.00 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 9.90 | 9.53 |
| P/E (x) | 18.38 | 19.1 |
| Market Cap at Offer Price | ₹1,540Cr. | ₹1,600.42 Cr |
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
Glass Wall Systems (India) Limited IPO RHP
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