BSE List Price : ₹190.10

NSE List Price : ₹194.00

subscription

Category	Times
QIBs	167.93x
HNIs	79.71x
Retail	33.18x
Total : 81.65x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	1	82	₹14,924
Retail Maximum	13	1,066	₹194,012
S-HNI Minimum	14	1,148	₹208,936
S-HNI Maximum	67	5,494	₹999,908
B-HNI Minimum	68	5,576	₹1,014,832

About the Company

Glass Wall Systems (India) Limited originated from “Glass Wall Systems,” a partnership firm established on July 19, 2002. The firm underwent multiple reconstitutions before being converted into a private limited company, Glass Wall Systems (India) Private Limited, on August 27, 2010 under Part IX of the Companies Act, 1956. 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 offering turnkey architectural façade solutions, covering design, manufacturing and project management. 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. Its product portfolio includes glazing systems and customised 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 offers architectural louvers and sun-control systems, along with rain-screen cladding solutions such as metal, aluminium composite, dry stone, expanded mesh, tile/HPL, perforated metal and insulated sandwich panel claddings. Its portfolio further includes aluminium doors and windows, aluminium casement windows and seamless glass railings.

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2024	₹310.26	₹262.72	₹20.25	₹281.76
2025	₹288.14	₹212.53	₹57.51	₹316.63
2026	₹471.43	₹360.33	₹83.79	₹468.38

Company Promoter

Jawahar Hariram Hemrajani

Eshan Jawahar Hemrajani

Know before investing

• • Strengths

  Market Leadership & Diversified Presence: The Company is the second-largest façade solutions provider in India by revenue in Fiscal 2024 and 2025 and the largest façade exporter from India by revenue in 2024. Its innovative and sustainable solutions have helped establish it as a preferred partner for commercial property developers. Marquee Clients & Strong Execution Track Record: With over 20 years of promoter experience, the Company has successfully delivered projects for reputed real estate developers and contractors, supporting long-standing client relationships and a strong market reputation. Strong Design, Engineering & Manufacturing Capabilities: The Company has in-house design and engineering capabilities that enable it to deliver customised, innovative and high-quality façade solutions designed to meet seismic, fire, water and wind resistance requirements. Its strategically located, high-capacity manufacturing facility supports quality control and project-specific production flexibility.

• • Risks

  Raw Material Supply & Price Volatility: The Company relies on a limited number of suppliers and does not have long-term agreements, exposing it to fluctuations in prices, material shortages and supply disruptions for key inputs such as aluminium extrusions, silicone and performance glass. These factors may adversely affect profitability and cash flows. Risk in Managing Acquisitions: The Company may face challenges in integrating and managing Yes Systems, acquired to strengthen its presence in the high-end domestic fenestration market. Any difficulties in achieving the intended benefits could negatively impact profitability and growth plans. Dependence on Single Manufacturing Facility: The Company’s manufacturing operations are concentrated at its Vile Bhagad, Maharashtra facility. Any regional disruption, natural calamity, accident, equipment breakdown or machinery failure could result in production delays, additional repair costs, operational interruptions or inventory losses.

Objects of the Issue & Utilisation of proceeds

Funding capital expenditure requirements for setting up a Glass Processing Unit (GPU) at the Company’s Vile Bhagad facility as part of its planned backward integration.

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