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Glass Wall Systems IPO
Price Band
₹172.0–182.0
Issue Size
₹427.89 Cr
Lot Size
82 shares
Min Investment
₹14,924
GMP
+₹41.0 (22.53%)
Issue Price
₹182.0
Subject to Sauda
₹2600
Paid only if allotted
Glass Wall Systems IPO AI Summary
- Glass Wall Systems IPO is listed on BSE, NSE in the Civil Construction sector.
- Price band: ₹172.0–₹182.0 per share, lot size 82 shares (min. investment ₹14,924).
- Subscription window: 08 Sep–10 Sep 2026, listing on 16 Sep 2026.
- Current GMP is +₹41.0 (22.53%), an estimated listing price of ₹223 — unofficial and can change daily.
Glass Wall Systems (India) Limited is a façade solutions provider with a strong track record in both domestic and international markets. The company has shown significant growth in revenue and profit over recent periods, making it an interesting option for investors considering IPOs in the civil construction sector.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Glass Wall Systems IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 10 Sep 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
81.65x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
167.93x
|
168x 🔥 |
| NII (HNI) |
79.71x
|
80x ✓ |
| ↳ bNII (>₹10L) |
73.90x
|
74x ✓ |
| ↳ sNII (<₹10L) |
91.34x
|
91x ✓ |
| Retail (RII) |
33.18x
|
33x ✓ |
| Total | 81.65x | 81.65x |
Auto-updated every 5 min · As of 10th Sep 2026 18:56
Glass Wall Systems IPO Grey Market Premium (GMP) Today
GMP
+₹41.0
GMP %
+22.53%
Est. Listing
₹223.0
Updated: 16 Sep 2026 07:45
GMP Trend (Last 13 Days)
About the Company
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, 2025, has completed more than 150 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, 2025, the company employed 289 permanent staff.
Company Financials (₹ Cr)
As of 2026-03-31
| 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 |
Key Ratios
EPS
₹9.90
NAV
₹20.22
ROE
39.00%
ROCE
43.39%
RoNW
32.72%
P/B Value
9.00
P/E Ratio
18.38
Market Cap
₹1600.42 Cr
PAT Margin
20.66%
Debt/Equity
0.05
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Innovator Façade Systems | 83.15 | 8.65% | 16.54 | 7.19 | — |
| Glass Wall Systems (India) Ltd. This IPO | 30.91 | 32.03% | — | 9.9 | 9.9 |
Promoters
Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 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 Vile Bhagad Facility 50.00 2 General Corporate Purposes 4.63 3 Issue Expenses 38.64 Total 93.27
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹310.26 Cr in the period ending 31 Mar 2024, falling to ₹288.14 Cr by 31 Mar 2025, before rising to ₹471.43 Cr by 31 Mar 2026. This indicates a recovery in revenue after a dip in the previous year.
Profit Trend
Profit After Tax was ₹20.25 Cr for the period ending 31 Mar 2024, increasing to ₹57.51 Cr by 31 Mar 2025, and further rising to ₹83.79 Cr by 31 Mar 2026. This shows a consistent growth in profitability over the observed periods.
Valuation
Glass Wall Systems (India) Ltd. has an EPS of ₹9.90 and is priced at an implied P/E of 18.38 at the issue price. This is compared to peers like Innovator Façade Systems, which has a P/E of 16.54. Thus, Glass Wall Systems is priced at roughly 1.11 times the trailing earnings of its peers.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO. It reflects the demand and supply dynamics in the unofficial market before the shares are listed on the stock exchange. A positive GMP suggests that the shares are expected to list at a premium to the issue price.
Subscription Demand
As of 10th September 2026, the IPO has received a total subscription of 81.65 times. The QIB (Institutional) category saw a subscription of 167.93 times, while the Retail (RII) category was subscribed 33.18 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall portfolio strategy and risk tolerance. It is important to consider market conditions and the company's growth potential.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid IPOs like this, which can be subject to high volatility and market fluctuations.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make on the first day of trading if the stock opens at a price higher than the issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock.
This evaluation is generated from Glass Wall Systems's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Glass Wall Systems IPO GMP today?
Glass Wall Systems IPO GMP today is +₹41.0 (22.53%), indicating an estimated listing price of ₹223. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Glass Wall Systems IPO?
The price band of Glass Wall Systems IPO is ₹172.0–₹182.0 per share.
When does Glass Wall Systems IPO open and close?
Glass Wall Systems IPO opens on 08 September 2026 and closes on 10 September 2026.
When does Glass Wall Systems IPO list on the stock exchange?
Glass Wall Systems IPO listed on 16 September 2026 at ₹223.0.
What is the lot size for Glass Wall Systems IPO?
The lot size for Glass Wall Systems IPO is 82 shares, requiring a minimum investment of ₹14,924.
What is the price band for the IPO?
The price band for the IPO is ₹172.0 to ₹182.0.
What is the minimum investment required?
The minimum investment required is ₹14,924.0.
What is the lot size for the IPO?
The lot size for the IPO is 82 shares.
When is the listing date for the IPO?
The listing date for the IPO is 16th September 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on demand in the unofficial market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
08 Sep 2026
Close
10 Sep 2026
Allotment
11 Sep 2026
Listing
16 Sep 2026
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