Data shown is for informational purposes only and does not constitute investment advice. TopFund is not SEBI-registered. Consult a SEBI-registered advisor before investing.
HRS Aluglaze IPO
Price Band
₹94.0–96.0
Issue Size
₹50.92 Cr
Lot Size
1,200 shares
Min Investment
₹230,400
2 LOTS MIN
GMP
+₹22.0 (22.92%)
Issue Price
₹96.0
Subject to Sauda
₹20100
Paid only if allotted
HRS Aluglaze IPO AI Summary
- HRS Aluglaze IPO is listed on BSE SME in the Industrial Products sector.
- Price band: ₹94.0–₹96.0 per share, lot size 1,200 shares (min. investment ₹230,400, 2 lots minimum).
- Subscription window: 11 Dec–15 Dec 2025, listing on 18 Dec 2025.
- Current GMP is +₹22.0 (22.92%), an estimated listing price of ₹118 — unofficial and can change daily.
HRS Aluglaze Ltd is an industrial products company specializing in aluminium solutions, with a strong focus on quality and client relationships. The IPO aims to raise funds for expansion and working capital, and the company is positioned in a competitive market with a reasonable valuation compared to peers.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
HRS Aluglaze IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 15 Dec 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
HRS Aluglaze IPO Grey Market Premium (GMP) Today
GMP
+₹22.0
GMP %
+22.92%
Est. Listing
₹118.0
Updated: 25 Jul 2026 14:15
About the Company
Incorporated in 2012, HRS Aluglaze Ltd is engaged in the design, manufacturing, and installation of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems. The Company provides standard and customized solutions to builders, contractors, architects, and institutions, along with material supply and procurement support. The manufacturing facility is located at Village Rajoda, Taluka Bavla, Ahmedabad, Gujarat, with an area of 11,176 square meters, equipped with CNC precision machinery and powder coating facilities. An expansion of 13,714 square meters adjoining the current facility is proposed. As on September 30, 2025, the Company has 28 active projects. Offerings: Doors and Windows Curtain Walls and Structural Glazing Glass Railings, Partitions, Louvers, and Screens Cladding and Dynamic Façades Material Supply and Procurement Support As of September 30, 2025, the Company employed approximately Ninety (90) personnel, including skilled, semiskilled, and unskilled workers across various functions. Competitive Strengths: Experienced Leadership and Skilled Teams Proven Track Record with Strong Client Relationships Design, Execution, and Completions Commitment to Quality, Innovation, and Sustainability Vision to Shape the City Skyline
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 91.16 | 80.60 | 42.43 | 34.10 |
| Total Income | 26.35 | 42.14 | 26.97 | 22.69 |
| Profit After Tax | 4.54 | 5.15 | 1.79 | 0.87 |
| EBITDA | 8.45 | 10.70 | 3.53 | 1.75 |
| NET Worth | 24.61 | 20.11 | 9.96 | 8.17 |
| Reserves and Surplus | 10.66 | 13.45 | 3.46 | 1.67 |
| Total Borrowing | 41.04 | 38.66 | 24.35 | 17.91 |
Key Ratios
EPS
₹3.68
NAV
₹14.70
ROE
34.24%
ROCE
15.97%
RoNW
34.24%
P/B Value
6.53
P/E Ratio
26.07
Market Cap
₹185.11 Cr
PAT Margin
12.22%
Debt/Equity
1.92
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Aluwind Infra-Tech | 26.06 | 8.15% | 39.22 | 2.04 | 2.04 |
| Innovators Facade Systems | 88.43 | 3.19% | 73.02 | 2.78 | 2.78 |
| HRS Aluglaze Ltd This IPO | 17.61 | 20.28% | — | 3.25 | 3.25 |
Promoters
Rupesh Pravinbhai Shah, Pinky Rupesh Shah and Hrishikesh Rupesh Shah
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 to set up assembly & glass glazing line at Rajoda, Ahmedabad for fa√ßade work. 18.30 2 Funding of Working Capital Requirement of the company 19.00 3 General Corporate Purposes 7.62 4 Issue Expenses 6.30 Total 51.22
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹22.69 Cr for the year ending 31 Mar 2023, increasing to ₹26.97 Cr by 31 Mar 2024, and then rising further to ₹42.14 Cr by 31 Mar 2025. However, for the period ending 30 Sep 2025, total income dropped to ₹26.35 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹0.87 Cr for the year ending 31 Mar 2023, which increased to ₹1.79 Cr by 31 Mar 2024, and then rose to ₹5.15 Cr by 31 Mar 2025. For the period ending 30 Sep 2025, profit after tax was ₹4.54 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
HRS Aluglaze Ltd has an EPS of ₹3.68 and is priced at a P/E ratio of 26.07 at the issue price. Peers are trading at P/E ratios ranging from 39.22 to 73.02, indicating that HRS Aluglaze is priced at roughly 26.07 times trailing earnings, versus peers trading at 39.22-73.02.
Grey Market Premium, Explained
The Grey Market Premium (GMP) refers to the unofficial trading of shares before they are listed on the stock exchange. A positive GMP indicates that the shares are expected to list at a higher price than the issue price, while a negative GMP suggests the opposite. Investors often look at GMP as an indicator of market sentiment towards an IPO.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. It's important to consider the company's fundamentals and market conditions before making a decision.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid this IPO, as it may involve higher volatility and uncertainty associated with new listings.
IPO Timeline, Explained
The IPO opens for subscription on December 11, 2025, and closes on December 15, 2025. Allotment of shares will take place on December 16, 2025, with the listing expected on December 18, 2025.
Listing Gains — The Risk
Listing gains refer to the profits made when shares are sold on the listing day at a price higher than the issue price. However, there are risks involved, as market conditions can change rapidly, and the stock may not perform as expected on its debut.
This evaluation is generated from HRS Aluglaze'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 HRS Aluglaze IPO GMP today?
HRS Aluglaze IPO GMP today is +₹22.0 (22.92%), indicating an estimated listing price of ₹118. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of HRS Aluglaze IPO?
The price band of HRS Aluglaze IPO is ₹94.0–₹96.0 per share.
When does HRS Aluglaze IPO open and close?
HRS Aluglaze IPO opens on 11 December 2025 and closes on 15 December 2025.
When does HRS Aluglaze IPO list on the stock exchange?
HRS Aluglaze IPO listed on 18 December 2025 at ₹118.0.
What is the lot size for HRS Aluglaze IPO?
The lot size for HRS Aluglaze IPO is 1200 shares, requiring a minimum investment of ₹230,400 (2 lots).
What is the lot size for HRS Aluglaze IPO?
The lot size for the HRS Aluglaze IPO is 1200 shares.
What is the minimum investment required?
The minimum investment required for the HRS Aluglaze IPO is ₹230,400.
What is the price band for the IPO?
The price band for the HRS Aluglaze IPO is ₹94.0 to ₹96.0.
When is the listing date for HRS Aluglaze?
The listing date for HRS Aluglaze is December 18, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected premium or discount of the IPO shares in the grey market before listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
11 Dec 2025
Close
15 Dec 2025
Allotment
16 Dec 2025
Listing
18 Dec 2025
Similar IPOs in Industrial Products
Plan Your IPO Investment
Related Articles
Community Sentiment
What are other investors planning for HRS Aluglaze?
No votes yet — be the first to share your view.
Sign in to voteDiscussion
User-generated content — not investment advice, and not verified or endorsed by TopFund.
No comments yet — start the discussion.