Glass Wall Systems (India)
Glass Wall Systems (India) a premium fa?ade and fenestration products and solutions to a range of real estate developers, hospitals, airport authorities, general contractors and corporate clients involved in developing commercial, residential and institutional properties across India as well as fa?ade contractor companies and general contractors in the USA and Australia.
The fa?ade and fenestration sector serves as the critical interface between a building?s interior and its external environment, combining advanced materials, precision engineering and architectural design to deliver both form and function. Facade enhances thermal efficiency, acoustic performance, and aesthetic appeal while ensuring structural integrity and durability. Fenestration refers to the openings in the building envelope such as windows, doors, and skylights which allow natural light, ventilation, and physical connectivity between indoor and outdoor environments. By integrating high performance glazing, thermally broken framing, rain screen cladding and structural glazing, these systems regulate daylight, control solar heat gain, ensure air and water tightness, and contribute significantly to occupant comfort, space and energy efficiency.
The company provide a diverse array of innovative and customized products, including fa?ade and curtain wall systems, bolted fa?ades, skylights, canopies, and space frames, louvers, rain screen cladding, diagrids, and aluminium doors and windows. In fenestration the company specializes in premium solutions, including custom-designed luxury windows, doors, skylights, and partition systems, tailored to the luxury sector of the Indian real-estate market. These systems are highly engineered products designed based on stringent technical specifications to provide stability and structural integrity to building frameworks.
Operations of the company are categorized into three main verticals: 1) Domestic Fa?ade Solutions; 2) International Fa?ade Products Supply and 3) Fenestration Solutions. The company provides comprehensive fa?ade solutions including design, engineering, fabrication and manufacturing, supply and installation services, serving real estate developers, general contractors and corporate domestic clients.
The company has collaborated with RWW, a leading player in the fa?ade industry in North America to penetrate the USA market. This collaboration has enabled it to establish a presence in the USA market, leveraging its expertise in quality and sustainable fa?ade systems. As a result, it is a major supplier of fully unitized and fabricated curtain wall panels for RWW?s projects. In Australia, it contract with companies such as SRG Global, cementing its position in the market.
Indian operations accounted for 54.8%/58.8% of revenue in FY26/FY25 with balance 45.2%/41.2% from overseas operations. Of the International revenue (i.e. 45.2% of revenue from operation) in FY26 about 5.16% is from Australia and balance 40.04% is from USA. Of the FY26 revenue from Indian operations of 54.8%, about 31.55% is from Karnataka, 13.08% from Maharashtra and 10.17% from other states.
On August 21, 2025, the company has acquired Yes Systems Private Limited (?Yes Systems?) that focused on delivering custom, energy efficient fenestration solutions and offers products and solutions under the brand ?ORIA?. The operations of Yes Systems are entirely targeted towards luxury residential developers and high-net-worth individuals in India. Thus the business segment of Yes Systems is relatively of high margin. Yes Systems has entered into an agreement with a leading premium Swiss window systems brand, to provide high-end fenestration solutions in the Indian market. Yes Systems is also the preferred partner for international brands such as LIBART and OIKAS, known for their expertise in offering innovative architectural solutions in India.
The company with over two decades of experience in the fa?ade solutions industry has successfully completed 158 projects, as of March 31, 2026, showcasing its expertise in delivering innovative solutions. And it maintain long-standing relationships with its clients, and association with several key clients such as Bagmane, K Raheja and Prestige spans over eight years and extends up to 12 years in certain cases, reflecting the strength and stability of its partnerships.
Total order book of the company as end of Mar 31, 2026 stood at Rs 981.546 crore [of which 63.79% domestic fa?ade solutions, 18.97% is international fa?ade supply and 17.24% is fenestration solutions orders] up from Rs 846.022 crore as end of Mar 31, 2025.
Manufacturing facility of the company is located at Vile Bhagad(Maharashtra) and has a production capacity of 130 panels per day. Further it is pursuing backward integration through the establishment of in-house glass processing unit (GPU) which is expected to become operational by around August 2027. Capital expenditure for setting up of the GPU unit is funded through proceeds from the fresh issue. This backward integration will aid the company in establishing an in-house GPU, where raw glass (or float glass) will be purchased from manufacturers and processed internally to convert them into toughened and performance glass suitable for facades. Its subsidiary, Yes Systems? manufacturing facility also operates at its Vile Bhagad Facility.
Indian fa?ade market is projected to expand at a CAGR of 12.3 % to reach Rs 144.1 billion by Fiscal 2030, underpinned by rising architectural complexity, more stringent energy-efficiency mandates and growing adoption of fully integrated envelope solutions. The global fa?ade market (finished goods and installation revenue) is projected to reach USD 30,544.1 million by 2030, up from USD 23,154.3 million in 2025. The ultra-luxury residential fenestration segment in India has demonstrated explosive growth over the past five years, with revenue rising from Rs 2.6 billion in Fiscal 2020 to Rs 9.7 billion in Fiscal 2026, at an impressive CAGR of 24.4%.
The issue, Objects of the issue
The offer comprises fresh issue of equity shares of Rs 2 each aggregating to Rs 60 crore and an offer for sale of 20213722 equity shares. The offer for sale component consists of sale of 14943048 equity shares by India Business Excellence Fund IIA, an investor selling shareholder and balance 5270674 equity shares by promoters.
Of the net proceeds from fresh issue, the company intends to use Rs 50 crore to fund capital expenditure requirements for setting up of GPU project as part of planned backward integration of the company at its Vile Bhagad facility and balance towards general corporate purposes.
Strengths
Market leadership supported by a diversified business model and strong foothold in domestic and international markets. The company is the second largest provider of fa?ade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024 as well as India?s largest fa?ade exporter in 2024 in terms of revenue.
Proven track record of successful project execution within the domestic market, coupled with its capability to deliver products internationally.
Established collaboration/relationships with players such as RWW in USA and SRG Global in Australia facilitating market penetration.
Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure.
Strong diversified order book, which translates into 2.15 times of its FY26 revenue.
Weaknesses
Top 3/5/10 clients contributed 56.75%/69.87%/86.40% and 47.72%/59.77%/78.13% of its revenue from operations in FY26 and FY25 respectively.
About 80.26%/83.38% of USA revenue in FY26/FY25 is from Winpro International LLC USA.
Fa?ade solutions industry is intensely competitive.
Significant portion of its Indian revenues comes from the states of Karnataka & Maharashtra.
Do not have trademark registration for its logo and ?ORIA? of its subsidiary. Application for the registration of the logo under its/subsidiary?s name is pending.
Generated 52.75%/79.75%/90.70% of its revenue in FY26/FY25/FY24 from projects awarded to it following a competitive bidding process.
Have in the past entered into related party transactions and may continue to do so in the future.
Business is dependent on the performance of the real estate sector(both in the Indian and overseas markets), which is cyclical in nature.
Statutory Auditors examination report on restated consolidated financials discloses certain emphasis of matters and modifications which were included in the auditors reports for FY26.
Dependent on third parties for certain operational processes and any failure by these third parties to meet required quality standards could have an adverse impact on business.
EPC orders are exposed to risks associated with project execution.
Additional or increased tariffs or other trade-restrictive measures could raise its cost of sales and erode the price competitiveness of its products in the USA.
Claims against the company not acknowledged as debts as end of Mar 2026 stood at Rs 33.41 crore.
Valuation
Consolidated re-stated revenue for the fiscal ending March 2026 stood higher by 64% to Rs 456.97 crore. With OPM contract by 320 bps to 23%, the growth of OP was 44% to Rs 105.20 crore. Finally, net profit was higher by 46% to Rs 83.79 crore.
On expanded equity, the EPS for FY2026 was Rs 9.5. On the upper price band, the PE works out to 19.2 times of its FY26 EPS. P/BV stood at 5 times and EV/Sales stood 3.3 times. ROE stands at 22.1%.
In comparison, Innovators Fa?ade Systems quotes at a PE of 15.9 times of its FY26 EPS. Its price/BV stood at 1.2 times and EV/sales stood at 1.1 times. ROE stood at 7.7% and OPM stands at 12.5% for FY26.
| Glass Wall Systems (India) : Re-stated Consolidated Financials |
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| 2403 (12) | 2503 (12) | 2603 (12) | |||
| Sales | 304.34 | 278.33 | 456.97 | |||
| OPM (%) | 18.0 | 26.2 | 23.0 | |||
| OP | 54.70 | 73.01 | 105.20 | |||
| Other income | 5.92 | 9.81 | 14.45 | |||
| PBIDT | 60.62 | 82.82 | 119.65 | |||
| Interest | 9.37 | 3.59 | 3.52 | |||
| PBDT | 51.24 | 79.23 | 116.13 | |||
| Depreciation | 3.71 | 3.63 | 5.04 | |||
| PBT | 47.54 | 75.60 | 111.10 | |||
| EO Exp | 16.19 | 0.00 | 0.00 | |||
| PBT after EO | 31.35 | 75.60 | 111.10 | |||
| Tax | 11.10 | 18.09 | 27.31 | |||
| PAT | 20.25 | 57.51 | 83.79 | |||
| Share of Profit from Associates | 0.00 | 0.00 | 0.00 | |||
| Minority Interest | 0.00 | 0.00 | 0.00 | |||
| Net profit after MI | 20.25 | 57.51 | 83.79 | |||
| EPS (Rs)* | 3.5 | 6.5 | 9.5 | |||
| * on post IPO fully dilluted equity (on upper price band) of Rs 17.59 crore. Face Value: Rs 2 | ||||||
| EPS is calculated after excluding EO and relevant tax | ||||||
| Figures in Rs crore | ||||||
| Source: Capitaline Corporate database | ||||||
| Glass Wall Systems (India) : Issue Highlights |
|
| Fresh Issue (Rs crore) | 60 |
| Offer for sale (in nos.) | 20213722 |
| Price band (Rs.) ** |
|
| Upper | 182 |
| Lower | 172 |
| Post-issue equity (Rs crore) | |
| in Upper price band | 17.59 |
| in Lower Price Band | 17.63 |
| Post-issue promoter (including promoter group) stake (%) | 55.98 |
| Minimum Bid (in nos.) | 82 |
| Issue Open Date | 08-09-2026 |
| Issue Close Date | 10-09-2026 |
| Listing | BSE, NSE |
| Rating | 43 /100 |
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