Glass Wall Systems (India) Limited

listedRefreshing

NSE · Source: SEBI

DRHP3 Sept 2026completed
RHP3 Sept 2026completed
Price band3 Sept 2026completed
Opened8 Sept 2026completed
Closed10 Sept 2026completed
Allotted11 Sept 2026completed
Listed16 Sept 2026completed

Price band

₹172–₹182

Issue size

₹427.89 Cr

Fresh issue

₹60 Cr

Offer for sale

₹367.89 Cr

GMP ₹39 (21.43%)grey-market · 37 days ago

What the company does

Business model: Façade engineering and fenestration business operating through domestic façade solutions, international façade products supply and, following the August 21, 2025 acquisition of Yes Systems Private Limited, premium luxury fenestration. Domestic projects cover design, engineering, fabrication or manufacturing, supply and installation; international supply covers design, engineering, fabrication or manufacturing and supply. (p.27, 212, 213, 214)
Revenue drivers: Revenue is driven by domestic façade project execution and international façade product supply. In Fiscal 2025, domestic façade solutions contributed ₹1,300.55 million or 53.14% of revenue from operations and international façade products supply contributed ₹1,147.06 million or 46.86%. The fenestration business was acquired after Fiscal 2025 and did not contribute to historical restated revenue. (p.44, 216, 221, 222)
products: Curtain wall façades, storefront wall façades, unitized and semi-unitized curtain wall façades, frameless façades, and through Yes Systems premium customised windows, doors, skylights and partition systems; Yes Systems also offers façade and curtain wall systems, bolted façades, canopies, space frames, louvers, rainscreen cladding and diagrids. (p.27, 213, 214)
Customers & concentration: Top 10 customers accounted for 84.29% of Fiscal 2025 revenue from operations, 93.79% in Fiscal 2024 and 91.97% in Fiscal 2023. Top 3 customers accounted for 53.89%, 64.48% and 49.34%, respectively. As of March 31, 2025 the Company had 17 active domestic clients and 4 active international clients. (p.39, 222)
geography: Fiscal 2025 revenue from India operations was ₹1,300.55 million or 53.14% and overseas operations were ₹1,147.06 million or 46.86%. Overseas revenue was ₹1,320.28 million or 46.79% in Fiscal 2024 and ₹156.79 million or 6.52% in Fiscal 2023. The United States represented 41.94% of total Fiscal 2025 revenue and Australia 4.26%.

Key performance indicators

As disclosed by the issuer.

KPI	Value	Period	Pages
Domestic façade solutions revenue	₹1,300.55 million	Fiscal 2025	141, 216
International façade products supply revenue	₹1,147.06 million	Fiscal 2025	141, 216
PAT Margin	17.90%	Fiscal 2025	141, 216
Adjusted PAT	₹438.09 million	Fiscal 2025	141, 216
Adjusted PAT Margin	17.90%	Fiscal 2025	141, 216
Adjusted ROCE	61.01%	Fiscal 2025	141, 216
Net debt to Total Equity	(0.41)x	Fiscal 2025	141, 216
Debt to Total Equity	0.06x	Fiscal 2025	141, 216
Gross Fixed Asset Turnover	5.88x	Fiscal 2025	141, 216
Domestic façade solutions revenue	₹1,501.43 million	Fiscal 2024	141, 216
International façade products supply revenue	₹1,320.28 million	Fiscal 2024	141, 216
PAT Margin	4.24%	Fiscal 2024	141, 216
Adjusted PAT	₹281.42 million	Fiscal 2024	141, 216
Adjusted PAT Margin	9.97%	Fiscal 2024	141, 216
Adjusted ROCE	39.29%	Fiscal 2024	141, 216
Net debt to Total Equity	(0.10)x	Fiscal 2024	141, 216
Debt to Total Equity	0.16x	Fiscal 2024	141, 216
Gross Fixed Asset Turnover	7.33x	Fiscal 2024	141, 216
Domestic façade solutions revenue	₹2,248.32 million	Fiscal 2023	141, 216
International façade products supply revenue	₹156.79 million	Fiscal 2023	141, 216
PAT Margin	6.70%	Fiscal 2023	141, 216
Adjusted PAT	₹161.11 million	Fiscal 2023	141, 216
Adjusted PAT Margin	6.70%	Fiscal 2023	141, 216
Adjusted ROCE	6.99%	Fiscal 2023	141, 216
Net debt to Total Equity	0.24x	Fiscal 2023	141, 216
Debt to Total Equity	0.46x	Fiscal 2023	141, 216
Gross Fixed Asset Turnover	6.56x	Fiscal 2023	141, 216
Domestic façade order book	₹4,219.78 million	as of August 31, 2025	221
International façade products order book	₹1,354.89 million	as of August 31, 2025	221
Yes Systems fenestration order book	₹673.49 million	as of August 31, 2025	221
Top 10 customer concentration	84.29% of revenue from operations	Fiscal 2025	39
Top 10 supplier concentration	68.96% of raw material and component purchases	Fiscal 2025	40
Net Working Capital Days	74 days	Fiscal 2025	54