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

Governance observations

Supported by the filing.

Related-party transactions represented ₹174.29 million or 7.12% of Fiscal 2025 revenue, ₹221.54 million or 7.85% in Fiscal 2024 and ₹163.39 million or 6.79% in Fiscal 2023. M.J. Coaters Private Limited alone accounted for ₹119.04 million of Fiscal 2025 job-work and subcontract services; the risk section states its subcontracting charges represented 48.12% of total subcontracting charges in Fiscal 2025. (p.33, 34, 35, 62, 63)
A historical statutory audit qualification on VAT provisioning is reproduced in the DRHP as a non-adjusting item: auditors stated a ₹3,121.30 lakh provision was required for unassessed years but management did not recognise it on the basis of expected customer recovery, which the auditors could not ascertain. (p.376, 378)
CARO disclosures identify control and reporting issues including mismatches between specified quarterly bank statements and books, and delayed deposit of certain statutory dues, although the auditors described the undisputed statutory-dues delays as not serious. (p.375, 377, 378)
The accounting software audit trail was not enabled for direct data changes under certain access rights; no tampering was identified where audit trail was enabled. (p.376)
Certain property title deeds were not in the Company name, and title deeds for immovable properties amounting to ₹318.26 million were pledged with banks and not available with the Company; the bank had not independently confirmed the same. (p.376)
The Company disclosed historical non-compliance for failure to appoint a whole-time company secretary during 2010-2013 and had a compounding application pending as of the DRHP date. (p.63)
Yes Systems was acquired on August 21, 2025 and acquisition consideration shares were allotted on August 28, 2025, shortly before the September 5, 2025 DRHP. Historical results therefore exclude the acquired fenestration business, while a separate unaudited proforma is provided. (p.3, 105, 212, 380)

Related-party transactions

Counterparty	Nature	Amount	% of revenue	Pages
M.J. Coaters Private Limited	Purchase of materials	Fiscal 2025 ₹0.12 million; Fiscal 2024 nil; Fiscal 2023 ₹0.11 million	Fiscal 2025 0.01%; Fiscal 2024 nil; Fiscal 2023 0.00%	33
Arham Engineers	Purchase of materials	Fiscal 2025 nil; Fiscal 2024 nil; Fiscal 2023 ₹2.71 million	Fiscal 2025 nil; Fiscal 2024 nil; Fiscal 2023 0.11%	33
GWS Engineers & Fabricators Private Limited	Purchase of materials	Fiscal 2025 nil; Fiscal 2024 ₹0.53 million; Fiscal 2023 nil	Fiscal 2025 nil; Fiscal 2024 0.02%; Fiscal 2023 nil	33
M.J. Coaters Private Limited	Job work, sub-contract and other services received	Fiscal 2025 ₹119.04 million; Fiscal 2024 ₹171.81 million; Fiscal 2023 ₹89.00 million	Fiscal 2025 4.86%; Fiscal 2024 6.09%; Fiscal 2023 3.70%	33
GWS Engineers & Fabricators Private Limited	Job work, sub-contract and other services received	Fiscal 2025 ₹6.37 million; Fiscal 2024 ₹6.11 million; Fiscal 2023 ₹0.39 million	Fiscal 2025 0.26%; Fiscal 2024 0.22%; Fiscal 2023 0.02%	33
Aksara Industries	Job work, sub-contract and other services received	Fiscal 2025 nil; Fiscal 2024 nil; Fiscal 2023 ₹2.58 million	Fiscal 2025 nil; Fiscal 2024 nil; Fiscal 2023 0.11%	33
GWS Engineers & Fabricators Private Limited	Revenue from construction contracts	Fiscal 2025 nil; Fiscal 2024 ₹0.04 million; Fiscal 2023 ₹0.13 million	Fiscal 2025 nil; Fiscal 2024 0.00%; Fiscal 2023 0.01%	34
Yes Systems Private Limited	Sale of duty drawback	Fiscal 2025 ₹2.42 million; Fiscal 2024 nil; Fiscal 2023 ₹1.83 million	Fiscal 2025 0.10%; Fiscal 2024 nil; Fiscal 2023 0.08%	34
India Business Excellence Fund IIA	Dividend paid	Fiscal 2025 ₹11.28 million; Fiscal 2024 ₹9.40 million; Fiscal 2023 ₹9.40 million	Fiscal 2025 0.46%; Fiscal 2024 0.33%; Fiscal 2023 0.39%	34
M.J. Coaters Private Limited	Reimbursement of expenses paid or received	Fiscal 2025 nil; Fiscal 2024 ₹0.54 million; Fiscal 2023 ₹0.54 million	Fiscal 2025 nil; Fiscal 2024 0.02%; Fiscal 2023 0.02%	34
Kamlesh A Choudhari	Advance against salary given and received back	Fiscal 2025 nil; Fiscal 2024 ₹0.38 million each way; Fiscal 2023 ₹12.60 million each way	Fiscal 2025 nil; Fiscal 2024 0.01% each way; Fiscal 2023 0.52% each way	34
Jawahar H Hemrajani	Managerial remuneration	Fiscal 2025 ₹13.83 million; Fiscal 2024 ₹10.80 million; Fiscal 2023 ₹10.80 million	Fiscal 2025 0.56%; Fiscal 2024 0.38%; Fiscal 2023 0.45%	34
Kamlesh A Choudhari	Managerial remuneration	Fiscal 2025 ₹3.02 million; Fiscal 2024 ₹10.80 million; Fiscal 2023 ₹10.80 million	Fiscal 2025 0.12%; Fiscal 2024 0.38%; Fiscal 2023 0.45%	34
Eshan J Hemrajani	Managerial remuneration	Fiscal 2025 ₹12.48 million; Fiscal 2024 ₹6.00 million; Fiscal 2023 ₹6.00 million	Fiscal 2025 0.51%; Fiscal 2024 0.21%; Fiscal 2023 0.25%	35
Sanjay Sawant	Managerial remuneration	Fiscal 2025 ₹0.27 million; Fiscal 2024 ₹3.92 million; Fiscal 2023 ₹3.20 million	Fiscal 2025 0.01%; Fiscal 2024 0.14%; Fiscal 2023 0.13%	35
Vivek Baid	Managerial remuneration	Fiscal 2025 ₹3.98 million; Fiscal 2024 nil; Fiscal 2023 nil	Fiscal 2025 0.16%; Fiscal 2024 nil; Fiscal 2023 nil	35
Rajeshree Chougule	Managerial remuneration	Fiscal 2025 ₹0.95 million; Fiscal 2024 ₹0.82 million; Fiscal 2023 ₹0.69 million	Fiscal 2025 0.04%; Fiscal 2024 0.03%; Fiscal 2023 0.03%	35
Shruti Waghela	Managerial remuneration	Fiscal 2025 ₹0.52 million; Fiscal 2024 nil; Fiscal 2023 nil	Fiscal 2025 0.02%; Fiscal 2024 nil; Fiscal 2023 nil	35

Governance observations

Selling shareholders

Related-party transactions