Glass Wall Systems IPO - Listing Performance & Details

Glass Wall Systems (India) Limited was incorporated on August 27, 2010, upon conversion of the partnership firm 'Glass Wall Systems', originally formed in 2002, into a private limited company. It is headquartered in Mumbai and works in the façade solutions and fenestration sector.

The company designs, engineers, fabricates, supplies and installs façade systems for building exteriors, offering EPC services to real estate developers, contractors and corporate clients. Its operations span three verticals, domestic façade solutions, international façade solutions and a fenestration business operated through its subsidiary Yes Systems, and it has completed over 158 projects as of March 31, 2026 in India, the United States and Australia. Its main manufacturing facility is located at Vile Bhagad, Maharashtra. The company is promoted by Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani, Amit Jawahar Hemrajani and Vinne Jawahar Hemrajani.

Revenue from operations stood at Rs 244.7 crore in FY25, down from Rs 282.1 crore in FY24, while profit after tax rose to Rs 43.8 crore in FY25 from Rs 11.9 crore in FY24. This is a mainboard IPO, comprising a fresh issue of equity shares of face value Rs 2 each aggregating up to Rs 60 crore, along with an offer for sale of up to 2,02,13,722 equity shares by promoters and investors including India Business Excellence Fund IIA and Vistra ITCL (India) Limited, with the price band fixed at Rs 172 to Rs 182 per share and the total issue size at about Rs 427.89 crore. The equity shares are proposed to be listed on the NSE and BSE. Of the fresh issue proceeds, Rs 50 crore is earmarked for capital expenditure to set up a glass processing unit at the Vile Bhagad facility as part of backward integration, with the balance for general corporate purposes.