Incorporated in 2010, Glass Wall Systems (India) Limited is a façade solutions and fenestration provider with operations in India as well as international markets, including the United States and Australia. The company has over two decades of industry experience and, as of March 31, 2026, has completed more than 158 projects.
Its business is structured across three verticals:
- Domestic Façade Solutions – Design, engineering, fabrication, supply, installation, and EPC services for real estate developers, contractors, and corporate clients.
- International Façade Products Supply – Supply of sustainable façade products, tailored to contractors and façade companies overseas.
- Fenestration Solutions – Custom luxury windows, doors, skylights, and partition systems, catering to the high-end domestic market, primarily through its subsidiary Yes Systems Private Limited (acquired in August 2025). Yes Systems operates in the premium fenestration space under the brand ORIA and collaborates with international partners such as a Swiss window systems brand, LIBART, and OIKAS.
The company’s client base includes real estate developers, contractors, hospitals, airport authorities, and corporations in commercial, residential, and institutional projects. Notable projects include The Capital, Kohinoor Square, Bagmane Rio, Lodha World One in India, and international assignments such as Jackson Avenue, 1400 South Wabash, Spark GTIC, Harper Court in the U.S. and Project Dove in Australia.
As of March 31, 2026, the company employed 370 permanent staff.
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure requirement for setting up of a glass processing unit (GPU Project) as part of planned backward integration of the Company at Vile Bhagad Facility | ₹60 |
| General Corporate Purposes | — |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 468 | 317 | 282 |
| Revenue | 471 | 288 | 310 |
| PAT | 84 | 58 | 20 |
| EBITDA | 105 | 73 | 55 |
| Net Worth | 262 | 176 | 123 |
| Reserves | 243 | 159 | 101 |
| Total Borrowing | 7 | 8 | 25 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | 67.07 | 11,755,212 | 788,472,230 |
| NII / HNI | 79.36 | 3,526,564 | 279,851,732 |
| Retail (RII) | 32.93 | 8,228,649 | 270,988,926 |
| Total | 56.97 | 23,510,425 | 1,339,312,888 |
* Amount calculated at upper price band (₹172) · ** Total includes all investor categories
- 1 Initiation of Refund 15 Sep 2026
- 2 Credit of Shares to Demat 15 Sep 2026
- 3 Lock-in Period (30%) Sun, Oct 11, 2026
- 4 Lock-in Period (50%) Thu, Dec 10, 2026
- Pre-issue EPS of ₹5.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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