Glass Wall Systems IPO
Construction • ₹427.89 Cr
Medium risk because:
- 5 material risk factors disclosed in DRHP
- The company derives a significant portion of its revenue from a limited client base. The t…
- The company depends on aluminium extrusions, silicone and performance glass units, exposin…
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹182
Lot Size
82 shares
Issue Size
₹427.89 Cr
Open
08 Sept 2026
Close
10 Sept 2026
Subscription
46.3×
IPO Schedule
| Issue Open Date | 08 Sept 2026 |
| Issue Close Date | 10 Sept 2026 |
| Allotment Date | 11 Sept 2026 |
| Listing Date | 15 Sept 2026 |
About Glass Wall Systems
Glass Wall Systems (India) Limited is engaged in providing façade and fenestration solutions in India and international markets, including the United States and Australia. The company offers curtain wall façades, storefront systems, unitised and semi-unitised façades, frameless façades, windows, doors, skylights, and partition systems. Its operations are divided into domestic façade solutions, international façade product supply, and fenestration solutions. The company provides services across design, engineering, fabrication, manufacturing, supply, and installation. Glass Wall Systems operates its primary manufacturing facility at Vile Bhagad, Maharashtra, with a developed area of 32,415.45 square metres and a production capacity of 130 panels per day. The facility operates under ISO 9001:2015 and ISO 45001:2018 certifications.
Company Details
Founders / Promoters
Mr Eshan Jawahar Hemrajani
Founded
2002
Registrar
LINK
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Glass Wall Systems — IPOFins Verdict
QuantitativeDriven by QIB demand at 59.0x and moderate disclosed risk (4/10), Glass Wall Systems listed at a premium of 6.6% to its issue price. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
- The company claims to rank as the second-largest façade solutions provider in India in FY25 and FY24 and the largest façade exporter in 2024, according to the Ken Report. Its operations are stated to
- The company claims to have an established client base supported by over two decades of experience in façade solutions. As of March 31, 2026, it had 22 domestic clients with active projects and five in
- The company claims to have in-house design and engineering capabilities supported by over 46 designers as of March 31, 2026. Its Vile Bhagad manufacturing facility spans a developed area of 32,415.45
- The company claims to focus on developing environmentally sustainable and high-performance façade solutions. It states that it has entered into an exclusive agreement with Dow Corning for the supply o
- The company has seen a consistent increase in PAT. PAT increased from Rs 20.25 crore in FY24 to Rs 57.51 crore in FY25 to Rs 83.79 crore in FY26.
Score breakdown — what drove this verdict
Moderate risk from DRHP → score +0.4
Institutional subscription → score +2.0
Strong retail interest → score +0.5
Actual listing outcome → score +0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹182
Listing Price
₹194
Listing Gain/Loss
+6.59%
Listing Date
15 Sept 2026
Price Since Listing
Returns are measured against the ₹182 issue price.
Listing
₹194
+6.6%
1 Week
₹309.35
+70.0%
Current
₹268.95
+47.8%
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FAQ
What is the price band of Glass Wall Systems IPO?
The price band is ₹182 per share with a lot size of 82 shares. Minimum investment: ₹14,924.
What does Glass Wall Systems do?
Glass Wall Systems (India) Limited is engaged in providing façade and fenestration solutions in India and international markets, including the United States and Australia. The company offers curtain wall façades, storefront systems, unitised and semi-unitised façades, frameless façades, windows, doors, skylights, and partition systems. Its operations are divided into domestic façade solutions, international façade product supply, and fenestration solutions. The company provides services across design, engineering, fabrication, manufacturing, supply, and installation. Glass Wall Systems operates its primary manufacturing facility at Vile Bhagad, Maharashtra, with a developed area of 32,415.45 square metres and a production capacity of 130 panels per day. The facility operates under ISO 9001:2015 and ISO 45001:2018 certifications.
Should I apply for Glass Wall Systems IPO?
Glass Wall Systems listed at ₹194 (+6.6% premium to the ₹182 issue price) after 46.3x subscription. IPOFins Score 8/10: Driven by QIB demand at 59.0x and moderate disclosed risk (4/10), Glass Wall Systems listed at a premium of 6.6% to its issue price. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
Who founded Glass Wall Systems?
Glass Wall Systems was founded by Mr Eshan Jawahar Hemrajani in 2002.