Glass Wall Systems (India) IPO

About Glass Wall Systems (India) IPO

The Glass Wall Systems (India) IPO, a mainboard IPO, opens on Tuesday, September 8, 2026 and closes on Thursday, September 10, 2026. The allotment of shares will take place on Friday, September 11, 2026. The credit of shares to the demat account will take place on Tuesday, September 15, 2026. The initiation of refunds will take place on Tuesday, September 15, 2026. The listing of shares will take place on Wednesday, September 16, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 3,296,703 shares aggregating up to ₹60 crore. The offer for sale portion includes 20,213,722 shares of ₹2 aggregating up to ₹368 crore.

Glass Wall Systems (India) IPO's price band is set at ₹172 to ₹182 per share. The lot size for an application is 82 shares. The minimum amount of investment required by a retail investor is ₹14,924 (82 shares) based on the upper price. The lot size investment required by sNII is 14 lots (1,148 shares), amounting to ₹2,08,936, and for bNII, it is 68 lots (5,576 shares), amounting to ₹10,14,832.

Glass Wall Systems (India) is a premium façade solutions and fenestration provider operating in India and across markets in the USA and Australia.

Objectives of Glass Wall Systems (India) IPO

1. Funding capital expenditure requirement for setting up of a glass processing unit (GPU Project) as part of planned backward integration of the Company at its Vile Bhagad Facility

2. General corporate purposes.

Industry Outlook

India's façade and fenestration market has matured into a cornerstone of the construction ecosystem. Per the Ken Report, the market was valued at ₹351.3 billion in Fiscal 2026P. It is projected to grow at a CAGR of 11.9% to reach ₹551.8 billion by Fiscal 2030F.

The façade segment alone is set to expand from ₹90.6 billion in Fiscal 2026P to ₹144.1 billion by Fiscal 2030F, a CAGR of 12.3%. Fenestration, the larger segment, moves from ₹260.7 billion to ₹407.6 billion over the same period at a CAGR of 11.8%. Growth is broad-based. It is driven by an expanding real estate pipeline, stricter energy codes, and a shift toward integrated, high-performance building envelopes.

India's nominal GDP reached ₹346 trillion in Fiscal 2026, a 10.2% year-on-year increase, supporting sustained construction investment. The commercial real estate sector alone is poised to reach ₹11.0 trillion by Fiscal 2030F. Glass Wall Systems (India) , as the second largest domestic façade provider by revenue in Fiscal 2025 and Fiscal 2024 and India's largest façade exporter in 2024, is placed to capture demand across both domestic and export channels.

About Glass Wall Systems (India)

Glass Wall Systems (India) manufactures and supplies premium façade and fenestration systems. Its operations run across three verticals: domestic façade solutions, international façade products supply, and fenestration solutions. In Fiscal 2026 these contributed ₹223.34 crore, ₹206.57 crore and ₹27.06 crore of revenue from operations, respectively. Exports are a core strength.

Overseas operations generated ₹206.57 crore, or 45.20% of revenue from operations, in Fiscal 2026, up from ₹132.03 crore in Fiscal 2024 at a 25.08% CAGR. The Company supplies unitized and fabricated curtain wall panels to Reflection Window + Wall in the USA and to contractors such as SRG Global in Australia. It is the only Indian player to have supplied façade systems in these regions, per the Ken Report.

Strengths of Glass Wall Systems (India)

• Market leadership supported by a diversified business model and strong foothold in domestic and international markets.

• Marquee client base with proven track record of successful project execution.

• Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure.

• Focused on creating environmentally sustainable high-performance solutions.

• Experienced Promoters and management team.

Risks of Glass Wall Systems (India)

• The company depends entirely on its single manufacturing facility at Vile Bhagad, so any disruption there would halt production and deliveries.

• Overseas operations generated 45.20% of revenue in Fiscal 2026, exposing earnings to foreign exchange swings, tariffs, and trade-restrictive measures.

• The Company relies on a number of suppliers without long-term agreements, leaving it exposed to raw-material price increases and supply interruptions.

• The business depends on the health of the real estate sector in India and overseas, so a construction downturn would directly cut demand for its façade systems.

Anchor Investor Bidding Date

Monday, September 7, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details

MUFG Intime India Private

Telephone: +91 810 811 4949

E-mail: glasswallsystems.ipo@in.mpms.mufg.com

Book Running Lead Manager(s):

IIFL Capital Services

Motilal Oswal Investment Advisors

Glass Wall Systems (India) Contact Details

503-504, 5th Floor, A Wing, Marathon Futurex, Mafatlal Mills, Compound, N.M. Joshi Marg,

Lower Parel (East), Mumbai – 400 013, Maharashtra, India.

Email: compliance@glasswallsystem.com

Telephone: +91 22 6103 3456

Glass Wall Systems (India) Business Model

The company earns its revenue through three façade and fenestration verticals. Its domestic façade solutions vertical delivers design, engineering, fabrication, manufacturing, supply, and installation on an engineering, procurement, and construction basis for real estate developers, general contractors, and corporate clients. Its international façade products supply vertical designs and manufactures sustainable façade products for general contractors and façade contracting companies in the USA and Australia, where realisation per square foot is higher than in domestic projects. Its fenestration vertical, operated through Yes Systems under the ORIA brand, supplies custom luxury windows, doors, skylights, and partition systems to premium residential developers and high-net-worth individuals.

Glass Wall Systems (India) Growth Trajectory

Glass Wall Systems (India) 's Total Income for FY26 was ₹471.43 crore, whereas in FY25 and FY24 it was ₹288.14 crore and ₹310.26 crore, respectively.

The Profit After Tax for FY26 was ₹83.79 crore, whereas in FY25 and FY24 it was ₹57.51 crore and ₹20.25 crore, respectively.

Their EBITDA for FY26 was ₹105.20 crore, whereas in FY25 and FY24 it was ₹73.01 crore and ₹54.70 crore, respectively.

Glass Wall Systems (India) Market Position

Glass Wall Systems (India) is the second largest provider of façade solutions in India by revenue in Fiscal 2025 and Fiscal 2024 and India's largest façade exporter in 2024, per the Ken Report. As of March 31, 2026 it had 22 domestic clients with active projects and five international clients, and had completed 158 projects. Its Vile Bhagad Facility is certified under ISO 9001 and ISO 45001 and is accredited as a Designated Export Place, supplying clients such as Reflection Window + Wall in the USA and SRG Global in Australia.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹471.43 crore, ₹83.79 crore, and ₹105.20 crore, respectively.

How to apply for Glass Wall Systems (India) IPO?

Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.

Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.

Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.

Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.