HRS Aluglaze IPO

About HRS Aluglaze IPO

The offer consists of a fresh issue component. The fresh issue will include 53,04,000 shares (aggregating up to ₹50.92 crores). The total number of shares is 53,04,000 while the aggregate amount is ₹50.92 crores. The price band is set at ₹94 to ₹96 per share.

The HRS Aluglaze IPO opens on Thursday, 11 December 2025 and closes on Monday, 15 December 2025. The allotment of shares will take place on Tuesday, 16 December 2025. The credit of shares to the demat account will take place on Wednesday, 17 December 2025. The initiation of refunds will take place on Wednesday, 17 December 2025. The listing of shares will take place on Thursday, 18 December 2025.

The lot size is 1,200 Shares and the minimum amount of investment required by an individual investor (retail) is ₹2,30,400.00 (2,400 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (3,600 shares), amounting to ₹3,45,600.

HRS Aluglaze provides comprehensive, end-to-end services across the project lifecycle covering design, engineering, fabrication, supply, installation, and final handover of aluminium and glass systems. Their integrated approach and commitment to quality enable them to efficiently execute projects of varying scale and complexity.

Objectives of HRS Aluglaze

• Funding the capital expenditure to set up an assembly & glass glazing line at Rajoda, Ahmedabad for façade work.
  
• Funding the working capital requirements of the company.
  
• General corporate purposes.
  

Industry Outlook

The Indian façade market was valued at approx. USD 220 crores in 2023. The market is projected to reach around USD 400 crores by 2028. This growth projection is supported by the increasing demand for modern and sustainable building solutions. The compound annual growth rate (CAGR) is estimated to be 8.3% from 2022 to 2028.

HRS Aluglaze Company Information

HRS Aluglaze is engaged in the business of design, manufacturing, and installation of a wide range of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems. These solutions are carefully tailored to meet the specific requirements of builders, contractors, architects, and institutions, with both standard and customised options and requirements, and they also provide material supply and procurement support.

Over the years, the company has evolved its capability of providing good-quality architectural systems, delivering reliable and customised solutions for commercial, residential, industrial, and institutional projects including hospitals.

Strengths of HRS Aluglaze

• Experienced leadership and skilled teams.
  
• Proven track record with strong client relationships.
  
• Design, execution, and completions.
  
• Commitment to quality, innovation, and sustainability.
  
• Vision to shape the city skyline.
  

Risks of HRS Aluglaze

• Loss of any of their key customers.
  
• Any disruption in the timely and adequate supply of raw materials, or volatility in the prices of raw materials.
  
• Any loss, shutdown, or under-utilisation of the production capacities of their manufacturing unit.
  
• Any failure by or loss of a third-party transport service provider.
  
• Shortage or non-availability of power at their manufacturing facility.
  

Not Annualised Source: All the financial information for listed industry peers mentioned above is on a Consolidated basis (unless otherwise available only on standalone basis) and is sourced from the annual reports / annual results as available of the respective company for the period ended September 30, 2025 submitted to stock exchanges. Notes: (1) The Earnings Per Share, P/E Ratio, Net Asset Value per Equity share, Return on Net Worth and Revenue from operations of HRS Aluglaze are sourced from Restated Financial information for the period ended September 30, 2025.

(2) Price/earnings ratio for the peer group has been computed based on the closing market price of equity shares on the NSE and BSE as on November 14, 2025, divided by the Diluted earnings per share for the period ended September 30, 2025.

(3) The Issue Price determined by HRS Aluglaze in consultation with the Book Running Lead Manager is justified on the basis of the above parameters.

Anchor Investor Bidding Date: Wednesday, 10 December 2025

*The Company may, in consultation with the Book Running Lead Manager, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/ Issue Period shall be one Working Day prior to the Bid/Issue Opening Date.

Registrar: Purva Sharegistry (India) Private Limited
Book Running Lead Managers: Cumulative Capital Private Limited

Business Model

The company earns its revenue through the following: Designing, manufacturing, and installation of a wide range of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems. These solutions are carefully tailored to meet the specific requirements of builders, contractors, architects, and institutions, with both standard and customised options and requirements, and they also provide material supply and procurement support.

HRS Aluglaze Growth Trajectory

HRS Aluglaze’s revenue from operations in FY 2025 increased by 57.77% to ₹42.11 crores from ₹26.69 crores in FY 2024.

Profit after tax (PAT) for FY 2025 reached ₹5.15 crores from ₹1.79 crores in FY 2024.

Their EBITDA increased from ₹3.53 crores in FY 2024 to ₹10.70 crores in FY 2025.

HRS Aluglaze Market Position

HRS Aluglaze serves a diverse set of clients across the real estate, infrastructure, hospitality, and institutional sectors. Their clientele includes reputed developers, construction firms, and public institutions. Many are repeat customers, reflecting the trust they have built through quality execution, timely delivery, and customised solutions. These longstanding relationships underscore their reputation as a reliable partner in façade and aluminium system solutions.

Their portfolio includes residential and commercial buildings, hospitals, educational institutions, and corporate offices. Each project reflects their commitment to quality, timely delivery, and technical precision. The company is actively working on 28 ongoing projects, with a combined order value of ₹103.07 crores. These projects span multiple cities and include system windows, curtain walls, structural glazing, cladding, and turnkey façade solutions.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹42.145 crores, ₹5.146 crores, and ₹10.705 crores, respectively.

How to apply for HRS Aluglaze IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your 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.