Glass Wall Systems Eyes IPO Amid Revenue Dip but Profit Surge
Mumbai-based Glass Wall Systems (India) Limited, a top player in premium facade and fenestration solutions, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an upcoming Initial Public Offering (IPO). The company saw a 13 percent drop in revenue for the fiscal year ending March 31, 2025, but don’t let that fool you—their profits skyrocketed, thanks to smarter cost management.
In FY25, revenue from operations fell to Rs 244.7 crore from Rs 282.1 crore in FY24, as detailed in the DRHP. Yet, the good news is that restated profit jumped impressively to Rs 43.8 crore, up from just Rs 11.9 crore the year before. Lower expenses played a big role in this turnaround, giving investors plenty to cheer about.
The company is expanding its global footprint too. Overseas operations brought in Rs 114.7 crore in FY25—a massive leap from Rs 15.6 crore in FY23. Right now, as of August 31, Glass Wall Systems boasts a strong order book: Rs 421.9 crore from domestic projects, Rs 135.4 crore in international orders, and Rs 67.3 crore for its fenestration business under Yes Systems. This solid pipeline signals confidence in the company’s growth in the facade solutions market.
Now, let’s talk about the IPO details. It includes a fresh issue of shares up to Rs 60 crore and an offer-for-sale (OFS) of up to 40,234,552 shares. Promoters like Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani, Amit Jawahar Hemrajani, and Vinne Jawahar Hemrajani, along with investors India Business Excellence Fund IIA and Vistra ITCL (India) Limited, will offload these shares. A special portion is reserved for employees, complete with a discount to make it even more attractive.
The fresh issue funds will fuel big plans. The company aims to spend Rs 50 crore on a new glass processing unit (GPU Project) at its Vile Bhagad facility in Maharashtra. This move is part of their backward integration strategy to boost efficiency in glass processing and fenestration solutions. The remaining amount will support general corporate purposes, helping the business scale up.
Glass Wall Systems operates in three key areas: domestic facade solutions, international facade product supply, and premium fenestration solutions. Their main manufacturing hub in Vile Bhagad, Maharashtra, spans 20,295 square meters and has an installed capacity of 140 panels per month as of March. Excitingly, they’re expanding it by another 18,211 square meters to meet rising demand in the construction and building materials sector.
For the IPO, IIFL Capital and Motilal Investment Advisors serve as book-running lead managers, while MUFG Intime India Private Limited handles registrar duties. Once approved, the company’s shares will list on both BSE and NSE, opening doors for more investors in this promising IPO stock.
This IPO comes at a time when the facade and fenestration industry in India is booming, driven by urban development and infrastructure projects. Keep an eye on Glass Wall Systems—they’re positioning themselves for a strong future despite the revenue hiccup.
