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Listed
Industrial Manufacturing
Glass Wall Systems (India) Limited IPO
₹428 Cr · Fresh Issue & OFS · Industrial Manufacturing
Price Band
₹172 – ₹182
Lot: 1200 shares (₹218,400)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹428 Cr
Fresh Issue & OFS
Market Cap
₹1600.42 Cr
At upper band
P/E Ratio
19.1x
P/S: 3.5x
Listing Date
16 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
08 Sep 2026
✓
Closes
10 Sep 2026
✓
Allotment
11 Sep 2026
✓
Refund
14 Sep 2026
✓
Listing
16 Sep 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 0.83× sector midpoint with a 17.8% net margin and exceptional 103.4% PAT CAGR, supported by strong ROCE of 43.39% and minimal debt (D/E 0.05x). The primary risk is heavy OFS concentration at 86% of the issue, which limits fresh capital for growth and may signal promoter profit-taking.
Listing Performance
Issue Price
₹182
Allotment price
Listing Price
₹190.1
+4.45% on listing day
Current Price (CMP)
₹215.55
+18.4% vs issue
Listed On
16 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Valuation discount to sector peers
At 19.1x P/E, the company trades at 0.83× the Manufacturing/Engineering sector midpoint of 23x, placing it in the Subscribe-eligible range despite healthy profitability. This discount is justified by the SME classification but offers entry-level pricing for a profitable, growing business.
✓ Strength
Exceptional profit growth trajectory
Net profit surged 103.4% over two years (₹20.2 Cr to ₹83.8 Cr), while revenue grew 23.3% CAGR to ₹471.4 Cr in FY0. EBITDA margin of 26.23% and ROCE of 43.39% demonstrate operational efficiency and capital deployment strength well above manufacturing norms.
✓ Strength
Fortress balance sheet and cash generation
Debt/Equity ratio of 0.05x is exceptionally low, indicating minimal financial risk and substantial debt capacity for the planned GPU project. The company can fund backward integration without balance sheet stress.
⚠ Risk
Dominant OFS dilutes fresh capital benefit
86% of the ₹428 Cr issue is OFS (promoter selling), meaning only ~₹60 Cr flows to the company for the ₹50 Cr GPU project and working capital. This structure limits financial flexibility and may signal promoter liquidity preference over long-term growth commitment.
⚠ Risk
Execution risk on backward integration capex
The GPU project at Vile Bhagad is a material capex initiative (₹50 Cr) with no disclosed timeline, cost overrun buffer, or historical precedent in the data. Delays or cost escalation could pressure margins and delay ROI realization.
⚠ Risk
Promoter holding dilution post-listing
Promoter stake falls from 61.52% pre-issue to 53.22% post-issue, crossing below the 55% threshold that typically signals strong founder alignment. This dilution, combined with heavy OFS, raises governance and long-term vision concerns.
₹ Valuation
Fair valuation with margin support
At 19.1x P/E against a 23x sector midpoint, the company is valued 17% below peer average. The 17.8% NPM exceeds the 15% threshold for margin-justified premium pricing, and 3.5x P/S is reasonable for a manufacturing business with 26% EBITDA margins.
👁 Watch
GPU project capex execution and timeline
Monitor quarterly capex spend, project milestones, and any cost revisions on the Vile Bhagad GPU facility. Delays or overruns will directly impact near-term profitability and justify downside re-rating.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Glass Wall Systems (India) Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹456.97 Cr
Net Profit
₹83.79 Cr
Industry
Industrial Manufacturing
Issue Type
Fresh Issue & OFS
Promoters
JAWAHAR HARIRAM HEMRAJANI AND ESHAN JAWAHAR HEMRAJANI
Lead Managers
IIFL Capital and Motilal Oswal Investment Advisors
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.83× sector midpoint with a 17.8% net margin and exceptional 103.4% PAT CAGR, supported by strong ROCE of 43.39% and minimal debt (D/E 0.05x). The primary risk is heavy OFS concentration at 86% of the issue, which limits fresh capital for growth and may signal promoter profit-taking.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 1200 shares. At the upper band price of ₹182, the minimum investment per retail application is ₹218,400. You can apply for up to 13 lots (₹2,839,200) under the retail category (up to ₹2 lakh).
The IPO opens on 08 Sep 2026. It closes on 10 Sep 2026. Allotment is expected on 11 Sep 2026. Refunds initiate on 14 Sep 2026. Listing on BSE and NSE is on 16 Sep 2026.
The lead managers for the IPO are IIFL Capital and Motilal Oswal Investment Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 16 Sep 2026 at ₹190.1 against an issue price of ₹182 (+4.45% on listing day). The current market price (CMP) is approximately ₹215.55 (+18.4% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 10 Sep 2026. The minimum investment is ₹218,400 for one lot (1200 shares). The company trades at 0.83× sector midpoint with a 17.8% net margin and exceptional 103.4% PAT CAGR, supported by strong ROCE of 43.39% and minimal debt (D/E 0.05x). The primary risk is heavy OFS concentration at 86% of the issue, which limits fresh capital for growth and may signal promoter profit-taking.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 10 Sep 2026. The IPO is priced at a P/E of 19.1x. Market cap at issue price is ₹1600.42 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 1200 shares at ₹182 each, costing ₹218,400 per application. The issue closes on 10 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Glass Wall Systems (India) Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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