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Industrial Manufacturing
Glass Wall Systems (India) Limited IPO
₹428 Cr · Fresh Issue & OFS · Industrial Manufacturing
Price Band
₹172 – ₹182
Lot: 82 shares (₹14,924)
GMP (Grey Market)
₹48 (+26.37%)
Est. listing ₹230
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
8/10
The company trades at 0.83× sector midpoint with 17.8% net margins and exceptional 103% PAT CAGR, supported by 43% ROCE and minimal 0.05× debt. Primary risk is heavy OFS (86% of issue) which limits fresh capital deployment and may signal promoter profit-taking.
Our Analysis — Key Points
✓ Strength
Exceptional profitability growth trajectory
Net profit surged 103.4% over two years (₹20.2 Cr to ₹83.8 Cr) while revenue grew 23.3%, demonstrating strong operational leverage. EBITDA margin of 26.23% and ROCE of 43.39% indicate efficient capital deployment and pricing power in the industrial glass segment.
✓ Strength
Valuation discount to sector peers
At 19.1× P/E, the company trades 0.83× the Manufacturing/Engineering midpoint of 23×, placing it in the lower quartile despite 17.8% net margins that exceed the 15% Subscribe threshold. This discount is justified only by execution risk, not fundamentals.
⚠ Risk
Dominant OFS reduces capital benefit
86% of the ₹428 Cr issue is offer-for-sale, meaning only ~₹60 Cr reaches the company for the GPU project. This limits balance sheet strengthening and suggests promoters are monetizing rather than reinvesting, a potential negative signal on growth confidence.
⚠ Risk
GPU project execution and demand risk
The backward integration GPU project requires ₹60 Cr capex with no disclosed timeline, ROI target, or market validation. Failure to ramp capacity or secure offtake could leave the company with stranded assets and margin compression.
₹ Valuation
Fair valuation with margin support
P/E of 19.1× sits comfortably below the 23× sector midpoint (0.83× ratio), and 17.8% NPM qualifies for the 1.5× relaxation threshold. P/S of 3.5× is reasonable for a manufacturing business with 26% EBITDA margins and 43% ROCE.
👁 Watch
GPU project capex deployment and utilization
Monitor quarterly capex spend against the ₹60 Cr plan and GPU unit commissioning timeline. Delays or underutilization would signal execution risk and justify a re-rating downward.
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 17.8% net margins and exceptional 103% PAT CAGR, supported by 43% ROCE and minimal 0.05× debt. Primary risk is heavy OFS (86% of issue) which limits fresh capital deployment and may signal promoter profit-taking.
The current grey market premium (GMP) is ₹48, which is 26.37% above the upper band price of ₹182. This implies an estimated listing price of around ₹230. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 82 shares. At the upper band price of ₹182, the minimum investment per retail application is ₹14,924. You can apply for up to 13 lots (₹194,012) 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.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 10 Sep 2026. The minimum investment is ₹14,924 for one lot (82 shares). The company trades at 0.83× sector midpoint with 17.8% net margins and exceptional 103% PAT CAGR, supported by 43% ROCE and minimal 0.05× debt. Primary risk is heavy OFS (86% of issue) which limits fresh capital deployment 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 82 shares at ₹182 each, costing ₹14,924 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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