Glass Wall Systems Files DRHP for Mainboard IPO with ₹600 Mn Fresh Issue and 4.02 Crore OFS Shares

Mumbai, September 8, 2025: Glass Wall Systems (India) Limited has filed its Draft Red Herring Prospectus for a mainboard listing, offering a fresh issue of equity shares aggregating ₹600 million and an Offer For Sale of up to 4,02,34,552 equity shares.

Incorporated in 2010 and Mumbai-based, Glass Wall Systems (India) Limited offers end-to-end façade solutions for intricate building envelopes and high-end fenestration systems. The equity shares are to be listed on NSE and BSE after the book-building process is completed.

Offer Structure

As mentioned, the upcoming public issue includes a fresh equity share with a value of ₹600 million, along with an offer for sale (OFS) of a maximum of 4,02,34,552 equity shares by the financial investors, promoters, and promoter group. The company plans to list on NSE and BSE under the 100% book-built route, with allocation under Regulation 6(1) of SEBI ICDR and Rule 19(2)(b) of the SCRR. IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers (BRLMs) for the issue, while MUFG Intime India Pvt Ltd is the registrar appointed.

Regulatory note: The issue will be under SEBI ICDR Reg 6(1). Allocation buckets will be in the normal QIB, NII, and Retail split, with possible Anchor participation as directed by regulation. Price discovery will be through book building.

Break-up of OFS Sellers

Both financial investors and promoters will offload shares as part of the Offer for Sale (OFS). The breakup of sellers is as follows:

• Jawahar Hariram Hemrajani (Promoter): Up to 88,10,887 equity shares
• Eshan Jawahar Hemrajani (Promoter): Up to 1,58,896 equity shares
• Eshan Jawahar Hemrajani, jointly with Dikshita Eshan Hemrajani: Up to 2,61,190 equity shares
• Amit Jawahar Hemrajani (Promoter Group): Up to 5,20,334 equity shares
• Vinne Jawahar Hemrajani (Promoter Group): Up to 1,11,000 equity shares
• India Business Excellence Fund IIA: Up to 2,18,68,020 equity shares
• Vistra ITCL (India) Ltd, Trustee of Business Excellence Trust II – IBFF II: Up to 85,04,225 equity shares

Together, these entities will collectively offload their holdings through the OFS route.

Use of Proceeds

The firm aims to use ₹500 million of the fresh issue for capital expenditure for setting up a glass processing facility at Vile Bhagad, Maharashtra, in its backward integration plan. The rest of the proceeds will go towards general corporate purposes, the quantum of which will be announced in due course. Overall, the fresh issue size is ₹600 million.

Business and Market Positioning

Glass Wall Systems is a high-end façade solutions and fenestration solutions provider with capabilities in design, engineering, fabrication, manufacturing, supply and installation for curtain walls, unitized and semi-unitized systems, and frameless façades. Operations are spread across India with exports to the USA and Australia.

Segment mix (FY25):

• Façade solutions domestic 53.14% of revenue

• International supply of façade products 46.86% of revenue

Domestic growth is underpinned by marquee and commercial real-estate demand, whereas exports are fueled by marquee customers in the US and Australia.

Key Financial Highlights (Ind AS)

During FY25, the company recorded revenue of ₹2,447.61 million, a fall of 13.26% from ₹2,821.71 million in FY24. The corresponding period (FY24) had witnessed robust growth of 17.32% over FY23 revenue of ₹2,405.11 million.

Even as revenue dropped, profit after tax (PAT) increased strongly to ₹438.09 million in FY25 from ₹119.53 million in FY24 and ₹161.11 million in FY23. The PAT margin, therefore, increased considerably to 17.90% in FY25 from 4.24% in FY24 and 6.70% in FY23.

On the balance sheet side, net worth increased to ₹1,535.00 million in FY25 from ₹1,140.43 million in FY24 and ₹1,021.90 million in FY23. Net worth is also up sequentially from FY24, indicating a strong balance sheet. The company also continued deleveraging, with total borrowings coming down to ₹84.64 million in FY25, from ₹185.46 million in FY24 and much higher at ₹471.32 million in FY23. Working capital strengthened in FY25 with lower receivable days and deleveraging, while margins widened on mix and operating efficiency.

Risks and Disclosures

High client concentration remains a key monitorable, with the top 10 clients accounting for a high proportion of revenues in recent years’ fiscals. Exposure in the supply chain to performance glass, silicone, and aluminium extrusions can impact costs and timelines. The company also has a sole manufacturing hub at Vile Bhagad. These risks are explained in the risk factors.

Strategic Outlook

The ₹50 crore capex for an in-house glass processing facility aims at backward integration to enhance lead times, quality control, and margins. Added to the US and Australia exports and recently included the luxury fenestration vertical (acquired through Yes Systems Pvt Ltd), the company seeks to balance domestic project cycles with dollar revenues.

Offer Mechanics and Compliance

SEBI ICDR shall be followed for allocation, with possible Anchor investment a day before opening. Up to 50% of the issue may be offered to QIBs on a proportionate basis with at least 15% to NIIs and 35% to retail, subject to bids received. The offer will comply with Rule 19(2)(b) of SCRR for listing.

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REF: https://nsearchives.nseindia.com/corporate/Registration_06092025170827_DRHP.pdf

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