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Latest GMP
- Lead Manager
- IIFL Capital Services Limited
- IPO Registrar
- MUFG Intime India Private Limited
- IPO Open Date
- 8th Sep 2026
- IPO Close Date
- 10th Sep 2026
- Allotment date
- 11th Sep 2026
- Listing date
- 16th Sep 2026
- Issue Size
- ₹ 428 Cr.
- Issue Price Band
- ₹ 172 to 182
- Lot Size
- 82 Share
- Minimum Investment
- ₹ 14924
Disclaimer: IPO details, GMP, subscription figures, and other related information are for informational purposes only and may not always be accurate or up to date. Please verify the latest details from official sources before investing.
About Glass Wall Systems (India) Limited
Incorporated in 2010, Glass Wall Systems (India) Limited is a façade solutions and fenestration provider with operations in India as well as international markets, including the United States and Australia.
The company has over two decades of industry experience and, as of March 31, 2026, has completed more than 158 projects.
Business Verticals
Its business is structured across three verticals:
- Domestic Façade Solutions
Design, engineering, fabrication, supply, installation, and EPC services for real estate developers, contractors, and corporate clients.
- International Façade Products Supply
Supply of sustainable façade products, tailored to contractors and façade companies overseas.
- Fenestration Solutions
Custom luxury windows, doors, skylights, and partition systems, catering to the high-end domestic market, primarily through its subsidiary Yes Systems Private Limited (acquired in August 2025). Yes Systems operates in the premium fenestration space under the brand ORIA and collaborates with international partners such as a Swiss window systems brand, LIBART, and OIKAS.
Clientele & Notable Projects
The company’s client base includes real estate developers, contractors, hospitals, airport authorities, and corporations in commercial, residential, and institutional projects.
Notable projects include:
- India: The Capital, Kohinoor Square, Bagmane Rio, Lodha World One
- United States: Jackson Avenue, 1400 South Wabash, Spark GTIC, Harper Court
- Australia: Project Dove
Workforce
As of March 31, 2026, the company employed 370 permanent staff.
IPO Subscription Details
| Category | Shares Offered | Shares Applied | Subscription Times (x) |
|---|
Grey Market Premium (GMP)
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|
| 05-09-2026 | ₹182 | ₹67 | ₹249 ( 36.81% ) | ₹5,494.00 | 05-Sep-2026 10:15 AM |
| 04-09-2026 | ₹182 | ₹20 | ₹202 ( 10.99% ) | ₹1,640.00 | 04-Sep-2026 10:11 AM |
Financials of Glass Wall Systems (India) Limited
A quick overview of the key financial performance of Glass Wall Systems (India) Limited.
Total Assets (₹ Cr)
Revenue (₹ Cr)
Profit after Tax (₹ Cr)
*All values are in Rs. Cr
Company Financials
Revenue increased by 64%, Profit after Tax (PAT) increased by 46%, Total Assets increased by 48% between FY2025 and FY2026.
| Period Ended | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 304.34 | 278.33 | 456.97 |
| Assets | 281.76 | 316.63 | 468.38 |
| Total Income | 310.26 | 288.14 | 471.43 |
| Profit After Tax | 20.25 | 57.51 | 83.79 |
| EBITDA | 54.70 | 73.01 | 105.20 |
| Net Worth | 122.60 | 175.75 | 261.58 |
| Reserves & Surplus | 101.47 | 158.88 | 242.96 |
| Total Borrowings | 24.85 | 8.46 | 6.68 |
IPO Lot Size
Application
Lots
Shares
Amount
Retail (Min)
1
82
₹ 14,924
Retail (Max)
13
1,066
₹ 1,94,012
S-HNI (Min)
14
1,148
₹ 2,08,936
S-HNI (Max)
67
5,494
₹ 9,99,908
B-HNI (Min)
68
5,576
₹ 10,14,832
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 82 | ₹ 14,924 |
| Retail (Max) | 13 | 1,066 | ₹ 1,94,012 |
| S-HNI (Min) | 14 | 1,148 | ₹ 2,08,936 |
| S-HNI (Max) | 67 | 5,494 | ₹ 9,99,908 |
| B-HNI (Min) | 68 | 5,576 | ₹ 10,14,832 |
Key Performance Indicators (KPI)
| KPI | Latest |
|---|---|
| ROE (%) | 38.62 |
| ROCE (%) | 43.01 |
| Debt / Equity | 0.03 |
| RoNW (%) | 32.03 |
| PAT Margin (%) | 18.34 |
| EBITDA Margin (%) | 23.02 |
|
Pre IPO
Post IPO
|
|
| EPS (₹) |
9.9
-
|
| P/E (x) |
-
-
|
| Promoter Holding (%) |
52.53
-
|
| Market Cap | 1500 |
IPO Lead Manager(s)
Lead Manager Details
- IIFL Capital Services Limited
- Contact Person: Gaurav Mittal / Pawan Kumar Jain
- SEBI Registration Number: INM000010940
- Investor Grievance Email: ig.ib@iiflcap.com
- Website: https://www.iiflcapital.com
- Email: gws.ipo@iiflcap.com
- Phone: +91 22 4646 4728
- Address: 24th Floor, One Lodha Place, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013, Maharashtra, India
Lead Manager Details
- Motilal Oswal Investment Advisors Limited
- Contact Person: Ronak Shah / Vaibhav Shah
- SEBI Registration Number: INM000011005
- Investor Grievance Email: moiaplredressal@motilaloswal.com
- Website: https://www.motilaloswal.com
- Email: gws.ipo@motilaloswal.com
- Phone: +91 22 7193 4380
- Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai - 400 025, Maharashtra, India
IPO Registrar
- Registrar Name
- MUFG Intime India Private Limited
- Phone
- +91 810 811 4949
- Contact Person
- Shanti Gopalkrishnan
- SEBI Registration Number
- INR000004058
- Address
- C-101, Embassy 247, L B S Marg, Vikhroli (West), Mumbai - 400 083, Maharashtra, India
- Website
- https://in.mpms.mufg.com/
Company Contact Details
- Company Name
- Glass Wall Systems (India) Limited
- Phone
- +91 22 6103 3456
- Contact Person
- Sagar Lambole
- Corporate Identity Number
- U74999MH2010PLC207187
- Address
- 503-504, 5th Floor, A Wing, Marathon Futurex, Mafatlal Mills Compound, N.M. Joshi Marg, Lower Parel (East), Mumbai – 400 013, Maharashtra, India
- Website
- https://www.glasswallsystems.in/
Glass Wall Systems (India) Limited FAQs
