Glass Wall SystemsIPO Review — Financials, Valuation & Peers
A data-only look at the Glass Wall Systems IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 310.26 | 20.25 | 54.7 | 122.6 | 281.76 | 24.85 | — |
| FY 2025 | 288.14 | 57.51 | 73.01 | 175.75 | 316.63 | 8.46 | — |
| FY 2026 | 471.43 | 83.79 | 105.2 | 261.58 | 468.38 | 6.68 | 9.9 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 18.38x
- P/E (post-issue)
- 19.1x
- RoNW
- 32.03%
- RoE
- 38.62%
- RoCE
- 43.01%
- Debt / Equity
- 0.03
- EPS (pre-issue)
- ₹9.9
- EPS (post-issue)
- ₹9.53
- EBITDA Margin
- 23.02%
- PAT Margin
- 18.34%
- P/BV
- 5.89x
- NAV / share
- ₹30.91
- Market Cap
- ₹1,600.42 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Glass Wall Systems | 9.9 | 30.91 | — | 32.03% | — | Consolidated |
| Innovator Façade Systems | 7.19 | 83.15 | 16.54x | 8.65% | 1.42x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani</p>
- Holding (pre-issue)
- 64.11%
- Holding (post-issue)
- 55.72%
- Dilution
- 8.39%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Glass Wall Systems operates at an EBITDA margin of 23.02% and a net (PAT) margin of 18.34% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 43.01% and a return on equity (RoE) of 38.62%. At the upper band, the post-issue market capitalisation works out to about ₹1,600.42 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding capital expenditure requirement for setting up of a glass processing unit (gpu project) as part of planned backward integration of the company at vile bhagad facility (₹60 crore), alongside general corporate purposes.
Financials
In FY2026, Glass Wall Systems reported revenue of ₹471.43 crore and a net profit of ₹83.79 crore. Revenue grew from ₹310.26 crore in FY2024 to ₹471.43 crore in FY2026 (+52.0%). Net worth stood at ₹261.58 crore at the end of FY2026. At the upper band, that puts the issue at roughly 18.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 19.1× post-issue earnings and 5.89× book value, against a return on net worth of 32.03% and a debt-to-equity ratio of 0.03. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani</p>. Promoter holding stands at 64.11% before the issue and comes down to 55.72% after listing.
Frequently asked questions
- Who are the promoters of Glass Wall Systems and what is their holding?
- The promoters are <p>Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani</p>. Promoter holding is 64.11% before the issue and 55.72% after listing.
- What is the P/E ratio of the Glass Wall Systems IPO?
- At the upper price band, the Glass Wall Systems IPO is valued at 18.38× pre-issue earnings and 19.1× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Glass Wall Systems IPO?
- The net proceeds go primarily toward funding capital expenditure requirement for setting up of a glass processing unit (gpu project) as part of planned backward integration of the company at vile bhagad facility, among 2 disclosed objects.