# Glass Wall Systems (India) Limited: IPO analysis > Glass Wall Systems (India) Limited (CIN U74999MH2010PLC207187) has filed a Prospectus with SEBI for an IPO, priced at ₹172.00 to ₹182.00 per share. In FY26 it reported revenue of ₹457 Cr (+64.2% on FY25) and a net profit of ₹84 Cr. Promoters hold 11.9% before the IPO. Our fact-check of its claims found 5 medium or high concerns across 73 claims checked. - Page: https://ipo.innerkore.com/company/U74999MH2010PLC207187/glass-wall-systems-india-limited/ - CIN: U74999MH2010PLC207187 - Last updated: 11 Sep 2026 ## Key facts - **Company:** Glass Wall Systems (India) Limited - **CIN:** U74999MH2010PLC207187 - **Filing stage:** Prospectus - **Latest SEBI filing:** 11 Sep 2026 - **Price band:** ₹172.00 to ₹182.00 per share - **Final offer price:** ₹182.00 per share - **Lot size:** 82 shares - **Bidding opens:** 8 Sep 2026 - **Bidding closes:** 10 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹457 Cr - **Revenue growth:** +64.2% - **Net profit FY26:** ₹84 Cr - **Revenue CAGR FY24 to FY26:** 22.5% - **Promoter holding (pre-IPO):** 11.9% - **Lead managers:** IIFL Capital Services Limited, IIFL Securities Limited, Motilal Oswal Investment Advisors Limited - **Registrar:** MUFG Intime India Private Limited - **Fact-check flags:** 0 high, 5 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 18.4x P/E. At the top of the band, on FY26 profit; 5.9x book value. - **Growth** (looks fine): 22.5% a year. Sales FY24 to FY26; latest year +64.2%. - **Profitability** (looks fine): 18.3% net margin. FY26; operating margin slipping. - **Debt** (looks fine): 0.03x equity. ₹6.7 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 87% of profit. Operations brought in ₹73.3 crore against ₹83.8 crore of profit in FY26. - **One-off income** (look closer): 13% of profit. Other and one-off income is 13% of pre-tax profit. - **Red flags** (look closer): 5 to review. 73 claims checked: 0 high, 5 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 304 | 278 | 457 | | Sales growth | – | -8.6% | 64.2% | | Operating profit | 55 | 73 | 105 | | Operating margin | 18.0% | 26.2% | 23.0% | | Net profit | 20 | 58 | 84 | | Net margin | 6.7% | 20.7% | 18.3% | | Net worth | 121 | 174 | 260 | | Borrowings | 25 | 8.5 | 6.7 | | Return on equity | 16.8% | 33.0% | 32.2% | ## Use of proceeds (fresh issue) - ^ Funding capital expenditure requirement for setting up of GPU Project as part of planned backward integration of the Company at our Vile Bhagad Facility: ₹50 crore - General corporate purposes: ₹4.6 crore ## Fact-checked claims - **MEDIUM** (SubsidiaryPerformance): The Kohinoor Square project involved the supply and installation of façade works for Kohinoor CTNL Infrastructure Company Private Limited.. The search results confirm that Kohinoor CTNL Infrastructure Company (P) Ltd. was involved in activities related to the Kohinoor Square project and is subject to investigations and legal scrutiny, including defaults on loans and investigations by the ED. - **MEDIUM** (SubsidiaryPerformance): A project named Bagmane – Helium involved the supply and installation of façade works for Akruthi Infra-Build Developers Private Limited.. Search results indicate that Akruthi Infra-Build Developers Private Limited is a legal entity, and a sponsor group related to the Bagmane Prime Office REIT includes Akruthi Infra Build Developers Private Limited. This suggests a potential connection between the project mentioned in the DRHP and the entity. - **MEDIUM** (SubsidiaryPerformance): PP Vitrum Systema Technologies Private Limited was incorporated on July 8, 2026.. One search result mentions PP Vitrum Systema Technologies Private Limited in connection with Glass Wall Systems (India) Limited, but it does not specify the incorporation date as stated in the DRHP claim. Another result shows a company profile for Vitrum Glass Group with a founding year of 1997. - **MEDIUM** (SubsidiaryPerformance): The company has received support from MO Alternate Investment Advisors Private Limited through equity investment since 2014.. The search results mention 'MO Alternate Investment' and its activities, including a private credit fund close and acquisitions of equity shares, which relates to the claim about support or investment. However, the results do not explicitly confirm the specific statement that Glass Wall Systems (India) Limited received equity investment from MO Alternate Investment Advisors Private Limited since 2014. - **MEDIUM** (SubsidiaryPerformance): Industry and market data used in this section is derived from the "Industry Report on India Façade Engineering Solutions Industry" dated August, 2026, prepared by Ken Research Private Limited.. The search results confirm the existence of Ken Research Private Limited and their market intelligence reports. However, none of the provided snippets explicitly confirm the existence or details of an 'Industry Report on India Façade Engineering Solutions Industry' dated August 2026. - **NONE** (PromoterBackground): The Promoters are not involved in any other ventures other than those disclosed in the section under “-Entities forming part of the promoter Group” on page 327 and in “Our Management – Brief profiles of our Directors” on page 303.. No web search results were found to corroborate, contradict, update, or provide any new information regarding the claim made in the DRHP regarding the promoters' involvement in other ventures. - **NONE** (PromoterBackground): Eshan Jawahar Hemrajani is the Managing Director on the Board of the Company.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Eshan Jawahar Hemrajani is the Managing Director on the Board of Glass Wall Systems (India) Limited. - **NONE** (PromoterBackground): Jawahar Hariram Hemrajani is the Chairman and Whole-Time Director on the Board of the Company.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Jawahar Hariram Hemrajani is the Chairman and Whole-Time Director on the Board of Glass Wall Systems (India) Limited. - **NONE** (PromoterBackground): Eshan Jawahar Hemrajani jointly holds 48,59,560 Equity Shares along with Dikshita Eshan Hemrajani, representing 5.74% of the issued, subscribed and paid up equity share capital of the Company, on a fully diluted basis.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the DRHP regarding the equity holdings of Eshan Jawahar Hemrajani and Dikshita Eshan Hemrajani. - **NONE** (PromoterBackground): Eshan Jawahar Hemrajani individually holds 79,34,685 Equity Shares, representing 9.37% of the issued, subscribed and paid up equity share capital of the Company, on a fully diluted basis.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made about Eshan Jawahar Hemrajani's equity holdings in Glass Wall Systems (India) Limited. - **NONE** (PromoterBackground): Jawahar Hariram Hemrajani holds 3,16,75,558 Equity Shares, representing 37.42% of the issued, subscribed and paid-up Equity Share capital of the Company, on a fully diluted basis.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made about Jawahar Hariram Hemrajani's equity shareholding in Glass Wall Systems (India) Limited. - **NONE** (PromoterBackground): The Promoters collectively hold 4,44,69,803 Equity Shares, representing 52.53% of the pre-Offer issued, subscribed and paid-up Equity Share capital of the Company, on a fully diluted basis.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the Draft Red Herring Prospectus. ## Common questions ### How big is the Glass Wall Systems (India) Limited IPO? The size of the Glass Wall Systems (India) Limited IPO is not stated in a form we could read from its Prospectus. Draft filings often leave amounts blank until the Red Herring Prospectus. ### What are Glass Wall Systems (India) Limited's revenue and profit? Glass Wall Systems (India) Limited reported revenue from operations of ₹457 Cr in FY26, +64.2% versus FY25. Net profit was ₹84 Cr (FY25: ₹58 Cr). Revenue grew at a compound rate of 22.5% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Glass Wall Systems (India) Limited? Promoters and the promoter group hold 11.9% of Glass Wall Systems (India) Limited before the IPO. ### How will Glass Wall Systems (India) Limited use the IPO money? The fresh-issue proceeds are earmarked for: ^ Funding capital expenditure requirement for setting up of GPU Project as part of planned backward integration of the Company at our Vile Bhagad Facility (₹50 Cr); General corporate purposes (₹4.6 Cr). ### What are the red flags in Glass Wall Systems (India) Limited's Prospectus? We fact-checked 73 claims from the filing against the open web: 0 raised a high concern, 5 medium and 0 low. The most notable: The search results confirm that Kohinoor CTNL Infrastructure Company (P) Ltd. was involved in activities related to the Kohinoor Square project and is subject… Search results indicate that Akruthi Infra-Build Developers Private Limited is a legal entity, and a sponsor group related to the Bagmane Prime Office REIT… One search result mentions PP Vitrum Systema Technologies Private Limited in connection with Glass Wall Systems (India) Limited, but it does not specify the… This is an automated screen, not a verdict; each finding links to its sources. ### What does Glass Wall Systems (India) Limited do? The biggest red flag in the recent IPO filing for Glass Wall Systems (India) Limited is this: there is absolutely no documented evidence—no search results, no corroboration—to prove that the company made any payments or benefits to its founders over the last two years. ### Who manages the Glass Wall Systems (India) Limited IPO? Book running lead managers: IIFL Capital Services Limited, IIFL Securities Limited, Motilal Oswal Investment Advisors Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Glass Wall Systems (India) Limited IPO documents? All 4 filings for Glass Wall Systems (India) Limited (RHP, DAP, Addendum, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [GLASS WALL SYSTEMS (INDIA) LIMITED - PROSPECTUS](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789099730206.pdf) (Prospectus, filed 11 Sep 2026) - [Glass Wall Systems (India) Limited - Addendum to RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788761108312.pdf) (Addendum, filed 7 Sep 2026) - [GLASS WALL SYSTEMS (INDIA) LIMITED - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788414816085.pdf) (Red Herring Prospectus, filed 3 Sep 2026) - [GLASS WALL SYSTEMS (INDIA) LIMITED - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/GLASS%20WALL%20SYSTEMS%20(INDIA)%20LIMITED%20-%20AP_p.pdf) (Abridged prospectus (DAP), filed 3 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.