Glass Wall Systems Eyes Market Expansion with Strategic IPO

By siliconindia  |  Monday, September 8, 2025

Glass Wall Systems Eyes Market Expansion with Strategic IPO
  • Glass Wall Systems files DRHP with SEBI for IPO to raise Rs 60 crore for expansion and backward integration.
  • Leading premium façade and fenestration provider in India, USA, and Australia with 150+ projects and top clients.
  • FY25 revenue Rs 244.7 crore, net profit Rs 43.8 crore, with strong domestic and international order book; Vile Bhagad facility expanding.
Mumbai-based Glass Wall Systems (India) Ltd. has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO). The move marks a significant milestone in the company’s growth strategy, aiming to strengthen its market presence and support expansion initiatives.
The IPO, with a face value of Rs 2 per share, comprises a mix of fresh issue and offer-for-sale. The fresh issue is valued at Rs 60 crore, while the promoters – Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani, Amit Jawahar Hemrajani, and Vinne Jawahar Hemrajani – plan to sell up to 40,234,552 shares through the offer-for-sale. Other investors participating in the offer include India Business Excellence Fund IIA and Vistra ITCL (India) Limited.
Eligible employees will also have a reserved portion in the subscription, along with a discount offered to employees participating in this segment. The proceeds from the fresh issue, amounting to Rs 60 crore, will largely be utilised to fund the capital expenditure required for setting up a GPU Project as part of backward integration at the company’s Vile Bhagad, Maharashtra facility (Rs 50 crore) and for general corporate purposes.
The IPO will follow the book-building process, with a maximum of 50 percent of the net offer allocated to qualified institutional buyers. Non-institutional bidders will receive up to 15 percent, while retail individual investors will be allocated 35 percent of the net offer.
Glass Wall Systems (India) Ltd. is a leading provider of premium façade solutions and fenestration products in India, USA, and Australia. The company ranks as the second-largest provider of façade solutions in India by revenue for Fiscal 2025 and Fiscal 2024, according to Ken Report. It is also India’s largest façade exporter in 2024 by revenue. With over two decades of experience, the company has completed more than 150 projects as of March 31, 2025.
The façade and fenestration sector plays a critical role in connecting a building’s interior with its external environment, combining advanced materials, precision engineering, and architectural design to deliver both form and function.
Glass Wall Systems operates through three main verticals:
  • Domestic Façade Solutions – The company undertakes engineering, procurement, construction (EPC), and manufacturing services for façade solutions in India.
  • International Façade Products Supply – It provides design, engineering, fabrication, manufacturing, and supply of sustainable façade products tailored to the requirements of general contractors and façade contracting companies globally.
  • Fenestration Solutions – The company offers premium fenestration solutions such as custom-designed luxury windows, doors, skylights, and partition systems, catering to India’s luxury real estate market.
The company provides a wide range of products, including façade and curtain wall systems, bolted façades, skylights, canopies, space frames, louvers, rain screen cladding, diagrids, and aluminium doors and windows. Its key domestic clients include Bagmane, K Raheja, and Prestige, with projects spanning over seven years. Notable domestic projects include The Capital, Kohinoor Square, Bagmane Rio, and Lodha World One.
Internationally, the company has completed projects such as Jackson Avenue (16,707.76 square meters), 1400 South Wabash (10,900.42 square meters), 2300 Market Place (7,597.48 square meters), 3202 Cuthbert (5,207.66 square meters), Spark GTIC (14,640.12 square meters), and Harper Court (12,491.97 square meters) in the USA in collaboration with Reflection Window + Wall (RWW), and Project Dove in Australia (2,237 square meters).
The company’s primary manufacturing facility at Vile Bhagad, Maharashtra, spans a land area of 101,299 square meters, with a developed area of 20,295 square meters. The facility has an installed capacity of 140 panels per month as of March 31, 2025, and is expanding by an additional 18,211 square meters. The IPO proceeds will support the establishment of an in-house glass processing unit as part of backward integration.
The Vile Bhagad facility operates under ISO 9001:2015-certified quality management and ISO 45001:2018-certified occupational health and safety systems. It is equipped with advanced CNC machinery for precision cutting, drilling, milling, and shaping of aluminium profiles and other materials, ensuring high-quality and consistent output with minimal manual intervention. Automated logistics systems further enhance the handling of heavy glass panels efficiently and safely.
Glass Wall Systems reported revenue from operations of Rs 244.7 crore in Fiscal 2025, up from Rs 240.5 crore in Fiscal 2023. Its overseas revenue grew significantly to Rs 114.7 crore in Fiscal 2025 from Rs 15.6 crore in Fiscal 2023. Net profit also increased to Rs 43.8 crore in Fiscal 2025 from Rs 16.1 crore in Fiscal 2023.
As of August 31, 2025, the company’s domestic façade solutions order book stood at Rs 421.9 crore, with international façade orders of Rs 135.4 crore. The order book for its fenestration business under Yes Systems was Rs 67.3 crore.
IIFL Capital and Motilal Investment Advisors are the book-running lead managers for the IPO, while MUFG Intime India Private Limited acts as the registrar. The company’s equity shares are proposed to be listed on both BSE and NSE.

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