Independent Research on Mutual Funds, Stocks & IPOs for Indian Investors

Glass Wall Systems (India) Limited, founded 2010, provides facade and fenestration solutions in India, the US and Australia, having completed 158+ projects including landmark buildings like Lodha World One, Kohinoor Square and The Capital. Acquired subsidiary Yes Systems (fenestration vertical) in Aug 2025. Practically debt-free (Rs 6.68 Cr borrowings vs Rs 261.58 Cr net worth). PAT margin 20.66%, RoCE 43.39%, RoNW 32.72%. Issue: fresh Rs 60 Cr (for a new glass processing unit at Vile Bhagad, backward integration) + OFS Rs 367.89 Cr. Trade receivables Rs 108.96 Cr for FY26. Final subscription: 81.65x overall.