Glass Wall Systems (India), one of the country’s leading façade and fenestration solutions providers, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company, backed by promoters Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, is eyeing a fundraise of up to INR 60 crore through a fresh issue, along with an offer for sale of up to 4.02 crore shares by existing shareholders, including private equity investors.
Glass Wall Systems IPO is manages by IIFL Capital Services and Motilal Oswal Investment Advisors while MUFG Intime is the registrar of the issue.
Glass Wall Systems IPO: Key Selling Shareholders
| Shareholder | Category | Pre-IPO Holding (Shares) | % Pre-Offer Equity | OFS Shares Offered (Up to) |
|---|---|---|---|---|
| Jawahar Hariram Hemrajani | Promoter | 3,14,46,987 | 37.15% | 88,10,887 |
| Eshan Jawahar Hemrajani | Promoter | 79,34,685 | 9.37% | 1,58,896 |
| Eshan J. Hemrajani (Jointly with Dikshita E. Hemrajani) | Promoter | 48,59,560 | 5.74% | 2,61,190 |
| Amit Jawahar Hemrajani | Promoter Group | 79,12,000 | 9.35% | 5,20,334 |
| Vinne Jawahar Hemrajani | Promoter Group | 21,12,629 | 2.50% | 1,11,000 |
| India Business Excellence Fund IIA | Investor | 2,18,68,020 | 25.84% | 2,18,68,020 |
| Vistra ITCL (Trustee – IBEX Fund II) | Investor | 85,04,225 | 10.05% | 85,04,225 |
| Total | — | 8,46,38,106 | 100.00% | 4,02,34,552 |
Company Overview
Glass Wall Systems is positioned as a premium façade solutions and fenestration player with operations in India, the US, and Australia. According to Ken Research, it is India’s second-largest façade solutions provider (FY24 & FY25) and the largest exporter by revenue in 2024.
With over two decades of experience and more than 150 completed projects, the company has delivered landmark façades for iconic buildings such as The Capital, Kohinoor Square, Bagmane Rio, and Lodha World One. Internationally, it has supplied to marquee projects like Jackson Avenue, Harper Court, and Spark GTIC in the US, and Project Dove in Australia.
Business Verticals
- Domestic Façade Solutions – EPC and turnkey façade projects for developers and corporates.
- International Façade Product Supply – Exports to contractors in the US and Australia.
- Fenestration Solutions – Luxury windows, doors, and skylights under its subsidiary Yes Systems, acquired in August 2025.
Yes Systems, operating under the brand ORIA, recorded revenues of INR 33.8 crore and profits of INR 13.7 crore in FY25, tapping into India’s fast-growing ultra-luxury fenestration market, which has grown at a CAGR of 30.7% since FY20.
Financial Performance
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 240.51 | 282.17 | 244.76 |
| EBITDA | 11.86 | 431.85 | 580.86 |
| EBITDA Margin (%) | 4.93 | 15.30 | 23.73 |
| Net Profit (PAT) | 16.11 | 11.95 | 43.81 |
| ROCE (%) | 7.05 | 22.52 | 38.32 |
| ROE (%) | 17.16 | 11.06 | 32.75 |
Global Play: Export-Led Growth
Exports have emerged as a major growth driver. Overseas revenue surged from just INR 15.7 crore in FY23 to INR 114.7 crore in FY25 – a staggering CAGR of 170%.
Through partnerships with RWW (US) and SRG Global (Australia), Glass Wall has established itself as the only Indian façade company with a strong foothold in both markets. Export projects offer higher realizations per square foot compared to domestic EPC work, driving profitability.
Manufacturing & Capacity Expansion
The company’s manufacturing backbone is its Vile Bhagad Facility in Maharashtra, spread over 1,01,000 sqm, with an installed capacity of 1,60,000 sqm of unitized panels annually.
- FY23 utilization: 78%
- FY24 utilization: 75%
- FY25 utilization: 54% (due to project mix and scheduling)
To strengthen backward integration and reduce third-party dependence, Glass Wall is investing INR 50 crore from IPO proceeds in a glass processing unit at the same facility.
Clientele & Execution Track Record
- Domestic marquee clients: Lodha, Embassy, Bagmane, Prestige, K Raheja.
- International clients: RWW, Winpro (US), SRG Global (Australia).
- Track record: 22 projects completed in the last three fiscals; 17 ongoing projects as of DRHP filing.
- Repeat engagements and long-term partnerships (7–11 years with some developers) reflect brand trust and execution capability.
Industry Outlook
- Indian façade market: Doubled from INR 3,730 crore (FY20) to INR 7,310 crore (FY25), expected to hit INR 13,600 crore by FY30 (CAGR 13.2%).
- Global façade market: USD 22.4 billion in 2024, forecast at USD 32 billion by 2030.
- Luxury fenestration in India: Grew from INR 260 crore in FY20 to INR 770 crore in FY25 (CAGR 30.7%), driven by HNI demand.
India’s “China+1” positioning, low-cost skilled workforce, and strong raw material availability make it a competitive hub for global façade exports.
Strategic Strengths
- Market leadership: #2 in India, #1 exporter.
- Diversified business model (domestic EPC + exports + fenestration).
- Strong order book: INR 422.0 crore domestic, INR 135.5 crore international, INR 67.3 crore fenestration (as of Aug 2025).
- Sustainability-focused operations (solar panels, zero-waste program, carbon-neutral materials).
- Promoter experience: 39 years (Chairman Jawahar Hemrajani) and 11 years (MD Eshan Hemrajani).
Outlook
Glass Wall Systems IPO filing signals its intent to de-leverage, expand backward integration, and capture the high-margin luxury fenestration opportunity. With exports scaling rapidly and a robust domestic order book, the company is well-placed to benefit from India’s construction boom and rising global demand for sustainable, engineered façades.
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