Mumbai : Glass Wall Systems (India) Limited, a premium façade and fenestration solutions provider, reported a 13 per cent drop in revenue for the fiscal year ended March 31, 2025. Meanwhile, the company filed its Draft Red Herring Prospectus (DRHP) with SEBI, moving closer to its Initial Public Offering (IPO).
The DRHP shows the company’s revenue from operations fell to Rs 244.7 crore in FY25, down from Rs 282.1 crore in FY24. However, the firm managed to boost its profit sharply to Rs 43.8 crore, up from Rs 11.9 crore, due to lower expenses.
Additionally, international revenue rose to Rs 114.7 crore in FY25, a huge increase from Rs 15.6 crore in FY23. As of August 31, the company reported a domestic order book of Rs 421.9 crore, international orders of Rs 135.4 crore, and Rs 67.3 crore in fenestration orders under Yes Systems.
The IPO will include a fresh issue of shares worth Rs 60 crore and an offer-for-sale (OFS) of 40,234,552 shares by promoters Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani, Amit Jawahar Hemrajani, and Vinne Jawahar Hemrajani. Furthermore, investors India Business Excellence Fund IIA and Vistra ITCL (India) Limited will also sell shares. A portion of the issue will be reserved for employees at a discounted rate.
Moreover, the company plans to use Rs 50 crore from the fresh issue to build a glass processing unit (GPU Project) at its Vile Bhagad facility in Maharashtra. The remaining funds will support general corporate purposes.
Glass Wall Systems operates in three segments: domestic façade solutions, international façade product supply, and premium fenestration solutions. Its main manufacturing unit in Vile Bhagad, Maharashtra, has a monthly capacity of 140 panels. Meanwhile, the facility is expanding by 18,211 square meters, bringing the total area to 38,506 square meters.
In addition, IIFL Capital and Motilal Investment Advisors will act as book-running lead managers for the IPO. Meanwhile, MUFG Intime India Private Limited will serve as the registrar. The company plans to list its shares on both the BSE and NSE.
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