MUMBAI– Premium façade and fenestration solutions provider Glass Wall Systems (India) Limited has reported a 13 percent decline in revenue for fiscal year 2025, even as it prepares for an Initial Public Offering (IPO). The company recently filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
According to the DRHP, revenue from operations stood at Rs 244.7 crore in FY25, down from Rs 282.1 crore in FY24. Despite the drop, profit after tax surged more than threefold to Rs 43.8 crore from Rs 11.9 crore, largely supported by lower expenses.
The company also reported strong growth in overseas business. Revenue from international operations jumped to Rs 114.7 crore in FY25, compared with Rs 15.6 crore in FY23.
As of August 31, Glass Wall Systems had a domestic order book of Rs 421.9 crore, international orders worth Rs 135.4 crore, and Rs 67.3 crore in fenestration orders under its Yes Systems unit.
The proposed IPO includes a fresh issue of shares worth up to Rs 60 crore and an offer for sale (OFS) of up to 40,234,552 shares by promoters Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani, Amit Jawahar Hemrajani and Vinne Jawahar Hemrajani, along with investors India Business Excellence Fund IIA and Vistra ITCL (India) Limited. A portion of the offering will be reserved for employees, who will be eligible for a discount.
Proceeds from the fresh issue will largely fund the establishment of a new glass processing unit (GPU Project) at the company’s Vile Bhagad facility in Maharashtra, with Rs 50 crore earmarked for the project. The balance will go toward general corporate purposes.
Glass Wall Systems operates across three business lines — domestic façade solutions, international façade product supply, and premium fenestration solutions. Its main manufacturing plant, located in Vile Bhagad, currently has a capacity of 140 panels per month. The facility, spread across 20,295 square meters, is undergoing expansion with an additional 18,211 square meters.
IIFL Capital and Motilal Oswal Investment Advisors are acting as the book-running lead managers for the IPO, while MUFG Intime India Private Limited will serve as registrar. The company’s shares are proposed to be listed on both the BSE and NSE. (Source: IANS)
