Glass Wall Systems (India) Ltd IPO
Status: Closed
Overview
IPO date
08 Sept 2026 to 10 Sept 2026
Face value
₹ 2 per share
Price
₹ 172 to ₹182 per share
Issue Size
23,510,425 shares
(aggregating up to ₹ 427.89 Cr)
(aggregating up to ₹ 427.89 Cr)
Allotment Date
11 Sept 2026
Listing at
NSE
Issue type
Book Building
Sector
Construction
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T&C*
Strengths vs Risks of Glass Wall Systems (India) Ltd
Know the pros & cons
Strengths
- Market leadership supported by a diversified business model and strong foothold in domestic and international markets.
- Marquee client base with proven track record of successful project execution.
- Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure.
- Focused on creating environmentally sustainable high-performance solutions.
- Experienced Promoters and management team.
Risks
- The company's business is dependent on certain key clients, and its top 10 clients contributed 86.40%, 78.13% and 88.56% of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The loss of one or more of these clients could have an adverse effect on its business prospects, results of operations, financial condition and cash flows.
- The company depends on a limited number of suppliers and the company does not have long term agreements with its suppliers for the company's raw materials and volatility in raw material prices and shortages or disruption in their supply could adversely affect its business, results of operations, financial condition and cash flows.
- The company derived 45.20%, 41.21%, and 43.38% of its revenue from operations from overseas operations, based on the criteria set out in Ind AS 108 - Operating Segments, in Fiscals 2026, 2025 and 2024, respectively. Any adverse events in these jurisdictions could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- If the company fails to integrate or manage acquired companies or businesses efficiently, its overall profitability and growth plans could be adversely affected.
- The company derives a portion of its revenue from the company's domestic façade business, which accounted for 48.88%, 46.64%, and 49.34% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any decline in demand for the company's domestic façade services could have an adverse impact on its business, results of operations, financial condition and cash flows.
- The company is entirely dependent on its manufacturing facility located in Vile Bhagad, Maharashtra. Any adverse developments affecting this region or any slowdown, shutdown or unscheduled or prolonged disruption in the company manufacturing could have an adverse effect on its business, results of operations, financial condition and cash flows.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- The company derives a significant portion of its revenues from the states of Maharashtra, that accounted for 13.08%, 20.88%, and 28.43% of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively and Karnataka that accounted for 31.55%, 12.94%, and 21.05% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively from the company's revenue from operations - Indian operations. Further, revenue from operations - Indian operations and overseas operations are based on the criteria set out in Ind AS 108 - Operating Segments. Any adverse developments in such regions, could have an adverse impact on its business, results of operations, financial condition and cash flows.
- The premises of manufacturing facility is on a leasehold basis and the premises of certain of branch offices and guest houses are on leave and license basis. If the company fails to renew these leases and leave and license agreements on competitive terms or if the company is unable to manage its rental costs, the company's business, results of operations, financial condition and cash flows would be adversely affected.
- If the company fails to protect or incur significant costs in defending its intellectual property or if the company infringe the intellectual property rights of others, its business, results of operation, financial condition and cash flows could be adversely affected.
- The company's inability to effectively manage its growth or implement the company's growth strategies may have an adverse effect on its business, results of operations, financial condition and cash flows.
- The company's contracts are project specific and are typically awarded to it on satisfaction of prescribed prequalification criteria and following a competitive bidding process and are not long-term in nature. Its generated 52.75%, 79.75%, and 90.70% of the company's revenue in Fiscals 2026, 2025 and 2024, respectively, from projects awarded to its following a competitive bidding process. The company's business, cash flows and its financial condition may be adversely affected if the company is unable to successfully bid for new projects.
- The company's business requires working capital. Any failures in arranging adequate working capital for its operations may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's inability to collect receivables in time or at all and default in payment from its clients could result in the reduction of the company's profits and affect its cash flows.
- The company's business and results of operations are significantly dependent on its brand, and as on the date of this Red Herring Prospectus, its application for the registration of the logo under the Company's name is pending. Any dilution or damage to its brand in any manner or any authorized use of the company's logo pending the registration may adversely affect its business reputation, results of operations, financial condition and cash flows.
- The company operations involve activities and handling of machinery which are hazardous in nature and could result in a suspension of operations and/or the imposition of civil or criminal liabilities which could adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's inability to adopt new technologies for its manufacturing processes could adversely affect the company's business, results of operations, financial condition and cash flows. Changes in technologies may render its current technologies obsolete or requires the company to undertake substantial capital investments, which could adversely affect its business, results of operations, financial condition and cash flows.
- The company's business is dependent on the performance of the real estate sector, both in the Indian and overseas markets. Any adverse changes in the conditions affecting the real estate sector can adversely impact its business, results of operations, financial condition and cash flows.
- The company's Statutory Auditor has included certain qualifications and certain modifications in their auditor report and in the annexure to their audit report on the Companies (Auditor's Report) Order, 2020 on the statutory financial statements for the year ended March 31, 2024 and any such modification or qualification in the auditors' report on its statutory financial statements in the future may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company intends to utilize a portion of the Net Proceeds for funding its capital expenditure requirements. The company failures to obtain the requisite approvals in a timely manner and its inability to successfully undertake such capital expenditure within the estimated cost could have a material adverse effect on the company's business, operations, prospects or financial results.
- The company intends to utilize a portion of the Net Proceeds for funding capital expenditure requirement for setting up of a glass processing unit ("GPU Project") as part of planned backward integration of the Company at its Vile Bhagad Facility. The company's inability to successfully undertake such capital expenditure within the estimated cost could have a material adverse effect on its business, operations, prospects or financial results.
- The company's Statutory Auditors examination report on its Restated Consolidated Financial Information disclose certain emphasis of matters and modifications which were included in the auditors reports on consolidated financial statements of the Company and its Subsidiary, Yes Systems (the "Group") as at and for year ended March 31, 2026, Ind AS financial statements of the Company as at and for year ended March 31, 2025, special purpose Ind AS financial statements of the Company as at and for the year ended March 31, 2024, Ind AS financial statements of Yes Systems as at and for the year ended March 31, 2025 and special purpose Ind AS financial statements of the Yes Systems as at and for the year ended March 31, 2024.
- The company is dependent on third parties for certain operational processes and any failures by these third parties to meet required quality standards could have an adverse impact on its business, results of operations, financial condition and cash flows.
- The company's business is manpower intensive. Its business may be adversely affected by work stoppages, increased wage demands by its employees, or an increase in minimum wages, and if the company is unable to engage new employees at commercially attractive terms.
- The company's domestic façade EPC solutions business is undertaken as EPC contracts. Any changes in the scope or price or an early termination of such contracts may have an adverse impact on its business, results of operations, financial condition and cash flows.
- Failures to anticipate and develop new product offerings and services and enhance existing execution capabilities in order to keep pace with rapid changes in technology and industry may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- The company is subject to risks associated with expansion into new geographic regions.
- Costs incurred by the company towards completing a project could vary substantially from the assumptions used by it. If the company is unable to recover certain or all of the additional expenses incurred during the project, its financial condition, results of operation and cash flows may be adversely affected.
- There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.
- The company's projects are exposed to various implementation and other risks and uncertainties in relation to its domestic façade EPC solutions vertical, which may adversely affect the company's business, results of operations financial condition and cash flows.
- Its may be subject to additional or increased tariffs or other trade-restrictive measures which could raise the company cost of sales and erode the price competitiveness of its products in the USA, which may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- The company has capital expenditure requirements and may requires additional capital and financing in the future and its operations could be curtailed if the company is unable to obtain the required additional capital and financing when needed.
- The Company and one of its Subsidiaries, Yes Systems Private Limited are involved in certain tax proceedings. Any adverse decision in such proceedings may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- The company has certain contingent liabilities as per Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets that have been derived from the Restated Consolidated Financial Information, as of March 31, 2026, which if they materialize, may adversely affect its business, results of operations, financial condition and cash flows.
- The company's façade solutions are susceptible to engineering risks by virtue of façade solutions being complex engineered systems and any engineering defects or mechanical failures of these systems may have an adverse impact on its business, results of operations, financial condition and cash flows.
- The façade solutions industry is intensely competitive and the company's inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows.
- If the company fails to ensure the confidentiality of its technical knowledge and process know-how, the company may suffer a loss of its competitive advantage.
- The company's contracts include a defect liability retention clause, which may cause strained cash flows and have an adverse impact on its business, results of operations, financial condition and cash flows.
- Failures to obtain or renew approvals, licenses, registrations and permits to operates the company's business in a timely manner, or at all, may adversely affect its business, financial condition, results of operations and cash flows.
- The objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of the company Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders approval.
- If there is any under-utilisation or non-utilisation of the glass processing unit ("GPU"), it will affect the company's ability to absorb fixed costs and thus may adversely impact its financial performance.
- The deployment of funds raised through the Fresh Issue shall not be subject to any monitoring by external independent agency and shall be purely dependent on the discretion of the management of the Company.
- The company's ability to access capital at attractive costs depends on its credit ratings. The company's credit ratings have been downgraded in the past. any future downgrade in its credit ratings may restrict the company access to capital and thereby adversely affect its business, results of operations, financial condition and cash flows.
- The company has recently completed its capacity expansion, and the company's backward integration plans are currently ongoing and based on internal management estimates. There can be no assurance that the expanded capacity or the proposed backward integration will generates the anticipated revenues, which may have an adverse impact on its business, results of operations, financial condition and cash flows.
- The company's Promoters Jawahar Hariram Hemrajani and Eshan Hariram Hemrajani have provided personal guarantees for the loans availed by M. J. Infrastructure Enterprises Private Limited (formerly known as Yes Façade Systems Private Limited) and M.J. Infotech Co. The Promoters may provide additional guarantees in the future and any failures or default in repaying such loans could trigger repayment obligations on its Promoters, which may also impact the company's Promoters' ability to effectively service their obligations as its Promoters and thereby, adversely impact the company's business and operations.
- The Company has issued Equity Shares during the preceding one year at a price that may be below the Offer Price.
- Grants of stock options under the company's employee stock option plans may result in a charge to its profit and loss account and will, to that extent, reduce the company's profit.
- The company has relied on examination certificates as documents evidencing educational qualifications for its one of the company's Promoters, Director, and Key Managerial Personnel. Additionally, one of its Directors and a member of the company's senior management are unable to trace copies of any documents pertaining to their educational qualifications.
- The company is dependent on third parties for the transportation, timely delivery and installation of its product offerings and have not entered into any long-term arrangements with such third party logistics providers. Any failures by or loss of a third party transport service provider could result in delays and increased costs, which may adversely affect the company's business.
- The company's insurance coverage may not be adequate, or its may incur uninsured losses or losses in excess of the company's insurance coverage which could have an adverse impact on its business, results of operations, financial condition and cash flows.
- The company is required to furnish financial and performance bank guarantees as part of its EPC business and for the company overseas operations. Its inability to arrange such guarantees or the invocation of such guarantees may adversely affect the company's cash flows and financial condition.
- The company has incurred indebtedness and an inability to obtain further financing or to comply with repayment and other covenants in its financing agreements could adversely affect the company's business, results of operations, financial condition and cash flows.
- Any failures to comply with quality standards may lead to warranty claims, cancellation of existing and future orders and could negatively impact the company's business, financial performance, results of operations, financial condition and cash flows.
- Improper storage and handling of raw materials and finished products may cause damage to the company's inventory leading to an adverse effect on its business, results of operations, financial condition and cash flows.
- The company operations are dependent on its ability to attract and retain qualified personnel, including the company's Key Managerial Personnel and Senior Management and any inability on its part to do so, could adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's operations are affected by weather conditions, seasonal factors and adverse weather conditions could affect its business, financial performance, results of operations, financial condition and cash flows.
- The company operations are subject to environmental, health, safety and employment laws and regulations. Its failures to comply with such regulations could adversely affect the company's business, results of operations, financial condition and cash flows.
- The company has enrolled for benefits under certain government initiative schemes. Cancellation or its inability to meet the conditions under such schemes may adversely affect the company's business, results of operations, financial condition and cash flows.
- One of the company's Subsidiaries, Yes Systems Private Limited, pays a lower corporate tax rate under the Income Tax Act, 1961. If Yes Systems does not satisfy the conditions prescribed under the relevant sections of the Income Tax Act, 1961, the benefits availed may be revoked, which may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- After the completion of the Offer, the company's Promoters along with the members of its Promoter Group will continue to collectively hold majority of the shareholding in the Company, which will allow them to influence the outcome of matters requiring shareholder approval.
- The company's Directors on its Board does not have prior experience of directorship in any of companies listed on recognized stock exchanges, therefore, they will be able to provide only a limited guidance in relation to the affairs of the Company from a listing perspective.
- Exchange rate fluctuations may adversely affect the company's business, results of operations, financial condition and cash flows.
- Its Promoters and Directors hold Equity Shares in the Company and are therefore interested in its performance in addition to their remuneration and reimbursement of expenses.
- Motilal Oswal Investment Advisors Limited, one of the company Book Running Lead Managers, is an associate of its Investor Selling Shareholder.
- Technology failures could disrupt the company operations and adversely affect its business, results of operations, financial condition and cash flows.
- Information relating to the company's installed capacity and the annualised capacity utilization and historical capacity utilization of its Vile Bhagad Facility included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
- Under-utilisation of the company's manufacturing facility in the future may have an adverse impact on its business, results of operations, financial condition and cash flows.
- Absence of comprehensive peer attrition data may impact its assessment of the Company's position relative to industry.
- Certain sections of this Red Herring Prospectus disclose information from the Ken Report which is a paid report and commissioned and paid for by the company exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Internal or external fraud or misconduct by the company's employees could adversely affect its reputation and the company's business, results of operations, financial condition and cash flows.
- Failures in internal control systems could cause operational errors which may have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
- The company will not receive any proceeds from the Offer for Sale.
- The company has included in this Red Herring Prospectus certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
Glass Wall Systems (India) Ltd Peer Comparison
Understand the company’s industry standing
Glass Wall Systems (India) Ltd
Innovators Facade Systems Ltd
Face Value
2
10
Standalone / Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
456.97
227.52
EPS-Basis
9.9
7.19
EPS-Diluted
9.9
7.19
NAV Per Share
30.91
83.15
P/E-Basic EPS
---
16.54
P/E-Diluted EPS
---
---
RONW(%)
32.03
8.65
Latest NAV Period
---
---
Latest NAV
---
---
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The IPO opens on 08 Sept 2026 & closes on 10 Sept 2026.
Prior to the conversion as a private limited company, Company's business was carried out in the name of Glass Wall Systems', the erstwhile partnership firm, originally formed pursuant to a deed of partnership dated July 19, 2002. This partnership firm was registered with the Registrar of Firms on March 5, 2003. Glass Wall Systems (India) Private Limited was incorporated in Mumbai on August 27, 2010. Thereafter, Company was converted from a private limited company to a public limited company and the name of the Company was changed to Glass Wall Systems (India) Limited', and a fresh certificate of incorporation dated April 28, 2025 was issued by the RoC to the Company.
The Company began manufacturing operations at facility at Vile Bhagad Industries in Raigad district of Maharashtra in FY22. Glass Wall Systems (India) Limited is a leading façade engineering company in India, engaged in providing comprehensive solutions in architectural façades and glass curtain wall systems.
The business operations are categorized into three main verticals: Domestic Façade Solutions, International Façade Products Supply and Fenestration Solutions. Under Domestic Façade Solutions, Company primarily undertake engineering, procurement, and construction (EPC) and manufacturing services for façade solutions to clients.
International Façade Products Supply is focused on providing design, engineering, fabrication and manufacturing and supply of sustainable façade products to specific requirements of general contractors and façade contracting companies; and Fenestration Solutions have commenced to developers of luxury residential properties and to high-net-worth individuals in the luxury sector.
Company is planning the initial public offer by raising funds of Rs 60 Cr equity shares having the face value of Rs 2 each through fresh issue and by issuing 40,234,552 Equity Shares via offer for sale.
Glass Wall Systems (India) Ltd IPO will close on 10 Sept 2026.
- Market leadership supported by a diversified business model and strong foothold in domestic and international markets.
- Marquee client base with proven track record of successful project execution.
- Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure.
- Focused on creating environmentally sustainable high-performance solutions.
- Experienced Promoters and management team.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Jawahar Hariram Hemrajani | 31675558 | 37.42 | 29145315 | 33.14 |
| 2 | Eshan Jawahar Hemrajani | 7934685 | 9.37 | 5194254 | 5.91 |
| 3 | Eshan Jawahar Hemrajani (held | 4859560 | 5.74 | 4859560 | 5.53 |
| 4 | Amit Jawahar Hemrajani | 7912000 | 9.35 | 7912000 | 9 |
| 5 | Vinne Jawahar Hemrajani | 2112629 | 2.5 | 2112629 | 2.4 |
| 6 | Jawahar Hemrajani Family Trust | 111 | --- | 111 | --- |
| 7 | Amit Hemrajani Family Trust | 111 | --- | 111 | --- |
| 8 | Eshan Hemrajani Family Trust | 111 | --- | 111 | --- |
| 9 | Vinne Hemrajani Family Trust | 111 | --- | 111 | --- |
- The company's business is dependent on certain key clients, and its top 10 clients contributed 86.40%, 78.13% and 88.56% of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The loss of one or more of these clients could have an adverse effect on its business prospects, results of operations, financial condition and cash flows.
- The company depends on a limited number of suppliers and the company does not have long term agreements with its suppliers for the company's raw materials and volatility in raw material prices and shortages or disruption in their supply could adversely affect its business, results of operations, financial condition and cash flows.
- The company derived 45.20%, 41.21%, and 43.38% of its revenue from operations from overseas operations, based on the criteria set out in Ind AS 108 - Operating Segments, in Fiscals 2026, 2025 and 2024, respectively. Any adverse events in these jurisdictions could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- If the company fails to integrate or manage acquired companies or businesses efficiently, its overall profitability and growth plans could be adversely affected.
- The company derives a portion of its revenue from the company's domestic façade business, which accounted for 48.88%, 46.64%, and 49.34% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any decline in demand for the company's domestic façade services could have an adverse impact on its business, results of operations, financial condition and cash flows.
- The company is entirely dependent on its manufacturing facility located in Vile Bhagad, Maharashtra. Any adverse developments affecting this region or any slowdown, shutdown or unscheduled or prolonged disruption in the company manufacturing could have an adverse effect on its business, results of operations, financial condition and cash flows.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- The company derives a significant portion of its revenues from the states of Maharashtra, that accounted for 13.08%, 20.88%, and 28.43% of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively and Karnataka that accounted for 31.55%, 12.94%, and 21.05% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively from the company's revenue from operations - Indian operations. Further, revenue from operations - Indian operations and overseas operations are based on the criteria set out in Ind AS 108 - Operating Segments. Any adverse developments in such regions, could have an adverse impact on its business, results of operations, financial condition and cash flows.
- The premises of manufacturing facility is on a leasehold basis and the premises of certain of branch offices and guest houses are on leave and license basis. If the company fails to renew these leases and leave and license agreements on competitive terms or if the company is unable to manage its rental costs, the company's business, results of operations, financial condition and cash flows would be adversely affected.
- If the company fails to protect or incur significant costs in defending its intellectual property or if the company infringe the intellectual property rights of others, its business, results of operation, financial condition and cash flows could be adversely affected.
- The company's inability to effectively manage its growth or implement the company's growth strategies may have an adverse effect on its business, results of operations, financial condition and cash flows.
- The company's contracts are project specific and are typically awarded to it on satisfaction of prescribed prequalification criteria and following a competitive bidding process and are not long-term in nature. Its generated 52.75%, 79.75%, and 90.70% of the company's revenue in Fiscals 2026, 2025 and 2024, respectively, from projects awarded to its following a competitive bidding process. The company's business, cash flows and its financial condition may be adversely affected if the company is unable to successfully bid for new projects.
- The company's business requires working capital. Any failures in arranging adequate working capital for its operations may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's inability to collect receivables in time or at all and default in payment from its clients could result in the reduction of the company's profits and affect its cash flows.
- The company's business and results of operations are significantly dependent on its brand, and as on the date of this Red Herring Prospectus, its application for the registration of the logo under the Company's name is pending. Any dilution or damage to its brand in any manner or any authorized use of the company's logo pending the registration may adversely affect its business reputation, results of operations, financial condition and cash flows.
- The company operations involve activities and handling of machinery which are hazardous in nature and could result in a suspension of operations and/or the imposition of civil or criminal liabilities which could adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's inability to adopt new technologies for its manufacturing processes could adversely affect the company's business, results of operations, financial condition and cash flows. Changes in technologies may render its current technologies obsolete or requires the company to undertake substantial capital investments, which could adversely affect its business, results of operations, financial condition and cash flows.
- The company's business is dependent on the performance of the real estate sector, both in the Indian and overseas markets. Any adverse changes in the conditions affecting the real estate sector can adversely impact its business, results of operations, financial condition and cash flows.
- The company's Statutory Auditor has included certain qualifications and certain modifications in their auditor report and in the annexure to their audit report on the Companies (Auditor's Report) Order, 2020 on the statutory financial statements for the year ended March 31, 2024 and any such modification or qualification in the auditors' report on its statutory financial statements in the future may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company intends to utilize a portion of the Net Proceeds for funding its capital expenditure requirements. The company failures to obtain the requisite approvals in a timely manner and its inability to successfully undertake such capital expenditure within the estimated cost could have a material adverse effect on the company's business, operations, prospects or financial results.
- The company intends to utilize a portion of the Net Proceeds for funding capital expenditure requirement for setting up of a glass processing unit ("GPU Project") as part of planned backward integration of the Company at its Vile Bhagad Facility. The company's inability to successfully undertake such capital expenditure within the estimated cost could have a material adverse effect on its business, operations, prospects or financial results.
- The company's Statutory Auditors examination report on its Restated Consolidated Financial Information disclose certain emphasis of matters and modifications which were included in the auditors reports on consolidated financial statements of the Company and its Subsidiary, Yes Systems (the "Group") as at and for year ended March 31, 2026, Ind AS financial statements of the Company as at and for year ended March 31, 2025, special purpose Ind AS financial statements of the Company as at and for the year ended March 31, 2024, Ind AS financial statements of Yes Systems as at and for the year ended March 31, 2025 and special purpose Ind AS financial statements of the Yes Systems as at and for the year ended March 31, 2024.
- The company is dependent on third parties for certain operational processes and any failures by these third parties to meet required quality standards could have an adverse impact on its business, results of operations, financial condition and cash flows.
- The company's business is manpower intensive. Its business may be adversely affected by work stoppages, increased wage demands by its employees, or an increase in minimum wages, and if the company is unable to engage new employees at commercially attractive terms.
- The company's domestic façade EPC solutions business is undertaken as EPC contracts. Any changes in the scope or price or an early termination of such contracts may have an adverse impact on its business, results of operations, financial condition and cash flows.
- Failures to anticipate and develop new product offerings and services and enhance existing execution capabilities in order to keep pace with rapid changes in technology and industry may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- The company is subject to risks associated with expansion into new geographic regions.
- Costs incurred by the company towards completing a project could vary substantially from the assumptions used by it. If the company is unable to recover certain or all of the additional expenses incurred during the project, its financial condition, results of operation and cash flows may be adversely affected.
- There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.
- The company's projects are exposed to various implementation and other risks and uncertainties in relation to its domestic façade EPC solutions vertical, which may adversely affect the company's business, results of operations financial condition and cash flows.
- Its may be subject to additional or increased tariffs or other trade-restrictive measures which could raise the company cost of sales and erode the price competitiveness of its products in the USA, which may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- The company has capital expenditure requirements and may requires additional capital and financing in the future and its operations could be curtailed if the company is unable to obtain the required additional capital and financing when needed.
- The Company and one of its Subsidiaries, Yes Systems Private Limited are involved in certain tax proceedings. Any adverse decision in such proceedings may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- The company has certain contingent liabilities as per Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets that have been derived from the Restated Consolidated Financial Information, as of March 31, 2026, which if they materialize, may adversely affect its business, results of operations, financial condition and cash flows.
- The company's façade solutions are susceptible to engineering risks by virtue of façade solutions being complex engineered systems and any engineering defects or mechanical failures of these systems may have an adverse impact on its business, results of operations, financial condition and cash flows.
- The façade solutions industry is intensely competitive and the company's inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows.
- If the company fails to ensure the confidentiality of its technical knowledge and process know-how, the company may suffer a loss of its competitive advantage.
- The company's contracts include a defect liability retention clause, which may cause strained cash flows and have an adverse impact on its business, results of operations, financial condition and cash flows.
- Failures to obtain or renew approvals, licenses, registrations and permits to operates the company's business in a timely manner, or at all, may adversely affect its business, financial condition, results of operations and cash flows.
- The objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of the company Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders approval.
- If there is any under-utilisation or non-utilisation of the glass processing unit ("GPU"), it will affect the company's ability to absorb fixed costs and thus may adversely impact its financial performance.
- The deployment of funds raised through the Fresh Issue shall not be subject to any monitoring by external independent agency and shall be purely dependent on the discretion of the management of the Company.
- The company's ability to access capital at attractive costs depends on its credit ratings. The company's credit ratings have been downgraded in the past. any future downgrade in its credit ratings may restrict the company access to capital and thereby adversely affect its business, results of operations, financial condition and cash flows.
- The company has recently completed its capacity expansion, and the company's backward integration plans are currently ongoing and based on internal management estimates. There can be no assurance that the expanded capacity or the proposed backward integration will generates the anticipated revenues, which may have an adverse impact on its business, results of operations, financial condition and cash flows.
- The company's Promoters Jawahar Hariram Hemrajani and Eshan Hariram Hemrajani have provided personal guarantees for the loans availed by M. J. Infrastructure Enterprises Private Limited (formerly known as Yes Façade Systems Private Limited) and M.J. Infotech Co. The Promoters may provide additional guarantees in the future and any failures or default in repaying such loans could trigger repayment obligations on its Promoters, which may also impact the company's Promoters' ability to effectively service their obligations as its Promoters and thereby, adversely impact the company's business and operations.
- The Company has issued Equity Shares during the preceding one year at a price that may be below the Offer Price.
- Grants of stock options under the company's employee stock option plans may result in a charge to its profit and loss account and will, to that extent, reduce the company's profit.
- The company has relied on examination certificates as documents evidencing educational qualifications for its one of the company's Promoters, Director, and Key Managerial Personnel. Additionally, one of its Directors and a member of the company's senior management are unable to trace copies of any documents pertaining to their educational qualifications.
- The company is dependent on third parties for the transportation, timely delivery and installation of its product offerings and have not entered into any long-term arrangements with such third party logistics providers. Any failures by or loss of a third party transport service provider could result in delays and increased costs, which may adversely affect the company's business.
- The company's insurance coverage may not be adequate, or its may incur uninsured losses or losses in excess of the company's insurance coverage which could have an adverse impact on its business, results of operations, financial condition and cash flows.
- The company is required to furnish financial and performance bank guarantees as part of its EPC business and for the company overseas operations. Its inability to arrange such guarantees or the invocation of such guarantees may adversely affect the company's cash flows and financial condition.
- The company has incurred indebtedness and an inability to obtain further financing or to comply with repayment and other covenants in its financing agreements could adversely affect the company's business, results of operations, financial condition and cash flows.
- Any failures to comply with quality standards may lead to warranty claims, cancellation of existing and future orders and could negatively impact the company's business, financial performance, results of operations, financial condition and cash flows.
- Improper storage and handling of raw materials and finished products may cause damage to the company's inventory leading to an adverse effect on its business, results of operations, financial condition and cash flows.
- The company operations are dependent on its ability to attract and retain qualified personnel, including the company's Key Managerial Personnel and Senior Management and any inability on its part to do so, could adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's operations are affected by weather conditions, seasonal factors and adverse weather conditions could affect its business, financial performance, results of operations, financial condition and cash flows.
- The company operations are subject to environmental, health, safety and employment laws and regulations. Its failures to comply with such regulations could adversely affect the company's business, results of operations, financial condition and cash flows.
- The company has enrolled for benefits under certain government initiative schemes. Cancellation or its inability to meet the conditions under such schemes may adversely affect the company's business, results of operations, financial condition and cash flows.
- One of the company's Subsidiaries, Yes Systems Private Limited, pays a lower corporate tax rate under the Income Tax Act, 1961. If Yes Systems does not satisfy the conditions prescribed under the relevant sections of the Income Tax Act, 1961, the benefits availed may be revoked, which may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- After the completion of the Offer, the company's Promoters along with the members of its Promoter Group will continue to collectively hold majority of the shareholding in the Company, which will allow them to influence the outcome of matters requiring shareholder approval.
- The company's Directors on its Board does not have prior experience of directorship in any of companies listed on recognized stock exchanges, therefore, they will be able to provide only a limited guidance in relation to the affairs of the Company from a listing perspective.
- Exchange rate fluctuations may adversely affect the company's business, results of operations, financial condition and cash flows.
- Its Promoters and Directors hold Equity Shares in the Company and are therefore interested in its performance in addition to their remuneration and reimbursement of expenses.
- Motilal Oswal Investment Advisors Limited, one of the company Book Running Lead Managers, is an associate of its Investor Selling Shareholder.
- Technology failures could disrupt the company operations and adversely affect its business, results of operations, financial condition and cash flows.
- Information relating to the company's installed capacity and the annualised capacity utilization and historical capacity utilization of its Vile Bhagad Facility included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
- Under-utilisation of the company's manufacturing facility in the future may have an adverse impact on its business, results of operations, financial condition and cash flows.
- Absence of comprehensive peer attrition data may impact its assessment of the Company's position relative to industry.
- Certain sections of this Red Herring Prospectus disclose information from the Ken Report which is a paid report and commissioned and paid for by the company exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Internal or external fraud or misconduct by the company's employees could adversely affect its reputation and the company's business, results of operations, financial condition and cash flows.
- Failures in internal control systems could cause operational errors which may have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
- The company will not receive any proceeds from the Offer for Sale.
- The company has included in this Red Herring Prospectus certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
The Issue type of Glass Wall Systems (India) Ltd is Book Building.
The minimum application for shares of Glass Wall Systems (India) Ltd is 82.
The total shares issue of Glass Wall Systems (India) Ltd is 23510425.
Initial public offering of up to 23,510,425 equity shares of face value of Rs. 2 each ("Equity Shares") of the company for cash at a price of Rs. 182 per equity share (including a share premium of Rs. 180 per equity share) ("Offer Price") aggregating up to Rs. 427.89 Crores ("Offer"). The offer comprises a fresh issue of up to 3,296,703 equity shares (of face value of Rs. 2 each) aggregating up to Rs. 60.00 Crores by the company ("Fresh Issue") and an offer for sale of up to 20,213,722 equity shares of face value of Rs. 2 each ("Offered Shares") aggregating up to Rs. 367.89 Crores by the selling shareholders, consisting of up to 2,530,243 equity shares (of face value of Rs. 2 each) aggregating up to Rs. 46.05 Crores by Jawahar Hariram Hemrajani, up to 2,740,431 equity shares (of face value of Rs. 2 each) aggregating up to Rs. 49.88 Crores by Eshan Jawahar Hemrajani, up to 14,943,048 equity shares (of face value of Rs. 2 each) aggregating up to Rs. 271.96 Crores by India business excellence fund IIA (Such Offer For Sale of Equity Shares by the Selling Shareholders, the "Offer for Sale").
Price Band: Rs. 182 per equity share of face value of Rs. 2 each.
The floor price is 91 times the face value of the equity shares.
Bids can made for a minimum of 82 equity shares of face value of Rs. 2 each and in multiples of 82 equity shares of face value of Rs. 2 each. thereafter.