Glass Wall Systems (India) Ltd(GLASSWALL)

NSE: GLASSWALLBSE: 544913

₹ 241.85+4.81%refreshed 04 Nov, 02:45 pm ISTMarket cap: ₹ 2,127 crWebsite: www.glasswallsystems.inUpdated: 4 Nov 2026

About

Glass Wall Systems (India) Ltd makes and installs building facades and fenestration systems in India and in export markets. In Q1 FY27 total revenue was Rs 107 cr: Rs 62 cr from domestic facades, Rs 39 cr from international work and Rs 6 cr from fenestration. Management puts its domestic market share at 6-7%. As of 31 July 2026 the unexecuted order book stood at Rs 982 cr.^[1]

Business segments

Domestic facades: revenue of Rs 62 cr in Q1 FY27, up 93% YoY on strong project execution.^[1]
International: revenue of Rs 39 cr in Q1 FY27, down 12% YoY because of execution timing. Three export projects are scheduled for Q3-Q4.^[1]
Fenestration: revenue of Rs 6 cr in Q1 FY27, up 127% YoY on luxury residential demand. The business is shifting from B2C toward B2B.^[1]
FY26 segment mix was 49% domestic, 45% international and 6% fenestration. Management expects a similar mix in FY27.^[1]

Order book

Unexecuted order book of Rs 982 cr as of 31 July 2026, about twice last year's revenue. Management says this gives 18-24 months of visibility.^[1]
Order book split as of 31 July 2026: Domestic Rs 626 cr, International Rs 186 cr, Fenestration Rs 169 cr.^[1]

Operations and capacity

Manufacturing capacity is stated as 130 panels/day.^[1]
Management says current infrastructure can support growth for the next couple of years without further capex.^[1]
Q1 FY27 EBITDA margin was 21.3%, down from 26.6%. Rs 5.5 cr of pass-through freight under the new DDP model took about 1.5% off it; the contract-adjusted margin was 22.5%.^[1]

Expansion and capex

A Rs 80 cr glass processing unit is under construction and its machinery has been ordered. Rs 50 cr comes from IPO proceeds and the rest from internal accruals.^[1]
Of the IPO money for the glass processing unit, Rs 35 cr is to be deployed in FY27 and Rs 15 cr in FY28. Commissioning is to begin in about 8 months.^[1]
Management expects the glass processing unit to add about 1-1.5% to the bottom line.^[1]
The strategy targets a ~33% increase in manufacturing capacity alongside the in-house glass unit.^[1]

Markets and customers

The company is pursuing export markets in Canada and Israel (the presentation also names Europe) as a China+1 supplier. Management says it is close to winning jobs there.^[1]
Domestic market share is stated at 6-7%.^[1]

Management targets

FY27 targets: revenue growth of around 25%, consolidated EBITDA margin of 23-25% and PAT margin of 18-20%.^[1]
Management targets a medium-term revenue CAGR of 20-25%.^[1]

Market Cap

₹2,127 Cr

High / Low

₹318 / 185

Promoter holding

53.2%

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