Glass Wall Systems - IPO Report

Glass Wall Systems (GWS) is a façade and fenestration solutions provider with over 20 years of experience, offering end-to-end design, engineering, manufacturing, supply and installation of curtain wall, storefront, unitized, semi-unitized and frameless façades. Its offerings also include high-performance glazing, thermally broken framing, cladding, windows, doors and skylights. The company had completed 158 projects as of March 31, 2026.

GWS operates across three verticals: Domestic Façade Solutions, International Façade Products Supply and Fenestration Solutions. The fenestration business was strengthened through the acquisition of Yes Systems, which operates under the ORIA Fenestration brand and caters to premium and ultra-luxury residential projects.

GWS is the second-largest façade solutions provider in India by revenue in FY24/FY25 and India's largest façade exporter in 2024. International markets contributed 45.2% of FY26 revenue, with successful and ongoing projects across the US and Australia, including Jackson Avenue, 1400 Wabash, 2300 Market Place, Spark, Harper Court, Dove and CMAR.

Growth is supported by capacity expansion and backward integration, with an order book of ₹626.1 crore in domestic façades, ₹186.2 crore in international façade products and ₹169.3 crore in fenestration as of July 31, 2026, aggregating to approximately ₹982 crore.

IPO proceeds are planned to be utilised towards capacity expansion and the Glass Processing Unit, supporting GWS's ability to scale its manufacturing capabilities and address growing demand across domestic and international façade and fenestration markets.