Glass Wall Systems IPO

 

Glass Wall Systems IPO — My Quick Take



Went through the RHP of Glass Wall Systems.At first glance, the numbers look impressive:

Revenue: ₹304 Cr → ₹457 Cr (FY24–FY26)

PAT: ₹20 Cr → ₹84 Cr
EBITDA Margin: ~23%
ROCE: ~43%
Debt/Equity: ~0.03x

Fresh issue: ₹60 Cr, with ~₹50 Cr for a new Glass Processing Unit.

But a few things make me cautious

• Top 10 customers = ~86% of revenue
• 45% revenue comes from international business
• Receivables ~₹109 Cr
• RHP highlights related-party & historical accounting/control issues

. Valuation = Fair to Slightly Expensive

At ₹182, valuation is ~18x FY26 earnings

My view: Good business + strong financials, but risks need to be watched.

Not an investment recommendation. Do your own research.

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