Did IPO-bound Glass Wall Systems Experience a 13% Revenue Decline in FY25?
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Synopsis
Glass Wall Systems (India) Limited faces a 13% revenue drop in FY25 despite a notable increase in profit, as it gears up for its IPO. The company highlights a strong international revenue surge and a robust order book, showcasing resilience amidst challenges.
Key Takeaways
- Revenue decline of 13% in FY25.
- Profit increase to Rs 43.8 crore.
- Strong international revenue growth.
- Upcoming IPO with a fresh issue of shares.
- Expansion of manufacturing capacity.
Mumbai, Sep 8 (NationPress) The esteemed facade and fenestration solutions provider Glass Wall Systems (India) Limited, which has submitted its Draft Red Herring Prospectus (DRHP) to SEBI in anticipation of an Initial Public Offering (IPO), has disclosed a 13 percent decline in revenue for the fiscal year ending March 31. The Mumbai-based firm reported revenue from operations of Rs 244.7 crore in FY25, down from Rs 282.1 crore in FY24, as indicated in its DRHP.
On a positive note, the company’s restated profit for the year surged to Rs 43.8 crore, a significant increase from Rs 11.9 crore in the previous fiscal year, primarily due to reduced expenses.
In FY25, Glass Wall Systems recorded Rs 114.7 crore in revenue from international operations, marking a substantial rise from Rs 15.6 crore in FY23.
As of August 31, the company boasts a domestic order book valued at Rs 421.9 crore, with international orders reaching Rs 135.4 crore and Rs 67.3 crore for its fenestration segment under Yes Systems.
The IPO will encompass a fresh issue of shares valued at up to Rs 60 crore along with an offer-for-sale (OFS) of up to 40,234,552 shares by promoters including Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani, Amit Jawahar Hemrajani, and Vinne Jawahar Hemrajani, in addition to investors India Business Excellence Fund IIA and Vistra ITCL (India) Limited.
A portion of the shares will be set aside for employees, with a discount applicable in that category.
The proceeds from the fresh issue will be allocated towards establishing a glass processing unit (GPU Project) at its facility in Vile Bhagad, Maharashtra, as part of its backward integration strategy. Remaining funds will be dedicated to general corporate purposes.
Glass Wall Systems operates in three key areas: domestic facade solutions, international façade product supply, and premium fenestration solutions.
The company’s primary manufacturing facility is situated in Vile Bhagad, Maharashtra, with an installed capacity of 140 panels per month as of March. The facility, which spans 20,295 square meters, is undergoing an expansion of an additional 18,211 square meters.
IIFL Capital and Motilal Investment Advisors are the lead managers for the IPO, while MUFG Intime India Private Limited serves as the registrar.
The shares are slated to be listed on both the BSE and NSE.
Point of View
Glass Wall Systems (India) Limited's revenue decline raises questions about market dynamics. However, their profit increase demonstrates resilience and strategic management. The upcoming IPO is a significant move, indicating ambition and potential for growth, aligning with the nation's economic trajectory.
NationPress
08/09/2025
Frequently Asked Questions
What was the revenue drop percentage for Glass Wall Systems in FY25?
Glass Wall Systems reported a 13 percent drop in revenue for FY25.
How much did the company's profits increase in FY25?
The company's restated profit surged to Rs 43.8 crore in FY25, up from Rs 11.9 crore the previous year.
What are the key components of the upcoming IPO?
The IPO includes a fresh issue of shares worth up to Rs 60 crore and an offer-for-sale of 40,234,552 shares by promoters and investors.
What will the proceeds from the IPO be used for?
Proceeds will be directed towards establishing a glass processing unit and general corporate purposes.
Which exchanges will list Glass Wall Systems' shares?
The company's shares are anticipated to be listed on both the BSE and NSE.
