HRS Aluglaze
- HRS Aluglaze is coming out with an initial public offering (IPO) of 53,04,000 equity shares in a price band of Rs 94-96 per equity share.
- The issue will open on December 11, 2025 and will close on December 15, 2025.
- The shares will be listed on SME Platform of BSE.
- The face value of the share is Rs 10 and is priced 9.4 times of its face value on the lower side and 9.6 times on the higher side.
- Book running lead manager to the issue is Cumulative Capital.
- Compliance Officer for the issue is Siddhi Manga.
Profile of the company
The company is engaged in the business of design, manufacturing, and installation of a wide range of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems. These solutions are carefully tailored to meet the specific requirements of builders, contractors, architect, and institutions, with both standard and customized options and requirements and the company also provide material supply and procurement support. Over the years, the company have evolved capability of providing good quality architectural systems, delivering reliable and customized solutions for commercial, residential, industrial, and institutional projects including hospitals.
Its manufacturing facility is located in Village Rajoda, Taluka Bavla, Ahmedabad, Gujarat, and currently spans around 11,176 square meters of area. To support its long-term growth strategy and cater to the rising demand for its products and services. With in-house infrastructure, CNC precision machinery, and powder coating facilities, it maintains good quality standards across all operations. It has proposed an expansion of around 13,714 square meters adjoining to current facility area.
The company is ISO 9001:2015 certified for the supply and installation of facade works, aluminium doors and windows, and related solutions for residential, commercial, and industrial structures, reflecting its focus on quality and service. It has also been awarded the MSME ZED Bronze Certification by the Ministry of Micro, Small and Medium Enterprises, recognizing its commitment to delivering high-quality, defect-free work with minimal environmental impact. This enhances its credibility, improves its eligibility for government projects, and encourages ongoing operational improvements. Backed by the sound experience of its promoters in the aluminium fabrication and facade industry. Their combined expertise in manufacturing, distribution, and installation of architectural products has played a vital role in expanding its presence across diverse market segments.
Proceed is being used for:
- Funding capital expenditure to set up assembly & glass glazing line at Rajoda, Ahmedabad for facade work
- Funding of working capital requirements
- General corporate purposes
Industry Overview
The Indian facade market was valued at around $2.2 billion in 2023. The market is projected to reach around $4 billion by 2028. This growth projection is supported by the increasing demand for modern and sustainable building solutions. The compound annual growth rate (CAGR) is estimated to be between 8.3% from 2022 to 2028. This significant projected growth rate reflects the rising investments in infrastructure and real estate, alongside technological advancements in building materials and design Rapid urbanization in India is a major driver, with cities expanding and new urban canters being developed. This leads to a higher demand for residential, commercial, and industrial buildings, which in turn fuels the facade market. Large-scale infrastructure projects, including airports, metro systems, and smart cities, are increasing the need for advanced facade solutions.
The growth of the Indian facade market share is primarily driven by rapid urbanization and a surge in infrastructure development activities within residential, commercial, and industrial sectors. With the increasing need for modern, energy-efficient buildings, facades have become essential in providing thermal insulation, reducing energy consumption and enhancing aesthetic appeal. For instance, in September 2024, VOX India launched Fronto V Black panels, a cutting-edge solution for facades and ceilings. Combining robust durability, weather resistance, and authentic wood aesthetics, these maintenance-free panels offer easy installation and enhanced thermal efficiency, redefining modern architectural design.
The Indian facade market is witnessing a significant shift toward energy-efficient solutions due to growing environmental awareness and stricter building regulations. Double-glazed glass, ventilated facades, and dynamic shading systems are becoming preferred choices among developers to reduce energy consumption and enhance thermal performance. The push for green building certifications is further driving the adoption of these technologies. For instance, in September 2024, rat Studio unveiled the Head Field Office in Noida, featuring a parametric facade with Tweening Arches, dynamic vertical fins, energy efficiency, advanced lighting systems, and environmental responsiveness, blending sustainability and modern design into an architectural landmark.
Pros and strengths
Proven track record with strong client relationships: It has successfully executed several projects for developers, institutions, and contractors across India. Its project management and execution capabilities, supported by a qualified technical team, help it delivers projects within stipulated timelines while adhering to stringent quality and safety standards. The company has built long-term partnerships with leading real estate developers, government agencies, and institutional clients. A large part of HRS Aluglaze’s business comes from repeat customers a testament to its reliability, on-time delivery, and customer-first approach. Based on the company’s ability to execute large scale projects on timely basis with the defined quality norms. Maintaining a good standard of service has earned HRS Aluglaze reputation in the market and helped it secure ongoing projects across India.
Design, Execution, and Completions: The company has inhouse set up of estimation and design team consist of 7 employees. Innovation and sustainability are the key parameters to secure and execute the project in a successful manner. Its manufacturing facility is equipped with advanced CNC machines, cutting and assembling tools, and testing equipment that ensure high-precision fabrication and consistent product quality. The in-house facility enables us to maintain control over production schedules and reduce dependency on third-party vendors. HRS is recognized for its ability to transform architectural concepts into good-performance, aesthetically appealing façade and glazing systems.
Commitment to Quality, Innovation, and Sustainability: The company operates under certified quality management standards, including ISO 9001:2015 and the MSME ZED Bronze Certification for sustainability and manufacturing excellence. HRS Aluglaze combines cutting-edge machinery, including Italian fabrication equipment, with in-house testing and a SOP-driven process. Through backward and forward integration, HRS Aluglaze ensures precision, faster turnaround, and reduced costs without compromising quality. Its manufacturing practices also reflect its commitment to building a sustainable future.
Risks and concerns
Dependent on key customers: The company has garnered 79.06%, 83.76% and 92.52% of its total revenue from top 10 customers in the Financial Years ended March 31, 2025, March 31, 2024, and March 31, 2023 respectively. It derives a significant portion of its revenue from its top ten customers. It primarily caters to reputed developers, construction firms and institutional projects including schools & hospitals. Its business is dependent on certain key customers and the loss of any of these customers or loss of revenue from sales to any key customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
Dependent on third parties for the transportation: It engages third-party logistic service providers to provide support its transportation requirements. In the event that these third-party logistic service providers are unable to provide services for its operations for reasons which are beyond its control and it is unable to secure alternate transport arrangements in a timely manner and at an acceptable cost, or at all, its business, cash flows, financial condition, results of operations and reputation may be adversely affected. It is dependent on third parties for the transportation and timely delivery of its products to customers. Any failure by or loss of a third-party transport service provider could result in delays and increased costs, which may adversely affect its business.
Geographically constrain: Its manufacturing unit and its business operations are located in Gujarat. The economic and regulatory condition in Gujarat may be affected by various factors outside its control, including prevailing local, social and economic conditions, changes in the applicable governmental regulations, demographic trends, changes in regulations governing employment of labourers, fluctuation in the income levels and interest rates, among other factors. Consequently, it is exposed to risks from economic, regulatory and other developments which could have an adverse effect on its business, results of operations and financial condition. Further, its continued operations are critical to its business and any shutdown of its manufacturing unit may adversely affect its business, results of operations and financial condition.
Outlook
HRS Aluglaze is engaged in the business of providing manufactured doors and windows and building facades using Aluminium Sections, UPVC, Glass and others and also providing turnkey solutions for the same. These solutions are carefully tailored to meet the specific requirements of builders, contractors, architect, and institutions, with both standard and customized options and requirements and the company also provide material supply and procurement support. On the concern side, it may face challenges in introducing new engineering processes or adapting to evolving customer preferences in a timely and effective manner. Additionally, if its services become obsolete due to advancements or the emergence of alternative products, the demand for its engineering services and products may decline. Such circumstances could materially and adversely affect its business operations, cash flows, financial performance, and overall financial condition.
The company is coming out with a maiden IPO of 53,04,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 94-96 per equity share. The aggregate size of the offer is around Rs 49.86 crore to Rs 50.92 crore based on lower and upper price band respectively. On performance front, in FY 2025, Revenue from operations increased by 57.77% to Rs 4,210.85 lakh from Rs 2,669.02 lakh in FY 2024. Profit After Tax for the FY 2025 reached Rs 514.64 lakh from Rs 178.65 lakh in the FY 2024 resulting in increased profitability primarily driven by the execution of more number of projects.
The company is focused on improving operational efficiency across all facets of its business to support long-term, sustainable growth. Over the past five years, the company has undertaken capacity expansion by establishing a manufacturing facility equipped with advanced infrastructure, including the in-house integration of a fully automated 7-tank powder coating line. Further, the company has invested in a state-of-the-art 12-axis CNC edge processing machine, enabling faster, precision-led production with enhanced quality control. Through continued process optimisation, technological upgrades, and workforce skill enhancement, the company aims to improve cost efficiency, accelerate project execution timelines, and reinforce its competitive market position.
