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About
Glass Wall Systems (India) Ltd (GLASSWALL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544913 NSE: GLASSWALL Engineering | Small Cap | Glass Wall Sys. (I) Share Price
₹270.15 11.75 (4.55%)
As on 18-Sep'26 16:59
Glass Wall Systems (India) Ltd (GLASSWALL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544913 NSE: GLASSWALL Engineering | Small Cap | Glass Wall Sys. (I) Share Price
₹270.15 11.75 (4.55%)
As on 18-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹2,376 Cr.
Current Price
₹270.2
52-Week Low / High
₹185 / 305
TTM EPS
₹9.5
TTM Sales
₹457 Cr.
Book Value per Share
₹53.7
P/E Ratio
28.35
Industry PE
60.1
Price to Book (P/B)
5.03
Price to Sales (P/S)
5.20
EV/EBITDA
19.19
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
38.67%
Return on Capital Employed (ROCE)
51.04%
Return on Assets (ROA)
21.54%
Operating Profit Margin
23%
Net Profit Margin
18.34%
Gross Profit Margin
25.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
-
-13.26%
Operating Profit Growth (1 Year)
-
44.84%
Net Profit Growth (1 Year)
-
45.7%
Asset Quality
Promoter Holding
53.22%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹455 Cr.
Equity
₹17.6 Cr.
Face Value
₹2
All Time Low / High
₹185.05 / 258.40
Check Before You Invest
Quality
Somewhat GoodValuation
NACheck Valuation charts
Price Trend
Weak
Is Glass Wall Systems (India) Ltd a good quality company?
Glass Wall Systems (India) Ltd is a quality company, based on a multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Glass Wall Systems (India) Ltd performance compare with that of its Peers?
Revenue growth of Glass Wall Systems (India) Ltd vs industry peers?
Glass Wall Systems (India) Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of Glass Wall Systems (India) Ltd?
Promoters hold 53.22% of the Glass Wall Systems (India) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Glass Wall Systems (India) Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Glass Wall Systems (India) Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 7% | 21.2% | 42.1% | - |
| Value Creation Index ⓘ | NA | NA | NA | NA | NA | NA | NA | -0.5 | 0.5 | 2.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 241 | 282 | 245 | 245 |
| Sales YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | 17.3% | -13.3% | - |
| Adj EPS ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.8 | 2.2 | 5.6 | 5 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | 20% | 158.8% | - |
| BVPS (₹) ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.5 | 11.7 | 20.2 | 41.9 |
| Adj Net Profit ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.5 | 21 | 42.4 | 44 |
| Cash Flow from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.8 | 34.1 | 67.2 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.5 | 0.5 | 0.1 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | NA | -13.3% | ||||
| Adj EPS ⓘ | NA | NA | NA | 158.8% | ||||
| BVPSⓘ | NA | NA | NA | 72.4% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.2 | 19.4 | 31.7 | 16 |
| Op. Profit Mgn % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.6 | 15.1 | 23.6 | NAN |
| Net Profit Mgn % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.3 | 7.4 | 17.3 | 17.9 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.5 | 0.2 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 236 | 241 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48 | 54 | 0 |
Valuation of Glass Wall Sys. (I) - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|
| Sales | 304 | 278 | 457 |
| Operating Expenses ⓘ + | 250 | 206 | 352 |
| Operating Profit ⓘ | 54 | 73 | 105 |
| Operating Profit Margin (%) | 17.7% | 26.1% | 23.0% |
| Other Income ⓘ + | 7 | 10 | 14 |
| Interest ⓘ | 9 | 4 | 4 |
| Depreciation ⓘ | 4 | 4 | 5 |
| Profit Before Tax ⓘ | 31 | 76 | 111 |
| Tax ⓘ | 11 | 18 | 27 |
| Profit After Tax | 20 | 58 | 84 |
| PAT Margin (%) | 6.7% | 20.7% | 18.3% |
| Adjusted EPS (₹) | 2.1 | 7.6 | 9.9 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% |
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 121 | 174 | 259 | ||||||||
| Debt + | 22 | 7 | 5 | ||||||||
| Minority Interest | 0 | 0 | 0 | ||||||||
| Trade Payables | 38 | 38 | 66 | ||||||||
| Others Liabilities ⓘ | 87 | 96 | 134 | ||||||||
| Total Liabilities ⓘ | 269 | 314 | 464 | ||||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 53 | 51 | 76 | ||||||||
| CWIP ⓘ | 3 | 8 | 4 | ||||||||
| Investments ⓘ | 0 | 0 | 0 | ||||||||
| Inventories | 30 | 38 | 39 | ||||||||
| Trade Receivables | 63 | 51 | 109 | ||||||||
| Cash Equivalents | 32 | 78 | 86 | ||||||||
| Others Assets ⓘ | 87 | 88 | 149 | ||||||||
| Total Assets ⓘ | 269 | 314 | 464 | ||||||||
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 43 | 73 | 73 |
| Cash Flow From Investing Activity ⓘ + | 9 | -53 | -39 |
| Cash Flow From Financing Activity ⓘ + | -44 | -26 | -5 |
| Net Cash Flow ⓘ | 7 | -6 | 29 |
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 16.75 | 33.04 | 38.67 | |||||||
| ROCE (%) | 27.94 | 43.39 | 51.04 | |||||||
| Asset Turnover Ratio | 1.13 | 0.89 | 1.17 | |||||||
| PAT to CFO Conversion(x) | 2.15 | 1.26 | 0.87 | |||||||
| Working Capital Days | ||||||||||
| Receivable Days | 76.10 | 66.60 | 63.80 | |||||||
| Inventory Days | 35.70 | 50.40 | 31.10 | |||||||
| Payable Days | 90.50 | 106.60 | 85.40 | |||||||
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Glass Wall Systems (India) Ltd FAQs
The current trading price of Glass Wall Sys. (I) on 18-Sep-2026 16:59 is ₹270.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Sep-2026 the market cap of Glass Wall Sys. (I) stood at ₹2,375.6 Cr
The latest P/E ratio of Glass Wall Sys. (I) as of 17-Sep-2026 is 54.23.
The latest P/B ratio of Glass Wall Sys. (I) as of 17-Sep-2026 is 6.45.
The 52-week high of Glass Wall Sys. (I) is ₹304.5 and the 52-week low is ₹185.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Glass Wall Sys. (I) is ₹245 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Glass Wall Systems (India) Ltd is a average quality company.
No data found
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Glass Wall Systems (India) Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Glass Wall Systems (India) Ltd
Glass Wall Systems (India) was incorporated as ‘Glass Wall Systems (India) Private Limited’ at Mumbai, Maharashtra on August 27, 2010 upon conversion of ‘Glass Wall Systems’, the partnership firm into a private limited company. Thereafter, the company was converted from a private limited company to a public limited company, pursuant to the resolutions passed in the board meeting and the extraordinary general meeting of the shareholders held on March 5, 2025 and April 3, 2025, respectively, and the name of the company was changed to ‘Glass Wall Systems (India) Limited’.
The company is a premium facade solutions and fenestration provider in India and across markets in the USA and Australia. Its facade solutions ensure the development of building exteriors that are both functional and visually appealing, while promoting sustainability and compliance with international standards, such as ASTM International and Australian / New Zealand standards. Its offerings include curtain wall facades, storefront wall facades, unitized and semi-unitized curtain wall facades and frameless facades. These systems are highly engineered products designed based on stringent technical specifications to provide stability and structural integrity to building frameworks.
It provides its products and services to a range of real estate developers, hospitals, airport authorities, general contractors and corporate clients involved in developing commercial, residential and institutional properties across India as well as facade contractor companies and general contractors in the USA and Australia.
Business area of the company
The company is engaged in providing comprehensive solutions in architectural facades and glass curtain wall systems including installation of facades windows and doors in commercial & residential properties etc. including allied activities.
Business verticals of the company
- Domestic Facade Solutions: The company provides comprehensive facade solutions including design, engineering, fabrication and manufacturing, supply and installation services, serving real estate developers, general contractors and corporate clients. It primarily undertakes engineering, procurement, and construction (EPC) and manufacturing services for facade solutions to clients.
- International Facade Products Supply: The company is focused on providing design, engineering, fabrication and manufacturing and supply of sustainable facade products tailored to specific requirements of general contractors and facade contracting companies.
- Fenestration Solutions: With the aim of capturing the growing high-end domestic fenestration market, the company has commenced offering fenestration solutions tailored to developers of luxury residential properties and to high net-worth individuals in the luxury sector of the Indian market. It specializes in premium fenestration solutions, including custom-designed luxury windows, doors, skylights, and partition systems, tailored to the luxury sector of the Indian real-estate market.
Awards, accreditations and recognition
- 2005: Awarded the certificate of registration for ‘ISO 9001:2015’ for the quality management system.
- 2013: Awarded the ‘facade and fenestration contractor of the year’ at the Construction Week India Awards.
- 2014: Awarded ‘facade contractor of the year’ at Construction Week India Awards.
- 2015: Awarded ‘facade contractor of the year’ at Construction Week India Awards.
- 2016: Awarded ‘window fabricator of the year’ at Construction Week India Awards.
- 2016: Awarded ‘facade contractor of the year’ at Construction Week India Awards.
- 2017: Certificate of Achievement for ‘best glass facade product company of the year’ at Construction Times Builders Award.
- 2017: Awarded runner up for ‘facade project of the year’ at Construction Week India Awards.
- 2017: Awarded ‘window fabricator of the year’ at Construction Week India Awards.
- 2017: Awarded ‘facade contractor of the year’ at Construction Week India Awards.
- 2017: Awarded for ‘remarkable facade bringing paradigm shift for excellence in facade & fenestration’ at ZAK Awards.
- 2017: Awarded for ‘excellence in window execution for excellence in facade & fenestration’ at ZAK Awards.
- 2018: Awarded ‘facade contractor of the year’ at Construction Week India Awards.
- 2018: Awarded ‘facade project of the year’ at Construction Week India Awards.
- 2018: Awarded ‘window fabricator of the year’ at Construction Week India Awards.
- 2019: Awarded ‘facade contractor of the year’ at Construction Week India Awards.
- 2019: Awarded ‘window fabricator of the year’ at Construction Week India Awards.
- 2021: Awarded ‘facade project of the year’ at Construction Week India Awards.
- 2021: Awarded the certificate of registration for ‘ISO 45001:2018’ for occupational health and safety management system.
- 2022: Awarded ‘facade contractor of the year’ at Construction Week India Awards.
- 2022: Awarded ‘runner up - facade project of the year’ at Construction Week India Awards.
- 2022: Awarded the certificate of registration for ‘ISO 14001:2015’ for environmental management system.
- 2023: Awarded ‘runner up - facade project of the year’ at Construction Week India Awards.
- 2025: Awarded ‘excellence in facade execution - residential complexes’ at the 15th Construction Week India Awards, 2025.
- 2025: Shortlisted for the ‘most innovative facade project of the year’ category at the 15th Construction Week India Awards, 2025.
- 2025: Awarded ‘runner up - facade specialist of the year - commercial projects’ at the 15th Construction Week India Awards 2025.
History and milestones
- 2002: Establishment of a partnership firm, ‘Glass Wall System’, formed pursuant to a deed of partnership dated July 19, 2002, with Jawahar Hariram Hemrajani and Kamlesh Arjun Choudhary as partners for the business of structural glazing and cladding, amongst others.
- 2010: The company was incorporated as ‘Glass Wall Systems (India) Private Limited’ at Mumbai, Maharashtra, pursuant to a certificate of incorporation dated August 27, 2010 upon conversion of ‘Glass Wall Systems’, the partnership firm into a private limited company.
- 2014: Vistra ITCL (India) Limited (Trustee of Business Excellence Trust II - India Business Excellence Fund II) and India Business Excellence Fund IIA became shareholders of the company.
- 2014: Appointment of Eshan Jawahar Hemrajani as an Additional Director.
- 2022: Commencement of manufacturing operations at Vile Bhagad Facility.
- 2025: The company was converted from a private limited company to a public limited company.
- 2025: Acquisition of Yes Systems Private Limited to enter into the fenestration market.
- 2026: Obtained environmental product declarations for various products from the International EPD System.
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