Investor presentation
Investor presentation · Glass Wall Systems (India) Limited has informed the Exchange about Investor Presentation
Source: Nse
Glass Wall Systems (India) Limited (GLASSWALL)
Micro CapInfra stocks · Micro cap · NSE
Glass Wall Systems (India) Limited is a comprehensive façade and ultra-luxury fenestration solutions provider catering to domestic and global markets, offering design, engineering, manufacturing, product supply, and project execution under one roof.
₹244.63
+13.91 · +6.03%
Market cap ₹1,863 Cr
Data qualityVerify one data layerQuote updated 04 Nov, 05:54 pm ISTPost-result recalculation pendingDetails
Quote04 Nov, 05:54 pm IST
Base fundamentals02 Nov 2026 · screener
Latest result03 Nov, 08:19 pm IST
Score05 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags20 Sept 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.3 (n=87)
Technical timing lens
Trend score and candlestick chart
56NeutralMACD + · sector +2.6pp vs Nifty 500 (3M)
Stock trend: 55
Sector RS: 58
Sector 3M: -1.4% vs Nifty 500 -4.1%
Infra FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GLASSWALLD candles · FIT view+13.9%Latest close ₹244.63 on 2026-11-04
Daily history is available from 2026-09-16; the requested 1Y window is partially covered.
Bar
+17.2%
RSI
58
MACD hist
4.80
52W pos
45%
2026-11-04O ₹208.80H ₹246.89L ₹207.98C ₹244.63Vol 44.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GLASSWALLNifty InfraNifty 500
- GLASSWALL
- +13.9%
- Nifty 500
- +1.1%
- Nifty Infra
- +4.6%
- Vs Nifty 500
- +12.8 pp
Chart stats
4 Nov 2026- From 52W high
- -23.0%
- 52W range position
- 45%
- ATR (14)
- 7.4%
- Volume vs 20D
- 1.55x
- Avg traded value
- ₹65.4 Cr
- 20D price channel
- ₹204.4 - ₹278.6
₹317.9
₹185.2 - ₹317.9
₹18.1
Latest completed session
20-session average
53.8% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management trust is not scored yet, price trend is neutral, and result consistency is still building.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral56
Price trend and sector-relative-strength timing.
Valuation
Legacy model-7.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
pending—
Management reliability not computed yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 03 Nov 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹238.9 Cr | NDF | +123.3% |
| EBITDA | ₹60.5 Cr | NDF | +163.0% |
| Operating margin | 25.3% | NDF | +431 bps |
| PAT | ₹45.9 Cr | NDF | +170.0% |
| PAT margin | 19.2% | NDF | +332 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 23.20
- P/B
- —
- EV/EBITDA
- 17.00
- Market Cap
- 1863.00Cr
Profitability
- ROE
- 37.70%
- ROCE
- 50.30%
- ROA
- 17.95%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 22.61%
- EPS 5Y
- 104.94%
- Revenue 3Y
- 34.00%
- EPS 3Y
- 34.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 26.25×
- Altman Z
- 8.02
- Book Value
- —
Cash Flow
- FCF Yield
- 1.88%
- FCF Positive Y
- 3/5
- OCF
- 73.00 Cr
- EPS TTM
- 9.90
Shareholding
- Promoter Hold
- 53.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 4/11/2026
Revenue
₹ CrLatest: 239+123.3% vs prev
Net Profit
₹ CrLatest: 45.9+170.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 58.
- RSI(14) at 58 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 23% off 52W high · 32% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
-
RS percentile
Insufficient history
1M return
-11.3%
3M return
-
6M return
-
1Y return
-
RS 1D
-
RS 20D
-
Sector rank
#19
Industry rank
-
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
unavailable
200-DMA
unavailable
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
34 observations
04 Nov 2026Value 112.67+4.87%
RS vs Nifty 500113
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation0/30
Growth20/25
Quality20/20
Balance Sheet10/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Growth contributes 20/25 to the score.
Main drags
- Fair-value margin of safety is negative at -7.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
23.2
PB
—
EV/EBITDA
17.0
ROE
37.7%
ROCE
50.3%
FCF Yield
1.9%
Debt/Equity
0.0
MoS
-7.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 05 Nov 2026
v4.3-runtime-valuation
Final score
61
Previous: 61
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
-7.7%
Previous: -7.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
05 Nov 2026
v4.3-runtime-valuation
63
63
63
63
63
63
63
63
63
63
61
61
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
22.9
Growth-justified Value
₹227.21
-7.7% MoS
PEG
0.30
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ANNU
Micro
Annu Projects Limited
Construction
match 23
66
11.9
21.6%
+60%
UNDERVALUED
LCCPROJECT
Micro
LCC Projects Limited
Construction
match 20
75
13.4
38.0%
+43%
DEEP VALUE
ASHOKA
Micro
Ashoka Buildcon Limited
Construction & Engineering
match 19
58
4.0
0.7%
+17%
FAIR VALUE
EIEL
Micro
Enviro Infra Engineers Limited
Construction & Engineering
match 18
52
15.4
16.8%
+24%
FAIR VALUE
HGINFRA
Micro
H.G. Infra Engineering Limited
Construction & Engineering
match 18
27
11.9
8.5%
-32%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-28T18:12:14.295Z
Management commentary snapshot
Q1FY27 revenue grew 35.8% YoY to Rs. 107.4 crores driven by domestic project execution and fenestration demand, though EBITDA margin moderated to 21.3% due to revenue mix shifts, higher employee costs for capacity expansion, and freight cost reclassifications.
The investment thesis remains intact backed by strong order book visibility of Rs. 982 crores as of July 2026, a robust domestic real estate environment, and strategic backward integration via an in-house glass processing unit funded through recent IPO proceeds.
Current business mix
Revenue by Vertical
Latest issuer-disclosed distribution across 3 reported categories.
Domestic Façades49.0%
International Façades45.0%
Fenestration6.0%
Growth engines
Domestic Façade Execution
POSITIVEDomestic business revenue grew 93% YoY to Rs. 62 crores in Q1FY27, supported by buoyant construction and real estate demand.
Premium Fenestration Scaling
POSITIVEFenestration business revenue grew 127% YoY to Rs. 6 crores in Q1FY27, driven by rising demand from the luxury residential segment.
Export-Led International Presence
POSITIVEPositioned as India's largest façade exporter with marquee projects across the USA and Australia backed by an international order book of Rs. 186 crores.
Capacity and execution
In-House Glass Processing Unit (GPU) at Vile Bhagad
ONGOINGSetting up a Glass Processing Unit as part of backward integration requiring ~Rs. 80 Crs total capex, funded through IPO proceeds (Rs. 50 Crs) and internal accruals, with deployment planned across FY27 (Rs. 35 Crs) and FY28 (Rs. 15 Crs).
Tailwinds
Buoyant Construction and Real Estate Environment
POSITIVEGrowing adoption of innovative designs, sustainable systems, and rising demand for energy-efficient solutions in domestic and global markets.
Rising Premiumisation Trends
POSITIVEIncrease in demand for premium aluminum systems and glazing in high-end residences driving the fenestration segment.
Headwinds
International Execution Timing
NEUTRALInternational business revenue declined 12% YoY in Q1FY27 to Rs. 39 crores due to the timing of order execution, with deliveries scheduled over coming quarters.
Risk radar
Employee Cost Inflation
NEUTRALIncreased manpower requirements for the expansion and operationalization of new capacity, coupled with periodic salary revisions, led to higher employee costs.
Contractual Freight Cost Reclassification
NEUTRALOther expenses increased partly because freight costs are now borne by the company and billed to export customers under revised commercial agreements versus ex-factory billing previously.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Year-over-year comparison is appropriate to evaluate quarterly operational growth, revenue momentum across verticals, and baseline margin evolution against seasonality in project execution.
Sector KPIs management disclosed
Order Book
POSITIVEOrder book stands at Rs. 982 crores as of July 31, 2026, comprising Domestic Façades at Rs. 626 crores, International Façades at Rs. 186 crores, and Fenestration at Rs. 169 crores.
Execution and Revenue
POSITIVERevenue from operations reached Rs. 107.4 crores in Q1FY27, up 35.8% YoY from Rs. 79.1 crores in Q1FY26, driven by domestic business execution.
Margin Performance
NEUTRALEBITDA margin stood at 21.3% in Q1FY27 compared to 26.6% in Q1FY26, impacted by lower international business contribution and higher employee/freight expenses.
Management forward view
FY27 Guidance and Growth Outlook
POSITIVEManagement expects revenue to grow significantly over FY26 for FY27, with EBITDA margins in line with the previous year, backed by a healthy order pipeline.
Strategic Backward Integration
POSITIVEThe upcoming Glass Processing Unit will reduce dependence on external suppliers, provide greater supply chain control, and improve manufacturing economics.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion | Rs. 982 crores as of July 31, 2026 | Execution speed and revenue conversion pace across domestic and international segments |
| GPU Capex Execution | Rs. 35 crores deployment estimated during FY27 | Timely commissioning of the Vile Bhagad glass processing facility |
| EBITDA Margin Stabilization | 21.3% in Q1FY27 (adjusted baseline 22.5%) | Recovery in international revenue share and absorption of employee cost expansions |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
Trust profile pending
Trust asks a simple question: can investors rely on management behaviour and financial delivery? Trust Lite uses promoter alignment, cash conversion, leverage, and result consistency. Full transcript-based claim matching appears after enough documents are ingested.
Continue researching Glass Wall Systems (India) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptOct 2026
Oct 2026 · Transcript
Source: Bse
Investor presentationOct 2026
Oct 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 15 Oct - Received two regular LOIs for façade work, to be executed over 24 months.
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Earnings-call transcript · Glass Wall Systems (India) Limited has informed the Exchange about Transcript of Earnings Call with respect to Financial Results of the Company for the Quarter ended June 30, 2026
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Earnings-call transcript · Transcript of Earnings Call with respect to Financial Results of the Company for the Quarter ended June 30, 2026
Source: Bse
Investor presentationJun 2026
Jun 2026 · Investor presentation · Glass Wall Systems (India) Limited has informed the Exchange about Investor Presentation
Source: Nse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 Oct - Earnings Call with Investors/Analysts to discuss the financial results of the Company for the Quarter & Half Year ended September 30, 2026 on November 4, …
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Resignation of Director 18 Sep - Mr. Prakash Bagla resigned as Director of Glass Wall Systems effective September 18, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Oct - Intimation on Earnings Call with Investors/Analysts to discuss the financial results of the Company for the Quarter ended June 30, 2026 on October 7, 2026 …
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.