Glass Wall Systems H1FY27 Revenue Up 16% to ₹239 Cr

Glass Wall Systems (India) Limited – Investor Presentation Summary

Key Operational Highlights

Order book stood at ₹957 crores as of September 30, 2026, providing healthy revenue visibility.
Total available land parcel is 101,299 sq.mt with manufacturing area of 32,415 sq.mt.
The company is India's largest façade exporter in terms of revenue (2024).
Key business drivers include sustained domestic demand, project execution discipline, and expansion into premium fenestration segment.

Segment-wise Performance

Q2FY27 Performance:

Domestic Façade business: ₹78 crores, grew 7% YoY
International Façade business: ₹37 crores, de-grew 16% YoY
Fenestration business: ₹16 crores, grew 69% YoY

H1FY27 Performance:

Domestic Façade business: ₹140 crores, grew 33% YoY
International Façade business: ₹76 crores, de-grew 14% YoY
Fenestration business: ₹22 crores, grew 82% YoY

Explanation of significant changes in segment performance:

Domestic growth driven by increased traction across sectors and sustained demand. International business decline attributed to its project-driven nature causing quarterly variations in execution and revenue recognition.

Financial Highlights

Q2FY27 Financials:

Revenue: ₹131.5 crores (3.3% YoY growth)
EBITDA: ₹37.5 crores (32.3% YoY growth)
PAT: ₹28.6 crores (31.2% YoY growth)
EPS: ₹3.35
Gross Profit Margin: 64.4%
EBITDA Margin: 28.5% (30.6% after adjusting for export freight)
PAT Margin: 21.8%

H1FY27 Financials:

Revenue: ₹238.9 crores (15.8% YoY growth)
EBITDA: ₹60.5 crores (22.4% YoY growth)
PAT: ₹45.9 crores (13.2% YoY growth)
EPS: ₹5.40
Gross Profit Margin: 60.8%
EBITDA Margin: 25.3% (26.9% after adjusting for export freight)
PAT Margin: 19.2%

Drivers of financial performance:

EBITDA margin expansion primarily driven by escalation claims on receivables, as associated expenses had already been incurred. Under revised commercial agreement, export freight costs (₹9 crores in Q2, ₹14 crores in H1) are now paid by company and recovered from customers, reflected in both Revenue and Other Expenses.

Geographical Revenue Split

Business vertical revenue split for H1FY27:

Domestic Façades: 49% of business
International Façades: 45% of business
Fenestration: 6% of business

Balance Sheet Snapshot

As of September 2026:

Total Assets: ₹618.2 crores (vs ₹468.4 crores in March 2026)
Non-Current Assets: ₹170.5 crores
Current Assets: ₹447.7 crores
Total Equity: ₹362.0 crores (vs ₹259.9 crores in March 2026)
Equity Share Capital: ₹17.6 crores
Other Equity: ₹344.4 crores
Non-Current Liabilities: ₹5.7 crores
Current Liabilities: ₹250.5 crores
Trade Receivables: ₹102.0 crores
Inventories: ₹55.0 crores
Cash & Cash Equivalents: ₹35.2 crores
Bank Balances (other than cash): ₹99.1 crores

Financial Health Insights:

Strong balance sheet position with increased equity base and healthy cash balances.

Capex & Cash Flow Health

Cash Flow Statement (H1FY27):

Net Profit Before Tax: ₹60.8 crores
Cash generated from Operations: ₹75.8 crores
Net Cash from Operating Activities: ₹58.4 crores
Net Cash from Investing Activities: -₹105.2 crores
Net Cash from Financing Activities: ₹49.3 crores
Cash & Cash equivalents at period end: ₹35.2 crores

Capital Expenditure:

In-house Glass Processing Unit (GPU) at Vile Bhagad facility with ₹80 crores Capex
Funded through IPO proceeds and internal accruals
Commissioning expected by August 2027

Investment Rationale:

Backward integration through GPU expected to improve EBITDA margins by ~100-150 basis points over time, reduce dependence on external processed-glass suppliers, and enhance supply-chain control.

Strategic & R&D Initiatives

Investments in Innovation:

Backward integration through in-house Glass Processing Unit
Fully integrated rooftop solar power generation at manufacturing facilities
Focus on sustainable solutions with low embodied carbon products

Expected impact on growth:

GPU facility expected to strengthen manufacturing capabilities, improve control over quality and lead times, and support delivery of customized, value-added solutions.

Strategic Rationale:

Expanding into high-growth markets, reducing operational costs through backward integration, and enhancing sustainable solution offerings.

Industry Trends & Business Environment

Macro/Industry Trends:

Buoyant construction & real estate sector
Rising premiumization trends in residential segment
Increasing demand for energy-efficient, design-led solutions
Rising shift towards eco-friendly buildings

Impact on Company:

Company leveraging trends with focus on sustainable and environmentally conscious solutions, using lowest embodied carbon to reduce environmental impact.

Management Commentary & Growth Outlook

Strategic Outlook:

"We continue to see opportunities across domestic façade projects, international façade product supply and the premium fenestration segment. Our integrated capabilities position us to address evolving customer requirements, while our emphasis on long-standing customer relationships and execution discipline remains central to converting business opportunities into sustainable growth."

FY Guidance:

For FY27, confident of achieving significant revenue growth over FY26, with EBITDA margins expected to remain broadly in line with previous financial year (FY26 EBITDA margin: 23.0%).

Risks and Opportunities:

International business has project-driven nature which may result in variations in execution and revenue recognition across quarters. Company focusing on disciplined project execution, strengthening operating capabilities and pursuing growth opportunities while maintaining profitability.

ESG Updates

Sustainability Initiatives:

Comprehensive approach to sustainability aligned with global trends
Partnerships for low-carbon aluminium (Global Aluminium) and low-carbon silicone (Dowsil)
All plants are solar powered
Premium façade solutions crafted using lowest embodied carbon to reduce environmental impact
Focus on helping clients achieve LEED and IGBC certification