Financial Performance Summary

Consolidated Financial Results (₹ Crores)

| Particulars | Q2FY27 | Q2FY26 | YoY% | H1FY27 | H1FY26 | YoY% |

| Revenue from Operations | 131 | 127 | 3.3% | 239 | 206 | 15.8% |

| EBITDA | 38 | 28 | 32.3% | 60 | 49 | 22.4% |

| EBITDA Margin | 28.5% | 22.3% | 627 bps | 25.3% | 23.9% | 138 bps |

| Profit After Tax | 29 | 22 | 31.2% | 46 | 41 | 13.2% |

| Profit After Tax Margin | 21.8% | 17.1% | 463 bps | 19.2% | 19.6% | -43 bps |

| EPS | 3.35 | 2.58 | - | 5.40 | 4.79 | - |

Segment-wise Performance Analysis

Q2FY27 Segment Performance:

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

H1FY27 Segment Performance:

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

Margin Analysis and Adjustments

The expansion in EBITDA margins was primarily driven by escalation claims on receivables, which led to a significant uptick in margins as the associated expenses had already been incurred.

Accounting Treatment Change:

Under the revised commercial agreement, export freight costs which were borne directly by customers in the previous year are now paid by the Company and subsequently recovered from customers. As a result, these costs are reflected in both Revenue and Other Expenses.

  • Q2FY27: Adjusting ₹9 crores of export freight from both revenue and expenses, the EBITDA margin would be 30.6%
  • H1FY27: Adjusting ₹14 crores of export freight from both revenue and expenses, the EBITDA margin would be 26.9%

Business Highlights and Order Book

  • Order book stood at ₹957 crores as of September 30, 2026, providing healthy revenue visibility
  • Strong performance in domestic business driven by increased traction across sectors and sustained demand
  • International business performance is project-driven with variations in execution and revenue recognition across quarters
  • Fenestration business recorded robust growth of 82% during H1FY27

Strategic Initiatives and Expansion

Backward Integration through GPU:

  • In-house Glass Processing Unit (GPU) at Vile Bhagad facility progressing as planned
  • Commissioning expected by August 2027
  • Expected to improve EBITDA margins by ~100-150 basis points over time
  • Will reduce dependence on external processed-glass suppliers and enhance supply-chain control
  • Will strengthen manufacturing capabilities, improve control over quality and lead times
  • Will support delivery of customised, value-added solutions

Management Commentary and Outlook

Mr. Eshan Hemrajani, Managing Director & Chief Executive Officer, commented:

  • H1FY27 has been encouraging, reflecting ability to sustain growth while strengthening profitability
  • Continue to see opportunities across domestic façade projects, international façade product supply and premium fenestration segment
  • Integrated capabilities position the company to address evolving customer requirements
  • Emphasis on long-standing customer relationships and execution discipline remains central
  • Focus on expanding international presence and increasing contribution of value-added manufacturing

FY27 Guidance:

  • Confident of achieving significant revenue growth over FY26
  • EBITDA margins expected to remain broadly in line with the previous financial year
  • Priorities focused on disciplined project execution, strengthening operating capabilities, and pursuing growth opportunities while maintaining profitability

Company Background

Glass Wall Systems (India) Limited is a premier turnkey façade specialist delivering integrated design, engineering, manufacturing and installation for commercial, residential and institutional projects. The company combines in-house design, precision manufacturing and expert on-site execution to build durable, high-performance building façades.

Headquartered in Mumbai with presence in Bangalore, Delhi, NCR, Kolkata, Ahmedabad, Hyderabad, Pune, USA and Australia. Offers glazing systems and custom-designed architectural metal works including unitized curtain walls, structural glazing, architectural metalwork, aluminium fabrication and ACP cladding.