Glass Wall Systems Q1 FY27 Net Profit ₹173 Crore

Summary of Board Meeting Outcomes

The Board of Directors of Glass Wall Systems (India) Limited held a meeting on October 6, 2026, from 5:45 PM IST to 6:30 PM IST. The following items were considered and approved:

1. Appointment of Additional Director

The Board approved the appointment of Mr. Amit Jawahar Hemrajani (DIN: 07206907) as an Additional Director in the category of Non-Executive Director, effective October 6, 2026.

Term: Five consecutive years, subject to approval by shareholders.
Retirement: His appointment shall not be liable to determination by retirement of directors by rotation.
Profile: Mr. Hemrajani is a graduate in Architecture from the Royal Institute of British Architects (UK) with over 9 years of experience in the façade and fenestration industry.
Relationships: He is related to the promoters and promoter group; son of Director Jawahar Hemrajani and brother of Director Eshan Hemrajani.

2. Approval of Financial Results

The Board considered and approved the Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026 (Q1 FY27).

The results were reviewed and recommended by the Audit Committee.
The Statutory Auditors, M/s. S R B C & CO LLP, issued a Limited Review Report which contained no qualifications.
The results were submitted to the stock exchanges and made available on the company website.

3. Revision in Key Managerial Personnel Remuneration

The Board approved a revision in the remuneration payable to Mr. Sanjay Sawant, Chief Financial Officer of the company.

The revision is effective from April 1, 2026.
The revision was recommended by the Nomination and Remuneration Committee.

Detailed Financial Results

Consolidated Financial Results (Q1 FY27)

Revenue from Operations: ₹1,074.48 Million
Other Income: ₹24.96 Million
Total Income: ₹1,099.44 Million
Total Expenses: ₹868.92 Million
Cost of materials: ₹467.84 Million
Employee benefits: ₹113.02 Million
Finance costs: ₹8.46 Million
Depreciation: ₹15.36 Million
Other expenses: ₹264.24 Million
Profit Before Tax (PBT): ₹230.52 Million
Total Tax Expense: ₹57.57 Million
Profit for the Period (Net Profit): ₹172.95 Million
Other Comprehensive Loss (net of tax): ₹(3.38) Million
Total Comprehensive Income: ₹169.57 Million
Earnings Per Share (EPS) (₹2 face value): ₹2.04 (Basic and Diluted)
Paid-up Equity Share Capital: ₹169.27 Million

Standalone Financial Results (Q1 FY27)

Revenue from Operations: ₹1,011.37 Million
Other Income: ₹23.97 Million
Total Income: ₹1,035.34 Million
Total Expenses: ₹820.48 Million
Profit Before Tax (PBT): ₹214.86 Million
Total Tax Expense: ₹54.84 Million
Profit for the Period (Net Profit): ₹160.02 Million
Total Comprehensive Income: ₹156.62 Million
Earnings Per Share (EPS) (₹2 face value): ₹1.89 (Basic and Diluted)
Paid-up Equity Share Capital: ₹169.27 Million

Notes to the Financial Results

Note 3: Initial Public Offering (IPO)

Subsequent to the quarter ended June 30, 2026, the company completed its Initial Public Offer (IPO).

Issue Size: 23,510,425 equity shares of face value ₹2 each at an issue price of ₹182 per share.
Fresh Issue: 32,96,703 equity shares aggregating to ₹600.00 Million.
Offer for Sale: 2,02,13,722 equity shares by selling shareholders aggregating to ₹3,678.90 Million.
Listing: Equity shares were listed on the NSE and BSE on September 16, 2026.
This is the first time the financial results have been drawn up in accordance with SEBI LODR Regulations.

Note 4: Tax Litigation (MVAT and CST)

The Joint Commissioner (Appeals) had adjudicated Maharashtra VAT (MVAT) and Central Sales Tax (CST) assessments.

MVAT Amount: ₹312.13 Million for FY 2005-06 to 2017-18.
CST Amount: ₹19.93 Million for FY 2014-15 and 2015-16.
The company had filed appeals with the Maharashtra Sales Tax Tribunal (MSTT).
On July 9, 2025, the MSTT quashed the demand and asked authorities to recompute it.
The MVAT Department filed a review/rectification application, which was dismissed by the MSTT on May 4, 2026.
Subsequent to the quarter, the department filed a petition with the Bombay High Court on August 24, 2026. No further proceedings have occurred.

Note 5: Employee Stock Option Plan (ESOP 2025)

During FY26, the company introduced an ESOP plan.

Pool Size: 4,23,192 options of face value ₹2 each.
Exercise Price: ₹177.81 per option.
Vesting: Options vest equally over three years, subject to management discretion and specified conditions.

Note 6: Acquisition of Yes Systems Private Limited

During FY26, the company acquired 100% equity shares of Yes Systems Private Limited.

Business: Yes Systems is engaged in the installation of fenestration in commercial & residential properties.
Agreement: Share Purchase and Swap Agreement dated August 21, 2025.
Exchange Ratio: 10,000 shares of Yes Systems (₹10 each) for 17,43,385 shares of Glass Wall (₹2 each).
Total Shares Issued: 87,16,925 equity shares of Glass Wall Systems.
Total Consideration: ₹1,549.96 Million, recorded as an investment in the standalone financial statements.
Equity share capital: ₹17.43 Million
Securities premium: ₹1,532.53 Million
The acquisition was accounted for using the pooling of interest method (common control).
For EPS calculation, the weighted average number of shares includes the 87,16,925 shares issued for the acquisition from the beginning of the earliest period presented.

Note 7: New Wholly-Owned Subsidiary

Subsequent to the quarter, on July 8, 2026, the company incorporated a wholly-owned subsidiary named PP Vitrum Systema Technologies Private Limited.

Note 8: Segment Information

The company has only one reportable business segment: "Construction Activities."

Note 9: Comparative Figures

The figures for the quarter ended March 31, 2026 (Q4 FY26) and June 30, 2025 (Q1 FY26) were compiled by management and were not subjected to audit or review by the statutory auditors.

Auditor's Review Report

M/s. S R B C & CO LLP, Chartered Accountants (ICAI Firm Registration No.: 324982E/E300003), issued a limited review report on both the standalone and consolidated financial results.

The review was conducted in accordance with Standard on Review Engagements (SRE) 2410.
The report states that nothing has come to their attention that causes them to believe the statements contain any material misstatement.
The comparative figures for previous quarters were not reviewed or audited by them.