Glass Wall Systems Q2 FY27 Net Profit Rises 58% YoY

Key Decisions and Financial Results

The Board of Directors meeting, which commenced at 06:00 p.m. and concluded at 06:55 p.m. (IST) on November 3, 2026, considered, approved, and took on record the following:

1. Approval of Unaudited Financial Results: The Board approved the Unaudited Standalone and Consolidated Financial Results for the Quarter and Half Year ended September 30, 2026. The results were reviewed and recommended by the Audit Committee and come with a Limited Review Report from the statutory auditors, M/s. SRBC & CO LLP, which contains no qualifications.

Detailed Consolidated Financial Performance (Amount in ₹ Million)

Income Statement (Consolidated)

For the Quarter Ended September 30, 2026:

Revenue from Operations: ₹1,315.54
Other Income: ₹2.19
Total Income: ₹1,317.73
Profit Before Tax: ₹356.32
Total Tax Expense: ₹70.25
Profit for the Period: ₹286.07
Basic & Diluted EPS (₹2 face value): ₹3.35

For the Half Year Ended September 30, 2026:

Revenue from Operations: ₹2,389.30
Other Income: ₹4.91
Total Income: ₹2,394.21
Profit Before Tax: ₹607.84
Total Tax Expense: ₹148.82
Profit for the Period: ₹459.02
Basic & Diluted EPS (₹2 face value): ₹5.40

Comparative Figures (H1 FY26):

Profit for the Period (H1 FY26): ₹290.35
This represents a 58.1% year-on-year increase in consolidated net profit for H1 FY27.

Balance Sheet (Consolidated) as of September 30, 2026

Total Assets: ₹6,182.36
Total Equity: ₹3,619.68
Equity Share Capital: ₹175.57
Other Equity: ₹3,444.11
Total Liabilities: ₹2,562.68

Detailed Standalone Financial Performance (Amount in ₹ Million)

For the Quarter Ended September 30, 2026:

Revenue from Operations: ₹1,156.84
Other Income: ₹2.44
Total Income: ₹1,159.28
Profit Before Tax: ₹289.21
Total Tax Expense: ₹57.57
Profit for the Period: ₹231.64
Basic & Diluted EPS (₹2 face value): ₹2.71

For the Half Year Ended September 30, 2026:

Revenue from Operations: ₹2,168.21
Other Income: ₹4.83
Total Income: ₹2,173.04
Profit Before Tax: ₹525.88
Total Tax Expense: ₹134.22
Profit for the Period: ₹391.66
Basic & Diluted EPS (₹2 face value): ₹4.61

Balance Sheet (Standalone) as of September 30, 2026

Total Assets: ₹7,151.73
Total Equity: ₹4,800.67
Equity Share Capital: ₹175.57
Other Equity: ₹4,624.80
Total Liabilities: ₹2,351.06

IPO Completion and Proceeds Utilization

The company completed its Initial Public Offering (IPO) during the half year ended September 30, 2026.

IPO Details: Issued 2,35,10,425 equity shares of face value ₹2 each at an issue price of ₹182 per share.
Fresh Issue: 32,96,703 equity shares aggregating ₹600.00 Million.
Offer for Sale: 2,02,13,722 equity shares by selling shareholders aggregating ₹3,678.90 Million.
Listing Date: Equity shares were listed on NSE and BSE on September 16, 2026.

Utilization of IPO Proceeds as of September 30, 2026:

| Funding GPU Capex | 500.00 | 15.05 | 484.95 |

| General Corporate Purposes | 46.30 | 36.30 | 10.00 |

| Offer Related Expenses | 53.70 | 26.07 | 27.63 |

| Total | 600.00 | 77.42 | 522.58 |

Unutilized proceeds of ₹450.00 million are temporarily parked in fixed deposits, with the remainder in a separate bank account.

Legal and Regulatory Matter

A longstanding tax dispute is ongoing:

Nature: Maharashtra VAT (MVAT) and Central Sales Tax (CST) assessments for FY 2005-06 to 2017-18.
Total Amount Involved: ₹312.13 Million (MVAT) + ₹19.93 Million (CST) = ₹332.06 Million.
Recent Developments: The Maharashtra Sales Tax Tribunal (MSTT) quashed the demand in an order dated July 9, 2025, and dismissed the department's review application on May 4, 2026.
Current Status: The department filed a petition with the Bombay High Court on August 24, 2026. No further proceedings have occurred since.

Other Corporate Updates

Subsidiaries: The consolidated results include subsidiaries Yes Systems Private Limited and a newly incorporated wholly-owned subsidiary, PP Vitrum Systema Technologies Private Limited (incorporated July 5, 2026).
ESOP: The company introduced an Employee Stock Option Plan 2025 (ESOP 2025) comprising 423,192 options with an exercise price of ₹177.81 per option.
Acquisition: During FY26, the company acquired 100% of Yes Systems Private Limited for a total consideration of ₹1,549.96 Million, accounted for as a common control combination.

Auditor's Review

The limited review of both standalone and consolidated results was performed by SRBC & CO LLP, who stated that nothing came to their attention to believe the statements contain any material misstatement. The figures for the comparative period (Q2 & H1 FY26) were compiled by management and not reviewed by the auditors.