Glass Wall Systems (India) Limited

Financial Performance Highlights

H1 FY27 Results:

  • Revenue from operations: ₹239 crores, representing 16% year-on-year growth
  • EBITDA: ₹60 crores, showing 22% year-on-year growth
  • EBITDA margin: 25.3%, expanding by 138 basis points year-on-year
  • PAT: ₹46 crores, representing 13% growth year-on-year
  • PAT margin: 19.2%

Revenue Segment Breakdown (H1 FY27):

  • Domestic business: ₹140 crores (up 33% YoY)
  • International business: ₹76 crores (down 14% YoY)
  • Fenestration business: ₹22 crores (up 82% YoY)

Adjustment for Freight Cost:

The company began including freight as both income and expense for export clients in FY27. Adjusting for freight cost of ₹14 crores (removed from both revenue and expenses), the adjusted EBITDA margin would be 26.9%.

Order Book and Business Visibility

  • Order book as of September 30, 2026: ₹957 crores
  • Orders booked since beginning of FY27: ₹291 crores
  • Expected order booking in Q3-Q4 FY27: Approximately ₹500 crores
  • Order book provides 18-24 months of execution visibility
  • Order book opening position: ₹846 crores as of April 2026 (vs. ₹383 crores in April 2025)

Market Commentary and Business Segments

Domestic Market:

  • Strong demand across Tier 1 cities in commercial, hospitality, and residential segments
  • Healthy pipeline with ongoing bidding activities
  • Recent project wins include hotel project in Mumbai (₹90 crores) and data center projects in South India (₹35-40 crores each)

International Business (Exports):

  • Current headwinds due to geopolitical tensions (US-Iran war impact) and commodity price volatility
  • Developers in US and other countries showing caution in launching new projects
  • Existing orders continue execution without disruption
  • Exploring entry into Israeli market with potential orders expected in Q3-Q4 FY27

Fenestration Business:

  • High-end residential segment showing strong growth momentum
  • Bidding on luxury projects in Delhi and Mumbai
  • Expected substantial order bookings in Q3-Q4 FY27

Guidance and Outlook

  • Revenue growth guidance maintained at 20-22% for FY27
  • Margin profile expected to remain stable (EBITDA 23-25%, PAT 18-20%)
  • Q3 and Q4 expected to be stronger quarters due to project execution momentum
  • Expect to end FY27 with order book exceeding ₹1,000 crores

Glass Processing Unit Update

  • Project progressing on track with advanced stage of civil construction
  • Building materials arriving at factory
  • Machinery orders placed with advances paid
  • Expected commissioning: July-August 2027
  • Expected margin improvement: 1-1.5% on EBITDA after commissioning
  • Project cost: ₹70 crores (funded through IPO proceeds)

Operational Metrics

  • Capacity utilization: 55-60%
  • Peak revenue capacity: ₹1,000+ crores from current facilities
  • Working capital days: Negative 19 days (compared to 44 days last year)
  • Normal working capital expectation: ~45 days

Commodity Price Management

  • All contracts have pass-through provisions for aluminum and glass price changes
  • Base rates specified in contracts with reimbursement process for price variations
  • Claim settlement typically takes 45-60 days
  • Q2 FY27 escalation claims benefit: ₹6 crores

Future Growth Initiatives

  • Exploring BIPV (Building Integrated Photovoltaics) technology for future growth
  • Research and development ongoing for architectural facade solar solutions
  • Targeting both existing and new client relationships in international markets
  • Average order sizes increasing to ₹60-70 crores range, with bids up to ₹400-500 crores

Capital Expenditure

  • Major capex: Glass processing unit (₹70 crores)
  • Additional maintenance capex: ~₹20 crores over next 1.5-2 years
  • Funding: Internal accruals for maintenance capex

Risk Factors

  • Geopolitical uncertainty affecting international business momentum
  • Commodity price volatility impacting client decision timing
  • Project execution timing variations (some domestic projects facing minor client-side delays)