GLASS WALL SYSTEM (I) LTD

Industrials — Engineering & Construction · NSE

₹240.00+₹3.40 (+1.44%)

DalalBaazaar Score

71 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of GLASS WALL SYSTEM (I) LTD — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

GLASS WALL SYSTEMS (INDIA) PVT. LTD. provides turnkey architectural facade solutions, including the design, manufacturing, and installation of building facades.

IndustryEngineering & Construction

SectorIndustrials

Employees370

Annual revenue₹448 Cr

How does it make money?

Turns over ₹448 Cr a year. Of every ₹100 of sales, about ₹19 reaches shareholders as profit, with ₹26 left at the operating level before interest, tax and depreciation. Each of its 370 employees supports ₹1.21 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin26.1%

Net margin18.7%

Revenue / employee₹1.21 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

ADANI PORT & SEZ LTDP/E 29.9x · ROE 14.1%

SIEMENS LTDP/E 88.8x · ROE 10.5%

What is its competitive advantage?Some evidence

ROCE of 42.0% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE42.0%

ROE32.2%

Peer median ROE14.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +87% while net margin moved +178% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+87%

Margin effect+178%

DalalBaazaar Score

71/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

85/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

57/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

25.2x

Sector Median

30.1x

median of 3 sector peers

🟢Against its sector it trades 16% below the peer median of 30.1x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Fair

30.1x median of 3 peers · -16%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

25.2x

P/B

7.82x

EV/EBITDA

17.8x

PEG

0.34

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well7

Margins are improving
EBITDA margin is up from 5.3% to 26.1% over 3 years.
Debt is being paid down
Total debt is down 86% over 3 years.
Cash generation is improving
Free cash flow is up 190% over 3 years.
Return on equity is rising
ROE has improved from 15.8% to 32.2%.
Return on capital is rising
ROCE has improved from 8.0% to 42.0%.
High return on capital employed
ROCE of 42.0% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴High leverageFinancial
Debt/Equity of 2.57x — earnings must service borrowings before shareholders see anything.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 42.0% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 5.3% to 26.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 86% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 2.57x. Interest is payable whether or not the business has a good year.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 17% a year✓ 23.3% CAGR
Latest reported year was 35.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 24%✓ 26.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹46 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 39%✓ 42.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

5 good · 3 neutral · 3 weak

Market Cap

₹2,110 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

25.2x

Fair

Fairly valued against the generic band

P/B Ratio

7.82x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹9.53

Profitable

Profitable on a per-share basis

ROE

32.2%

Strong

Strong capital efficiency

ROCE

42.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

2.57x

High

High leverage

Revenue Growth (YoY)

35.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-7.7%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹46 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹240

Operating Margin

19.9%

Good

Healthy core-business profitability

Net Margin

17.0%

Good

Strong bottom-line conversion

Current Ratio

1.59

Comfortable

Healthy short-term liquidity

52W Range Position

41%

Mid-range

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹239 Cr	₹300 Cr	₹273 Cr	₹448 Cr	+23.3%
EBITDA	₹13 Cr	₹58 Cr	₹77 Cr	₹117 Cr	+109.5%
EBITDA Margin	5.3%	19.4%	28.3%	26.1%	—
PAT (Net Profit)	₹16 Cr	₹20 Cr	₹58 Cr	₹84 Cr	+73.3%
EPS	₹1.83	₹2.3	₹6.54	—	—
ROE	15.8%	16.7%	33.0%	32.2%	—
ROCE	8.0%	28.3%	42.4%	42.0%	—
Total Debt	₹47 Cr	₹25 Cr	₹8 Cr	₹7 Cr	-47.9%
Free Cash Flow	₹16 Cr	₹38 Cr	₹58 Cr	₹46 Cr	+42.6%

🟢 Revenue has grown at 23.3% a year over 3 years.

🟢 EBITDA has grown at 109.5% a year over 3 years.

🟢 EBITDA Margin has risen from 5.3% to 26.1% over 3 years (+20.8 pts).

🟢 PAT (Net Profit) has grown at 73.3% a year over 3 years.

🟢 ROE has risen from 15.8% to 32.2% over 3 years (+16.5 pts).

🟢 ROCE has risen from 8.0% to 42.0% over 3 years (+34.1 pts).

🟢 Total Debt has shrunk at 47.9% a year over 3 years.

🟢 Free Cash Flow has grown at 42.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹468 Cr

Total Liabilities

₹208 Cr

Total Debt

₹7 Cr

Cash & Equivalents

₹32 Cr

Operating Cash Flow

₹73 Cr

Capex

-₹27 Cr

Shareholding (proxy)

Institutional Holding

20.6%

Insider Holding

53.2%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

1 positive1 mixed4 general

Glass Wall Systems (India) Ltd. Share Price Live Today

CNBC TV18, 16 Oct

Glass Wall Systems (INDIA) (NSEI:GLASSWALL) - Stock Analysis

Simply Wall Street, 15 Oct

Glass Wall Systems share price hits record high, up 75% from IPO price | Why is the stock rallying?

Livemint, 22 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

GLASS WALL SYSTEMS (INDIA) LTD. Fact Sheet

Equitymaster, 30 Sept

Glass Wall Systems shares list at 7% premium over IPO price on NSE; should you buy, sell or hold?

Moneycontrol.com, 16 Sept

Glass Wall Systems shares fall over 6% as profit down 8% to ₹17 crore in Q1 FY27; order book at ₹982 crore

Upstox, 07 OctOrder win

🟢Potentially positiveOrder wins add to future revenue, though the effect depends on the contract's size against annual sales and on when it is executed.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong17.9/20

🟢Financial HealthStrong14.5/20

🟢GrowthStrong18.5/20

🟢ProfitabilityStrong12.9/15

🔴ValuationDemanding5/15

🔴RiskHigh2.4/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 17% a year23.3% CAGR
✓EBITDA margin holds above 24%26.1%
✓Free cash flow remains positive₹46 Cr
✓Debt / EBITDA stays below 2x0.1x
✓ROCE stays above 39%42.0%