Integrated Filing — IndAS



General information about company

Scrip Code 544913
NSE Symbol GLASSWALL
MSEI Symbol NOTLISTED
ISIN INE644Q01039
Name of company GLASS WALL SYSTEMS (INDIA) LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2026
Date of end of financial year 31-03-2027
Date of board meeting when results were approved 06-10-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 30-09-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter First quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended
Segment Reporting Single segment
Description of single segment Construction Activities
Start date and time of board meeting 06-10-2026   17:45:00
End date and time of board meeting 06-10-2026   18:30:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026 01-04-2026
B Date of end of reporting period 30-06-2026 30-06-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 10,744.80 10,744.80
Other income 249.60 249.60
Total income 10,994.40 10,994.40
2 Expenses
(a) Cost of materials consumed 4,678.40 4,678.40
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 1,130.20 1,130.20
(e) Finance costs 84.60 84.60
(f) Depreciation, depletion and amortisation expense 153.60 153.60
(f) Other Expenses
1 Other Expenses 2,642.40 2,642.40
Total other expenses 2,642.40 2,642.40
Total expenses 8,689.20 8,689.20
3 Total profit before exceptional items and tax 2,305.20 2,305.20
4 Exceptional items 0.00 0.00
5 Total profit before tax 2,305.20 2,305.20
6 Tax expense
7 Current tax 587.10 587.10
8 Deferred tax (11.40) (11.40)
9 Total tax expenses 575.70 575.70
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 1,729.50 1,729.50
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 1,729.50 1,729.50
17 Other comprehensive income net of taxes (33.80) (33.80)
18 Total Comprehensive Income for the period 1,695.70 1,695.70
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 1,729.49 1,729.49
Total profit or loss, attributable to non-controlling interests 0.00 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent (33.83) (33.83)
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 1,692.70 1,692.70
Face value of equity share capital 2 2
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 2.04 2.04
Diluted earnings (loss) per share from continuing operations 0 0
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 2.04 2.04
Diluted earnings (loss) per share from continuing and discontinued operations 0 0
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. The Statement of unaudited consolidated financial results for the quarter ended 30 June 2026 of Glass Wall Systems (India) Limited (formerly known as Glass Wall Systems (India) Private Limited) (“the Company” or “the Parent Company”), its subsidiary (together referred to as “the Group”) have been reviewed by the Audit Committee and approved by the Board of Directors of the Parent Company at their respective meetings held on 6 October 2026. The statutory auditors have conducted a limited review of the above Statement of unaudited consolidated financial results for the quarter ended 30 June 2026. 2. The Statement of unaudited consolidated financial results for the quarter ended 30 June 2026 has been prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013 (the Act) read with the relevant rules thereunder and in terms of Regulation 33 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosures Requirements) Regulation, 2015, as amended. 3. Subsequent to the quarter ended 30 June 2026, the Parent Company has completed its Initial Public Offer (IPO) of 23,510,425 equity shares of face value of Rs. 2 each at an issue price of Rs. 182 per equity share. The issue consisted of a fresh issue of 32,96,703 equity shares aggregating to Rs. 600.00 Million and an offer for sale of 2,02,13,722 equity shares by selling shareholders aggregating to Rs. 3,678.90 Million. The Parent Company's equity shares were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on 16 September 2026. Accordingly, the Statement of unaudited consolidated financial results for the quarter ended 30 June 2026 have been drawn up for the first time in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 as amended. 4. The Joint Commissioner (Appeals) adjudicated the Maharashtra VAT (MVAT) assessment for the financial years 2005-06 to 2017-18 involving an amount of Rs. 312.13 Million and Central Sales Tax (CST) assessment for the financial years 2014-15 and 2015-16 involving an amount of Rs. 19.93 Million against which the Group had filed appeals with the Maharashtra Sales Tax Tribunal (MSTT). During the year ended 31 March 2026, MSTT passed an order dated 9 July 2025 quashing the demand and asked relevant authorities to recompute demand based on its order. The MVAT Department filed a review/rectification application before the MSTT against the said order which were dismissed by the MSTT vide its order dated 4 May 2026, and upheld its earlier decision. Subsequent to the quarter ended 30 June 2026, the department has filed a petition with the Bombay High Court dated 24 August 2026. No further proceedings have taken place since filing of the petition. 5. During the year ended 31 March 2026, the Group introduced the Employee Stock Option Plan 2025 (“ESOP 2025” or the “Plan”), comprising a pool of 4,23,192 options with a face value of Rs.2 each with an exercise price of Rs.177.81 per option. The options vest equally over a period of three years, subject to discretion of the management and fulfilment of specified conditions. 6. During the year ended 31 March 2026, the Company acquired 100% equity shares of Yes Systems Private Limited (Yes Systems) pursuant to a Share Purchase and Swap Agreement dated 21 August 2025. Yes Systems is in the business of Installation of fenestration in commercial & residential properties etc. including allied activities. As part of the acquisition, the Company issued fully paid up equity shares to the shareholders of Yes Systems in the exchange ratio of 10,000 : 17,43,385. Accordingly, for 50,000 fully paid equity shares of Rs.10 each held in Yes Systems, the shareholders received 87,16,925 fully paid equity shares of Rs.2 each of Glass Wall Systems (India) Limited. The acquisition consideration aggregated to Rs.1,549.96 Million and has been recorded as an investment in the standalone financial statements of the Company as per Ind AS 27 Separate Financial Statements. This amount comprises equity share capital of Rs.17.43 Million and securities premium of Rs.1,532.53 Million. Both the entities, being under control of same Group of shareholders, this acquisition had been accounted by the Company using the common control method in accordance with Appendix C of Ind AS 103 'Business Combinations' using pooling of interest method in the consolidated financial statements of the Group. In relation to the above, the weighted average number of equity shares of all periods/year includes 87,16,925 equity shares issued for the acquisition of Yes Systems for the purpose of calculation of Basic and Diluted Earnings Per Share (EPS). EPS has been computed as if the acquisition had occurred from the beginning of the earliest period presented. 7. Subsequent to the quarter ended 30 June 2026, the Company incorporated a wholly owned subsidiary PP Vitrum Systema Technologies Private Limited on 8 July 2026. 8. The Group presents the segment information identified on the basis of internal report used by the Group to allocate resources to the segment and assess their performance. The Board of Directors of the Company is collectively the Chief Operating Decision Maker (CODM) of the Group. The Group has only one reportable business segment of Construction Activities. Therefore, the disclosure as per Ind AS 108 Operating Segments and regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 as amended is not applicable to the Group. 9. The figures for the quarter ended 31 March 2026 represents the balancing figures between the audited figures in respect of the full financial year ended 31 March 2026 and the unaudited year-to-date figures for the nine months period ended 31 December 2025 as compiled by management and which was not subjected to audit or review by the statutory auditors. Further, the figures for the quarter ended 30 June 2025 have also been compiled by the management. Neither the figures for the quarter ended 31 March 2026 nor those for the quarter ended 30 June 2025 have been subjected to audit or review by the statutory auditors.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2026 01-04-2026
Date of end of reporting period 30-06-2026 30-06-2026
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026 01-04-2026
B Date of end of reporting period 30-06-2026 30-06-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Re-measurement�(loss) on�defined�benefit�plans (45.20) (45.20)
Total Amount of items that will not be reclassified to profit and loss (45.20)
2 Income tax relating to items that will not be reclassified to profit or loss (11.40) (11.40)
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss
5 Total Other comprehensive income (33.80) (33.80)