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 03-11-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 28-10-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second 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 Unaudited
Segment Reporting Single segment
Description of single segment Construction Activities
Start date and time of board meeting 03-11-2026   18:00:00
End date and time of board meeting 03-11-2026   18:55:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
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 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 13,148.40 23,893.20
Other income 241.90 491.50
Total income 13,390.30 24,384.70
2 Expenses
(a) Cost of materials consumed 4,684.50 9,362.90
(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 1,131.80 2,262.00
(e) Finance costs 55.80 140.40
(f) Depreciation, depletion and amortisation expense 166.70 320.30
(f) Other Expenses
1 Other Expenses 3,578.30 6,220.70
Total other expenses 3,578.30 6,220.70
Total expenses 9,617.10 18,306.30
3 Total profit before exceptional items and tax 3,773.20 6,078.40
4 Exceptional items 0.00 0.00
5 Total profit before tax 3,773.20 6,078.40
6 Tax expense
7 Current tax 928.20 1,515.30
8 Deferred tax (15.70) (27.10)
9 Total tax expenses 912.50 1,488.20
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 2,860.70 4,590.20
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 2,860.70 4,590.20
17 Other comprehensive income net of taxes 18.40 (15.40)
18 Total Comprehensive Income for the period 2,879.10 4,574.80
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 2,860.70 4,590.20
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 18.40 (15.40)
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 1,758.70 1,758.70
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 3.35 5.4
Diluted earnings (loss) per share from continuing operations 3.35 5.4
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 3.35 5.4
Diluted earnings (loss) per share from continuing and discontinued operations 3.35 5.4
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) For Notes, refer Quick Results. Notes: 1. The Statement of unaudited consolidated financial results for the quarter and half year ended 30 September 2026 of Glass Wall Systems (India) Limited (formerly known as Glass Wall Systems (India) Private Limited) (“the Company” or “the Parent Company”), its subsidiaries (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 3 November 2026. The statutory auditors have conducted a limited review of the above Statement of unaudited consolidated financial results for the quarter and half year ended 30 September 2026. During the quarter and half year ended 30 September 2026, the Company incorporated a wholly owned subsidiary PP Vitrum Systema Technologies Private Limited on 8 July 2026. Following are the list of subsidiaries forming part of the unaudited consolidated financial results. a) Yes Systems Private Limited b) PP Vitrum Systema Technologies Private Limited 2.The Statement of unaudited consolidated financial results for the quarter and half year ended 30 September 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.During the quarter and half year ended 30 September 2026, the Parent Company has completed its Initial Public Offer (IPO) of 2,35,10,425 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 and half year ended 30 September 2026 have been drawn up in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 as amended. Further, the utilisation of IPO proceeds has been tabulated below: (Rs. in Million) Objects of the Offer as per the prospectus Amount to be utilised as per the prospectus Utilised upto 30 September 2026 Unutilized amount as on 30 September 2026 * Funding capital expenditure requirement for setting up of Glass Processing Unit (GPU) Project as part of planned backward integration of the Company at Vile Bhagad Facility 500.00 15.05 484.95 General Corporate Purposes 46.30 46.30 - Offer related expenses 53.70 26.07 27.63 Total 600.00 87.42 512.58 *The unutilised IPO proceeds amounting to Rs.450.00 million as at 30 September 2026 are temporarily parked in fixed deposits with scheduled commercial banks, with the remaining balance held in a separately maintained bank account. 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. During the quarter and half year ended 30 September 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.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. 8.The figures for the quarter and half year ended 30 September 2025 have been compiled by the management and were not subjected to audit/review by statutory auditors of the Company. The management has exercised necessary diligence in preparing the financial information of these periods. Note related to Statement of Cash Flows Cash and cash equivalents includes a balance of Rs.198.74 million from the Initial Public Offering (IPO) proceeds held in the Public Issue Account with a scheduled commercial bank, which is earmarked towards payment of IPO-related expenses, including expenses attributable to the Offer for Sale (OFS) shareholders, as specified in the Prospectus.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2026
Date of end of reporting period 30-09-2026
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 7,599.00
Capital work-in-progress 943.50
Investment property 985.10
Goodwill 0.00
Other intangible assets 60.60
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 5.00
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Other financial assets  5,646.70
Total of other non-current financial assets 5,646.70
Total non-current financial assets 5,651.70
Deferred tax assets (net) 513.20
Other non-current assets
1 Income tax assets (net) 114.20
2 Other non-current assets 1,184.50
Total of other non-current assets 1,298.70
Total non-current assets 17,051.80
2 Current assets
Inventories 5,499.90
Current financial asset
Current investments 0.00
Trade receivables, current 10,196.80
Cash and cash equivalents 3,523.40
Bank balance other than cash and cash equivalents 9,910.80
Loans, current 50.80
Other current financial assets
Total of other current financial assets 4,089.30
Total current financial assets 27,771.10
Current tax assets (net) 0.00
Other current assets
1 Other current assets  11,500.80
Total of other current assets 11,500.80
Total current assets 44,771.80
3 Non-current assets classified as held for sale
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 61,823.60
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 1,758.70
Other equity 34,438.10
Total equity attributable to owners of parent 36,196.80
Non controlling interest 0.00
Total equity 36,196.80
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Other financial liabilities 7.40
Total of other non-current financial liabilities 7.40
Total non-current financial liabilities 7.40
Provisions, non-current 539.20
Deferred tax liabilities (net) 27.40
Deferred government grants, Non-current 0.00
Other non-current liabilities
Total of other non-current liabilities
Total non-current liabilities 574.00
Current liabilities
Current financial liabilities
Borrowings, current 0.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 2,592.50
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 7,883.50
Total Trade payable 10,476.00
Other current financial liabilities
1 Other financial liabilities 3,009.20
Total of other current financial liabilities 3,009.20
Total current financial liabilities 13,485.20
Other current liabilities 10,513.10
1 Other current liabilities 10,513.10
Total of other current liabilities 10,513.10
Provisions, current 676.50
Current tax liabilities (Net) 378.00
Deferred government grants, Current
Total current liabilities 25,052.80
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 25,626.80
Total equity and liabilites 61,823.60
Disclosure of notes on assets and liabilities Textual Information(1)



Text Block

Textual Information(1) Property, plant and equipment included Right-of-use asset of Rs. 94.55 Million



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 01-07-2026 01-04-2026
Date of end of reporting period 30-09-2026 30-09-2026
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 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
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 gain/(loss) on defined benefit plans 24.50 (20.70)
Total Amount of items that will not be reclassified to profit and loss 24.50 (20.70)
2 Income tax relating to items that will not be reclassified to profit or loss 6.10 (5.30)
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 18.40 (15.40)



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026
B Date of end of reporting period 30-09-2026
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 6,078.40
Adjustments for reconcile profit (loss)
Adjustments for finance costs 140.40
Adjustments for decrease (increase) in inventories (1,565.60)
Adjustments for decrease (increase) in trade receivables, current 503.10
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (3,133.10)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (43.10)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 3,766.90
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 1,491.80
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 320.30
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 120.40
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 33.20
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 247.90
Adjustments for dividend income 0.00
Adjustments for interest income 0.00
Adjustments for share-based payments 49.50
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) (1.60)
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 1,930.10
Net cash flows from (used in) operations 8,008.50
Dividends received (0.80)
Interest paid 0.00
Interest received (431.60)
Income taxes paid (refund) 1,738.60
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 5,837.50
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 2.80
Purchase of property, plant and equipment 1,229.00
Proceeds from sales of investment property 0.00
Purchase of investment property 391.90
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 30.40
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.80
Interest received 331.30
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (9,200.90)
Net cash flows from (used in) investing activities (10,517.30)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 6,000.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 664.50
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 140.30
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (260.70)
Net cash flows from (used in) financing activities 4,934.50
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 254.70
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 20.80
Net increase (decrease) in cash and cash equivalents 275.50
Cash and cash equivalents cash flow statement at beginning of period 3,247.90
Cash and cash equivalents cash flow statement at end of period 3,523.40