5449132026-04-012026-09-305449132026-09-305449132026-03-315449132026-04-012026-09-30in-capmkt:OtherExpenses1Member5449132026-09-30OtherNoncurrentFinancialAssetsDomain15449132026-09-30OtherNoncurrentAssetsDomain15449132026-09-30OtherNoncurrentAssetsDomain25449132026-09-30OtherCurrentFinancialAssetsDomain15449132026-09-30OtherCurrentAssetsDomain15449132026-09-30OtherNoncurrentFinancialLiabilitiesDomain15449132026-09-30OtherCurrentFinancialLiabilitiesDomain15449132026-09-30OtherCurrentLiabilitiesDomain15449132026-04-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15449132026-04-012026-09-30RelatedPartyTransactionDomain15449132026-03-31RelatedPartyTransactionDomain15449132026-09-30RelatedPartyTransactionDomain15449132026-04-012026-09-30RelatedPartyTransactionDomain25449132026-03-31RelatedPartyTransactionDomain25449132026-09-30RelatedPartyTransactionDomain25449132026-04-012026-09-30RelatedPartyTransactionDomain35449132026-03-31RelatedPartyTransactionDomain35449132026-09-30RelatedPartyTransactionDomain35449132026-04-012026-09-30RelatedPartyTransactionDomain45449132026-03-31RelatedPartyTransactionDomain45449132026-09-30RelatedPartyTransactionDomain45449132026-04-012026-09-30RelatedPartyTransactionDomain55449132026-03-31RelatedPartyTransactionDomain55449132026-09-30RelatedPartyTransactionDomain55449132026-04-012026-09-30RelatedPartyTransactionDomain65449132026-03-31RelatedPartyTransactionDomain65449132026-09-30RelatedPartyTransactionDomain65449132026-04-012026-09-30RelatedPartyTransactionDomain75449132026-03-31RelatedPartyTransactionDomain75449132026-09-30RelatedPartyTransactionDomain75449132026-04-012026-09-30RelatedPartyTransactionDomain85449132026-03-31RelatedPartyTransactionDomain85449132026-09-30RelatedPartyTransactionDomain85449132026-04-012026-09-30RelatedPartyTransactionDomain95449132026-03-31RelatedPartyTransactionDomain95449132026-09-30RelatedPartyTransactionDomain95449132026-04-012026-09-30RelatedPartyTransactionDomain105449132026-03-31RelatedPartyTransactionDomain105449132026-09-30RelatedPartyTransactionDomain105449132026-04-012026-09-30RelatedPartyTransactionDomain115449132026-03-31RelatedPartyTransactionDomain115449132026-09-30RelatedPartyTransactionDomain115449132026-04-012026-09-30RelatedPartyTransactionDomain125449132026-03-31RelatedPartyTransactionDomain125449132026-09-30RelatedPartyTransactionDomain125449132026-04-012026-09-30RelatedPartyTransactionDomain135449132026-03-31RelatedPartyTransactionDomain135449132026-09-30RelatedPartyTransactionDomain135449132026-04-012026-09-30RelatedPartyTransactionDomain145449132026-03-31RelatedPartyTransactionDomain145449132026-09-30RelatedPartyTransactionDomain145449132026-04-012026-09-30RelatedPartyTransactionDomain155449132026-03-31RelatedPartyTransactionDomain155449132026-09-30RelatedPartyTransactionDomain155449132026-04-012026-09-30RelatedPartyTransactionDomain165449132026-03-31RelatedPartyTransactionDomain165449132026-09-30RelatedPartyTransactionDomain165449132026-04-012026-09-30RelatedPartyTransactionDomain175449132026-03-31RelatedPartyTransactionDomain175449132026-09-30RelatedPartyTransactionDomain175449132026-09-30Statement15449132026-04-012026-09-30Statement15449132026-09-30StatementDynamic1I1Statement15449132026-09-30StatementDynamic1I2Statement15449132026-09-30StatementDynamic1I3Statement1iso4217:INRxbrli:pureiso4217:INRxbrli:shares544913GLASSWALLNOTLISTEDINE644Q01039GLASS WALL SYSTEMS (INDIA) LIMITEDMain BoardEquity2026-04-012027-03-312026-11-032026-10-28INRMillionsHalf YearlyHalf yearlySingle segmentConstruction Activities2026-11-0318:00:002026-11-0318:55:00trueCash Flow IndirectNot applicabletruetrueNANAfalsetrue2025-08-05www.glasswallsystems.intrue1falseThere is no Default on Loans and Debt Securities for the quarter ended September 30,2026.2026-04-012026-09-30UnauditedStandalone216821000048320000221653000087565000000197530000136900003028000057350000016906500005258800000525880000137060000-284000013422000003916600000000391660000-161000039005000017587000024.614.61004.614.61For Notes, refer Quick Results. <br /> <br /> Notes: <br /> 1. The Statement of unaudited standalone 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”) have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 3 November 2026. The statutory auditors have conducted a limited review of the above Statement of unaudited standalone financial results for the quarter and half year ended 30 September 2026. <br /> <br /> 2. The Statement of unaudited standalone 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. <br /> <br /> 3. During the quarter and half year ended 30 September 2026, the 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 Company's equity shares were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on 16 September 2026. <br /> Accordingly, the Statement of unaudited standalone 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: <br /> (Rs. in Million) <br /> 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 * <br /> 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 <br /> General Corporate Purposes 46.30 46.30 - <br /> Offer related expenses 53.70 26.07 27.63 <br /> Total 600.00 87.42 512.58 <br /> *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. <br /> <br /> 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 Company 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. <br /> <br /> 5. During the year ended 31 March 2026, the Company 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. <br /> <br /> 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. <br /> The total consideration transferred to the shareholders of Yes Systems amounted to Rs.1,549.96 Million, which includes securities premium of Rs.1,532.53 Million on the shares issued as part of the acquisition. <br /> <br /> 7. 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. <br /> <br /> 8. The Company presents the segment information identified on the basis of internal report used by the Company 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 Company. The Company 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 Company. <br /> <br /> 9.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. <br /> <br /> <br /> Note related to Statement of Cash Flows <br /> <br /> 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.Other Expenses57350000070368000042870000985100000539000000015505600000056345000021140100005132000010901000031247900004919800000926560000347070000921230000422000035744000025565200009784400004026940000715173000017587000046248000004800670000480067000000007400007400005148000000522200000242300000768470000101077000029349000013042600008910400006574000037800000022988400000023510600007151730000Property, plant and equipment included Right-of-use asset of Rs. 88.33 MillionOther financial assets563450000Income tax assets (net)4250000Other non-current assets104760000Other financial assets357440000Other current assets 978440000Other financial liabilities740000Other financial liabilities293490000Other current liabilities89104000013690000-103250000636800000-23278000000-229500000349620000016670000030280000011260000018100000247900000049500000000-1600000157610000683490000-800000-397600001575600000486090000010000000000028000010384000003919000002720000000000000000080000315200000-842000000-955970000006000000000000006645000000136900000-2607000049379000023910000208000025990000321080000347070000Re-measurement gain/(loss) on defined benefit plans-2150000-2150000-5400000-1610000Glass Wall Systems (India) Limited******M.J. Coaters Private Limited******Promoter Group CompanyPurchase of goods or servicesNA980000005174000084880000Glass Wall Systems (India) Limited******GWS Engineers & Fabricators Private limited******Promoter Group CompanyPurchase of goods or servicesNA1166000005970000Glass Wall Systems (India) Limited******PP Vitrum Systema Technologies Private Limited******SubsidiaryInvestmentNA1000000100000Glass Wall Systems (India) Limited incorporated a wholly owned subsidiary PP Vitrum Systema Technologies Private Limited on 8 July 2026.Glass Wall Systems (India) Limited******Yes Systems Private Limited******SubsidiaryAny other transactionRent IncomeNA126000060000080000Closing balance is Net off a) Secuity deposit payable of Rs.0.60 Million and 2) Other receivable of Rs. 0.68 andGlass Wall Systems (India) Limited******PP Vitrum Systema Technologies Private Limited******SubsidiaryAny other transactionRent IncomeNA135000001460000Glass Wall Systems (India) Limited******Mr. Sanjay Sawant******Chief Financial OfficerAny other transactionReimbursement of expenses Paid / (Received)NA5000000Glass Wall Systems (India) Limited******Ms. Sunaina Primlani Gera******Independent DirectorAny other transactionReimbursement of expenses Paid / (Received)NA2000000Glass Wall Systems (India) Limited******Mr. Jawahar H. Hemrajani******Chairman and Whole Time DirectorRemunerationNA7500000860000870000Glass Wall Systems (India) Limited******Mr. Eshan J. Hemrajani******Managing Director and Chief Executive OfficerRemunerationNA7500000860000870000Glass Wall Systems (India) Limited******Mr. Sanjay Sawant******Chief Financial OfficerRemunerationNA4120000520000740000Glass Wall Systems (India) Limited******Ms. Shweta Singh******Company SecretaryRemunerationNA6500001600000(w.e.f. 3 April 2025 till 22 July 2026)Glass Wall Systems (India) Limited******Mr. Sagar Lambole******Company SecretaryRemunerationNA2200000110000(w.e.f. 3 August 2026)Glass Wall Systems (India) Limited******Ms. Sunaina Primlani Gera******Independent DirectorAny other transactionSitting FeesNA113000000Glass Wall Systems (India) Limited******Mr. Siddharth Nandkishore Bafna******Independent DirectorAny other transactionSitting FeesNA105000000Glass Wall Systems (India) Limited******Ms. Nandita Khurana******Independent DirectorAny other transactionSitting FeesNA68000000Glass Wall Systems (India) Limited******Mr. Sanjay Sawant******Chief Financial OfficerAny other transactionShare based paymentsNA3000000Glass Wall Systems (India) Limited******Yes Systems Private Limited******SubsidiaryInvestment0NA015499600001549960000Glass Wall Systems (India) Limited acquired 100% equity shares of Yes Systems Private Limited pursuant to a Share Purchase and Swap Agreement dated 21 August 2025.135320000Public Issues2026-09-166000000002026-09-30falsefalsefalseNoneNoneSanjay SawantChief Financial OfficerMumbai2026-11-03Funding capital expenditure requirement for setting up of Glass Processing Unit (GPU) Project as part of planned backward integration of the Company at Vile Bhagad FacilityNot Applicable5000000000000000150500511500000General Corporate PurposesNot Applicable463023614100000463023614100000Offer related expensesNot Applicable536976385900000260730150000000