HRS Aluglaze Limited
Bookbuilding IPO · BSE
- Price band
- ₹94 - ₹96
- Lot size
- 1,200 shares
- Issue amount
- ₹50.92 cr
- Total subscription
- 44.9×
- Opens
- 11 Dec 2025
- Closes
- 15 Dec 2025
- Allotment
- 16 Dec 2025
- Listing
- 18 Dec 2025
Offer at a glance
Issue overview
- Issue size
- 53,04,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,12,800
- Fresh issue
- ₹50.92 cr
- Offer for sale
- ₹0 cr
- Registrar
- Purva Sharegistry India Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,15,200
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,39,78,125
- Shares after issue
- 1,92,82,125
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,400 | ₹2,30,400 |
| sHNI | 3 | 3,600 | ₹3,45,600 |
| bHNI | 9 | 10,800 | ₹10,36,800 |
Share reservation
Subscription & GMP
Subscription by category
Reported 15 Dec 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 38 |
| NIB | 0 | 7,723 |
| RETAIL | 744 | 36,855 |
| HNIs(10L +) | 140 | 4,478 |
| HNIs (2-10L) | 70 | 3,245 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 13.86 | 269.99 |
| FIIs | 0 | 74.86 |
| Others | 0 | 189.12 |
| RETAIL | 17.14 | 849.14 |
| HNIs 2+ | 2.42 | 121.12 |
| HNIs 10+ | 4.84 | 477.56 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 0 | 0 | 0 | 0 |
| ROE | 20.28 | 34.24 | 19.71 | 18.92 |
| ROCE | 11.52 | 15.97 | 10.58 | 6.88 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 26.07 | 0 | 0 |
| POST IPO(PE) | 20.04 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Innovators Facade Systems Ltd | 73.02 | 203.00 | 10.00 | 88.43 | 3.19 | 2.78 |
| Aluwind Infra-Tech Limited | 39.22 | 80.00 | 10.00 | 26.06 | 8.15 | 2.04 |
| HRS Aluglaze Limited | 26.07 | 0 | 10.00 | 17.61 | 20.28 | 3.25 |
Company information
Company profile
HRS Aluglaze Ltd, incorporated in 2012, designs, manufactures, and installs aluminium products such as windows, doors, curtain walls, cladding, and glazing systems. The company offers both standard and customized solutions to builders, contractors, architects, and institutions, along with material supply and procurement support. Its manufacturing facility in Rajoda, Bavla, Ahmedabad, Gujarat, spans 11,176 square meters and is equipped with CNC precision machinery and powder coating facilities, with an additional 13,714 square meter expansion proposed. As of September 30, 2025, the company has 28 active projects and employs around 90 personnel, including skilled, semi-skilled, and unskilled workers, across various functions.
Strengths
- Proven Execution & Strong Client Relationships – The company consistently delivers projects for developers, institutions, and contractors, earning repeat business and long-term loyalty through quality, timely delivery, and safety compliance.
- In-House Design & Efficient Project Management – A dedicated design and estimation team, along with advanced CNC manufacturing and a 90-member execution team, ensures precise fabrication, smooth on-site installation, and efficient project execution across Gujarat and beyond.
- Commitment to Quality, Innovation & Sustainability – Adhering to ISO 9001: 2015 standards and MSME ZED Bronze Certification, the company focuses on sustainable manufacturing, backward and forward integration, modern equipment use, and innovative practices to maintain high quality, cost efficiency, and fast turnaround.
Risk factors
- Order Book May Not Guarantee Future Revenue – Current projects can face delays, changes, or cancellations, so the ₹10,307.07 lakhs order book (as of September 30, 2025) may not fully predict future earnings, potentially affecting profitability and overall performance.
- No Long-Term Customer Commitments – The company primarily relies on blanket purchase orders without firm contracts. Customers may reduce orders, delay payments, or stop sourcing, which can impact revenue and cash flows, though advance payments partially mitigate the risk.
- Dependence on Third-Party Suppliers – Timely and cost-effective supply of aluminium, glass, and accessories is critical. Price volatility and lack of long-term agreements could disrupt supply, increase costs, and pressure margins, affecting operations and financial results.
Promoters
Rupesh Pravinbhai Shah
Pinky Rupesh Shah
Hrishikesh Rupesh Shah
Registrar & documents
Lead manager
Cumulative Capital Private Limited
Registrar & contacts
Purva Sharegistry India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
601 W-1, 6th Floor, New York Timber Street Opp. PSP House, B/H. S.G. Highway, Ambali Road, Jodhpur Ahmedabad, Gujarat, 380058
+91 79 26306595
[email protected]Company website ↗Understanding HRS IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.