Board approves unaudited Q2 and H1 FY27 results; limited review report carries no qualification
Board met on 3 November 2026 and approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,314.84 | 1,272.95 | +3.3% | 1,074.48 | +22.4% |
| Total income | 1,339.03 | 1,299.85 | +3% | 1,099.44 | +21.8% |
| Profit before tax | 377.32 | 289.21 | +30.5% | 230.52 | +63.7% |
| Profit after tax | 286.07 | 218.04 | +31.2% | 172.95 | +65.4% |
| Total comprehensive income | 287.91 | 217.23 | +32.5% | 169.57 | +69.8% |
| Basic EPS | 3.35 | 2.58 | +29.8% | 2.04 | +64.2% |
- PAT growth YoY / QoQ
- Year ago 218.04 (+31.2%); Prev qtr 172.95 (+65.4%)
- Period
- 30 September 2026 Unaudited
Auditor's review
Conclusion: Unmodified
- Comparative figures for quarter and half year ended September 30, 2025 were not reviewed or audited by the auditors; compiled by Management and approved by the Board.
Notes to the results
- IPO of 2,35,10,425 equity shares at ₹182 per share completed: fresh issue of 32,96,703 shares aggregating ₹600.00 Million and OFS of 2,02,13,722 shares aggregating ₹3,678.90 Million; listed 16 September 2026.
- Of IPO proceeds ₹600.00 Million, ₹87.42 Million utilised up to 30 September 2026; ₹512.58 Million unutilised.
- MVAT demand of ₹312.13 Million and CST of ₹19.93 Million quashed by MSTT; department shared petition with Bombay High Court dated 24 August 2026.
- Wholly owned subsidiary PP Vitrum Systema Technologies Private Limited incorporated on 8 July 2026.
What the board approved
- The board met on Tuesday, 3 November 2026 from 06:00 p.m. to 06:55 p.m. IST and approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026.
- The results were reviewed and recommended by the Audit Committee, and S R B C & CO LLP, the statutory auditors, issued a Limited Review Report which does not contain any qualification.
Consolidated results (amounts in ₹ Million)
- Revenue from operations: 1,314.84 for the quarter ended 30 September 2026, against 1,272.95 for the quarter ended 30 September 2025; 2,389.32 for the half year, against 2,064.14.
- Total income: 1,339.03 for the quarter; 2,438.47 for the half year.
- Profit before tax: 377.32 for the quarter; 607.84 for the half year.
- Profit for the period: 286.07 for the quarter; 459.02 for the half year.
- Basic and diluted EPS: 3.35 for the quarter; 5.40 for the half year, on shares of face value ₹2 each.
Standalone results (amounts in ₹ Million)
- Revenue from operations: 1,156.84 for the quarter; 2,168.21 for the half year.
- Profit for the period: 231.64 for the quarter; 391.66 for the half year.
- Basic and diluted EPS: 2.71 for the quarter; 4.61 for the half year.
Balance sheet, consolidated as at 30 September 2026 (₹ Million)
- Total assets 6,182.36; total equity 3,619.68; total liabilities 2,562.68.
- Borrowings were shown as nil in both current and non-current liabilities, against 19.46 and 47.36 respectively as at 31 March 2026.
- Cash and cash equivalents 352.34; inventories 549.99; trade receivables 1,019.68.
Cash flow, consolidated half year (₹ Million)
- Net cash generated from operating activities 583.75.
- Net cash used in investing activities 1,051.73.
- Net cash generated from financing activities 493.45.
Initial Public Offer and use of proceeds
The company completed an IPO of 2,35,10,425 equity shares of face value ₹2 each at an issue price of ₹182 per equity share: a fresh issue of 32,96,703 equity shares aggregating ₹600.00 Million and an offer for sale of 2,02,13,722 equity shares by selling shareholders aggregating ₹3,678.90 Million. The shares were listed on NSE and BSE on 16 September 2026. Utilisation of the ₹600.00 Million fresh issue proceeds up to 30 September 2026 (₹ Million):
- Total: 600.00 to be utilised, 87.42 utilised, 512.58 unutilised.
- Capital expenditure for the Glass Processing Unit (GPU) project at Vile Bhagad: 500.00 to be utilised, 15.05 utilised, 484.95 unutilised.
- General corporate purposes: 46.30, fully utilised.
- Offer related expenses: 53.70, 26.07 utilised, 27.63 unutilised.
Unutilised proceeds of 450.00 were temporarily parked in fixed deposits with scheduled commercial banks.
Acquisition of Yes Systems Private Limited
- The company acquired 100% of the equity shares of Yes Systems Private Limited pursuant to a Share Purchase and Swap Agreement.
- The shareholders of Yes Systems received 87,16,925 fully paid equity shares of ₹2 each, at an exchange ratio of 10,000:17,43,385.
- Consideration aggregated to about ₹1,549.96 Million, recorded as equity share capital of ₹17.43 Million and securities premium of ₹1,532.53 Million.
- Both entities being under common control, the acquisition was accounted for by the pooling of interest method.
Employee stock options
- The Employee Stock Option Plan 2025 covers a pool of 4,23,192 options with a face value of ₹2 each and an exercise price of ₹177.81 per option.
- The options vest equally over a period of three years, subject to conditions.
Tax matters
The Maharashtra VAT assessment for 2005-06 to 2017-18 involving ₹312.13 Million and the Central Sales Tax assessment for 2014-15 and 2015-16 involving ₹19.93 Million were quashed by the Maharashtra Sales Tax Tribunal. A review/revision application was dismissed by the tribunal and the department's petition was dismissed by the Bombay High Court.
Group structure
- Subsidiaries: Yes Systems Private Limited and PP Vitrum System Technologies Private Limited, the latter a wholly owned subsidiary incorporated on 8 July 2026.
Also from Glass Wall Systems (India)
Glass Wall Systems Q2 & H1 FY27: Q2 revenue up 3.3%, PAT up 31.2%, order book at Rs. 957 crore
3 Nov 2026
Glass Wall Systems H1FY27 EBITDA up 22.4% to Rs. 60 crores, order book at Rs. 957 crores
3 Nov 2026
Glass Wall Systems to hold H1FY27 earnings call with investors/analysts on November 4, 2026 at 12:00 PM IST
28 Oct 2026
More numbers
- Consolidated Revenue from operations, quarter ended 30 Sep 20261,314.84 (₹ Million)
- Consolidated Total income, half year ended 30 Sep 20262,438.47 (₹ Million)
- Consolidated Profit for the period, quarter ended 30 Sep 2026286.07 (₹ Million)
- Consolidated Profit for the period, half year ended 30 Sep 2026459.02 (₹ Million)
- IPO issue price per equity share₹ 182 per equity share
- Fresh issue of equity shares in IPO32,96,703 equity shares
- Unutilised IPO proceeds as at 30 Sep 2026512.58 (₹ Million)
- Consideration for acquisition of Yes Systems Private Limited₹1,549.96 Million
- Total income, latest quarter1,339.03 (₹ Million)
- Total income, year-ago quarter1,299.85 (₹ Million)
- Total income, previous quarter1,099.44 (₹ Million)
- Total comprehensive income, latest quarter287.91 (₹ Million)
- Total comprehensive income, year-ago quarter217.23 (₹ Million)
- Total comprehensive income, previous quarter169.57 (₹ Million)
- Profit after tax, latest quarter286.07 (₹ Million)
- Profit after tax, year-ago quarter218.04 (₹ Million)
- Profit after tax, previous quarter172.95 (₹ Million)
- Revenue from operations, latest quarter1,314.84 (₹ Million)
- Revenue from operations, year-ago quarter1,272.95 (₹ Million)
- Revenue from operations, previous quarter1,074.48 (₹ Million)
- Profit before tax, latest quarter377.32 (₹ Million)
- Profit before tax, year-ago quarter289.21 (₹ Million)
- Profit before tax, previous quarter230.52 (₹ Million)
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