India’s real estate and infrastructure sectors continue to see steady project activity in residential, commercial, and institutional spaces. This has driven demand for premium façade systems, aluminium doors and windows, and energy-efficient glazing solutions that enhance building aesthetics as well as performance.
Against this backdrop, HRS Aluglaze Ltd. is coming out with its IPO, opening on December 11, 2025. Here is a detailed look at the company, the IPO structure, key financials, and issue objectives.
About HRS Aluglaze Ltd.
Incorporated in 2012, HRS Aluglaze Ltd. is engaged in the design, manufacturing, and installation of aluminium products, including:
- Doors and windows
- Curtain walls and structural glazing
- Glass railings, partitions, louvres, and screens
- Cladding and dynamic façades
- Material supply and procurement support
The company provides both standard and customised solutions to builders, contractors, architects, and institutions, and also supports them with material supply and procurement services.
Its manufacturing facility is located at Village Rajoda, Taluka Bavla, Ahmedabad, Gujarat, spread over 11,176 square meters and equipped with CNC precision machinery and powder coating facilities. An additional 13,714 square meters adjoining this facility is proposed for expansion.
As of September 30, 2025, HRS Aluglaze had:
- 28 active projects
- Approximately 90 personnel, including skilled, semiskilled, and unskilled workers across various functions
Competitive strengths include:
- Experienced leadership and skilled teams
- Proven track record with strong client relationships
- Capability to handle design, execution, and completion of façade projects
- Focus on quality, innovation, and sustainability
- Long-term vision to shape urban skylines through façade and glazing solutions
HRS Aluglaze IPO Details
HRS Aluglaze IPO is a book-building issue with a total size of ₹50.92 crore, consisting entirely of a fresh issue of 53,04,000 equity shares.
Key highlights:
- IPO Size: ₹50.92 crore
- Issue Type: Bookbuilding IPO
- Issue Structure: 100% fresh issue
- Price Band: ₹94 to ₹96 per share
- Face Value: ₹10 per share
- Market Cap (Pre IPO): ₹185.11 crore
- Listing: BSE SME
Important IPO Timeline
| Event | Date |
| IPO Open Date | Thu, Dec 11, 2025 |
| IPO Close Date | Mon, Dec 15, 2025 |
| Tentative Allotment Date | Tue, Dec 16, 2025 |
| Initiation of Refunds | Wed, Dec 17, 2025 |
| Credit of Shares to Demat | Wed, Dec 17, 2025 |
| Tentative Listing Date | Thu, Dec 18, 2025 |
| Cut off time for UPI mandate confirmation | 5 PM on Mon, Dec 15, 2025 |
Key IPO Details
| IPO Date | Thu, Dec 11, 2025 to Mon, Dec 15, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹94 to ₹96 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 53,04,000 shares (aggregating up to ₹50.92 Cr) |
| Reserved for Market Maker | 2,74,800 shares (aggregating up to ₹2.64 Cr) Mnm Stock Broking Pvt.Ltd. |
| Net Offered to Public | 50,29,200 shares (aggregating up to ₹48.28 Cr) |
| Share Holding Pre Issue | 1,39,78,125 shares |
| Share Holding Post Issue | 1,92,82,125 shares |
Cumulative Capital Pvt. Ltd. is the book-running lead manager, and Purva Sharegistry (India) Pvt. Ltd. is the registrar of the issue. The Market Maker of the company is Mnm Stock Broking Pvt. Ltd.
HRS Aluglaze IPO Reservation
HRS Aluglaze IPO offers a total of 53,04,000 shares, allocated across investor categories as follows:
| Investor Category | Shares Offered | Percentage of Issue |
| Market Maker | 2,74,800 | 5.18% |
| QIB | 24,87,600 | 46.90% |
| NII (HNI) | 7,56,000 | 14.25% |
| Retail (RII) | 17,85,600 | 33.67% |
| Total | 53,04,000 | 100.00% |
HRS Aluglaze IPO Lot Size
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereafter.
| Application Category | Lots | Shares | Amount |
| Individual Investors (Retail) Min | 2 | 2,400 | ₹2,30,400 |
| Individual Investors (Retail) Max | 2 | 2,400 | ₹2,30,400 |
| S-HNI Min | 3 | 3,600 | ₹3,45,600 |
| S-HNI Max | 8 | 9,600 | ₹9,21,600 |
| B-HNI Min | 9 | 10,800 | ₹10,36,800 |
HRS Aluglaze Financials
HRS Aluglaze has reported strong growth in both revenue and profitability in recent years. Between FY 2023-24 and FY 2024-25, the company’s:
- Total income increased by 56%
- Profit After Tax (PAT) increased by 188%
Key Company Financials (Restated Consolidated)
All figures in ₹ crore
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 91.16 | 80.60 | 42.43 | 34.10 |
| Total Income | 26.35 | 42.14 | 26.97 | 22.69 |
| Profit After Tax | 4.54 | 5.15 | 1.79 | 0.87 |
| EBITDA | 8.45 | 10.70 | 3.53 | 1.75 |
| Net Worth | 24.61 | 20.11 | 9.96 | 8.17 |
| Reserves and Surplus | 10.66 | 13.45 | 3.46 | 1.67 |
| Total Borrowing | 41.04 | 38.66 | 24.35 | 17.91 |
Key Performance Indicators (KPI)
As of March 31, 2025, key performance indicators for HRS Aluglaze are:
| KPI | Value |
| ROE | 34.24% |
| ROCE | 15.97% |
| Debt/Equity | 1.92 |
| RoNW | 34.24% |
| PAT Margin | 12.22% |
| EBITDA Margin | 25.42% |
| Price to Book Value | 6.53 |
| Promoter Holding Pre IPO | 100.00% |
| Promoter Holding Post IPO | 72.49% |
EPS & Valuation
| Pre-IPO | Post-IPO | |
| EPS (₹) | 3.68 | 4.71 |
| P/E (x) | 26.07 | 20.40 |
Promoters and Shareholding
The promoters of HRS Aluglaze Ltd. are:
- Rupesh Pravinbhai Shah
- Pinky Rupesh Shah
- Hrishikesh Rupesh Shah
Objects of the Issue
The company proposes to utilise the net proceeds from the IPO towards the following objectives:
| S. No. | Objects of the Issue | Expected Amount (₹ in crores) |
| 1 | Funding capital expenditure to set up an assembly and glass glazing line at Rajoda, Ahmedabad, for façade work | 18.30 |
| 2 | Funding of the working capital requirements of the company | 19.00 |
| 3 | General corporate purposes | Balance from net proceeds |
HRS Aluglaze IPO: Peer Comparison
HRS Aluglaze IPO can be compared with peers in the aluminium fabrication, façade engineering, and architectural glazing space, such as Alufit India Pvt Ltd, Glass Wall Systems India Pvt Ltd, and Aluplex India Pvt Ltd. Reviewing these companies helps investors understand HRS Aluglaze’s positioning within the façade and aluminium solutions industry, offering better clarity on its scale, capabilities, and competitive strengths before making informed investment decisions.
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HRS Aluglaze IPO Review: Conclusion
HRS Aluglaze Ltd. operates in the aluminium façade and architectural glazing segment, offering customised doors, windows, curtain walls, and cladding solutions for real estate and infrastructure projects. The company has demonstrated:
- Strong growth in revenue and PAT in recent years
- Healthy margins and attractive return ratios
- An expanding project portfolio, with around ₹103 crore of orders on hand as of September 30, 2025
However, investors should also weigh certain risks and considerations:
- The company operates in a highly competitive and fragmented façades and glazing market
- Leverage is relatively high, with a debt equity ratio of 1.92
- According to the available review, the issue appears aggressively priced based on recent financials
Overall, the HRS Aluglaze IPO may appeal to well-informed investors and risk seekers who are comfortable with SME listings, higher leverage, and valuation risk, and who have a medium-term view. Conservative investors may prefer to evaluate the company’s post-listing performance and execution of its expansion plans before taking a call.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
