HRS Aluglaze Limited IPO

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HRS Aluglaze Limited was originally incorporated on March 30, 2012, in Ahmedabad, Gujarat. HRS Aluglaze Limited specialises in the design, manufacturing, and installation of aluminium-based architectural systems. Its product portfolio includes:

i) Doors and Windows: Aluminium and UPVC sliding, openable, bifold, and integrated blind systems engineered for durability, energy efficiency, and modern aesthetics.
ii) Curtain Walls & Structural Glazing: Advanced façade systems offering architectural appeal along with enhanced weather resistance and thermal performance.
iii) Glass Railings, Partitions, Louvers & Screens: Interior and exterior systems designed for safety, transparency, and elegance.
iv) Cladding & Dynamic Façades: Tailor-made aluminium and glass cladding solutions suited to diverse design and climatic requirements.
v) Material Supply & Procurement: Supply of aluminium profiles, glass units, sealants, hardware, and accessories for clients executing projects through their in-house teams or authorised vendors.

The Company caters to builders, contractors, architects, and institutional clients, offering both standard and customised solutions. Over the years, HRS has developed strong capabilities in delivering high-quality façade systems across commercial, residential, industrial, institutional, and healthcare projects.

The Company also provides material supply and procurement support for clients executing fabrication or installation independently.

Project Execution and Pipeline

HRS Aluglaze has executed several projects across commercial towers, residential complexes, government buildings, and industrial facilities. As of September 30, 2025, the Company has 28 active projects and Expected to contribute ₹10,307.07 Lakhs (₹103.07 crores) in revenue.

The Company’s integrated delivery model—from design and engineering to fabrication, installation, and final handover—ensures efficient execution of complex architectural projects.

Competitive Strengths

1. Experienced Leadership and Skilled Teams: Experienced promoters and skilled technical staff ensure strong execution and innovation.
2. Strong Track Record & Client Relationships: Known for timely delivery and repeat business from leading developers and institutions.
3. In-House Design & Execution Capabilities: In-house design team and advanced machinery provide full control over quality and timelines.
4. Commitment to Quality, Innovation & Sustainability: Certified systems and modern processes ensure precision, efficiency, and sustainable operations.
5. Vision to Shape Modern Architecture: Focused on delivering innovative, energy-efficient, and aesthetically advanced façade solutions.

Objects of the HRS Aluglaze Limited IPO:

Company intends to utilize the funds being raised towards funding the following objects: 1. Capital expenditure to set up assembly & glass glazing line at Rajoda, Ahmedabad (₹18.30 cr) 2. Working capital requirements (₹19 cr) 3. General corporate purposes
DRHP of HRS Aluglaze Limited IPO
RHP of HRS Aluglaze Limited IPO

HRS Aluglaze Limited IPO Details:

Open Date: Dec 11 2025
Close Date: Dec 15 2025
Total Shares: 53,04,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 50.92 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 94 - 96 Per Equity Share
Listing At: BSE SME
Listing Date: Dec 18 2025

Promoters And Management:

1. Rupesh Pravinbhai Shah (51) is the Promoter and Managing Director of the Company. A commerce undergraduate from Gujarat University, he oversees manufacturing, processing, procurement, and distribution across our aluminium product portfolio. With 13 years of experience in the manufacturing sector, he has led several major projects and has been associated with the Company since March 30, 2012. He was appointed Managing Director on May 1, 2025. 2. Pinky Rupesh Shah (48) is the Promoter and Executive Director. She holds a commerce background from Gujarat University and oversees risk management, client relations, team development, and strategic planning. With 13 years of industry experience, she plays a key role in building a strong management team and driving operational growth. She has been serving as Executive Director since March 30, 2012. 3. Hrishikesh Rupesh Shah (22) is the Promoter and Executive Director. Having completed higher secondary education in commerce (CBSE), he leads technological integration, regulatory and compliance oversight, and initiatives related to expansion and market penetration. He also supports safety and compliance functions. He joined the Company on July 11, 2024.

Financials of HRS Aluglaze Limited IPO:

Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 26 42 27 23
EBITDA (Cr) 8 11 4 2
EBITDA Margins 32% 25% 13% 8%
PAT (Cr) 5 5 2 1
PAT Margins 17% 12% 7% 4%
ROCE 12% 16% 11% 7%
D/E Ratio 1.67 1.92 2.45 2.19
OPerating Cash Flow 2 3 1 -2

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
HRS Aluglaze Ltd. 42 25% 12% 16% 1.92 185.10 36.01
Innovators Facade System Ltd 221 15% 6% 15% 0.32 370 29
Aluwind Infra-tech Limited 109 11% 7% 22% 0.36 178 16.3
Note : Forward P/E is 20.56 According to FY26 PAT

Lead Manager of HRS Aluglaze Limited IPO:

  1. Cumulative Capital Private Limited

Registrar of HRS Aluglaze Limited IPO:

  1. Purva Sharegistry India Private Limited

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