Glass Wall Systems (India) Ltd

Price story A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). The phase helps read everything below.

Glass Wall Systems (India) Ltd's share price was ₹243 at the close on 16 October 2026. That is 7.9% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹215 and ₹309, and today it sits 29% of the way up from that low.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 6 weeks running.

Over the last 1 months the share price moved +13% while the NIFTY 500 moved −2%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 8 October 2026. The chart below shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Valuation P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Glass Wall Systems (India) Ltd's P/E is 26.6×, with too little history to compare. Its usual P/E (the middle reading) is 28.9×, over 0.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Business trend Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Glass Wall Systems (India) Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend.

Why it matters: with too little history, we say so rather than guess a direction.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Revenue Revenue is everything the company billed its customers in the period.

Glass Wall Systems (India) Ltd reported ₹107 Cr of revenue in the Jun 26 quarter, +35.4% on the same quarter a year earlier. Over 3 years it has grown 23.8% a year on average. The last full year, FY26, came in at ₹457 Cr.

FY26 revenue was ₹457 Cr, +64.4% on the year before.

Recent pace: the last four quarters grew +35.4% on average, against 23.8% a year over the longer run, so this year is growing faster than its own long-run rate.

Operating margin Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Glass Wall Systems (India) Ltd's operating margin was 21.0% in the Jun 26 quarter, 6.0 percentage points lower than the same quarter a year ago. Across 4 years it has been between 5.0% and 26.0%. The latest quarter is within that range.

Why: the operating margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason.

Net profit Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

Glass Wall Systems (India) Ltd earned ₹17.0 Cr of net profit in the Jun 26 quarter, −10.5% on the same quarter a year earlier. Full-year FY26 profit was ₹84.0 Cr. Over 3 years profit has grown 73.8% a year on average. That is 15.9% of the quarter's revenue.

For the full year, FY26 profit was ₹84.0 Cr (+44.8% on the year before).

Cash flow The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Over the last 3 years, 117% of Glass Wall Systems (India) Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹73.0 Cr of operating cash against ₹84.0 Cr of profit. After ₹25.0 Cr of spending on assets, ₹48.0 Cr was left over as free cash.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 117% of profit came in as cash: the cash cycle stayed about the same between FY23 and FY26, so the cash follows profit, not the cycle.

What to look at next: the bigger use of cash is spending on new assets, at 2.8× depreciation over three years. The next section checks what that spending is building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Glass Wall Systems (India) Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 44 days in FY26, down from 46 days in FY23. It spent ₹37.0 Cr on assets over the last 3 years. Customers take 87 days to pay, and stock sits for 65 days on average.

At FY26 sales of ₹457 Cr, each day of that cycle ties up about ₹1.3 Cr, so roughly ₹55.0 Cr is tied up in the business at any time.

FY26: customers took 87 days to pay and stock sat for 65 days, about 2.1 months of sales sitting as stock, for a full cycle of 44 days, shorter than FY23's 46.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 65 days. Customers pay about 87 days after that. Suppliers are paid at 108 days. Together that makes the 44-day cycle.

Spending on assets: ₹37.0 Cr over the last 3 years, against ₹13.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹4.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Glass Wall Systems (India) Ltd earned a ROCE of 50% in FY26. That is up from a low of 31% in FY24. Its return on capital used (ROIC) is 21.0 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 18.4% net margin and 0.98× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 18.4% net margin × 0.98× asset turnover × 1.80× leverage (assets divided by equity) ≈ 32.5% on equity. The margin does most of the work; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 33.0% − 12.0% = +21.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value.

Debt Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Glass Wall Systems (India) Ltd had ₹7.0 Cr of borrowings against ₹260 Cr of equity in FY26, so its debt is 0.03× its equity. Its operating profit is 26 times its interest bill. Over 3 years borrowings went from ₹47.0 Cr to ₹7.0 Cr. Over the last 3 of those years it spent ₹37.0 Cr on assets.

The spending on assets is being paid for from cash, not new debt.

Ownership Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

No group of Glass Wall Systems (India) Ltd's owners changed its stake by a full percentage point over the last two years. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Balance-sheet safety The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

For Glass Wall Systems (India) Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

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