HRS Aluglaze Ltd IPO
Construction
Price Band
₹94 – ₹96
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹230400
Issue Size
₹50.92Cr
Opens
2025-12-11
Closes
2025-12-15
Listing
18-12-2025
Subscription Status
Qualified Institutional Buyers
18.04 x
Non-Institutional Investor
58.8 x
Retail Individual Investor
41.64 x
Total
37.79 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1E1V01017
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
HRS Aluglaze Limited designs, manufactures, and installs aluminium architectural systems for commercial, residential, industrial, and institutional buildings. Its offerings include aluminium windows and doors, curtain walls, cladding, and glazing systems, supplied in standard or customised specifications. The company also provides material supply and procurement support, as well as undertakes façade works and related installation services. The company was incorporated in Ahmedabad, Gujarat, in 2012 and converted to a public limited company in 2024. Its registered office is at Ambali Road, Ahmedabad, Gujarat. Its manufacturing facility is at Village Rajoda, Taluka Bavla, Ahmedabad, Gujarat.
Pros
- • The company claims to have executed multiple aluminium façade and glazing projects for developers, institutions, and contractors across India. It also states that a significant share of its work comes from repeat customers and long-term relationships with real estate developers, government agencies, and institutional clients.
- • HRS Aluglaze states it has an in-house estimation and design team of seven employees, which supports project planning and coordination from design to execution.
- • The company claims its facility is equipped with computer numerical control (CNC) machines, cutting and assembling tools, and testing equipment for fabrication work. It also states it has 90 team members (on payroll and contract) and uses contract resources when projects require execution outside Gujarat.
Cons
- • The top customer accounted for Rs 4.14 crore (15.73 percent) of the company’s revenue for the period ended September 30, 2025; Rs 6.14 crore (14.57 percent) in FY25; Rs 13.91 crore (52.10 percent) in FY24; and Rs 8.16 crore (36.18 percent) in FY23. Any failure to retain this client, reduced demand from them, or pricing pressure (including the customer moving work in-house or switching to competitors) can adversely affect the company’s business and finances.
- • HRS Aluglaze’s raw material and component costs (mainly aluminium, glass, and accessories) are exposed to commodity price fluctuations, including those influenced by global geopolitical events. Since many customer orders are on fixed or pre-determined prices and the company generally procures through purchase orders and Letters of Intent (LoI) rather than long-term contracts, price increases may not be passed on immediately. Any sharp rise in input costs or supply disruption can adversely affect profitability, cash flows, and financial condition.
- • The top supplier accounted for Rs 3.89 crore (19.40 percent) of the company’s total purchases for the period ended September 30, 2025; Rs 9.69 crore (33.16 percent) in FY25; Rs 7.11 crore (43.27 percent) in FY24; and Rs 4.27 crore (29.48 percent) in FY23. Any disruption, delay, or change in terms by this vendor can adversely affect project timelines, revenues, and cash flows.
Get real-time IPO alerts on WhatsApp
Opening reminders • Subscription updates • GMP alerts • Allotment results
Start WhatsApp Alerts