HRS Aluglaze IPO: Price, GMP, Analysis, And Details

HRS Aluglaze IPO- Company Analysis 

HRS Aluglaze IPO under the SME IPO category is a book build issue of Rs. 50.92 Cr by HRS Aluglaze Limited and is involved in the design, production, and installation of aluminum goods, including glazing systems, windows, doors, curtain walls, and cladding.

The company provides builders, contractors, architects, and institutions with standard and customized solutions in addition to material supply and procurement support. 

Offerings:

• Windows and Doors.

• Structural glazing, curtain walls, glass railings, partitions, louvers, and screens.

• Dynamic facades and cladding.

• Support for Procurement and Material Supply.

 

HRS Aluglaze IPO Details

The HRS Aluglaze IPO date of opening is 11 December 2025, its initial public offering will end on 15 Dec, IPO allotment on Dec 16 and refund initiation on Dec 17, 2025.

The Rs. 50.92 crore new SME IPO comprises a wholly fresh issue of 0.53 crore shares.

The HRS Aluglaze IPO listing date (expected) might be on Thursday, Dec 18, 2025, and listing at the BSE and SME. 

The HRS Aluglaze IPO price band is Rs. 94 to Rs. 96.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Dec 11, 2025
IPO Closing Date	Dec 15, 2025
IPO Allotment Date	Dec 16, 2025
Refund Initiation	Dec 17, 2025
IPO Listing Date	Dec 18, 2025

 

Click to open demat account and apply for the IPO.

 

 

Company Financials 

(Amount in Cr)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	80.60	42.43	34.10
Total Income	42.14	26.97	22.69
PAT	5.15	1.79	0.87
EBITDA	10.70	3.53	1.75
Net Worth	20.11	9.96	8.17
Reserves & Surplus	13.45	3.46	1.67
Total Borrowing	38.66	24.35	17.91

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	288.74	145.92	(206.57)
Net Cash Flow Investing Activities	(1,962.21)	(674.36)	(1,709.86)
Net Cash Flow Financing Activities	1,684.22	520.88	1,914.42

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Funding capital expenditure to set up an assembly & glass glazing line at Rajoda, Ahmedabad, for facade work. ~ Rs. 18.30 Cr.

• Funding of the working capital requirements of the Company. ~ Rs. 19 Cr.

• General corporate purposes. 

 

Listed Peers of HRS Aluglaze Ltd.

Company Name	Face Value (Rs. )	EPS (Rs. )	P/E Ratio (x)
Innovators Facade Systems Ltd	10.00	2.78	73.02
Aluwind Infra-Tech Ltd	10.00	2.04	39.22

 

Valuation

KPI	Value
ROE	34.24%
ROCE	15.97%
Debt/Equity	1.92
RoNW	34.24%
PAT Margin	12.22%
EBITDA Margin	25.42%

 

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 3.76 from the last year, the resulting P/E ratio is 25.53x.

Explore the Luxury Time IPO.

IPO's Strengths 

• Skilled teams and skilled leadership.

• A successful track record and solid client relationships.

• Design, execution, and finished goods.

• Commitment to quality, innovation, and sustainability.

• A plan to shape the skyline of the city.

IPO’s Weaknesses 

• Cost-sensitive markets may find it difficult to implement advanced facade systems and energy-efficient fenestration solutions due to their high cost.

• For installation and upkeep, facade systems need specialized equipment and trained workers.

• The industry is heavily reliant on the expansion of the construction sector, which is susceptible to economic downturns and can be cyclical.

• It can be difficult and expensive to comply with different building regulations and requirements in different areas.

 

HRS Aluglaze IPO GMP (Grey Market Premium)

HRS Aluglaze IPO GMP today has not started yet as of 09 Dec 2025 while writing this information.

HRS Aluglaze IPO Summary

IPO Opening & Closing Date	11 Dec, 2025 to 15 Dec, 2025
Face Value	Rs. 10 per Share
Issue Price	94 to Rs. 96 per Share.
Lot Size	1200 Shares
Issue Size	53,04,000 Shares (Rs. 50.92 Cr)
Offer for Sale	-
Fresh Issue	53,04,000 Shares (Rs. 50.92 Cr)
Listing at	BSE, SME
Issue Type	Book build issue IPO
Registrar	Purva Sharegistry (India) Pvt. Ltd.

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (2400 Shares) for Rs. 2,30,400, and in multiples thereof, while S-HNI investors can invest in a minimum of 3 Lots (3600 Shares) for Rs. 3,45,600.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

HRS Aluglaze IPO Allotment Status

To check the HRS Aluglaze IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of HRS Aluglaze Ltd.

• Rupesh Pravinbhai Shah

• Pinky Rupesh Shah

• Hrishikesh Rupesh Shah. 

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	72.49%

IPO Lead Managers

• Cumulative Capital Pvt. Ltd.
  
  

Dividend Policy

The company has paid a dividend of Rs. 0.80/- per equity Share in the Six-months period ended September 30, 2025.

 

 

Conclusion

HRS Aluglaze IPO provides exposure to the premium facade and aluminum solutions industry, supported by India's growing real estate development. Investors must take project-based revenue risks and sector cyclicality into account, even though growth visibility and expansion plans appear positive.  

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.