HRS Aluglaze IPO

11 December 2025

HRS  Aluglaze Ltd. is a Gujarat-based manufacturer and installer of aluminium façade systems. Its promoters have decades of experience in aluminium fabrication and façade engineering. The company offers end-to-end facade solutions – from design and material sourcing to in-house manufacturing (with advanced CNC and coating lines) and on-site installation. HRS Aluglaze serves a variety of projects (commercial complexes, residential towers, industrial facilities and institutional buildings) across India and has built long-term relationships with major developers.

HRS Aluglaze Limited was incorporated in 2012 in Ahmedabad, Gujarat. The company specialises in architectural aluminium products. Its core activities are the design, manufacture and installation of façade and fenestration systems. These include aluminium windows, doors, curtain walls, exterior cladding panels and various glazing solutions. HRS offers both standard and customised systems tailored for builders, contractors and architects. It also provides procurement support, sourcing materials and components for its projects. Over time, HRS has built the capability for turnkey execution – delivering complete façade projects for commercial, residential, industrial and institutional buildings (including hospitals) across India. Its fully-equipped manufacturing facility (~11,176 m² in Ahmedabad) uses CNC machining and powder-coating lines to maintain tight quality control. The company is now expanding this facility (adding ~13,714 m² and new production lines) to boost capacity. They already have a 422 KW solar power plant on the rooftop of its manufacturing facility and they are planning to deploy Rs.310 lakhs towards a new 1000KW solar plant.

Parameter	Details
Issue Type	100% Fresh Issue
Issue Size	INR 50.92 crores
Price Band	INR 94-96 per share
Lot Size	1200 shares
Net Issue	53,04,000 Shares
NII Portion	Not less than 15% of Net Issue
Market Makers	2,74,800 shares
Retail Portion	Not less than 35% of Net Issue
Listing Platform	BSE SME
Issue Opens	December 11, 2025
Issue Closes	December 15, 2025
Listing Date	December 18, 2025

Now, let’s move to what’s working for the company and what’s not.

Strengths	Risks
HRS Aluglaze offers fully integrated, end-to-end façade solutions. This integrated model covers design, material procurement, in-house manufacturing, design and on-site installation.	As of July 31, 2025, the value of their order book stands at approximately ₹6,959 lakhs. However, there can be no assurance that this order book will be realised as revenues or, if realised, will result in profits. The company operates without guaranteed long-term contracts.
They hold ISO 9001 and ZED (Zero Defect Zero Effect) sustainability certifications. The use of advanced Italian CNC machines and automated powder-coating equipment gives the company an operational edge in precision and finish quality.	Significant revenue is derived from a limited number of large clients, creating dependency risk. The top 5 clients contribute ~57% of revenue. For FY24 it was 71.1% and for FY23 it was 64.47%. Over the years it has reduced by about 7%.
The company is led by a management team with decades of domain expertise. Promoter Rupesh Shah’s 30+ years in the industry provides a significant advantage in navigating market cycles and technical challenges. .	The company has high cash conversion cycle days and is estimating that it will increase further in future, which puts continued pressure on operating liquidity. This also explains the weak CFO/EBITDA conversion, indicating that the business is consuming cash even as reported earnings grow.

Capacity utilization over the years:-

Particulars	March 31, 2025	March 31, 2024	March 31, 2023
Installed Capacity (Square feet)	15,00,000	6,00,000	6,00,000
Capacity Utilization (Square feet)	7,27,433	5,73,314	4,29,512
Capacity Utilization (%)	48.49%	95.55%	71.58%

CAPEX addition for financial years in plants, machinery and building:- 

Particulars(₹ in lakhs)	FY 2025	FY 2024	FY 2023
Building (additions)	143.3	1654.1	0
Plants & Machinery(additions)	415.5	687.1	0.25
Total	558.8	2341.2	0.25

What the company does

HRS Aluglaze designs aluminium-based architectural systems (windows, doors, curtain walls, cladding, façades, etc.) and fabricates these products in-house.

It provides project execution services: technical design site installation(through in-house CAD/BIM teams), which consists of 4 members and project management. The company often sources and supplies key materials (glass, hardware, etc.) as part of its service.  With 80+ total team members (permanent and contract), it manages project deliveries across and outside Gujarat, emphasising safety, quality and timely completion.

Industry Overview

HRS Aluglaze operates in the Indian façade and fenestration industry, which is tightly linked to real estate and infrastructure development. India’s real estate sector is booming – expected to reach US$1 trillion by 2030 (13% of GDP by 2025). Office and commercial real estate ($ US1.3 in 2019 to a projected US$9.3 bn by 2040) and growing retail/hospitality segments are driving demand for modern façade solutions. This macro growth is a tailwind for façade specialists like HRS. The industry is also seeing increased focus on energy efficiency and aesthetics (e.g. smart glass, sustainable materials).

Growth Drivers: Urbanization and large-scale projects (smart cities, metros, institutional campuses) are expanding the addressable market. ICRA estimates over ₹3.5 trillion in infrastructure and real-estate funding via REITs in the near term. HRS stands to benefit from this construction boom.

Challenges: The façade market is highly dependent on raw materials (aluminium, glass and steel) and government approvals. Volatility in commodity prices or supply-chain bottlenecks can squeeze margins. Regulatory and safety norms (fire, wind-load, etc.) add complexity to projects. Competition is intense: besides a few listed peers (Innovators Façade, Aluwind, etc. – each with ₹100–200 cr revenues), there are many unlisted regional players. Maintaining certified processes and technical expertise is key to differentiation.

Company Positioning: HRS Aluglaze positions itself as a full-service façade solutions provider. Its integrated model (design + manufacturing + installation) and quality certifications (ISO 9001, ZED) are intended to ensure high standards. The repeat business cited in the prospectus suggests strong client trust. However, façade projects are commoditized in some segments; HRS’s moat relies on execution reliability and long client relationships rather than patents or brand power.

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