HRS Aluglaze IPO 2025
| DATE | GMP (GREY MARKET PREMIUM) | EXPECTED LISTING GAINS |
|---|---|---|
| 15-Dec-2025 | 16 | 19,200 |
| 14-Dec-2025 | 16 | 19,200 |
| 13-Dec-2025 | 16 | 19,200 |
| 12-Dec-2025 | 16 | 19,200 |
| 11-Dec-2025 | 16 | 19,200 |
HRS Aluglaze IPO 2025
Introduction
HRS Aluglaze Ltd has launched its initial public offering (IPO) in December 2025 to raise up to ₹50.92 crore through a book-built fresh issue of equity shares. The offer opens on December 11, 2025 and concludes on December 15, 2025, with a tentative listing scheduled for December 18, 2025 on the BSE SME platform.
Company Overview
Incorporated in 2012 and based in Ahmedabad, Gujarat, HRS Aluglaze Ltd specialises in the design, fabrication, and installation of aluminium architectural systems for buildings. Its core products include:
- Aluminium doors & windows
- Curtain walls and cladding systems
- Structural glazing, partitions, railings and other façade solutions
The company provides end-to-end services — from design engineering and material procurement to manufacturing and on-site installation — catering to builders, contractors, architects, and institutional clients.
As of September 30, 2025, HRS Aluglaze had 28 active projects and an estimated order book of ~₹103 crore, providing strong near-term revenue visibility.
IPO Details & Structure
| Feature | Details |
| IPO Opening Date | December 11, 2025 |
| Closing Date | December 15, 2025 |
| Price Band | ₹94 – ₹96 per share |
| Face Value | ₹10 per share |
| Issue Size | ₹50.92 crore (fresh issue) |
| Shares Offered | 53.04 lakh equity shares |
| Exchange | BSE SME platform |
| Lead Manager | Cumulative Capital Pvt. Ltd |
| Lot Size | 1,200 shares |
| Min. Retail Investment | 2,400 shares (≈ ₹2.30 lakh at upper band) |
| Tentative Listing Date | December 18, 2025 |
Retail investors must apply in multiples of 1,200 shares, with the minimum application requiring ~₹2.30 lakh at the higher price band of ₹96.
Financial Performance
HRS Aluglaze has shown strong growth on key metrics, reflecting its expanding business scale:
Recent Financial Highlights
FY 2024–25
- Total Income: ₹42.14 crore
- Net Profit: ₹5.15 crore
H1 FY2025–26 (Apr–Sep)
- Total Income: ₹26.35 crore
- EBITDA: ₹8.45 crore
- Net Profit: ₹4.54 crore
Profitability metrics, as of March 31, 2025:
- Return on Equity (ROE): 34.24%
- Return on Capital Employed (ROCE): 15.97%
- PAT Margin: 12.22%
These figures indicate healthy margins and profitability for a growing SME focused on architectural metals and façade solutions.
Use of IPO Proceeds
Proceeds from the IPO will be allocated towards:
- Capital Expenditure:
- Setting up an assembly and glass glazing production line at Rajoda, Ahmedabad — to support façade and glazing execution capacity.
- Working Capital Requirements:
- Funding day-to-day operational needs and project execution costs.
- General Corporate Purposes:
- Strategic initiatives and miscellaneous business needs.
Approximately ₹18.30 crore will go into capex, while ~₹19 crore is earmarked to strengthen working capital, with the balance for corporate purposes.
Strengths & Growth Drivers
1. Integrated Business Model
HRS Aluglaze’s ability to handle design, manufacturing and installation internally gives it full-cycle control, improving margins and execution reliability — a key differentiator in the façade systems market.
2. Expanding Project Pipeline
With 28 active projects and a significant order book, the company has strong visibility into future revenue streams.
3. Healthy Profitability
Strong profit margins and robust returns ratios reflect disciplined operations in a sector that rewards efficient project delivery and recurring client relationships.
Risks & Considerations
1. SME Listing Volatility
Listing on the BSE SME platform means lower liquidity and potentially larger price fluctuations compared with mainboard offerings.
2. Capital Intensity
Investment in production lines and capacity expansion may strain working capital if project inflows slow or raw material costs rise.
3. Competitive Industry
The aluminium façade and architectural systems market is competitive, with price pressures and depend-upon construction sector cycles.
Investors should weigh these risks alongside growth potential before applying.
Conclusion
The HRS Aluglaze IPO 2025 provides an opportunity to invest in a specialised architectural metal solutions provider with strong recent financial growth, a healthy order book, and clear expansion plans. With a ₹94–96 price band and a sizeable minimum investment for retail subscribers, careful assessment of liquidity, business fundamentals and market conditions is essential before participation.