GLASSWALLGlass Wall Systems (India) Ltd.
Glass Wall Systems (India) Q2 FY27 Results: Consolidated Net Profit ₹459 Crore on Total Income of ₹2,385 Crore
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Reviewed byKeshav SehgalBlacklitt Research
Glass Wall Systems (India) (NSE: GLASSWALL) reported consolidated total income of ₹2,384.70 crore and net profit of ₹459.00 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹23,165.30 crore and net profit of ₹39.97 crore, it said in a filing on 3 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,384.70 crore for the quarter ended 30 Sep 2026
- Net profit and EPS: ₹459.00 crore; basic EPS ₹3.35, down 30.1% YoY
- Tax expense: ₹155.00 crore, 25.5% of profit before tax of ₹607.84 crore
Standalone
The company on its own, without its subsidiaries
- Total income: ₹23,165.30 crore, up 15.0% YoY
- Net profit and EPS: ₹39.97 crore; basic EPS ₹2.71, down 43.7% YoY
- Finance costs: ₹1.37 crore, down 10.4% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,384.70 | n/a | n/a | n/a | n/a | |
| Revenue from operations | 2,389.30 | n/a | n/a | 10,744.80 | -77.8% |
| Other income | 4.92 | 7.46 | -34.1% | 2.69 | +82.7% |
| 459.00 | n/a | n/a | 17.29 | n/a | |
| Profit before tax | 607.84 | 53.48 | n/a | 23.05 | n/a |
| Finance costs | 1.40 | 1.58 | -11.3% | 0.85 | +66.0% |
| Depreciation | 3.20 | 1.84 | +74.6% | 1.54 | +108.5% |
| Tax expense | 155.00 | n/a | n/a | n/a | n/a |
| EPS, basic (₹) | 3.35 | 4.79 | -30.1% | 2.04 | +64.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated profit before tax of ₹607.84 crore compares with ₹53.48 crore in the same quarter a year before. Tax of ₹155.00 crore is 25.5% of that profit, leaving net profit of ₹459.00 crore, which is ₹419.03 crore higher than standalone net profit of ₹39.97 crore. Standalone net profit is 8.7% of the consolidated figure.
Finance costs of ₹1.40 crore are 0.1% of total income and were 11.3% lower than the ₹1.58 crore of a year before. Other income of ₹4.92 crore is 0.8% of profit before tax, so it is a small part of the quarter's result.
Depreciation rose 74.6% to ₹3.20 crore from ₹1.84 crore. Basic EPS of ₹3.35 is 30.1% below the ₹4.79 of a year before, although profit before tax is far higher. The reason for the gap in EPS against profit is not stated.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 23,165.30 | 20,150.30 | +15.0% | n/a | n/a | |
| Revenue from operations | 21,682.10 | 19,425.70 | +11.6% | 11,568.40 | +87.4% |
| Other income | 4.83 | 7.25 | -33.3% | 2.44 | +98.4% |
| 39.97 | n/a | n/a | 16.00 | +149.8% | |
| Profit before tax | 52.59 | 49.72 | +5.8% | 21.49 | +144.8% |
| Finance costs | 1.37 | 1.53 | -10.4% | 0.54 | +154.5% |
| Depreciation | 3.03 | 1.68 | +80.8% | 1.57 | +92.4% |
| Tax expense | 12.60 | n/a | n/a | n/a | n/a |
| EPS, basic (₹) | 2.71 | 4.81 | -43.7% | 1.89 | +43.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income of ₹23,165.30 crore is up 15.0% from ₹20,150.30 crore, and revenue from operations rose 11.6% to ₹21,682.10 crore. Other income fell 33.3% to ₹4.83 crore.
Profit before tax rose 5.8% to ₹52.59 crore. Tax of ₹12.60 crore is 24.0% of that profit, leaving net profit of ₹39.97 crore.
Basic EPS of ₹2.71 is 43.7% below ₹4.81 a year before, while depreciation rose 80.8% to ₹3.03 crore from ₹1.68 crore.
Inference
The filing says the board approved the results on 3 Nov 2026 and that the auditors, SRBC & COLLP, issued a limited review report with no qualification. The shares were listed on NSE and BSE on 16 Sep 2026 after an IPO that included a fresh issue and an offer for sale.
A Maharashtra VAT assessment and a Central Sales Tax assessment remain under appeal, and the department filed a petition with the Bombay High Court dated 24 Aug 2026. A wholly owned subsidiary, PP Vitrum Systema Technologies Private Limited, was incorporated on 8 Jul 2026. The reason for the large rise in profit against the year-earlier quarter, and whether the tax demands will be paid or reversed, are not stated.
Filed with BSE on . Reference: Original filing (PDF)
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