Glass Wall Systems IPO

Glass Wall Systems IPO -- My Quick Take

Went through the RHP of Glass Wall Systems.At first glance, the numbers look impressive:Revenue: ₹304 Cr → ₹457 Cr (FY24–FY26)PAT: ₹20 Cr → ₹84 Cr
EBITDA Margin: ~23%
ROCE: ~43%
Debt/Equity: ~0.03xFresh issue: ₹60 Cr, with ~₹50 Cr for a new Glass Processing Unit.But a few things make me cautious• Top 10 customers = ~86% of revenue
• 45% revenue comes from international business
• Receivables ~₹109 Cr
• RHP highlights related-party & historical accounting/control issues. Valuation = Fair to Slightly ExpensiveAt ₹182, valuation is ~18x FY26 earnings. My view: Good business + strong financials, but risks need to be watched.Not an investment recommendation. Do your own research.