31 Mar 2023
Assets34.10
Total Income22.69
EBITDA1.75
Profit After Tax0.87
NET Worth8.17
Reserves and Surplus1.67
Total Borrowing17.91
At a glance
Updated 2026-09-10The shares listed at ₹126.00, a 31.25% move from the issue price. HRS Aluglaze is a SME IPO with an issue size of ₹50.92 crore, proposed for listing on BSE SME. The offer opens on 11th Dec 2025 and closes on 15th Dec 2025. The issue structure includes a fresh issue of ₹48.28 crore. The current listing schedule points to 18th Dec 2025.
Issue details
Listing atBSE SME
Issue typeBook Build Issue
Issue size₹50.92 Cr
Fresh issue₹48.28 Cr
Face value₹10
Price band₹94.00–₹96.00
Allotment16th Dec 2025
Listing18th Dec 2025
Listing performance
Full performance ↗Issue price₹96.00
Listing price₹126.00
Current price—
Listing gain31.25%
Current return—
Price progressionIssue → Listing → Current
Grey market
GMP page ↗Latest GMP₹22.00
GMP / upper price22.92%
Est. listing₹118.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens11th Dec 2025
Closes15th Dec 2025
Allotment16th Dec 2025
Refund17th Dec 2025
Demat17th Dec 2025
Listing18th Dec 2025
Subscription demand
Full bidding ↗QIB19.48×
sHNI50.07×
bHNI63.88×
NII / HNI63.88×
Retail49.54×
Total44.83×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Max) | 2 | 2400 | ₹230,400 |
| S-HNI (Min) | 3 | 3600 | ₹345,600 |
| S-HNI (Max) | 8 | 9600 | ₹921,600 |
| B-HNI (Min) | 9 | 10800 | ₹1,036,800 |
Company
Incorporated2012
Use of proceeds
| Object | Amount |
|---|---|
| Funding capital expenditure to set up assembly & glass glazing line at Rajoda, Ahmedabad for fa√ßade work. | ₹18.30 Cr |
| Funding of Working Capital Requirement of the company | ₹19.00 Cr |
| General Corporate Purposes | ₹7.62 Cr |
| Issue Expenses | ₹6.30 Cr |
| Total | ₹51.22 Cr |
Financial performance
Year-wise operating scale, profitability and balance-sheet context.Revenue26.35₹ Cr · -37.5% vs prior year
EBITDA8.45₹ Cr · -21.0% vs prior year
PAT4.54₹ Cr · -11.8% vs prior year
Assets91.16₹ Cr · +13.1% vs prior year
Net Worth24.61₹ Cr · +22.4% vs prior year
Borrowing41.04₹ Cr · +6.2% vs prior year
3-year financial trendRevenue / EBITDA / PAT
₹ crore31 Mar 2024
Assets42.43
Total Income26.97
EBITDA3.53
Profit After Tax1.79
NET Worth9.96
Reserves and Surplus3.46
Total Borrowing24.35
31 Mar 2025
Assets80.60
Total Income42.14
EBITDA10.70
Profit After Tax5.15
NET Worth20.11
Reserves and Surplus13.45
Total Borrowing38.66
30 Sep 2025
Assets91.16
Total Income26.35
EBITDA8.45
Profit After Tax4.54
NET Worth24.61
Reserves and Surplus10.66
Total Borrowing41.04
KPIs
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 34.24% |
| ROCE | 15.97% |
| Debt / Equity | 1.92% |
| RoNW | 34.24% |
| PAT Margin | 12.22% |
| EBITDA Margin | 25.42% |
| Price to Book Value | 6.53 |
Valuation & shareholding
Pre-IPO EPS3.68
Post-IPO EPS4.71
Pre-IPO P/E26.07
Post-IPO P/E20.4
Promoter holding pre100%
Promoter holding post72.49%
Market cap₹185.11 Cr.
Peer comparison
| Company | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| HRS Aluglaze IPO | — | 20.40 x | — | — |
| Poojaa Precision IPO | — | 19.43 x | — | — |
| Msafe Equipments IPO | — | 11.95 x | — | — |
| Kanishk Aluminium IPO | — | 19.03 x | — | — |
Issue expenses
| Expense | Amount |
|---|---|
| Funding capital expenditure to set up assembly & glass glazing line at Rajoda, Ahmedabad for fa√ßade work. | ₹18.30 Cr |
| Funding of Working Capital Requirement of the company | ₹19.00 Cr |
| General Corporate Purposes | ₹7.62 Cr |
| Issue Expenses | ₹6.30 Cr |
| Total | ₹51.22 Cr |
Registrar & lead managers
Registrar
Purva Sharegistry (India) Pvt.Ltd.Lead managers
- Cumulative Capital Pvt.Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-09-10.
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