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HRS Aluglaze IPO
HRS Aluglaze Ltd
₹2,25,600 /1200 sharesMinimum Investment
HRS Aluglaze IPO listing details
| Listed on | Issue price | Listing price | Listing gains |
|---|---|---|---|
| -- | ₹96.00 | ₹126.00 | ₹30.00 (31.25%) |
HRS Aluglaze IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 11 Dec ‘25 - 15 Dec ‘25 | ₹2,25,600 | 1,200 | ₹94 - ₹96 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 50.92 Cr | RHP PDF | 16 Dec ‘25 | 18 Dec ‘25 |
| Face value |
|---|
| 10 |
Subscription rate
As of 15 Dec'25, 04:31 PM
| Qualified Institutional Buyers | 18.04x |
| Non-Institutional Investor | 58.80x |
| Retail Individual Investor | 41.64x |
| Total | 37.79x |
About HRS Aluglaze
Founded in
2012
MD/CEO
Mr Rupesh Pravinbhai Shah
Parent organisation
HRS Aluglaze Ltd
Strengths & Risks of HRS Aluglaze
Strengths
Risks
The company claims to have executed multiple aluminium façade and glazing projects for developers, institutions, and contractors across India. It also states that a significant share of its work comes from repeat customers and long-term relationships with real estate developers, government agencies, and institutional clients.
HRS Aluglaze states it has an in-house estimation and design team of seven employees, which supports project planning and coordination from design to execution.
The company claims its facility is equipped with computer numerical control (CNC) machines, cutting and assembling tools, and testing equipment for fabrication work. It also states it has 90 team members (on payroll and contract) and uses contract resources when projects require execution outside Gujarat.
HRS Aluglaze is ISO 9001:2015 certified for its quality management systems and holds MSME ZED Bronze Certification. It claims to use Italian fabrication equipment, in-house testing, and SOP-driven processes, along with backward and forward integration to improve turnaround time and cost control.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue increased from Rs 22.55 crore in FY23 to Rs 26.69 crore in FY24 and Rs 42.11 crore in FY25. PAT increased from Rs 0.87 crore in FY23 to Rs 1.79 crore in FY24 and Rs 5.15 crore in FY25.
The top customer accounted for Rs 4.14 crore (15.73 percent) of the company’s revenue for the period ended September 30, 2025; Rs 6.14 crore (14.57 percent) in FY25; Rs 13.91 crore (52.10 percent) in FY24; and Rs 8.16 crore (36.18 percent) in FY23. Any failure to retain this client, reduced demand from them, or pricing pressure (including the customer moving work in-house or switching to competitors) can adversely affect the company’s business and finances.
HRS Aluglaze’s raw material and component costs (mainly aluminium, glass, and accessories) are exposed to commodity price fluctuations, including those influenced by global geopolitical events. Since many customer orders are on fixed or pre-determined prices and the company generally procures through purchase orders and Letters of Intent (LoI) rather than long-term contracts, price increases may not be passed on immediately. Any sharp rise in input costs or supply disruption can adversely affect profitability, cash flows, and financial condition.
The top supplier accounted for Rs 3.89 crore (19.40 percent) of the company’s total purchases for the period ended September 30, 2025; Rs 9.69 crore (33.16 percent) in FY25; Rs 7.11 crore (43.27 percent) in FY24; and Rs 4.27 crore (29.48 percent) in FY23. Any disruption, delay, or change in terms by this vendor can adversely affect project timelines, revenues, and cash flows.
HRS Aluglaze’s projects are typically awarded through competitive bidding after meeting pre-qualification requirements such as net worth, technical experience, execution capacity, safety record, and prior track record. For larger projects, bids are often invited only from pre-qualified contractors, with price competitiveness playing a key role in selection. Failure to qualify for bids, secure new contracts, or execute awarded projects within timelines can hurt business, cash flows and financial condition.
Demand for the company’s aluminium and glass products is seasonal, with higher sales volumes typically in the third and fourth quarters of the financial year when construction activity rises. This can lead to uneven utilisation of the manufacturing unit and quarter-on-quarter (QoQ) volatility in revenue and profitability, with some periods not representative of full-year performance. Any unanticipated demand decline during peak periods can result in higher inventory, delayed liquidation, and pressure on margins.
The company’s operations are substantially dependent on its manufacturing unit at Rajoda, Ahmedabad, making it vulnerable to disruptions such as equipment failure, power interruptions, raw material shortages, accidents, natural disasters, labour unrest, and regulatory compliance issues. Capacity utilisation has varied significantly and declined in recent periods: 34.75 percent as of the period ended September 30, 2025, 48.49 percent in FY25, 95.55 percent in FY24, and 71.58 percent in FY23. Prolonged shutdown, expansion-related downtime, or sustained under-utilisation can hurt operational efficiency, return on capital employed, cash flows, and financial condition.
The company’s performance is linked to the pace of real estate and infrastructure development in India, where a slowdown can reduce demand for its aluminium and glass products. Industry-related constraints, such as the dominance of reinforced cement concrete (RCC) structures, design limitations, and limited availability of skilled manpower, can restrict the adoption of fabrication-based systems. Prolonged weakness in construction activity or slower-than-expected adoption of aluminium/glass systems can adversely affect revenue, profitability, and cash flows.
The company reported negative cash flow from operating activities amounting to Rs 2.06 crore in FY23. Additionally, negative cash flow from investing activities amounted to Rs 2.72 crore for the period ended September 30, 2025; Rs 19.62 crore in FY25; Rs 6.74 crore in FY24; and Rs 17.10 crore in FY23. Furthermore, the company reported a net decrease in cash and cash equivalents amounting to Rs 0.02 crore for the period ended September 30, 2025; Rs 0.07 crore in FY24; and Rs 0.02 crore in FY23. Sustained negative cash flow in the future could adversely affect the company’s operations, liquidity, and financial condition.
HRS Aluglaze’s manufacturing unit and operations are concentrated in Gujarat, which increases exposure to location-specific economic and regulatory conditions. Furthermore, the state accounted for Rs 23.72 crore (90.07 percent) of the company’s revenue for the period ended September 30, 2025; Rs 36.71 crore (87.18 percent) in FY25; Rs 26.40 crore (98.91 percent) in FY24; and Rs 22.55 crore (100 percent) in FY23. Any adverse political, social, regulatory, or economic developments in Gujarat, as well as disruptions from natural calamities, civil disturbances, opposition, or protests, can negatively impact operations and strategy.
As of September 30, 2025, the company had trade receivables of Rs 11.50 crore, representing 43.66 percent of its revenue from operations. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
The company has recorded a high employee attrition rate of 38 percent in FY25, 30 percent in FY24, and 23 percent in FY23. Any inability to recruit and retain engineers and other skilled personnel, or increased compensation costs required to do so, can adversely affect profitability, cash flows, and growth.
The company, its directors, promoters and KMPs are involved in certain ongoing tax proceedings. Any adverse judgments in any of these cases could hurt the company’s business prospects.
As of October 31, 2025, the company had outstanding financial indebtedness of Rs 45.23 crore (consolidated). Failure to service or repay these loans can harm the company’s operations and financial position.
HRS Aluglaze Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of HRS Aluglaze IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹94 - 96 | ₹2 - 5 Lakh | 1200 |
For HRS Aluglaze IPO, eligible investors can apply as Individual investor.