HRS Aluglaze Limited is launching its Initial Public Offering (IPO) on the BSE SME platform. It is a manufacturer and installer of aluminium architectural systems. You can also check the details of all the upcoming and live IPOs at our IPO calendar.
The subscription for this public issue will open on December 11, 2025, and close on December 15, 2025.
The company aims to raise up to ₹50.92 crores through a 100% fresh issue of shares.
The price band has been fixed at ₹94 to ₹96 per share, with a minimum lot size of 1,200 shares.
HRS Aluglaze has demonstrated strong financial growth and improving margins, but investors must consider the risks of high customer concentration and working capital intensity. If you are still building your investment foundation, you can strengthen your basics through our Mutual Fund Learning Section and also estimate your long-term returns using our SIP Calculator.
In this article, you will find HRS Aluglaze IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of HRS Aluglaze IPO Details
- Price Band: ₹94 to ₹96 per share
- IPO Open / Close Dates: December 11, 2025 – December 15, 2025
- Lot Size: 1,200 Shares
- Issue Size: 53,04,000 shares (aggregating up to ₹50.92 Crores)
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Purva Sharegistry (India) Pvt.Ltd.
- Listing Exchange: BSE SME
What is The HRS Aluglaze IPO GMP Today?
Check the grey market premium of this ipo and other IPOs at our IPO grey market premium hub page. ( The Grey Market Premium (GMP) is an unofficial indicator).
What are The HRS Aluglaze IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 11, 2025 – December 15, 2025
- Basis of Allotment Date: December 16, 2025
- Refund Initiation Date: December 17, 2025
- Credit of Shares: December 17, 2025
- Listing Date: December 18, 2025
What Are The Objectives of HRS Aluglaze IPO?
The company intends to utilise the net proceeds from the public offering for its strategic expansion and operational needs:
- Capital Expenditure (₹18.30 Crores): To set up a new assembly and glass glazing line at its Rajoda facility, expanding capacity and efficiency.
- Funding Working Capital Requirements (₹19 Crores): A significant portion will be used to manage the growing working capital needs, crucial for its project-based business.
- General Corporate Purposes: The balance amount will be used for other strategic requirements.
How is The Financial Performance of HRS Aluglaze?
The following table summarizes the company's financial performance based on restated consolidated data.
(Amounts in ₹ Crores)
| Particulars | Period Ended 30 Sep 2025 (6 Months) | Year Ended 31 Mar 2025 | Year Ended 31 Mar 2024 | Year Ended 31 Mar 2023 |
Total Income | 26.35 | 42.14 | 26.97 | 22.69 |
Profit After Tax (PAT) | 4.54 | 5.15 | 1.79 | 0.87 |
EBITDA | 8.45 | 10.70 | 3.53 | 1.75 |
Total Borrowing | 41.04 | 38.65 | 24.35 | 17.91 |
Assets | 91.16 | 80.60 | 42.43 | 34.10 |
Source: RHP
Key Financial Observations:
Profit After Tax (PAT):
PAT has shown phenomenal growth, jumping from ₹0.87 Crores in FY23 to ₹5.15 Crores in FY25. The trend continues with ₹4.54 Crores profit in the first half of FY26 alone, indicating improved project execution and margins.
Total Income:
Revenue grew by nearly 58% in FY25 to ₹42.14 Crores, driven by a growing order book and expansion into new geographies. The robust H1-FY26 revenue suggests the company is on track for another strong year.
EBITDA:
Operational efficiency has surged, with EBITDA margins expanding to over 32% in the recent half-year period. This reflects better cost control and the benefits of in-house manufacturing capabilities.
Total Borrowings:
Debt has increased steadily to ₹41.04 Crores as of September 2025 to fund working capital and expansion. The high debt-to-equity ratio of 1.67x is a point of concern, though the IPO proceeds will help manage this.
Assets:
Total assets have more than doubled since FY23 to ₹91.16 Crores, driven by heavy capex in plant and machinery to support the company's growth plans.
P/E Ratio & Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹3.76, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 25.5x at the upper end of the price band (₹96).
This valuation appears attractive when compared to its listed industry peers.
| Company Name | P/E Ratio | Revenue (Last Reported, ₹ Cr) | RoNW (%) |
HRS Aluglaze (at IPO price) | ~25.5x | 42.14 | 34.24% |
| Innovators Facade Systems Ltd | 73.02x | 83.60 | 3.19% |
| Aluwind Infra-Tech Ltd | 39.22x | 64.46 | 8.15% |
Analysis for Investors:
HRS Aluglaze is priced significantly lower than its peers, with a P/E of ~25.5x versus the industry average of ~56x.
More importantly, its Return on Net Worth (RoNW) of over 34% is vastly superior to both Innovators Facade (3.19%) and Aluwind Infra-Tech (8.15%).
This indicates that HRS Aluglaze is generating much higher returns for shareholders, making the valuation look very compelling.
Industry Outlook
- HRS Aluglaze operates in the architectural aluminium systems market, catering to the booming real estate and infrastructure sectors.
- The demand for modern, energy-efficient facades, windows, and doors is rising rapidly in India's commercial and residential construction.
- With its focus on turnkey solutions and in-house manufacturing, the company is well-positioned to benefit from the urbanization trend and the government's push for infrastructure development.
What Are The Strengths and Risks of HRS Aluglaze IPO?
Strengths:
- Strong Financial Growth: Consistent and rapid growth in revenue and profits over the last three years.
- High Profitability: Superior EBITDA and PAT margins compared to industry peers.
- Robust Order Book: An order book of over ₹103 Crores provides strong revenue visibility.
- Expansion Plans: Clear strategy to expand capacity and geographical reach.
Risks:
- High Customer Concentration: The top 10 customers contribute nearly 77% of revenue, posing a significant risk if key accounts are lost.
- Working Capital Intensive: High trade receivables and inventory days require continuous capital infusion.
- Rising Debt: Increasing borrowings to fund growth could strain cash flows if not managed well.
- Geographical Concentration: Over 90% of revenue comes from Gujarat, exposing the company to regional risks.
What Are the Expert Recommendations – Should You Apply?
Apply with Caution
The HRS Aluglaze IPO offers an opportunity to invest in a high-growth company with impressive margins at a valuation that appears discounted relative to peers.
- For Value Investors: The P/E of ~25.5x combined with high return ratios makes this an interesting value proposition.
- For Growth Investors: The rapid profit growth and strong order book indicate robust future potential.
- Our View: The financials are strong, and the valuation is attractive. However, the high debt and customer concentration are risks that cannot be ignored. We recommend investors read the RHP carefully and consider applying if they are comfortable with the risks associated with a capital-intensive SME business.
Key Takeaways
- IPO Price Band: ₹94 to ₹96 per share
- Lot Size: 1,200 Shares (Minimum Investment: ₹1,15,200). Note: Minimum investment is ₹2,30,400 for retail as per lot size table (2 lots).
- Allotment & Listing Dates: Tentative listing on December 18, 2025.
- Recommendations of experts: Apply with caution. A financially strong company with superior margins offered at an attractive valuation, but high debt and concentration risks exist.
FAQs on HRS Aluglaze IPO
What is HRS Aluglaze IPO price band?
The price band for the IPO is set at ₹94 to ₹96 per equity share.
What is HRS Aluglaze IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Tuesday, December 16, 2025.
How to check HRS Aluglaze IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is HRS Aluglaze IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE SME platform on Thursday, December 18, 2025.
Should I apply for HRS Aluglaze IPO?
Investors with a moderate to high risk appetite may consider applying. The company has shown strong growth and profitability and is priced attractively compared to peers. However, the high working capital requirements and debt levels are key risk factors to consider.
Disclaimer:
The information provided here is for educational and informational purposes only and should not be considered as investment advice. Investing in IPOs involves market risks. Please consult your financial advisor before making any investment decision.
