MARC Technocrats Ltd. IPO...
12 Dec, 2025
HRS Aluglaze IPO
The HRS Aluglaze IPO issue size is ₹50.92 crores, consisting of a fresh issue of 53.04 lakh equity shares. It is an SME IPO and will be book-built with a price band of ₹94 - 96 per share (face value ₹10). The issue will open on 11 December 2025 and close on 15 December 2025, with an allotment date of 16 December, according to the offer document. It is scheduled to be listed on the BSE SME on 18 December 2025.
Company Background
Incorporated in 2012 and based in Ahmedabad, Gujarat, HRS Aluglaze Limited focuses on the design, manufacturing and installation of aluminium architectural systems for building projects. The company provides full-service solutions from engineering to turnover for commercial, residential, industrial and institutional customers. The company reports 28 active projects as of September 2025 that are expected to generate ₹103 crore in revenue.
Operations and Product Range
Facility and Production
HRS Aluglaze operates an integrated model with in-house design, fabrication and installation capabilities for complex architectural projects. The company handles aluminium windows and doors (sliding, openable, bifold), curtain walls, structural glazing, cladding and facade systems engineered for durability and energy efficiency.
Brands and Market Presence
HRS Aluglaze Ltd is an Indian company offering premium aluminium architectural solutions, including windows, doors, curtain walls, cladding and glazing for residential, commercial and industrial projects. Operating under its own brand, it caters to builders, contractors and architects, providing both standard and customized products. Products are targeted towards various projects in India with emphasis on repeat orders from marquee clients in the construction industry. The cluster-level approach is efficient for Tier II/III city schemes as well as for urbanization.
Revenue Channels
- • Revenue from residential projects, like the supply and installation of windows, doors and glazing for apartments, villas and housing complexes.
- • Revenue from commercial & institutional projects as curtain walls, cladding and façade solutions for offices, malls, hospitals and educational institutions.
- • Revenue generation from operational projects.
Management and Shareholding
Promoters and Shareholding
HRS Aluglaze IPO is promoted by Rupesh Pravinbhai Shah, Pinky Rupesh Shah and Hrishikesh Rupesh Shah, who have been instrumental in establishing its manufacturing facilities, expanding operations and driving growth across residential, commercial and industrial segments. Pre-IPO, the promoter group held 100% of the equity. Post-IPO, their stake reduces to 72.49%, with 27.51% offered to the public, ensuring continued promoter control while allowing significant public participation.
Board Members
The board of HRS Aluglaze IPO drives strategic growth and operational excellence. Their leading Managing Director focuses on business expansion and production. Some of their board members focus on finance and project management. While other members of their board have expertise in marketing, operations, compliance and ensure corporate governance and secretarial functions.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
HRS Aluglaze IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
HRS Aluglaze IPO Details
| Detail | Description |
|---|---|
| IPO Date | Thu, Dec 11, 2025 to Mon, Dec 15, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹94 to ₹96 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 53,04,000 shares (aggregating up to ₹50.92 Cr) |
| Reserved for Market Maker | 2,74,800 shares (aggregating up to ₹2.64 Cr) Mnm Stock Broking Pvt.Ltd. |
| Net Offered to Public | 50,29,200 shares (aggregating up to ₹48.28 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,39,78,125 shares |
| Share Holding Post Issue | 1,92,82,125 shares |
HRS Aluglaze IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Thu, Dec 11, 2025 |
| IPO Close Date | Mon, Dec 15, 2025 |
| Tentative Allotment | Tue, Dec 16, 2025 |
| Credit of Shares to Demat | Wed, Dec 17, 2025 |
| Tentative Listing Date | Thu, Dec 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Dec 15, 2025 |
HRS Aluglaze IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,30,400 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (Min) | 3 | 3,600 | ₹3,45,600 |
| S-HNI (Max) | 8 | 9,600.00 | ₹9,21,600 |
| B-HNI (Min) | 9 | 10,800.00 | ₹10,36,800 |
HRS Aluglaze IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | - |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Explosive growth with FY2025 revenue ₹42 crore (+58% YoY), PAT ₹5 crore (+188% YoY), strong EBITDA margin 25% and ROE 34%.
- • Integrated end-to-end model (design-fabrication-installation) for aluminium windows, curtain walls and cladding serving diverse projects with repeat clients.
- • 28 active projects worth ₹103 crore as of Sep 2025, scalable execution for commercial/residential sectors.
HRS Aluglaze IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 91.16 | 26.35 | 4.54 | 24.61 | 41.04 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 81 | 42 | 5.15 | 20.11 | 38.66 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 42.43 | 26.97 | 1.79 | 9.96 | 24.35 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 34.10 | 22.69 | 0.87 | 8.17 | 17.91 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.68 | 5 |
| P/E (x) | 26.07 | 20 |
HRS Aluglaze IPO Proceeds Objectives
- • Funding capital expenditure on setting up infrastructure
- • Proceeds will be used for working capital requirements
- • General Corporate Purpose
Conclusion
The HRS Aluglaze IPO provides an opportunity to invest in a rapidly growing aluminium façade company with end-to-end operations and proven execution in India’s booming construction sector. This company is supported by strong financials and a healthy order book and it appeals to SME investors seeking exposure to the expanding demand for building materials and architectural aluminium solutions.
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Frequently asked Questions (FAQs )
-
Q1: How big is the HRS Aluglaze IPO?
The IPO size is ₹50.92 crore, entirely a fresh issue of 53.04 lakh shares at ₹94-96 price band.
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Q2: Who are the promoters of HRS Aluglaze?
Promoters hold 100% pre-IPO, reducing to 72.49% post-IPO with construction expertise.
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Q3: What is the goal of the HRS Aluglaze IPO?
Funds for capex (machinery), working capital and general corporate purposes.
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Q4: Where is HRS Aluglaze headquartered?
Ahmedabad, Gujarat, serving pan-India construction projects.
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Q5: Which products are offered by HRS Aluglaze?
Aluminium windows/doors, curtain walls, structural glazing, cladding and façade systems.
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Q6: What is the financial performance of HRS Aluglaze?
FY2025 revenue ₹42 crore (+58% YoY), PAT ₹5 crore (+188% YoY), EBITDA margin 25%.
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