Revenue growth outpaced costs as margin widened 5.48 percentage points
Standalone operating profit rose +44.03% QoQ, while domestic execution offset international revenue of -12.00% YoY caused by order timing, management said.
Filed 03 Nov 2026, 20:19 IST · after market close · Glass Wall Systems (India) Ltd (GLASSWALL)
Key takeaways
- Standalone revenue grew +14.38% QoQ while expenses rose +6.46%, lifting operating profit +44.03%.
- Operating margin widened 5.48 percentage points to 26.61%, 12.77 percentage points above the 13.84% median for 87 reporting Commodities peers.
- Other income was 7.85% of pre-tax profit, while the unchanged 25.52% tax rate did not flatter the QoQ net-profit increase of +44.75%.
Price around the results
Q2 revenue growth translated into faster operating-profit growth
The standalone business saw revenue rise +14.38% QoQ, while expenses increased +6.46%, creating operating leverage. Operating profit consequently grew +44.03%, ahead of revenue growth. The 26.61% operating margin was 12.77 percentage points above the 13.84% median among 87 Commodities peers that had reported the quarter.
Lower cost growth drove the 5.48-point margin expansion
Operating margin widened 5.48 percentage points QoQ because costs grew slower than revenue. Interest expense fell -34.94%, while depreciation rose +8.28%; the tax rate was unchanged at 25.52%. Other income contributed 7.85% of pre-tax profit, so it supported earnings but was not the main source of profit.
Domestic execution offset international order-timing pressure
Management said domestic revenue rose +93.00% YoY to Rs 62 crore, while fenestration revenue increased +127.00% YoY to Rs 6 crore on luxury-residential demand. It reported international revenue of Rs 39 crore, down -12.00% YoY because of order-execution timing, and said the lower international mix affected margins because that business typically carries higher margins. The company also said expansion-related hiring, new-capacity operations and freight borne under revised export terms increased costs.
Management linked the order book to capacity and market expansion
Management said the order book stood at Rs 982 crore as of July 2026 and that international deliveries were scheduled over the coming quarters. It expects FY27 revenue to grow significantly over FY26, with EBITDA margins in line with the previous year, and said its plans include a roughly 33% manufacturing-capacity increase and an Rs 80 crore in-house glass unit. The company also said it plans to deepen its presence in the USA and Australia and enter Canada and Europe.
Results were filed after market close
The standalone results were filed after market close on 3 Nov 2026 at 20:19 IST. The stock's post-results reaction is therefore not yet covered here.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹116 cr | ₹101 cr | +14.38% |
| Other income | ₹2 cr | ₹2 cr | +1.67% |
| Expenses | ₹85 cr | ₹80 cr | +6.46% |
| Operating profit | ₹31 cr | ₹21 cr | +44.03% |
| Operating margin (%) | 26.61% | 21.13% | — |
| Interest | ₹1 cr | ₹1 cr | -34.94% |
| Depreciation | ₹2 cr | ₹1 cr | +8.28% |
| Profit before tax | ₹31 cr | ₹21 cr | +44.72% |
| Tax | ₹8 cr | ₹5 cr | +44.89% |
| Net profit | ₹23 cr | ₹16 cr | +44.75% |
| EPS (₹) | ₹2.71 | ₹1.89 | +43.39% |
Operating margin of 26.61% compares with a Commodities sector median of 13.84% across 87 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Domestic revenue rose 93% year on year to Rs. 62 crore, driven by strong project execution.
- Fenestration revenue rose 127% year on year to Rs. 6 crore, driven by luxury residential demand.
Guidance & outlook
- The company expects FY27 revenue to grow significantly over FY26.
- The company expects FY27 EBITDA margins to remain in line with the previous year.
- The company plans to deepen its presence in the USA and Australia and enter Canada and Europe.
- The company aims to capture India's Rs. 459 billion facade market by FY2030.
Planned next quarter
- International deliveries are scheduled over the coming quarters.
Expansion
- The company plans a roughly 33% increase in manufacturing capacity and an Rs. 80 crore in-house glass unit.
New orders
- The company's order book was Rs. 982 crore as of July 2026.
New initiatives
- The company plans to combine Yes Systems with its core facade business and expand ORIA.
- The company is pursuing zero-waste recycling, low-carbon aluminium and rooftop solar.
- The company is focused on converting its order book through disciplined execution.
Problems & risks
- International revenue fell 12% year on year because of order-execution timing.
- Lower international-business contribution affected margins because that business typically carries higher margins.
- Higher manpower needs for expansion and new-capacity operations increased employee costs.
- Freight costs were borne by the company under revised export commercial terms.
What to watch
- Whether standalone operating margin remains above 26.61% as employee and freight costs evolve.
- International revenue and execution timing after management reported Rs 39 crore and -12.00% YoY.
- Updates on the Rs 982 crore order book and management's planned roughly 33% manufacturing-capacity increase.