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Glass Wall Systems IPO GMP Today & Kanohar Electricals IPO GMP Today: Latest GMP, Subscription, Price, Listing Expectations & Review
The IPO market is witnessing strong investor activity this week, with Glass Wall Systems (India) IPO and Kanohar Electricals IPO attracting substantial demand. Both issues opened on September 8, 2026, and close today, September 10, with investors closely tracking their IPO GMP today, subscription status, issue price, financial performance and expected listing price.
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As of September 10, the grey market is indicating a sizeable premium for both issues. Glass Wall Systems is seeing a GMP of around ₹66, while Kanohar Electricals is around ₹223, according to current grey-market trackers. These figures are unofficial and can change rapidly before listing. (ipostation)
This article compares both IPOs in detail and examines whether the strong GMP and subscription numbers are supported by the companies’ underlying financial performance.
Glass Wall Systems IPO GMP Today
Glass Wall Systems IPO GMP today is around ₹66 per share according to one current tracker, implying an estimated listing price of approximately ₹248 against the upper IPO price of ₹182. That represents an indicative premium of about 36.3%. (ipostation)
However, GMP figures vary between market trackers. Another tracker recently reported GMP around ₹56, while today’s media reports put the premium at roughly 36%. Investors should therefore treat GMP as an indicative sentiment indicator rather than a guaranteed listing price. (IPORise)
Glass Wall Systems IPO GMP — Key Numbers
| Particular | Details |
|---|---|
| IPO Price Band | ₹172–₹182 |
| Current GMP | ~₹66* |
| GMP at ₹182 | ~36.3% |
| Indicative Listing Price | ~₹248* |
| Issue Size | ₹427.89 crore |
| Fresh Issue | ₹60 crore |
| OFS | ₹367.89 crore |
| Lot Size | 82 shares |
| Minimum Investment | ₹14,924 |
| IPO Opened | September 8, 2026 |
| IPO Closes | September 10, 2026 |
| Expected Allotment | September 11, 2026 |
| Expected Listing | September 16, 2026 |
| Listing | NSE & BSE |
*GMP is unofficial and subject to change.
The IPO comprises ₹60 crore of fresh shares and approximately ₹367.89 crore of an offer for sale. The company plans to use the fresh proceeds primarily for capital expenditure related to setting up a glass processing unit as part of its backward-integration strategy. (The Financial Express)
Glass Wall Systems IPO Subscription Status Today
Demand for Glass Wall Systems has accelerated sharply during the subscription period.
By Day 2, the IPO had already been subscribed 8.22 times, and reports on Day 3 indicate that total subscription had crossed 8 times. (The Economic Times)
A current tracker showed approximately:
| Category | Subscription |
|---|---|
| QIB | ~0.30x |
| NII | ~12.41x |
| Retail | ~10.96x |
| Overall | ~8.23x |
One important point is that the strong overall subscription has been driven primarily by retail and non-institutional investors, while QIB participation has been relatively lower at this stage.
That distinction matters because high retail/NII subscription and high GMP do not automatically mean the IPO will list at the implied GMP price.
Glass Wall Systems IPO: Company Overview
Glass Wall Systems (India) Ltd. operates in the architectural façade and fenestration solutions segment.
The company provides solutions involving building façades, architectural glass and related fenestration products, with operations spanning domestic and international markets. (NDTV Profit)
The company’s business can potentially benefit from structural trends such as:
- Commercial real-estate development
- Premium residential construction
- Infrastructure development
- Modern building façades
- Demand for energy-efficient building solutions
- Increasing use of architectural glass
- Export opportunities
The IPO also includes a backward-integration component, with ₹60 crore earmarked for a glass processing unit.
Glass Wall Systems Financial Performance
The company’s FY26 financial performance showed a significant improvement over FY25.
| ₹ Crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 304.34 | 278.33 | 456.97 |
| Total Income | 310.26 | 288.14 | 471.43 |
| EBITDA | 54.70 | 73.01 | 105.20 |
| PAT | 20.25 | 57.51 | 83.79 |
| Diluted EPS | ₹1.81 | ₹6.21 | ₹9.90 |
Revenue from operations increased sharply in FY26, while PAT increased to ₹83.79 crore.
The company also reported strong operating cash flow of around ₹73.25 crore in FY26. (Kotak Neo)
What stands out?
The biggest positive is the improvement in profitability.
PAT increased from:
₹20.25 crore → ₹57.51 crore → ₹83.79 crore
between FY24 and FY26.
At the same time, debt has reportedly declined substantially, with total borrowings falling from around ₹24.85 crore in FY24 to ₹6.68 crore in FY26. (IPOStack)
This provides a relatively strong balance-sheet argument for the IPO.
Kanohar Electricals IPO GMP Today
The Kanohar Electricals IPO GMP today is around ₹223 per share according to a current grey-market tracker. Against the upper IPO price of ₹632, that implies an estimated listing price of approximately ₹855, or a GMP of about 35.3%. (ipostation)
Today’s media reports also indicate GMP around the 35% level. (The Economic Times)
Kanohar Electricals IPO GMP — Key Numbers
| Particular | Details |
|---|---|
| IPO Price Band | ₹601–₹632 |
| Current GMP | ~₹223* |
| GMP at ₹632 | ~35.3% |
| Indicative Listing Price | ~₹855* |
| Issue Size | ₹1,055.74 crore |
| Fresh Issue | ₹300 crore |
| OFS | ₹755.74 crore |
| Lot Size | 23 shares |
| Minimum Investment | ₹14,536 |
| IPO Opened | September 8, 2026 |
| IPO Closes | September 10, 2026 |
| Expected Allotment | September 11, 2026 |
| Expected Listing | September 16, 2026 |
| Listing | NSE & BSE |
*Unofficial GMP; actual listing price may differ significantly.
Kanohar Electricals is therefore considerably larger than Glass Wall Systems in terms of IPO size.
Kanohar Electricals IPO Subscription Status Today
The IPO has attracted extremely strong demand.
The issue crossed 10 times overall subscription by Day 3, according to today’s reports. (The Economic Times)
A tracker showed the following Day 2 subscription levels:
| Category | Subscription |
|---|---|
| QIB | ~6.50x |
| NII | ~19.22x |
| Retail | ~8.49x |
| Overall | ~10.22x |
This is particularly interesting because Kanohar’s subscription profile appears stronger across investor categories than the early subscription pattern seen in Glass Wall Systems.
Kanohar Electricals IPO: What Does the Company Do?
Kanohar Electricals is a transformer and electrical equipment manufacturer based in Meerut, Uttar Pradesh.
Its products and services are connected with:
- Power transmission
- Power distribution
- Railways
- Renewable energy
- Electrical infrastructure
- Substations
- Transmission lines
- EPC projects
The company operates through transformer manufacturing and EPC activities. It has capabilities covering high-voltage transformers and has certifications associated with railway electrification and transformer testing. (Groww)
This gives the company exposure to a potentially attractive long-term theme:
India’s rising electricity demand + transmission investment + renewable-energy integration + railway electrification.
Kanohar Electricals Financial Performance
Kanohar’s financial growth has been particularly impressive.
| ₹ Crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 276.69 | 450.61 | 653.84 |
| Total Income | 281.12 | 457.30 | 662.86 |
| EBITDA | 31.07 | 93.39 | 180.42 |
| PAT | 17.76 | 65.12 | 129.73 |
| EBITDA Margin | 11.23% | 20.73% | 27.59% |
| PAT Margin | 6.32% | 14.24% | 19.57% |
(Rupeezy)
The most striking feature is the operating leverage.
EBITDA increased from:
₹31.07 crore in FY24 → ₹93.39 crore in FY25 → ₹180.42 crore in FY26.
PAT increased from:
₹17.76 crore → ₹65.12 crore → ₹129.73 crore.
That is a dramatic improvement in profitability over just two years.
Kanohar Electricals IPO: Order Book Is a Major Positive
Another important factor is the company’s order book.
Kanohar’s order book reportedly increased from around ₹596 crore in FY24 to approximately ₹1,818 crore by March 2026. (https://builtbusiness.in)
A large order book provides revenue visibility, although investors should remember that an order book is not the same as revenue or profit. Execution delays, cost inflation and working-capital requirements can affect actual profitability.
The company’s exposure to power transmission and railway infrastructure gives it exposure to long-term capital expenditure themes in India.
Glass Wall Systems vs Kanohar Electricals IPO
For investors trying to choose between the two IPOs, the comparison is particularly interesting.
| Factor | Glass Wall Systems | Kanohar Electricals |
|---|---|---|
| IPO Size | ₹427.89 Cr | ₹1,055.74 Cr |
| Price Band | ₹172–₹182 | ₹601–₹632 |
| Lot Size | 82 | 23 |
| Minimum Investment | ₹14,924 | ₹14,536 |
| Current GMP* | ~₹66 | ~₹223 |
| Indicative GMP % | ~36% | ~35% |
| FY26 Revenue | ₹456.97 Cr | ₹653.84 Cr |
| FY26 PAT | ₹83.79 Cr | ₹129.73 Cr |
| FY26 EBITDA | ₹105.20 Cr | ₹180.42 Cr |
| FY26 PAT Margin | ~18.3% | ~19.6% |
| Key Theme | Façade/Glass/Fenestration | Power/Transformers/Electrical Infrastructure |
| Order Visibility | Project-driven | Strong order book |
| Listing | Sep 16 | Sep 16 |
*GMP is unofficial and changes frequently.
Which IPO Has Better Financial Growth?
On the basis of the available FY24–FY26 numbers, Kanohar Electricals shows the stronger growth trajectory.
Its revenue increased from approximately ₹276.69 crore to ₹653.84 crore in two years, while PAT rose from ₹17.76 crore to ₹129.73 crore. (FinMinutes Research)
Glass Wall Systems also delivered strong FY26 growth, but its revenue declined in FY25 before rebounding sharply in FY26. (IPOStack)
Therefore:
Growth momentum: Kanohar Electricals > Glass Wall Systems
However, growth alone does not determine IPO attractiveness. Valuation and business concentration must also be considered.
Which IPO Has Better GMP Today?
On an absolute rupee basis:
Kanohar Electricals GMP: ~₹223
versus
Glass Wall Systems GMP: ~₹66
But percentage-wise, the two are surprisingly close:
- Glass Wall Systems: ~36%
- Kanohar Electricals: ~35%
Therefore, both IPOs currently indicate strong grey-market sentiment.
However, GMP should not be interpreted as a guaranteed listing gain.
Grey-market transactions are unofficial, can be illiquid and may change substantially depending on market sentiment.
Valuation: An Important Difference
At the upper price band, Kanohar Electricals has an indicative FY26 P/E of roughly 38.6x, based on reported FY26 earnings. (https://builtbusiness.in)
That is not a low valuation.
The company is being priced for continued growth, and investors therefore need to ask whether its recent earnings acceleration can continue.
For Glass Wall Systems, using FY26 diluted EPS of ₹9.90 and the ₹182 upper price band gives an approximate P/E of:
₹182 ÷ ₹9.90 = ~18.4x
This makes the valuation comparison interesting.
On FY26 earnings alone, Glass Wall Systems appears considerably cheaper than Kanohar Electricals.
But the two companies operate in completely different industries, so P/E should not be used as the sole comparison.
Key Risks in Glass Wall Systems IPO
Despite the attractive GMP, investors should consider several risks.
1. Project-based revenue
Façade and construction-related businesses can experience revenue volatility because project execution depends on construction cycles and customer timelines.
2. Export exposure
The company has international operations, meaning currency movements and international demand can influence results.
3. Working capital
Construction and façade projects can involve sizeable receivables and retention amounts.
4. OFS-heavy issue
The majority of the IPO proceeds are from an offer for sale, rather than fresh capital going into the company.
The fresh issue is only ₹60 crore against a total issue size of ₹427.89 crore. (The Financial Express)
Key Risks in Kanohar Electricals IPO
1. Customer concentration
A significant portion of Kanohar’s FY26 revenue came from government entities and public-sector customers. Reports indicate central/state utilities and PSUs accounted for around 85% of FY26 revenue from operations. (Groww)
This can provide strong visibility but also creates concentration risk.
2. High valuation
At the upper price band, the FY26 P/E is around 38.6x.
Investors are therefore paying a substantial premium for the company’s growth.
3. Execution risk
The large order book is positive, but execution remains critical.
4. OFS component
Approximately ₹755.74 crore of the IPO is an offer for sale, compared with ₹300 crore of fresh issuance. (The Financial Express)
Therefore, a significant part of the issue provides an exit to the selling shareholder rather than fresh capital for the company.
5. Working capital
Electrical equipment manufacturing can require substantial working capital, particularly when projects involve long payment cycles.
Glass Wall Systems IPO vs Kanohar Electricals IPO: My Take
If the objective is listing gains, both IPOs currently have strong indicators:
Glass Wall Systems: GMP ~36%
Kanohar Electricals: GMP ~35%
Subscription is also exceptionally strong in both issues.
However, for a long-term investor, the analysis becomes more nuanced.
Glass Wall Systems
Positives
- Strong FY26 revenue growth
- PAT of ₹83.79 crore
- Low debt
- Strong operating cash flow
- Attractive FY26 earnings valuation
- Backward integration through new glass processing facility
- Strong subscription and GMP
Concerns
- Project-driven business
- Revenue volatility
- International exposure
- Large OFS component
Kanohar Electricals
Positives
- Rapid revenue growth
- Strong PAT growth
- EBITDA margin expanded sharply
- Large ₹1,818 crore order book
- Exposure to power infrastructure
- Transformer demand supported by India’s grid investment
- Strong subscription across categories
Concerns
- Higher valuation
- Customer concentration
- Large OFS
- Execution risk
- Recent earnings growth may be difficult to sustain at the same rate
Should You Apply for Glass Wall Systems or Kanohar Electricals IPO?
For listing-gain investors, the current GMP and subscription data indicate strong market enthusiasm for both IPOs. But GMP should never be treated as a guaranteed return.
For long-term investors, Glass Wall Systems looks interesting from a valuation perspective because its FY26 earnings imply a substantially lower P/E than Kanohar Electricals.
Kanohar Electricals, meanwhile, offers a potentially stronger structural growth story through transformers, power transmission, renewable-energy infrastructure and railway electrification, but investors are paying a much higher earnings multiple for that growth.
Overall comparison
| Factor | Better Positioned |
|---|---|
| GMP sentiment | Tie |
| Subscription momentum | Kanohar Electricals |
| Revenue growth | Kanohar Electricals |
| Profit growth | Kanohar Electricals |
| Order-book visibility | Kanohar Electricals |
| FY26 valuation | Glass Wall Systems |
| Balance-sheet comfort | Glass Wall Systems |
| Power-sector structural theme | Kanohar Electricals |
| Listing-gain potential | Both — GMP dependent |
| Risk-adjusted valuation | Glass Wall Systems |
Glass Wall Systems IPO GMP Today & Kanohar Electricals IPO GMP Today: Bottom Line
The Glass Wall Systems IPO and Kanohar Electricals IPO are among the most closely watched IPOs closing on September 10, 2026.
Current grey-market indicators suggest:
Glass Wall Systems IPO GMP: ~₹66 | Indicative listing: ~₹248
Kanohar Electricals IPO GMP: ~₹223 | Indicative listing: ~₹855
These are unofficial estimates, not listing-price forecasts. GMP can move sharply before the listing date.
From a fundamental perspective, Kanohar Electricals has delivered stronger recent growth and offers exposure to India’s power-transmission and transformer investment cycle. Glass Wall Systems, however, offers a compelling combination of strong FY26 profitability, substantially lower leverage and a more moderate FY26 earnings valuation.
The final investment decision should therefore depend on whether the investor prioritizes growth and infrastructure exposure or valuation and balance-sheet comfort.
Important: IPO GMP is an unofficial grey-market indicator and is not regulated by stock exchanges. It should not be used as the sole basis for an investment decision.