Page 18
Business, technical and industry-related terms
Page 75
Draft Red Herring Prospectus. These non-GAAP financial measures and such other industry related statistical and
other information relating to our operations and financial performance may not be computed on the basis of any
standard methodology that is applicable across the industry and therefore may not be comparable to financial
measures and industry related statistical information of similar nomenclature that may be computed and presented
by other companies. Further, these non-GAAP financial measures are not a measurement of our financial
performance or liquidity under Ind AS, Indian GAAP, IFRS or US GAAP and should not be considered in
isolation or construed as an alternative to cash flows, profit/ (loss) for the years or any other measure of financial
performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by
operating, investing or financing activities derived in accordance with Ind AS, Indian GAAP, IFRS or US GAAP.In addition, these non-GAAP measures are not standardised terms, hence a direct comparison of these non-GAAP
measures between companies may not be possible. Other companies may calculate these non-GAAP measures
differently from us, limiting its usefulness as a comparative measure. Although such non-GAAP measures are nota measure of performance calculated in accordance with applicable accounting standards, our Company’smanagement believes that they are useful to an investor in evaluating us as they are widely used measures to
evaluate a company’s operating performance.For further information, see “Management’s Discussion andAnalysis of Financial Condition and Results of Operations – Reconciliation of Non-GAAP Measures” on page458.
External Risk Factors
- 69. Changing laws, rules and regulations and legal uncertainties, including adverse application of tax laws,
may adversely affect our business, prospects and results of operations.
The regulatory and policy environment in which we operate are evolving and are subject to change. The
Government of India may implement new laws or other regulations and policies that could affect our business in
general, which could lead to new compliance requirements, including requiring us to obtain approvals and licenses
from the Government and other regulatory bodies, or impose onerous requirements.
For instance, the GoI has introduced (a) the Code on Wages, 2019; (b) the Code on Social Security, 2020; (c) the
Occupational Safety, Health and Working Conditions Code, 2020; and (d) the Industrial Relations Code, 2020
which consolidate, subsume and replace numerous existing central labour legislations. While the rules for
implementation under these codes have not been notified, we are yet to determine the impact of all or some such
laws on our business and operations which may restrict our ability to grow our business in the future and increase
our expenses. Further, pursuant to the Finance Act, 2025, the Government of India has introduced new income
tax slabs. There is no certainty on the impact of the full Union budget on tax laws or other regulations, which may
adversely affect our business, financial condition, cash flows, results of operations or on the industry in which we
operate.
The Digital Personal Data Protection Act, 2023 (“DPDP Act”) which has received the assent of the President on
August 11, 2023, provides for personal data protection and privacy of individuals, regulates cross border data
transfer, and provides several exemptions for personal data processing by the Government. It also provides for
the establishment of a Data Protection Board of India for taking remedial actions and imposing penalties for breach
of the provisions of the DPDP Act. It imposes restrictions and obligations on data fiduciaries, resulting from
dealing with personal data and further, provides for levy of penalties for breach of obligations prescribed under
the DPDP Act.
Uncertainty in the applicability, interpretation or implementation of any amendment to, or change in, governing
law, regulation or policy, including by reason of an absence, or a limited body, of administrative or judicial
precedent may be time consuming as well as costly for us to resolve and may impact the viability of our current
businesses or restrict our ability to grow our businesses in the future. For instance, the Supreme Court of India
has in a decision clarified the components of basic wages which need to be considered by companies while making
provident fund payments, which resulted in an increase in the provident fund payments to be made by companies.
Any such decisions in future or any further changes in interpretation of laws may have an impact on our results
of operations.
The Parliament of India has passed the Bharatiya Nyaya Sanhita Bill, 2023, the Bharatiya Nagarik Suraksha
Sanhita Bill, 2023 and the Bharatiya Sakshya Bill, 2023 which have replaced the Indian Penal Code, 1860 the
Code of Criminal Procedure,1973 and the Indian Evidence Act, 1872, respectively. The effect of the provisions
of on us and the litigations involving us cannot be predicted with certainty at this stage.
Page 139
* To be computed after finalisation of the Price Band.
- III. Industry peer group P/E ratio
Based on the peer group information (excluding our Company) which has been given below:
Notes:
a) The highest and lowest industry P/E shown above is based on the peer set provided below under “Comparison with listed industry peers”. Theindustry average has been calculated as the arithmetic average P/E of the peer set provided below.
b) P/E figures for the peer are computed based on closing market price as on September 3, 2025 on BSE SME, divided by Basic EPS (on consolidated
basis) based on the financial results declared by the peers.
c) All the financial information for listed industry peers mentioned above is taken as is sourced from the audited financial statements of the relevant
companies for Fiscal 2025, as available on the websites of the stock exchanges
- IV. Return on Net Worth (“RoNW”)
Notes:
- i. Weighted average = Aggregate of fiscal -wise weighted Net Worth divided by the aggregate of weights i.e. (Net Worth x Weight) for
each fiscal / Total of weights
- ii. Return on Net Worth (%) = Net profit for the year / Net worth as at the end of year.
- iii. Net Worth is defined as per Regulation 2(1)(hh) of the SEBI ICDR Regulations as the aggregate value of the paid-up share capital and
all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after
deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, but does
not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation. Net worth is calculated as sum
of equity share capital and other equity. Other equity comprises of securities premium, capital redemption reserve, retained earnings
and other comprehensive income.
- V. Net Asset Value (“NAV”) per share
*Pursuant to resolutions passed by our Board and our Shareholders in their respective meetings held on April 30, 2025 and May 5, 2025, the face
value of the equity shares of our Company was sub-divided from ₹10 each to ₹2 each. Accordingly, the authorised share capital of our Companycomprising of 26,000,000 equity shares of face value of ₹10 each were sub-divided into 130,000,000 Equity Shares of face value of ₹2 each andthe aggregate issued, subscribed and paid-up equity share capital of our Company comprising of 15,184,325 equity shares of face value of ₹10each were sub-divided into 75,921,625 Equity Shares of face of ₹2. Net asset value per Share has been calculated after giving effect to such sub-
division. (1) Offer Price per Equity Share will be determined on conclusion of the Book Building Process.
Note:
1. Net asset value per share= Net worth / Number of shares as at the end of year
2. Net Worth is defined as per Regulation 2(1)(hh) of the SEBI ICDR Regulations as the aggregate value of the paid-up share capital and all
reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the
aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, but does not include reserves
created out of revaluation of assets, write-back of depreciation and amalgamation. Net worth is calculated as sum of equity share capital and
Page 140
other equity. Other equity comprises of securities premium, capital redemption reserve, retained earnings and other comprehensive income.
- VI. Comparison of accounting ratios with listed industry peers
The following is the comparison with our peer group companies listed in India and engaged in the same line of business
as that of our Company:
Source: All the financial information for listed industry peer mentioned above is on a consolidated basis (unless otherwise available only on
standalone basis) and is sourced from the filings made with stock exchanges available on[www.bseindia.com](https://www.bseindia.com/) for the Financial Year ending 2025.
Notes:
- 1. Basic and diluted EPS for the listed peer is sourced from the Audited financial statements for the relevant year
- 2. P/E Ratio has been computed based on the closing market price of equity shares on BSE on September 03, 2025, divided by the Basic
EPS.
- 3. For listed peer, RoNW is computed as net profit attributable to equity shareholders divided by total equity attributable to owners of the
company on March 31, 2025.
- 4. Net asset value per share is calculated as Total Equity divided by total number of outstanding shares at the end of the year after taking
effect of sub-division pursuant to resolutions passed by our Board and our Shareholders in their respective meetings held on April 30,
2025 and May 5, 2025
- VII. Key performance indicators (“KPIs”)
The KPIs disclosed below are the KPIs pertaining to our Company that have been disclosed to our investors at any
point of time during the three years period prior to the date of the filing of this Draft Red Herring Prospectus and
which have been used historically by our Company to understand and analyse our business performance, which in
result, helps us analyse the growth of various verticals in comparison to our peers, as well as other relevant and material
KPIs of the business of the Company that have a bearing for arriving at the basis for the Offer Price.
The KPIs disclosed herein below have been approved and confirmed by a resolution of our Audit Committee dated
September 5, 2025. The members of the Audit Committee have verified the details of all KPIs pertaining to our
Company, and have confirmed that verified and audited details of the all the KPIs pertaining to our Company that
have been disclosed to our investors at any point of time during the three years period prior to the date of the filing of
this Draft Red Herring Prospectus have been disclosed in this section. The KPIs herein have been certified by
V. Singhi & Associates, Chartered Accountants, by their certificate dated September 5, 2025 which is also designatedas a material document for inspection in connection with the Offer. For details of material documents, see “Material
Contracts and Documents for Inspection” on page 591.
Our Company confirms that it shall continue to disclose all the KPIs included in this section on a periodic basis, at
least once in a year (or any lesser period as determined by the Board of our Company), for a duration of one year after
the date of listing of the Equity Shares on the Stock Exchange or till the utilisation of the Offer Proceeds as per thedisclosures made in the section “Objects of the Offer” on page 119, whichever is later, or for such other duration as
may be required under the SEBI ICDR Regulations
Page 142
Comparison of KPIs of our Company and our listed peers
While the listed peers mentioned below operate in the same industry as us, and may have similar offerings or end use
applications, our business may be different in terms of differing business models, different product verticals serviced
or focus areas or different geographical presence. Set forth below are details of the KPIs of our listed peers as at the
financial year ended March 31, 2025, March 31, 2024 and March 31, 2023.
Page 144
Comparison of KPIs based on additions or dispositions to our business
This section includes KPI’s on a proforma basis to illustrate the impact of material acquisition after the balance sheetdate, as if the acquisition has occurred on or before April 1, 2024. For such KPIs, see “- Key Performance indicators”above on page 140.
- VIII. Weighted average cost of acquisition (“WACA”), Floor Price and Cap Price
- a) The price per share of our Company (as adjusted for corporate actions, including bonus issuances) based on the
primary / new issue of shares (equity / convertible securities), excluding shares issued under the ESOP Scheme
during the 18 months period preceding the date of this Draft Red Herring Prospectus, where such issuance is
equal to or more than 5% of the fully diluted paid-up share capital of our Company (calculated based on the pre-
Offer capital before such transaction(s) and excluding ESOPs granted but not vested), in a single transaction ormultiple transactions combined together over a span of rolling 30 days (“Primary Issuances”)
The details of Equity Shares or convertible securities issued during the 18 months period preceding the date of filing
of this Draft Red Herring Prospectus, excluding the issuance of ESOP and bonus shares, where such issuance is equal
to or more than 5% of the fully diluted paid-up share capital of the Company (calculated based on the pre-Offer capital
before such transaction(s) and excluding ESOPs granted but not vested), in a single transaction or multiple transactions
combined together over a span of 30 days are as follows:
- b) The price per share of our Company (as adjusted for corporate actions, including bonus issuances) based on the
secondary sale / acquisition of shares (equity / convertible securities) (excluding gifts) involving any of the
Promoter or members of the Promoter Group or Selling Shareholders or other shareholders with the right to
nominate directors on our Board during the 18 months period preceding the date of filing of this Draft Red
Herring Prospectus, where the acquisition or sale is equal to or more than 5% of the fully diluted paid-up share
capital of our Company (calculated based on the pre-Offer capital before such transaction/s and excluding
ESOPs granted but not vested), in a single transaction or multiple transactions combined together over a spanof rolling 30 days (“Secondary Transactions”)
There have been no secondary sale / acquisitions of Specified Securities, where the Selling Shareholders or
INDUSTRY OVERVIEW
Unless otherwise indicated, industry and market data used in this section has been derived from the industry reporttitled “Industry Report on Façade & Fenestration Market Outlook” dated September, 2025 (the “Ken Report”)prepared and issued by Ken Research Private Limited, appointed by us pursuant to an engagement letter dated April
22, 2025 and exclusively commissioned and paid for by us to enable investors to understand the industry in which we
operate in connection with the Offer. Unless otherwise indicated, financial, operational, industry and other related
information derived from the Ken Report and included herein with respect to any particular calendar year/ Fiscal
refers to such information for the relevant calendar year/ Fiscal. A copy of the Ken Report is available on the website
of our Company at www.glasswallsystems.in/investors-relation/. Industry sources and publications are also prepared
based on information as of specific dates and may no longer be current or reflect current trends. The recipient should
not construe any of the contents of the Ken Report as advice relating to business, financial, legal, taxation or
investment matters and are advised to consult their own business, financial, legal, taxation, and other advisors
concerning the transaction. Further, the reference to “segments” in this section derived from the Ken Report refersto end-use sectors in accordance with the presentation, analysis and categorization in the Ken Report, and does not
constitute segment classification under Ind AS 108, Operating Segments. Our segment reporting in our financial
statements is based on the criteria set out in Ind AS 108, Operating Segments and we do not present such industrysegments as operating segments. For further information, see “Risk Factors – Certain sections of this Draft Red
Herring Prospectus disclose information from the Ken Report which is a paid report and commissioned and paid for
by us exclusively in connection with the Offer and any reliance on such information for making an investment decisionin the Offer is subject to inherent risks.” on page 73. Also see, “Certain Conventions, Use of Financial Informationand Market Data and Currency of Presentation – Industry and Market Data” on page 22.
Global Macroeconomic Overview
Global GDP - Historical Trend and Growth Scenario Across Major Regions
The nominal global GDP year-on-year growth rate is 4.9% from 2024 to 2025P; expected to sustain growth at a
CAGR of 4.7% from 2024 to 2030F.
The global economy continues to demonstrate resilience amid a complex environment of moderating inflation, tight
monetary policies, and evolving geopolitical dynamics. Between 2020 and 2024, the global economy registered a
CAGR of 6.5%, stabilizing after a period of heightened volatility driven by post-pandemic recovery efforts, supply
chain realignments, and monetary policy tightening cycles.
Global GDP is expected to grow at a stabilized rate of 4.7% from 2024 to 2030F, driven by technological
advancements, digital transformation, and infrastructure investments. The rise of green technologies and the shift
towards sustainability will further support growth, alongside rising consumer demand in emerging markets and a
growing youthful labor force.
Higher interest rates, tighter financial conditions and geopolitical conflicts, including Russia's war in Ukraine,
evolving conflict in the Middle East and turbulent US tariff policy have introduced uncertainties for short period of
time, however long-term growth stays intact.
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Source: PIB, MoSPI, NSO Industry Articles, Ken Research Analysis
Note 1: F represents Forecasted figures. FY represents Financial Year starting April 1st to March 31st.
According to IBEF, FDI equity inflows into the manufacturing sector over the past decade (2014 to 2024) reached
approximately ₹ 13,708.0 billion, marking a 69% increase compared to the previous decade (2004 to 2014), which
recorded inflows of around ₹ 8,109.0 billion. This surge positions India to leverage both its digital and physical
infrastructure, making it a key player in global supply chains and a driver of economic growth and job creation in the
coming decade. India is targeting ₹ 86,000.0 billion in goods exports by 2030.
India’s growing infrastructure and focus on high-growth sectors like construction are boosting demand in the façade
and fenestration markets. As urban development and modern building projects expand, the need for materials such as
steel, aluminum, and glass continues to rise.
Indian Real Estate Sector: A transformative force in urbanization and economic growth
India’s real estate market reached ₹ 52.5 trillion in Fiscal 2025 and is projected to reach ₹ 85.0 trillion by Fiscal
2030F, growing at 10.1% CAGR, driven by urban population growth. The growth in real estate is further driven bygovernment’s increased expenditure on infrastructure that is supporting industrial corridors, urban transit, and housinglogistics.
Rising urban construction and policy-driven housing push are directly accelerating demand for energy-efficient
façades and modern fenestration systems in both residential and mixed-use assets.
Regulatory measures such as RERA and the introduction of REITs have enhanced market transparency, increased
investor confidence, and bolstered capital inflows from both domestic and foreign investors. Furthermore, as per
DPIIT statistics foreign direct investment equity inflow in the real estate sector is approximately ₹ 45.0 billion in
April 2025 to March 2025 (includes Construction development: Townships, housing, built-up infrastructure and
construction), driven by favorable policy reforms, tax incentives, and FDI relaxation.
CAGR 10.1%
CAGR 25.6%
Source: IBEF, Ken Research Analysis
Within the India’s real estate market Mumbai and NCR remain the key real estate hubs, driven by high population
Page 168
Source: IBEF, Brickwork Ratings, Ken Research Analysis
Note 1: F represents Forecasted figures. FY represents the Financial Year starting 1st April to 31st March.
Note 2: P represents provisional number
OVERVIEW OF THE FAÇADE AND FENESTRATION INDUSTRY
The Façade and Fenestration segment serves as the critical interface between a building’s interior and its externalenvironment, combining advanced materials, precision engineering and architectural design to deliver both form and
function. By integrating high-performance glazing, thermally broken framing, rainscreen cladding and structural
glazing, these systems regulate daylight, control solar heat gain, ensure air and water tightness, and contribute
significantly to occupant comfort, space and energy efficiency.
According to Ken Research, Façade and Fenestration systems now command approximately 15.0 % of total
construction costs, an increase from approximately 3.0 % in 2000, approximately 8.0 % in 2020 and approximately
12.0 % in 2020, underscoring their evolution into critical structural and energy-performance components rather than
purely decorative elements (Knight Frank Report).
Façade systems incorporate a wide variety of materials, including Glass, Aluminium, Aluminium Composite Panels
(ACP), and other high-performance cladding systems.
Fenestration refers to the openings in the building envelope such as windows, doors, and skylights which allow natural
light, ventilation, and physical connectivity between indoor and outdoor environments. As per the U.S. Department
of Energy, well-designed fenestration systems can reduce a building’s energy consumption by up to 12.0% to 33.0%through better ventilation, daylighting and insulation.
Source: Industry Experts and Ken Research Analysis
![A diagram of a system
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Façade and fenestration solutions are engineered to meet the exacting requirements of a broad spectrum of clients
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CAGR: 6.3%
CAGR: 6.4%
Source: Industry Articles, Interview with industry experts, Ken Research Analysis
Note 1: All values are in CY (Calendar Year), which refers to the period from 1st January to 31st December of the respective year
Note 2: EPC Revenue: Finished Goods + Installed revenue stated above represents the combined revenue from both finished façade materials and
installation services, encompassing the total earnings generated by EPC façade contractors globally while Product Revenue: Finished Goods
includes the COGS as a percentage of the total revenue earned by the EPC façade contractors globally.
Based on the data, façade-related work typically constitutes approximately 35% to 37% of the total EPC (Engineering,
Procurement, and Construction) project revenue, underscoring its significant contribution within the overall
construction value chain.
As construction activity accelerates worldwide, the global façade market is witnessing steady growth, driven by rising
demand for energy-efficient buildings, stringent environmental regulations, and growing urban infrastructure. At a
country level, this shift varies basis their macroeconomic scenario, real estate and construction trends, competition
scenario.
LEADING COUNTRIES IN THE FAÇADE AND FENESTRATION MARKET
EU5, United States, Canada and Australia together represent approximately 60 % of the global façade market,
underpinned by their strong economic fundamentals and sustained infrastructure and real-estate investments
EU5 (Germany, UK, Italy, Spain and France)
EU5 Macroeconomic Recovery Underpins Façade Market Revival
In 2024, Europe’s economic recovery gained modest momentum, with real GDP growth rising to 0.7% from 0.4% in2023. Peripheral economies like Spain and Italy led the recovery and are expected to outperform core markets over
the next two years—Spain is projected to grow by 2.7% in 2025, driven by strong labor markets and consumption.
Italy, supported by NGEU (European Union – Next Generation EU) funds and tourism, is forecast to grow by 0.8%.
In contrast, France faces fiscal tightening and rising unemployment, while the UK is set for moderate 1.1% growth,
and Germany is expected to underperform at 0.2%, constrained by energy costs and industrial slowdowns.
European CRE Sentiment Peaks in Late 2024; Retail Leads and Hotel Investments Jump 70%
The European Commercial Real Estate (CRE) sector faced headwinds from macroeconomic instability and financial
market disruptions over the last two years. However, investor sentiment rebounded significantly by the end of 2024,with the ₹EV Consensus Survey (Annual investor sentiment and outlook report) showing its highest positive outlook
since inception.
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and Alberta, reflecting regional cost variations. Canada’s construction industry remains heavily reliant on importedmaterials such as steel and aluminum from the U.S., leaving it exposed to tariff-driven volatility (Spring 2025,
Canadian Construction Association).
In Q1 2025, building construction investment rose 3.3% to US$ 66.6 billion, with non-residential activity up 2.8%,
driven by institutional (+5.6%) and industrial (+3.7%) segments. (Statistics Canada).
Recent Investments
As of March, 2025, total investment in building construction stood at US$ 22.2 billion, reflecting a 0.9% monthly dip
but a 5.4% year-on-year increase, signaling cautious yet sustained activity. Residential investment declined 1.8%,
mainly due to a sharp drop in multi-unit construction in Ontario and Quebec, while single-family home investment
showed marginal growth.
Competition Outlook
Flynn Group of Companies, GRC Architects and Façade Systems, Ferguson Neudorf Glass are the top 3 players.Canada’s market is regionalized and supply-driven, with Flynn holding a significant share nationally. Sustainability
regulations and public infrastructure investments are fostering a shift toward performance façades. U.S. imports and
players influence the competitive environment, especially in Ontario and British Columbia.
Key 2025 construction trends in Canada:
- • Green building, which is expected to account for 25% of total construction, driven by stricter energy codes
and growing climate resilience efforts. The industry is increasingly adopting Integrated Project Delivery
(IPD) and prefabricated methods to reduce delays and manage costs, particularly amid persistent labor
shortages as over 30% of the workforce nears retirement (Onsite, Canadian Construction Magazine).
- • Digital adoption through BIM and AI is helping improve project efficiency and reduce rework.
These shifts are supported by renewed public investment in infrastructure and affordable urban housing, with
residential and infrastructure projects expected to lead sectoral growth in 2025, while commercial real estate shows
moderate expansion via mixed-use and data center developments.
Australia
Economic Recovery and Real Estate Trends
Australia’s construction and real estate market in 2024 showed signs of recovery, driven by improvingmacroeconomic conditions and growing demand in key states. Total dwelling approvals increased by 4.2% year-on-
year in Q1 2025, with Queensland and Western Australia leading this growth. Residential approvals reached 172,000
units nationally, while commercial segments like office, education, and warehouse facilities also picked up pace,
especially in Brisbane and Adelaide (State of the Land Report 2025; Industry Report: Residential Market Outlook,
Jan 2025).
Construction Outlook and Market Momentum
The combined built-up area across residential, commercial, and infrastructure construction reached approximately
187 million square meters by the end of 2024. This growth is supported by large-scale public investments, such asVictoria’s Big Build and Brisbane’s Olympic-related developments.
These infrastructure programs are contributing over US$ 13.4 billion (1 AUD ≈ 0.67 US$) in construction activity.
Commercial completions in healthcare and education saw over 8% year-on-year growth. (RLB Australia Market
Intelligence, Q4 2024).
Façade Market Shifts and Cost Drivers
The cost of façade systems has grown as a share of total construction costs, especially in high-performance and
Page 175
Source: Industry Articles, Interview with industry experts, Ken Research Analysis
Note 1: All values are in CY (Calendar Year), which refers to the period from 1st January to 31st December of the respective year.
Note 2: Top economies include Unites States, Canada, EU5, Australia while rest of the world includes GCC region, APAC and more.
Note 3: EPC Revenue: Finished Goods + Installed revenue stated above represents the combined revenue from both finished façade materials and
installation services, encompassing the total earnings generated by EPC façade contractors globally
The global façade market (finished goods revenue only) is expected to reach US$ 11,913.1 million by 2030F, up
from US$ 8,159.6 million in 2024. Of this, the US, EU5, Canada, and Australia collectively contribute
approximately US$ 7,147.9 million, while the Rest of the World accounts for approximately US$ 4,765.2 million.
Notably, over 60% of the global market comes from export-focused regions, highlighting strong opportunities for
façade manufacturers to tap into both developed and growing international markets.
Source: Industry Articles, Interview with industry experts, Ken Research Analysis
Note 1: All values are in CY (Calendar Year), which refers to the period from 1st January to 31st December of the respective year.
Note 2: Top economies include United States, Canada, EU5, Australia while rest of the world includes GCC region, APAC and more.
Note 3: Product Revenue: Finished Goods includes the COGS as a percentage of the total revenue earned by the EPC façade contractors globally.
Global Façade Market for the Top Economies (Product Revenue)
The global façade market across the EU5, United States, Canada, and Australia is projected to grow from US$13,451.0 million in 2024 to US$ 19,196.0 million by 2030F . The EU5 region continues to dominate, accounting for
US$ 8,275.6 million in 2030, driven by sustained demand in Germany, the United Kingdom, and Italy. The United
States follows closely with a projected market size of US$ 8,282.7 million, while Canada and Australia are expected
to exhibit stable growth.
Source: Industry Articles, Interview with industry experts, Ken Research Analysis
Note 1: All values are in CY (Calendar Year), which refers to the period from 1st January to 31st December of the respective year.
Note 2: EPC Revenue: Finished Goods + Installed revenue stated above represents the combined revenue from both finished façade materials and
installation services, encompassing the total earnings generated by EPC façade contractors
Page 184
Source: News Articles, Industry Articles, Ken Research Analysis
As India’s façade and fenestration market matures, three key trends / dynamics are set to chart its evolution over thecoming years:
- • Industry Consolidation: Leading system manufacturers are pursuing strategic mergers, acquisitions and
joint ventures to achieve scale efficiencies, broaden product portfolios and strengthen distribution networks
- • Sustainability and Energy Performance: Demand is intensifying for eco-certified envelope systems—low-
emissivity glass, high-insulation façades and recycled-content cladding—driven by stringent building codes
and corporate ESG mandates
- • Smart and Next-Gen Solutions: Integration of IoT-enabled shading, electrochromic glazing and predictive
maintenance platforms is accelerating the shift toward intelligent façades that optimize daylight, thermal
comfort and lifecycle costs.
![A diagram of a pyramid
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Source: News, Industry Articles, Ken Research Analysis
Sustainability And Energy Efficient Facade and Fenestration Products
The 2025 CRE Sustainability Report shows that India’s commercial real estate sector is quickly moving towardgreener, more eco-friendly buildings. Today, over 60.0% of companies prefer to work in buildings that are green-
certified, and more than 70.0% of large investors now consider sustainability before putting money into real estate.
Many big developers are also aiming to make their buildings net-zero and meet ESG (Environmental, Social,
Governance) goals. The report also says that green buildings can charge 15% to 20% higher rent compared to regular
ones.
The façade and fenestration industry are experiencing a strong push toward sustainability in line with India’s net-zero
Page 188
I. Adaptive and Smart Façade
II. Kinetic Façade
![Smart Facades: Features and Benefits]()
![What are Kinetic Facades in Architecture? | ArchDaily]()
III. Prefabricated and Modular Façade Systems
IV. Biophilic systems and switchable glazing
![Modular facade with integrated systems technology supplies buildings with renewable energy]()
![Biophilic Design: 10 Great Examples - PlanRadar]()
Source: Industry Articles, Ken Research Analysis
Among the most advanced envelope technologies gaining traction in the façade sector are biophilic systems and
switchable glazing. Biophilic façades marry structural supports and smart-tinting glass to create dynamic exterior
skins that enhance indoor air quality, regulate daylight penetration and foster a stronger connection between occupantsand the natural environment. Meanwhile, electrochromic or “switchable” glass panels offer real-time control over
light transmission and opacity via an applied electrical stimulus, providing both glare mitigation and adaptable
aesthetics for premium commercial and institutional developments.
These innovative façade products are primarily offered by organized players catering to premium projects, where
design innovation, energy efficiency, and compliance are critical.
Market Segmentation by Structure
Unorganized Segment captures significant value share with cost-effective, mass-market façade solution.
Organized players in the façade segment are entities with overall annual revenues surpassing ₹ 0.3 billion, engaged
in comprehensive end-to-end operations as delineated in the product taxonomy). These entities oversee the entire
value chain, including design, manufacturing, installation of facade systems.
The Indian façade market remains dual-structured, with organized players gradually expanding their footprint. InFiscal 2025P, organized players are expected to account for 28.0% of the total market, valued at ₹ 20.5 billion, and
are projected to grow at a CAGR of 20%, reaching ₹ 51.0 billion by Fiscal 2030F. This sharp growth is driven by
increasing demand for premium and complex façade solutions such as unitized curtain wall systems, high-
performance glazing, and customized façade engineering, which typically command higher margins and align with
evolving architectural aesthetics and energy standards.
Meanwhile, the unorganized segment is expected to hold a dominant 72.0% share in Fiscal 2025P, valued at ₹ 52.6billion, but is projected to grow at a relatively slower CAGR of 10.1%, reaching ₹ 85.0 billion by Fiscal 2030F. This
segment is largely driven by demand from budget-conscious projects, especially in Tier 2 and 3 cities, and focuses on
cost-effective solutions such as ACP cladding, stick glazing, and basic aluminium frame systems.
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CAGR: 13.2%
Source: Industry Articles, Ken Research Analysis
Note 1: FY represents the financial year starting 1st April to 31st March.
Note 2: P refers to Provisional numbers
Note 3: Organized Players have same definition in both façade and fenestration market
The market share of the organized segment is expected to continue rising from 28% in Fiscal 2025P to 37.5% by
Fiscal 2030F, supported by sustained activity in the residential and commercial real estate markets across Tier-1 cities
during Fiscal 2025. This momentum is further driven by a 2% to 4% year-on-year escalation in greenfield construction
costs (CBRE Research).
Additional growth is fueled by increased investment in the residential and commercial sectors. States like Karnatakaare attracting FDI for hyperscale data centers, alongside Microsoft’s commitment to digital skilling initiatives. Similartrends are also emerging in Maharashtra and New Delhi (Crisil Real Estate Report).
Along with the growing presence of organized players, product adoption patterns have also become more specialized.
Solutions such as unitized curtain walls, structural glazing, and ventilated façades have become standard choices in
mid-to-premium segments, replacing earlier reliance on conventional glazing and basic cladding systems.
Market Segmentation by Product Type
Curtain wall systems hold the largest market share due to their versatile applicability
The façade solutions market comprises three primary product categories: Curtain Wall Systems, Cladding Systems
and Glazing Systems.
A curtain wall system is a non-load-bearing external wall that is hung ("curtains") from the building’s structural
frame. The curtain wall market in India is valued at ₹ 51.2 billion in Fiscal 2025P, expected to grow at a CAGR of
14.5% between Fiscal 2025P and Fiscal 2030F, valued at ₹ 100.7 billion. Curtain wall systems have comparatively
better penetration in India due to strong demand from high-end commercial and residential projects and easy
availability of raw materials like aluminum and glass.
Cladding System is an external layer attached to a building’s structure primarily for protection, insulation, andaesthetic enhancement while Glazing System is a framework of glass panels installed in façades to allow natural light,
enhance energy efficiency, and contribute to the building's design.
Cladding and glazing systems are mainly used for surface protection and aesthetic appeal but offer limited thermal
insulation and structural integration compared to glazing systems, which is why their usage is relatively lower in high-
performance building façades.
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CAGR: 13.2%
Source: Industry Articles, Ken Research Analysis
Note 1: FY represents the financial year starting 1st April to 31st March.
Note 2: P refers to Provisional numbers
*Other Specialty in the façade market refers to unique and customized products such as smart façades, energy-efficient materials, and innovative
solutions that do not fall under Curtain Wall or Cladding Systems.
Some of the growth drivers propelling the market includes:
- • Curtain Wall Systems: Curtain wall systems are witnessing increased adoption, driven by the growing
demand for Grade A+ office spaces and premium hospitality projects, as developers seek high-performance
façade solutions that offer superior aesthetics, energy efficiency, and long-term durability. In 2024,
commercial office stock across the top 7 cities surpassed 700 million Sq ft., boosting the demand for high-
specification unitized façades that meet stringent thermal and acoustic standards.
- • Cladding and Specialized Cladding Solutions: Stone, terracotta, HPL, and fiber cement cladding reflectsincreasing architectural sophistication and sustainability focus. Under India’s Smart Cities Mission, 100cities are mandated to adopt green building norms, propelling demand for ventilated and energy-efficient
cladding systems.
- • Energy-Efficient Façade Materials: Demand for high-performance glazing, low-E coatings, and composite
insulation panels is accelerating, aligned with the Energy Conservation Building Code (ECBC 2022)
adoption across states. Bureau of Energy Efficiency estimates indicate that building envelope improvements
could deliver up to 30% energy savings, pushing builders to upgrade façade specifications, particularly in
mid- to high-rise projects.
As the façade sector progresses toward Fiscal 2030F, it is expected to evolve from a traditional component supplier
to a strategic enabler of sustainable, efficient, and visually distinct urban infrastructure.
Product differentiation, regulatory alignment, and integration of advanced materials are set to drive the next phase ofvalue creation across India’s dynamic façade landscape.
Market Segmentation by Material Type
ACP, Aluminium and Metals are the preferred choice of material in India Facade Products
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Source: Industry Articles, Ken Research Analysis
Note 1: F represents Forecasted figures.
Note 2: FY represents the Financial Year starting 1st April to 31st March.
Note 3: P refers to provisional numbers
Note 4: Mixed-use includes buildings used for both residential and commercial purposes.
The segmentation of façade demand across commercial, residential, industrial, and public infrastructure sectors has
not only diversified product specifications but also altered the geographic concentration of growth. While sector-
specific needs continue to evolve, the intensity of façade investments is becoming increasingly city-driven, influenced
by the scale, maturity, and architectural ambition of developments across Tier 1 markets.
Market Segmentation by Cities
Delhi captured >30.0% of the façade market value, driven by high-value commercial and residential developments
The Indian façade market is geographically concentrated, with Tier 1 cities accounting for the Serviceable
Addressable Market (SAM). This is driven by higher levels of real estate development, infrastructure investment, and
the presence of large-scale, advanced projects that require modern façade systems.
Source: Industry Reports, Industry Articles, Ken Research Analysis
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Source: Industry Reports, Industry Articles, Ken Research Analysis
Note 1: FY represents the Financial Year starting 1st April to 31st March.
Note 2: P refers to provisional numbers
Note 3: The values presented in the table represent the Serviceable Addressable Market (SAM). This includes revenues generated from Commercial,
Residential, Public Infrastructure, and Mixed-Use and Margin segments within Tier 1 cities only.
A similar shift is evident in the fenestration segment, where demand is rising for energy-efficient, acoustically
superior, and design-integrated window and door systems.
As urban development has become more sophisticated, the need for advanced fenestration solutions such as double
or triple-glazed units, thermally broken frames, and automation-ready systems is steadily growing across both
residential and commercial projects.
Fenestration Market Size and Segmentation
India Fenestration Overview and Growth Trajectory
India’s fenestration market is projected to register a CAGR of 12.5 % through Fiscal 2030F, underpinned by strongresidential-sector expansion and rising demand for energy-efficient window and door systems
In Fiscal 2022, India’s fenestration market recorded its highest expansion, 35 % year-on-year, propelled by a 30%
surge in PMAY supported housing completions and accelerated adoption across Tier-1 and Tier-2 cities under the
post-COVID infrastructure stimulus.
By Fiscal 2025P, the market is valued at ₹ 219.2 billion and is projected to grow at a CAGR of 12.5 %, reaching
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₹ 395.4 billion by Fiscal 2030F.
CAGR: 12.5%
CAGR: 11.9%
Source: Industry Articles, Ken Research Analysis
Note 1: F represents Forecasted figures. FY represents the Financial Year starting 1st April to 31st March.
Note 2: P refers to provisional numbers
Fenestration demand is being propelled by rapid high-rise construction, an ₹ 757.0 bn investment pipeline and
stringent green-building regulations.
- • Urbanization: India, the world’s second-largest urban system, is expected to contribute up to 40.0% of the
national GDP by 2030, it is expected to have 1.5 billion population till 2030 with approximately 40.0% urban
population (Crisil Report) driven by rapid urban expansion and economic clustering. NITI Aayog’s GrowthHubs initiative, which redefines city-regions and promotes high-quality, sustainable urban infrastructure, is
accelerating demand for advanced fenestration solutions in emerging economic zones beyond traditional
metros. Example: Launched in 2024, the Surat Economic Region plan targets a US$ 1.5 trillion economy by
2047 through over 50 projects and 20 policy reforms aligned with Viksit Gujarat 2047.
- • Infrastructure development: The real estate sector has also seen investment, with ₹ 757.0 billion investedin 2024, a 51.0% increase from 2023. Additionally, the Pradhan Mantri Awas Yojana (PMAY) 2.0’s isfurther boosting demand, particularly for affordable, low-maintenance uPVC fenestration solutions.
- • Decline in poverty levels indicates rise in middle and high-income group in India: The proportion of
those in the middle and high-income groups increased over the years. India’s per capita income, a broadindicator of living standards, rose from ₹ 94,420.0 in Fiscal 2020 to ₹ 99,403.9 Fiscal 2024 (Crisil report).
This has led to higher demand for advanced fenestration systems such as triple-glazed windows and uPVC
frames in both commercial and residential sectors.
Fenestration continues to account for the largest share of the Indian Façade and Fenestration Market, supported by
residential demand and infrastructure rollout, but faces persistent challenges such as:
- • Intense Competition from International Brands (Supply Side Challenge): The Indian hardware industry
is grappling with intense competition from international brands, particularly from Turkey, China, and
Europe. These global players leverage superior quality, advanced technologies, and competitive pricing to
gain an edge, presenting significant challenges to Indian manufacturers.
-
-
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Source: Industry Articles, Ken Research Analysis
Note 1: FY represents the Financial Year starting 1st April to 31st March.
Note 2: Others represent all the remaining Tier 2, 3, 4 and 5 cities such as Kanpur, Meerut, Jaladhar, etc.
Note 3: P refers to provisional numbers
In Fiscal 24, the residential sector contributed approximately 81 % of India’s total real-estate value, positioning
premium housing developments as the principal catalyst for high-end fenestration demand. To execute these
sophisticated projects, top EPC contractors – Larsen & Toubro, Shapoorji Pallonji, Tata Projects and NCC, are forging
alliances with specialist system providers such as Aluplex, Yes System (a GWS subsidiary) and Schüco India to
deliver advanced, luxury-grade window and door assemblies.
Luxury Fenestration- Residential
The Luxury Fenestration market is predominantly driven by the residential segment, underpinned by the rapidgrowth of India’s ultra-high-net-worth individual population.
Given the dominance of high-end residential projects in Tier I cities, the luxury fenestration segment merits focusedanalysis. Valued at approximately ₹ 25.2 billion in Fiscal 2025P, this segment has expanded at a CAGR of 16.0%
between Fiscal 2020 and Fiscal 2025P, driven in large part by the growing population of India’s ultra-high-net-worth
individuals, whose demand for bespoke, performance-driven window and door systems continues to accelerate.
