HRS Aluglaze Limited is a specialised aluminium fabrication, façade, glazing, and architectural solutions company offering windows, doors, curtain walls, cladding, and complete façade systems for residential, commercial, institutional, and industrial clients. The company earns revenue primarily from façade contracting, glazing works, aluminium fabrication, and project execution services delivered pan-India. Their products are used in real estate projects, commercial buildings, hospitals, industrial structures, and high-rise residential towers. With rising demand for premium fenestration solutions, the company delivers both standard and fully customised architectural systems.

Key Clients and Major Facilities

The company serves reputed real estate developers, builders, architects, institutions, and government undertakings, with a majority of orders coming from long-term repeat clients. Its primary manufacturing facility is located at Rajoda, Bavla, Ahmedabad, covering 11,176 sq. meters, equipped with CNC machinery, powder-coating lines, 12-axis routers, punching systems, testing equipment, and assembly lines. A large expansion of 13,714 sq. meters is planned on adjoining land to significantly boost capacity. Administrative operations are handled from the registered office in Ahmedabad. With a total workforce of 90 employees and additional contract manpower, the company maintains strong execution capability.

Product Portfolio and Order Book Position

HRS Aluglaze operates in the aluminium architectural systems segment, providing windows, doors, façade panels, cladding sheets, curtain walls, structural glazing systems, railings, and fenestration solutions. These products form a critical part of the clients' building lifecycle, contributing to aesthetics, insulation, energy efficiency, safety, and structural design. With the company’s ability to provide end-to-end solutions from design to installation, clients rely on them at an early phase of project planning. Rising real-estate activity has resulted in strong order flows, and the company has executed 45 projects in H1 FY26, 70 projects in FY25, and 65 in FY24, highlighting steady demand and delivery. Order execution efficiency remains a core strength supported by in-house design, engineering, and manufacturing capabilities.

Capex Expansion, Mergers, and Future Growth Plans

The company is executing a major capacity expansion at Rajoda, adding 13,714 sq. meters to support rising demand for façade and aluminium systems. Additional investments include an automated 7-tank powder coating line, a 12-axis CNC machine, and a planned 1 MW solar power plant to reduce energy cost and dependency. Geographical expansion is also underway, with plans to set up new showrooms, experience centres, and regional offices across India. These initiatives are structured to support long-term scalability, improved margins, and diversification of revenue. The company is not involved in any major merger but is fully focused on expanding its in-house infrastructure for future growth.

Employees and Banker

As of Sep 30, 2025, the company had 72 permanent employees. The Banker to the Company is State Bank of India,

Management and Their Vision

HRS Aluglaze Limited is led by a technically strong team comprising engineers and industry specialists. The leadership includes experts in façade engineering, project management, manufacturing optimisation, and large-scale project execution. Their vision focuses on enhancing operational efficiency, expanding capacity, adopting advanced machining technologies, and ensuring sustainable growth through energy-efficient manufacturing. Funding for expansion is planned through IPO proceeds, internal accruals, and improved working capital utilisation. Long-term targets include pan-India expansion, deeper penetration in commercial and institutional projects, and diversification into high-performance architectural systems.

Industry Overview

The company operates within the Indian aluminium fabrication, façade, and architectural glazing industry, which is closely linked to construction and real estate growth. The Indian façade and fenestration industry is growing rapidly due to urbanisation, premium housing, smart cities, and rising demand for energy-efficient buildings. Globally, the façade market is driven by advanced architecture, sustainability norms, and modern urban infrastructure. India’s market is expected to grow in double digits as commercial buildings, industrial parks, hospitals, hotels, and residential towers continue expanding. Strong demand for aluminium systems, which are cost-efficient, lightweight, and durable, supports sector expansion. With organised players gaining share from unorganised fabricators, companies with advanced CNC-led infrastructure like HRS Aluglaze stand to benefit significantly.

Major Risk Factors

1. High Industry Competition

The façade and aluminium fabrication sector is highly fragmented with many unorganised contractors and regional players offering low-cost services. This intense price competition may affect margins, project acquisition, and overall profitability despite the company’s strong execution capabilities.

2. Raw Material Price Volatility

Aluminium, glass, and hardware components form the bulk of material costs. Any sharp increase in aluminium prices, import duties, or supply chain disruptions could adversely impact project costs and profitability if not passed on to clients in time.

3. Client Concentration Risk

A significant share of revenue is derived from a few large developers. Dependency on key clients poses risks in case of project delays, cancellations, or financial stress within the real-estate sector, directly affecting cash flows and order execution.

4. Project Execution Delays

Façade and glazing projects depend on coordination with multiple contractors at client sites. Delays in civil work, material approvals, or design clearances can extend timelines, impacting billing schedules and working capital cycles.

5. Working Capital Intensive Model

The business requires continuous investment in materials, labour, and production. Delayed payments from clients or unexpected project cost overruns may stress working capital and increase reliance on short-term borrowings.

6. Regulatory and Safety Compliance

The company must comply with building codes, safety certifications, labour regulations, and environmental norms. Failure to meet compliance standards can lead to penalties, project delays, or damage to reputation in the competitive construction ecosystem.

Key Strengths and Opportunities

1. Strong Design-to-Execution Capability

The company provides complete solutions from design, estimation, fabrication, quality testing, to project installation. This integrated approach reduces dependency on third parties and ensures consistent quality, enabling the company to execute large multi-storey façade projects efficiently.

2. Advanced Manufacturing Infrastructure

With CNC cutting systems, 12-axis routers, powder-coating lines, and a 422 kW solar plant, the company has a technologically superior facility compared to typical local fabricators. This strengthens precision, productivity, and cost efficiency across operations.

3. Rapid Revenue Growth and Strong Order Pipeline

Revenue increased significantly from ₹2,255.28 lakh (FY23) to ₹4,210.85 lakh (FY25). The company executed 45 projects in H1 FY26 alone, indicating a strong order book and rising customer demand across commercial and residential segments.

4. ISO and ZED Bronze Certifications

With ISO 9001:2015 and MSME ZED Bronze certifications, the company ensures superior quality standards. These certifications improve its eligibility for government projects and institutional orders, giving it a competitive advantage in large-scale bids.

5. Expansion-Driven Future Growth

The upcoming 13,714 sq. meter facility, 1 MW solar plant addition, and geographical expansion strategy position the company for multi-year growth. Increased capacity will allow it to serve larger and more diverse projects across India.

6. Strong Client Relationships

A large portion of business comes from repeat clients, reflecting trust in the company’s quality and timely execution. This loyalty supports long-term revenue visibility, faster order conversion, and increased market penetration.