HRS AluglazeShare price, financial results, shareholding and management
- Market cap
- ₹479 cr
- Stock P/E
- 46.9peers 12.7
- Book value
- ₹38.9
- Price to book
- 6.39
- EV / operating profit
- -
- Market cap to sales
- 7.09
- ROCE · FY26
- 19.4%
- ROE · FY26
- 21.5%
- ROE, 3-year average
- 26.5%
- Operating margin · FY26
- 27.0%peers 12.9%
- Sales growth, 3 years
- 43.2%
- Profit growth, 3 years
- 116.9%
- Debt to equity
- 0.52peers 0.37
- Borrowings
- ₹39 cr
- Interest cover
- 5.6×
- Cash from business / op. profit
- -61%
- Debtor days
- 96
- Pledged
- 0.00%
- Promoter holding
- 72.49%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 292
- 52-week high / low
- ₹293 / ₹126
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
HRS Aluglaze share price chart
Close on 5 Nov 2026 · +2.92% on the day · Vol 10,000
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- -5.2%
- 3 months
- -1.0%
- 6 months
- +19.9%
- Traded a day, 20 days
- ₹0.80 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +61% | +104% |
| 3 years, a year | +43% | +117% |
| Latest half, H2 FY26 | +87% | +468% |
About HRS Aluglaze: business, products and customers
HRS Aluglaze designs, makes and fits aluminium and glass windows, doors, glass walls and cladding for homes, offices, factories and public buildings. It is based in Ahmedabad and its shares trade on BSE SME.
HRS Aluglaze was set up in 2012 and is run by Managing Director Rupesh Pravinbhai Shah. At its plant at Rajoda near Ahmedabad it powder-coats aluminium sections, cuts and machines them on CNC machines, assembles windows, doors, curtain walls, cladding, railings and uPVC windows, and then installs them on site. Customers are property developers, contractors and institutions; recent jobs include high-rise homes by Riviera, the Trogon Twin Towers, KEC and the Micron semiconductor plant at Sanand.
The business model shapes the numbers. Work is won project by project, often through bidding, and customers place purchase orders that fix a price per unit with no firm volume commitment, so a rise in aluminium or glass prices before the price can be reset comes out of the company's margin. Margins have widened as the company brought powder coating, fabrication and power from its own rooftop solar plant in-house. Because each job runs for months, money is tied up in material, work in progress and customer dues, and cash from operations has lagged reported profit.
Read more about the business
The offer document describes a fragmented industry of regional and national façade, glazing and aluminium firms, organised and unorganised, some with lower prices or more financial room; it names no listed competitor.
What is new: an automated assembly and glass glazing line at Rajoda funded from the December 2025 listing, a proposed extension of about 13,714 square metres beside the existing plant, and the purchase of the façade business assets of Geotrix Building Envelope, which a new 67% subsidiary, Geotrix Private Limited, runs under licence with the experience of Selvam Ramanathan, formerly of Permasteelisa Pacific.
From the offer document (red herring prospectus), the FY26 annual report, the May 2026 investor presentation and the company's disclosure of the Geotrix asset purchase of 6 May 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 43% a year over three years.
- The promoters own a large part of the company: 72.49%.
To watch
- Execution of the order book of more than ₹142 cr over the next twelve to twenty-four months (Annual report FY26, p.53).
- Completion of the assembly and glass glazing line at Rajoda with the ₹6.9 cr of listing money still unspent at March 2026 (Annual report FY26, p.139).
- First results from the Geotrix subsidiary and its licence of the acquired assets (Annual report FY26, p.55 and p.56).
- The Trogon Twin Towers job, due to run until June 2027 (Investor presentation, May 2026, p.7).
- Customers take longer to pay than before: 96 days in FY26, against 48 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
HRS Aluglaze revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
HRS Aluglaze half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 22 | 26 | 41.20 |
| Expenses | 18 | 18 | 31.70 |
| Operating profit | 4 | 8 | 9.49 |
| OPM | 17.0% | 32.0% | 23.0% |
| Interest | 1 | 1 | 1.18 |
| Depreciation | 1 | 1 | 0.98 |
| Profit before tax | 2 | 6 | 7.63 |
| Net profit | 1 | 5 | 5.68 |
HRS Aluglaze profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 23 | 27 | 42 | 67.53 |
| Expenses | 21 | 23 | 31 | 49.53 |
| Operating profit | 2 | 4 | 11 | 18 |
| OPM | 8.0% | 13.0% | 25.0% | 27.0% |
| Other income | 0 | 0 | 0 | 0.31 |
| Interest | 1 | 1 | 3 | 3 |
| Depreciation | 0 | 0 | 1 | 2 |
| Exceptional and other items | · | -1 | · | · |
| Profit before tax | 1 | 2 | 7 | 13.76 |
| Tax rate | 0.0% | 0.0% | 28.6% | 25.8% |
| Net profit | 1 | 2 | 5 | 10.21 |
| EPS ₹ | 1.34 | 2.75 | 7.74 | 5.30 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
HRS Aluglaze profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 8.0% | 13.0% | 25.0% | 27.0% |
| Tax rate | 0.0% | 0.0% | 28.6% | 25.8% |
| ROCE | · | 10.2% | 21.7% | 19.4% |
| ROE | · | 23.5% | 34.5% | 21.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
HRS Aluglaze debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
HRS Aluglaze balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 6 | 6 | 7 | 19 |
| Reserves | 2 | 3 | 13 | 56 |
| Net worth | 8 | 9 | 20 | 75 |
| Borrowings | 18 | 24 | 39 | 39 |
| Other liabilities | 8 | 9 | 22 | 23 |
| Total liabilities | 34 | 42 | 81 | 137 |
| Fixed assets | 7 | 28 | 46 | 46 |
| Capital work in progress | 14 | 0 | 0 | 16 |
| Investments | 0 | 0 | 0 | 8 |
| Other assets | 13 | 14 | 35 | 67 |
HRS Aluglaze cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | -2 | 1 | 4 | -11 |
| Cash from investing | -17 | -7 | -21 | -32 |
| Cash from financing | 19 | 5 | 17 | 43 |
| Net cash flow | 0 | -1 | 0 | 0 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 48 | 62 | 114 | 96 |
| Inventory days | 78 | 145 | 294 | 398 |
| Days payable | 110 | 175 | 224 | 154 |
| Cash conversion cycle | 16 | 32 | 185 | 340 |
| Working capital days | -20 | -33 | -26 | 117 |
HRS Aluglaze peers and competitors
Listed SME companies in the same industryBy sales, HRS Aluglaze is number 35 of the 55 listed SME companies in industrial manufacturing.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Sona Machinery | 42 | - | 84.5 | -3.5 | -4.1% | 0.11 |
| Srigee Dlm | 47 | 6.9 | 72.3 | 6.9 | 8.0% | 0.20 |
| Laxmipati Engineering Works | 248 | 9.2 | 72 | 27 | 18.0% | 0.47 |
| SM Auto Stamping | 41 | 12.3 | 71.3 | 3.4 | 5.8% | 0.29 |
| Admach Systems | 337 | 33.7 | 69 | 10 | 19.0% | 0.00 |
| HRS Aluglaze | 479 | 46.9 | 67.5 | 10.2 | 27.0% | 0.52 |
| Global Pet Industries | 193 | 36.4 | 55.6 | 5.3 | 9.6% | 0.00 |
| Skytech Infinite Platform | 31 | 7.4 | 51.7 | 4.2 | 12.9% | 0.49 |
| Roopa Screen | 118 | 18.2 | 50.7 | 6.5 | 19.9% | 0.45 |
| Sunita Tools | 772 | 124.8 | 46.9 | 6.2 | 20.3% | 0.61 |
| Vruddhi Engineering Works | 39 | 12.7 | 43 | 3.1 | 13.0% | 0.55 |
| Median of the 10 others | 83 | 12.7 | 62.3 | 5.7 | 12.9% | 0.37 |
HRS Aluglaze shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
HRS Aluglaze shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 25 | Mar 26 | |
|---|---|---|
| Promoters | 72.49% | 72.49% |
| Foreign investors (FIIs) | 4.78% | - |
| Indian institutions (DIIs) | 8.13% | - |
| Number of shareholders | 995 | 292 |
HRS Aluglaze study: the business from its own documents
Read from 6 of the company's own documentsHRS Aluglaze key facts from the filings
Each figure with the document it comes from
- Order book
- ₹142 cr+
- Confirmed orders at March 2026, which the company says give visibility over the next twelve to twenty-four months.Annual report FY26, p.53
- Plant capacity
- 15,00,000 sq ft
- Yearly capacity after an expansion from 6,00,000 sq ft; use fell to 48.49% in FY25 from 95.55% in FY24.Offer document, p.177
- Top ten customers
- 76.90%
- Share of revenue in the half year to September 2025, down from 92.52% in FY23; the largest customer gave 15.73%, against 52.10% in FY24.Offer document, p.37
- Gujarat
- 93.2%
- Share of revenue from the home state shown in the FY26 investor presentation; Maharashtra, Telangana and Tamil Nadu make up the rest.Investor presentation, May 2026, p.6
- Repeat clients
- About 80%
- Share of revenue the company says comes from clients who have used it before.Investor presentation, May 2026, p.23
Show 5 more facts
- Largest live project
- 2,80,000 sq ft
- Unitised glazing at the Trogon Twin Towers, running from January 2026 to June 2027.Investor presentation, May 2026, p.7
- Micron and KEC
- ₹3.2 cr and ₹7.3 cr
- Contract values of two ongoing industrial jobs, glazing and cladding for the Micron plant at Sanand and for KEC.Annual report FY26, p.17
- Listing money
- ₹50.9 cr
- Raised at ₹96 a share in December 2025; ₹7.4 cr was unspent at March 2026, mostly for the glazing line.Annual report FY26, p.139
- Geotrix assets
- ₹6.7 cr
- Façade business assets bought by slump sale and licensed to the 67% subsidiary for ₹0.80 cr a year.Announcement, 6 May 2026, p.1; Annual report FY26, p.55
- Inventory turnover
- 136 days
- Days of stock in FY26 by the audited ratio, up from 92 days, as the order book grew.Annual report FY26, p.85
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says its confirmed order book of more than ₹142 cr at March 2026 gives revenue visibility over the next twelve to twenty-four months; it has not given sales or profit guidance. Its plans are to finish the assembly and glass glazing line at Rajoda with the remaining listing money, extend the plant by about 13,714 square metres, add a 1,000 kWp solar plant, and grow the Geotrix façade business in Tamil Nadu while bidding for larger jobs in West Bengal and Telangana.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns its money designing, making and fitting aluminium and glass building fronts, and has widened its margin by doing more of the work in its own plant.
Its weak spots are that work is won job by job at fixed prices, most of it in one state, and that each job ties up a lot of cash.
WatchCan it set its own prices?Jobs are often won by bidding and priced per unit up front, so it carries the risk of metal and glass prices rising before it can reset them.
AverageHow strong is it against rivals?Its own coating, CNC and solar set-up give it cost and timing control, but the industry is crowded with regional players, some cheaper.
AverageWho are its customers?Developers, contractors and institutions, now less dependent on a single client but still concentrated in a few names and mostly in Gujarat.
WatchDoes it need a lot of money?Yes: long jobs tie up stock and customer dues, and much of the listing money went straight into working capital.
StrongCan it keep finding new work?Orders in hand cover well over a year of sales and most revenue comes from returning clients, though there are no firm long-term contracts.
AverageDo good and bad years swing a lot?Sales have grown each year, but plant use and the weight of single large clients have moved sharply from year to year.
Who runs HRS Aluglaze?
Promoters, directors and officers; tap a name for the background
RPRupesh Pravinbhai ShahPromoter, Chairman and Managing Director
Undergraduate studies in commerce at Gujarat University; with the company since it was formed in March 2012 and managing director since May 2025, overseeing manufacturing, procurement and distribution; the annual report gives 13 years in manufacturing. The offer document records Rupesh Pravinbhai Shah and Pinky Rupesh Shah as husband and wife, and Hrishikesh Rupesh Shah as their son.
Annual report FY26, p.20; Offer document, p.226PRPinky Rupesh ShahPromoter and Executive Director
Undergraduate studies in commerce at Gujarat University; an executive director since March 2012 with over 13 years in manufacturing, in charge of risk management, client relationships and planning.
Annual report FY26, p.20HRHrishikesh Rupesh ShahPromoter and Executive Director
With the company since July 2024, responsible for technology, compliance, legal matters and expansion.
Annual report FY26, p.20SJShail Jayesh ShahIndependent Director
Chartered accountant with 13 years in finance; executive director, finance, and chief financial officer of GSP Crop Science; on the board since May 2025.
Annual report FY26, p.21HHHeta Hiren ShahIndependent Director
Metallurgical engineer with a postgraduate diploma in human resource management and over 5 years of experience, now at Vedanta; on the board since May 2025.
Annual report FY26, p.21NNNiki Nitin ThakkarIndependent Director
Advocate registered with the Bar Council of Gujarat with an MBA in finance, practising corporate law since 2021; on the board since May 2025.
Annual report FY26, p.21OSOswal Samirkumar KantilalChief Financial Officer
M.Com and B.Com from Gujarat University with 15 years in accounting and finance; with the company since September 2017 and chief financial officer since May 2025.
Annual report FY26, p.22ARAshish Ram JadhavPresident, Façades
Diplomas in mechanical and production engineering and the Senior Management Programme at IIM Ahmedabad, with long experience at Godrej & Boyce and SP Fabricators; joined in October 2024 to run production and project execution.
Annual report FY26, p.22HRS Aluglaze latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹41.2 cr (+87%), net profit ₹5.7 cr (+468%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 72.49%.
HRS Aluglaze announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74(5) of the SEBI(Depositories and Participants) Regulations, 2018 for the quarter ended 30/09/2026PDF ↗
- AGM/EGMProceeding of 14th Annual General Meeting of HRS Aluglaze LimitedPDF ↗
- Insider Trading / SASTIntimation for closer of Trading Window under SEBI( PIT) Regulation, 2015 for the half year ended on 30/09/2026PDF ↗
- Company UpdateIntimation of Schedule of Investor/Analyst meet on 25/09/2026PDF ↗
HRS Aluglaze annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
- 31 May 2026 ↗read
- 31 Jan 2026 ↗read
HRS Aluglaze share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on HRS Aluglaze's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,92,82,125 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY25 (₹7.74) and FY26 (₹5.30) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about HRS Aluglaze
What does HRS Aluglaze do?
HRS Aluglaze designs, makes and fits aluminium and glass windows, doors, glass walls and cladding for homes, offices, factories and public buildings. It is based in Ahmedabad and its shares trade on BSE SME.
What is the share price of HRS Aluglaze?
₹248 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of HRS Aluglaze?
₹479 cr at the close on 5 Nov 2026, on 1,92,82,125 shares.
What is the P/E of HRS Aluglaze?
46.9 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are HRS Aluglaze's revenue and profit?
Revenue ₹68 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of HRS Aluglaze?
Rupesh Pravinbhai Shah, Pinky Rupesh Shah, Hrishikesh Rupesh Shah; promoters held 72.49% at 31 March 2026.
What is HRS Aluglaze's website?
www.hrsaluglaze.com
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Built from 3 investor presentations, 2 annual reports, 1 offer document, 4 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.