HRS Aluglaze Limited is engaged in the business of design, manufacturing, and installation of a wide range of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems. These solutions are carefully tailored to meet the specific requirements of builders, contractors, architect, and institutions, with both standard and customized options and requirements and the Company also provide material supply and procurement support. Company's manufacturing facility is located in Village Rajoda, Taluka Bavla, Ahmedabad, Gujarat, and currently spans approximately 11,176 square meters of area. With in-house infrastructure, CNC precision machinery, and powder coating facilities, they maintain quality standards across all operations. They have proposed an expansion of approximately 13,714 square meters adjoining to current facility area. The Company has successfully completed several projects across commercial complexes, residential towers, industrial facilities, and government infrastructure. As on September 30, 2025, they have a pipeline of 28 active projects, which together are expected to contribute approximately Rs 10,307.07 Lakhs (Rs 103.07 crores) in revenue. The company is ISO 9001:2015 certified. They have also been awarded the MSME ZED Bronze Certification by the Ministry of Micro, Small and Medium Enterprises. As per financial performance, HRS Aluglaze Limited has posted total income / net profits of Rs 22.68 / 0.86 Cr (FY23), Rs 26.97 / Rs 1.78 Cr (FY24), Rs 42.14 Cr / 5.14 Cr (FY25) and Rs 26.34 Cr / 4.53 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO raises doubts. Also high value for trade receivables (around 31% of FY25 total sales), higher inventory (around 36% of FY25 total sales) and high borrowings generates questions. Company has an average EPS of Rs 2.62 and average RoNW of 26.84% for last three fiscals. Order book as on 30.09.25 is around Rs 103/- Cr. Issue is priced at a P/BV of 5.45 as per NAV of Rs 17.61/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 103.62, 35.97 and 20.40 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Cumulative Capital Private Limited is associated with this SME IPOs, and has handled 3 IPOs in last three fiscal years. From last 3 IPOs, all opened above issue price or at par, on the day of listing. As of now, from last 3 IPOs, one is trading below issue price and remaining all are trading above issue price or at par. ( As on 08.12.25 ) As per financials, HRS Aluglaze Limited has shown good growth, RoNW is 34.24% and P/E is 103.62, 35.97 and 20.40 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks aggressively priced, also sudden rise in net-profit just before IPO, higher trade receivables, high inventory and high borrowings raises doubts. The positive sign is healthy order book of around Rs 103/- Cr. Company is engaged in the business of design, manufacturing, and installation of a wide range of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems, which is competitive business segment. Performance of BRLM is average. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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