NSE: ASAHIINDIA · BSE: 515030
ASAHI INDIA GLASS LIMITED
Makes automotive glass and float glass in India. The Automotive Glass segment — supplying windshields, side and rear windows for passenger and commercial vehicles to vehicle manufacturers — generated ₹3,382.97 crore in FY26, or 57.0% of segment revenue. Float Glass, the upstream flat-sheet glass operation, accounted for ₹1,753.95 crore (29.5%) and serves architectural and downstream glass fabricators. The Others segment — covering architectural, value-added and consumer glass products — contributed ₹802.58 crore (13.5%). Consolidated FY26 revenue was ₹4,989.93 crore, up 8.5% year-on-year. The cost stack is led by other operating expenses at 42.1% of revenue (which includes power and fuel, these rising to ₹76,024 lakhs) and raw materials at 29.1%. The business is capital-intensive, with capex at 13.4% of revenue and depreciation at 5.7%. Net profit on a consolidated basis stood at ₹345.06 crore, with reported FY26 finance costs running sharply higher as the company expanded capacity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automotive Glass (57%), Float Glass (30%), Others (14%). Capital-intensive glass manufacturing — float glass furnaces plus auto-glass processing lines, heavy capex and depreciation
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,173 | 4,019 | 4,357 | 4,594 | 4,990 |
| EBITDA (ex other income) | 764 | 795 | 738 | 798 | 906 |
| margin % | 24.1 | 19.8 | 16.9 | 17.4 | 18.2 |
| Owners' profit | 345 | 365 | 328 | 371 | 345 |
| EPS, as reported (₹) | 14.18 | 15.01 | 13.49 | 15.27 | 13.82 |
| ROE % · ROCE % | 19.7 · 23.0 | 17.6 · 22.0 | 13.9 · 15.0 | 24.9 · 13.0 | 8.8 · 10.8 |
| Debt / equity (x) | 0.69 | 0.66 | 0.81 | 0.96 | 0.52 |
| Cash from operations | 614 | 418 | 661 | 723 | 502 |
| Capex | (101) | (325) | (901) | (1,268) | (666) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,158 | 1,124 | 1,180 | 1,229 | 1,151 | 1,256 | 1,354 | 1,413 |
| Profit before tax | 139 | 141 | 124 | 76 | 71 | 133 | 179 | 203 |
| Net profit | 95 | 105 | 157 | 55 | 58 | 99 | 133 | 149 |
| EPS (₹) | 3.93 | 4.34 | 3.80 | 2.31 | 2.22 | 3.90 | 5.20 | 5.85 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Automotive Glass | 3,383 | 57.0 |
| Float Glass | 1,754 | 29.5 |
| Others | 803 | 13.5 |
| Total, before eliminations | 5,940 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.6 | 25.3 | 98 of 119 | 18% |
| P/B | 6.0 | 3.2 | 92 of 117 | 22% |
| ROCE | 7.5 | 12.6 | 92 of 125 | 27% |
| ROE | 8.8 | 11.7 | 77 of 117 | 35% |
| Debt / Equity | 0.5 | 0.3 | 82 of 117 | 30% |
| EBITDA margin | 23.4 | 12.2 | 13 of 118 | 90% |
| Revenue growth | 15.0 | 20.2 | 79 of 113 | 30% |
| Profit growth | 172.1 | 24.4 | 15 of 115 | 88% |
| Market cap | 23451 | 1460 | 14 of 126 | 90% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve Q2 and half-year results on November 3, 2026 | results | low | — | — |
| 13 Oct 2026 · Compliance certificate under SEBI DP regulations for Q2 FY26-27 | compliance | minimal | — | — |
| 7 Oct 2026 · Special window for re-lodgement of physical share transfer requests | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closure from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 22 Sept 2026 · AGM voting results: all 9 resolutions passed with strong majority | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Asahi India Glass 41st AGM: Rs 2 dividend and related party deals approved | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Asahi India Glass: Notice of 41st AGM on September 18, 2026 via video conferencing | compliance | minimal | — | — |
| 28 Aug 2026 · Asahi India Glass announces 41st AGM on Sep 18, Rs 2 dividend | compliance | minimal | — | — |
| 27 Aug 2026 · AGM notice on Sept 18, 2026 with Rs. 2 dividend and related party approvals | board shareholder meetings | low | — | — |
| 20 Aug 2026 · IEPF transfer notice for unclaimed dividends and shares | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.