Asahi India Glass Q2 FY27 results: net profit up 187.5% to ₹167.28 crore, revenue up 37.7%

How did Asahi India Glass perform in Q2 FY27?

Asahi India Glass reported consolidated Q2 FY27 revenue of ₹1,586 crore, compared with ₹1,151 crore in Q2 FY26 and ₹1,413 crore in Q1 FY27. EBITDA was ₹346.23 crore at a 21.8% margin, against ₹188.26 crore and 16.4% in the year-ago quarter. Profit before tax was ₹226.44 crore, compared with ₹70.77 crore in Q2 FY26 and ₹202.88 crore in Q1 FY27.

The company reported a net profit of ₹167.28 crore in Q2 FY27, up from ₹58.19 crore in Q2 FY26 and ₹149.08 crore in Q1 FY27. Basic EPS was ₹6.56, compared with ₹2.22 a year earlier and ₹5.85 in the previous quarter. On the standalone basis, revenue was ₹1,474.1 crore and profit after tax was ₹170.73 crore.

What changed in Asahi India Glass' costs and profit?

Total expenses were ₹1,365 crore in Q2 FY27, up ₹273.17 crore or 25.0% from ₹1,091 crore in Q2 FY26. Cost of materials rose ₹112.33 crore to ₹415.96 crore, employee cost increased ₹29.14 crore to ₹145.04 crore, depreciation rose ₹11.37 crore to ₹80.35 crore, and other expenses increased ₹152.66 crore to ₹652.99 crore. Finance costs fell ₹14.81 crore to ₹44.63 crore.

Other income declined ₹5.74 crore to ₹5.19 crore from ₹10.93 crore in Q2 FY26, while tax increased ₹47.07 crore to ₹59.45 crore. The company reported no exceptional item. Management attributed the year-on-year improvement in float-glass performance to better product mix, F2 operating at full capacity instead of a cold-repair period, and improved operational efficiencies, while higher automotive volumes reflected passenger-vehicle demand.

Sequentially, cost of materials rose ₹55 crore to ₹415.96 crore and other expenses increased ₹23.58 crore to ₹652.99 crore. Management said automotive margins were affected by inflation in logistics, manpower and consumables, the ramp-up of capacity at Patan and Chennai, and stabilisation of 12 new car-model launches. Other income fell ₹0.56 crore to ₹5.19 crore, finance costs fell ₹2.10 crore to ₹44.63 crore, and tax rose ₹5.88 crore to ₹59.45 crore.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue was ₹2,999.19 crore, up ₹619.23 crore or 26.0% from ₹2,379.96 crore in H1 FY26. Total income rose 25.3% to ₹3,010.13 crore from ₹2,401.66 crore. Profit before tax increased ₹282.72 crore to ₹429.32 crore from ₹146.6 crore.

Net profit for the first half was ₹316.36 crore, compared with ₹112.98 crore in H1 FY26, while basic EPS rose to ₹12.41 from ₹4.42. The company’s release also reported H1 EBITDA of ₹682.0 crore, up 69.5% from ₹402.3 crore, and an EBITDA margin of 22.7% against 16.8%.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹8,314.46 crore, compared with ₹7,772.25 crore at 31 March 2026. Total equity was ₹4,199.87 crore against ₹3,934.17 crore, borrowings were ₹2,147.27 crore against ₹2,058.67 crore, and cash was ₹294.46 crore against ₹245.31 crore.

Inventories increased to ₹1,393.42 crore from ₹1,226.58 crore, trade receivables rose to ₹615.88 crore from ₹508.69 crore, and trade payables were ₹1,027.28 crore against ₹891.31 crore. H1 FY27 operating cash flow was ₹298.3 crore, compared with ₹141.73 crore in H1 FY26; investing cash flow was -₹194.94 crore against -₹346.83 crore, and financing cash flow was -₹64.58 crore against ₹984.1 crore. Capital expenditure was ₹197.45 crore, compared with ₹363.73 crore a year earlier.

How has Asahi India Glass done over the last 8 quarters?

Revenue rose in each of the last four quarters on a year-on-year basis and reached a high of ₹1,585.8 crore in Q2 FY27. The lowest revenue in the reported series was ₹1,124.3 crore in Q3 FY25, while the latest quarter was above the ₹1,413.39 crore recorded in Q1 FY27.

Net profit bottomed at ₹54.79 crore in Q1 FY26 and reached a high of ₹167.28 crore in Q2 FY27, after ₹149.08 crore in Q1 FY27. EBITDA margin also reached its series high of 23.0% in Q1 FY27 before easing to 21.8% in the latest quarter; profit had risen year on year for the last two quarters.

Which businesses drove the quarter?

Automotive Glass revenue was ₹1,065.92 crore in Q2 FY27, up 30.8% from ₹814.91 crore in Q2 FY26. Segment EBIT was ₹131.35 crore, compared with ₹77.61 crore, at a 12.3% margin. The company said higher automotive volumes reflected passenger-vehicle demand.

Float Glass revenue rose 58.4% to ₹608.07 crore from ₹383.89 crore, while EBIT was ₹137.16 crore against ₹39.57 crore and the margin was 22.6%. Management cited better product mix, F2 operating at full capacity rather than during the previous year’s cold repair, and improved operational efficiencies.

Others revenue increased 29.8% to ₹244.3 crore from ₹188.16 crore. Segment EBIT fell to ₹0.61 crore from ₹6.9 crore, with a margin of 0.2%. Management reported that Q2 profit before tax for Consumer and Others fell 91.2% to ₹0.6 crore.

What else did the company announce?

On 3 November 2026, Asahi India Glass filed its press release and investor presentation with the National Stock Exchange and the BSE. The release covered unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 and reported Q2 FY27 revenue growth of 36.9% and an EBITDA margin of 22.1% on the total-income basis used by the company.

A board meeting intimation filed on 27 October 2026 stated that the directors would meet on 3 November 2026 to approve and take on record the unaudited financial results for Q2 and H1 FY27. The filing also stated that the trading window for directors, officers, designated employees and their immediate relatives was closed from 15 October 2026 until 48 hours after publication of the results.

What did Asahi India Glass' management say?

Management described Q2 FY27 as the company’s best-ever quarter of financial performance and attributed automotive growth to passenger-vehicle demand and premiumisation. It said float-glass results benefited from a better product mix, F2 operating at full capacity and improved operational efficiencies. COGS including energy costs remained elevated, although renewable-energy procurement and efficiency gains partly mitigated the impact.

Management said the approved investment roadmap for the next five years covers greenfield and brownfield capacity expansion, new technology products and processes, stronger vertical integration, enhanced customer proximity and indigenous capabilities. It also said Phase III tempered operations at Patan were commissioned and laminated capacity at Chennai was expanded during Q2 FY27, with both ramping up.

Management identified input and energy inflation, logistics, manpower and consumables inflation, new-capacity ramp-up and the sequential stabilisation of 12 model launches as pressures on automotive margins. It described dumped imports as an unfair trade environment and said Minimum Import Price support was continuing. Management also said the company would focus on asset utilisation, cost optimisation and productivity.

How did Asahi India Glass shares react?

The stock rose 2.7% within five minutes of the filing appearing, 1.5% after 15 minutes and 2.7% after 30 minutes. On the reaction day, it closed 4.4% above the previous close of ₹952.00. By the next day’s close, it was up 3.5% from that pre-results close.

The Auto Components & Equipments industry’s median move was 0.7% on the reaction day and 2.0% by the next day’s close. Asahi India Glass therefore exceeded the sector median by 3.7 percentage points on the reaction day and 1.5 percentage points by the next close. Earlier reaction-day moves were 3.8% on 5 August 2026, 3.6% on 27 May 2026, 4.0% on 30 January 2026 and -5.2% on 5 November 2025.

How did other Auto Components & Equipments companies do?

Among 44 other Auto Components & Equipments companies that had filed for the quarter, the median revenue growth was 33.6%. Thirty peers grew more slowly than Asahi India Glass and 14 grew faster. Of 45 peers for which profit was compared, 35 reported higher profit.