Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹21,318Cr
Rev Gr TTM
Revenue Growth TTM
6.55%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

ASAHIINDIA
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 13.6 | 18.0 | 10.4 | 3.4 | 3.0 | 4.0 | 3.4 | 7.7 | 6.8 | 8.5 | -0.6 | 11.7 |
| 902 | 880 | 934 | 880 | 925 | 951 | 945 | 949 | 983 | 1,036 | 963 | 1,005 |
Operating Profit Operating ProfitCr |
| 15.9 | 19.2 | 16.6 | 15.7 | 16.3 | 16.0 | 18.4 | 15.6 | 16.7 | 15.7 | 16.4 | 19.9 |
Other Income Other IncomeCr | 9 | 7 | 8 | 2 | 0 | 5 | 7 | 46 | 9 | 11 | 11 | -2 |
Interest Expense Interest ExpenseCr | 26 | 34 | 34 | 34 | 33 | 32 | 31 | 32 | 33 | 59 | 59 | 43 |
Depreciation DepreciationCr | 41 | 41 | 43 | 46 | 48 | 47 | 48 | 49 | 49 | 68 | 69 | 73 |
| 112 | 141 | 117 | 85 | 100 | 107 | 141 | 140 | 124 | 76 | 71 | 133 |
| 44 | 38 | 30 | 23 | 27 | 30 | 46 | 36 | 33 | 21 | 12 | 33 |
|
Growth YoY PAT Growth YoY% | -46.6 | -3.2 | -17.2 | -24.6 | 7.6 | -25.4 | 9.5 | 66.9 | 25.0 | -28.6 | -38.5 | -4.8 |
| 6.3 | 9.4 | 7.7 | 6.0 | 6.6 | 6.8 | 8.2 | 9.3 | 7.8 | 4.5 | 5.0 | 7.9 |
| 2.8 | 4.3 | 3.6 | 2.6 | 3.0 | 3.2 | 3.9 | 4.3 | 3.8 | 2.3 | 2.2 | 3.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| -1.9 | 5.3 | 6.2 | 12.3 | 10.6 | -9.3 | -8.4 | 30.9 | 26.8 | 8.0 | 5.8 | 4.8 |
| 1,789 | 1,817 | 1,930 | 2,169 | 2,403 | 2,209 | 1,987 | 2,410 | 3,224 | 3,619 | 3,828 | 3,988 |
Operating Profit Operating ProfitCr |
| 14.7 | 17.8 | 17.7 | 17.6 | 17.5 | 16.4 | 17.9 | 24.0 | 19.8 | 16.6 | 16.7 | 17.2 |
Other Income Other IncomeCr | 13 | 4 | 31 | 23 | 24 | 19 | 46 | 31 | 33 | 33 | 67 | 29 |
Interest Expense Interest ExpenseCr | 160 | 144 | 144 | 124 | 135 | 146 | 143 | 121 | 105 | 136 | 128 | 195 |
Depreciation DepreciationCr | 112 | 110 | 79 | 95 | 119 | 137 | 132 | 160 | 160 | 177 | 192 | 258 |
| 51 | 142 | 223 | 269 | 280 | 171 | 205 | 511 | 563 | 443 | 513 | 403 |
| 13 | 60 | 73 | 93 | 92 | 19 | 74 | 168 | 202 | 118 | 145 | 100 |
|
| 176.7 | 115.3 | 82.5 | 17.3 | 7.2 | -19.7 | -13.6 | 162.3 | 5.5 | -10.1 | 13.0 | -17.2 |
| 1.8 | 3.7 | 6.4 | 6.7 | 6.5 | 5.7 | 5.4 | 10.8 | 9.0 | 7.5 | 8.0 | 6.3 |
| 1.7 | 3.6 | 6.2 | 7.3 | 7.8 | 6.3 | 5.5 | 14.2 | 15.0 | 13.5 | 15.3 | 12.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 25 |
| 257 | 330 | 902 | 1,051 | 1,191 | 1,278 | 1,415 | 1,738 | 2,050 | 2,329 | 2,645 | 3,675 |
Current Liabilities Current LiabilitiesCr | 975 | 1,044 | 928 | 1,189 | 1,355 | 1,397 | 1,289 | 1,081 | 1,617 | 1,694 | 1,866 | 1,842 |
Non Current Liabilities Non Current LiabilitiesCr | 1,010 | 881 | 984 | 1,026 | 1,130 | 1,178 | 1,061 | 952 | 910 | 1,474 | 2,281 | 2,357 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 898 | 913 | 958 | 1,085 | 1,127 | 1,161 | 1,141 | 1,226 | 1,745 | 1,743 | 2,015 | 2,893 |
Non Current Assets Non Current AssetsCr | 1,362 | 1,359 | 1,872 | 2,197 | 2,563 | 2,702 | 2,632 | 2,551 | 2,835 | 3,757 | 4,775 | 5,009 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 50 | 230 | 418 | 449 | 424 | 293 | 516 | 586 | 402 | 653 | 720 |
Investing Cash Flow Investing Cash FlowCr | -69 | -124 | -190 | -448 | -512 | -214 | -84 | -79 | -320 | -924 | -1,191 |
Financing Cash Flow Financing Cash FlowCr | 24 | -100 | -249 | -1 | 91 | -93 | -382 | -479 | -52 | 330 | 458 |
|
Free Cash Flow Free Cash FlowCr | -21 | 105 | 232 | 13 | -80 | 90 | 433 | 509 | 92 | -244 | -537 |
| 130.7 | 280.6 | 279.2 | 255.7 | 225.1 | 193.8 | 395.3 | 171.0 | 111.0 | 201.0 | 196.0 |
CFO To EBITDA CFO To EBITDA% | 16.1 | 58.7 | 100.7 | 96.9 | 83.0 | 67.4 | 118.8 | 77.0 | 50.5 | 90.5 | 94.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 3,504 | 3,683 | 5,274 | 8,082 | 6,360 | 3,782 | 7,518 | 10,457 | 10,995 | 13,008 | 14,639 |
Price To Earnings Price To Earnings | 83.3 | 43.9 | 35.3 | 45.5 | 33.5 | 24.6 | 56.5 | 30.3 | 30.1 | 39.7 | 39.4 |
Price To Sales Price To Sales | 1.7 | 1.7 | 2.3 | 3.1 | 2.2 | 1.4 | 3.1 | 3.3 | 2.7 | 3.0 | 3.2 |
Price To Book Price To Book | 12.5 | 10.4 | 5.7 | 7.5 | 5.2 | 2.9 | 5.2 | 5.9 | 5.3 | 5.5 | 5.5 |
| 14.9 | 12.0 | 15.2 | 20.1 | 15.2 | 11.9 | 20.8 | 15.3 | 15.4 | 20.5 | 22.4 |
Profitability Ratios Profitability Ratios |
| 64.3 | 63.7 | 63.9 | 64.6 | 68.3 | 67.8 | 65.2 | 71.1 | 65.6 | 62.2 | 63.5 |
| 14.7 | 17.8 | 17.7 | 17.6 | 17.5 | 16.4 | 17.9 | 24.0 | 19.8 | 16.6 | 16.7 |
| 1.8 | 3.7 | 6.4 | 6.7 | 6.5 | 5.7 | 5.4 | 10.8 | 9.0 | 7.5 | 8.0 |
| 14.9 | 20.3 | 18.6 | 16.7 | 15.7 | 11.8 | 11.6 | 21.1 | 19.2 | 13.4 | 11.9 |
| 13.6 | 23.2 | 16.1 | 16.3 | 15.5 | 11.6 | 9.1 | 19.4 | 17.4 | 13.8 | 13.8 |
| 1.7 | 3.6 | 5.3 | 5.3 | 5.1 | 3.9 | 3.5 | 9.1 | 7.9 | 5.9 | 5.4 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Asahi India Glass Ltd. (AIS) is India’s leading fully **integrated glass solutions provider**, operating across the entire value chain—from raw material sourcing and float glass manufacturing to processing, fabrication, and end-to-end installation. Established in 1987 as a joint venture between the Labroo family, Asahi Glass Co. Ltd. (now AGC Inc.), and Maruti Udyog Limited (now Maruti Suzuki India Ltd.), AIS has evolved into a technologically advanced, market-dominant enterprise with a strong presence in **automotive, architectural, and consumer glass** segments.
Listed on both the NSE and BSE, AIS combines over 35 years of brand equity with cutting-edge innovation, sustainability focus, and digital transformation to serve domestic and international markets.
---
### **Market Leadership & Financial Performance (FY 2024–25)**
- **Revenue (FY24–25):** ₹1,266.55 crore (Consumer & Architectural); Automotive segment revenue stood at ₹2,645.27 crore (FY23–24), reflecting strong OEM demand.
- **Automotive Glass Market Share:** **75% in Indian passenger car OEM segment**, making AIS the dominant supplier.
- **Architectural Glass:** Holds **16% domestic market share**; 27% in the **value-added architectural glass segment**.
- **Float Glass Capacity:** 1,280 tons per day (TPD) across three float lines in Roorkee (Uttarakhand), Taloja (Maharashtra), and Soniyana (Rajasthan).
- **Annual Glass Production Capacity:** Over **8.5 million laminated** and **45+ million tempered glass units**.
- **Distribution Network:** 1,425+ stockists; 124+ dealerships and workshops for consumer businesses across **71 cities**.
---
### **Core Business Segments**
#### **1. Automotive Glass**
AIS is the **preferred supplier** to all major Indian OEMs—Maruti Suzuki, Toyota, Hyundai, Tata Motors, Honda, Kia, Volkswagen, MG, Mahindra & Mahindra, Daimler Trucks, and more—meeting stringent international standards (E-mark, CCC, DOT, INMETRO).
**Key Strengths:**
- **In-house design & automation** of auto glass production equipment—**a unique capability in India** and rare globally.
- **Advanced Product Portfolio:**
- Acoustic, IR-cut, UV-cut, and heated windshields
- Head-up Display (HUD) & **ADAS-ready glass**
- Rain-sensor integrated windscreens
- **Laminated sunroofs, illuminated sunroofs**, and EV-compatible glass
- **Five manufacturing plants** (Bawal, Roorkee, Chennai, Taloja, Patan) and **10 sub-assembly units/warehouses**.
- Strategic on-site assembly unit at **Maruti Suzuki’s Kharkhoda plant (Haryana)**.
#### **2. Architectural & Building Glass**
AIS is a pioneer in promoting **green and sustainable architecture** through energy-efficient, safety-focused, and aesthetic glass solutions.
**Product Portfolio:**
- AIS Clear®, AIS Tinted, AIS Ecosense® (energy-efficient reflective glass)
- AIS Opal Trendz (decorative glass: Petal Delight, Nova Craft)
- AIS Swytchglas® (smart privacy glass), AIS Integrated Blinds, AIS Pyrobel® (fire-resistant glass)
- Natura & Chroma Series under **Ecosense Edge®** – advanced solar control, daylight management
- LAM IGU systems (e.g., deployed in **Summit Towers, Noida** – 25,000 sqm seamless façade)
**Sustainability Focus:**
- Products support **IGBC and LEED certification**.
- Ecosense brand aligns with India’s energy efficiency and carbon reduction goals.
#### **3. Consumer Glass – Direct-to-Consumer (D2C) Push**
AIS has established a **Consumer Glass Strategic Business Unit (SBU)** to directly address end-user demand in residential and commercial spaces.
**Key Brands & Services:**
- **AIS Windows:** Offers **high-performance fenestration systems** in **uPVC and aluminum**, featuring:
- Noise cancellation, burglar resistance, anti-pollution, thermal insulation
- Regal Select & Regal-2 series (zero-threshold, floor-to-ceiling designs)
- End-to-end solution: consultation, design, material selection, and professional installation
- **AIS Glasxperts:** **India’s only integrated glass lifestyle solutions provider**, offering doors, windows, staircases, pool enclosures, and custom interiors.
- **AIS Windshield Experts (WE):** India’s largest **automotive glass repair & replacement network**, ISO-certified, with digital support via chatbots, social media, and WhatsApp.
**Expansion & Presence:**
- SBU operates in **71 cities** across India via **124+ dealerships and workshops**.
- Acquisitions of **AIS Distribution Services Ltd. (ADSL)** and equity in **AIS Adhesives Ltd.** extend reach into **aftermarket glass and consumer adhesives**.
---
### **Innovation & R&D**
- **50+ R&D engineers** driving development of **smart glass, ADAS-compatible components, lightweight materials, and climate-specific solutions**.
- **Digital-first innovation:**
- **AIS World of Glass App:** Recommends glass based on building specs (location, orientation, wind load)
- **AIS Glass Simulator:** Acts as a virtual consultant for energy-efficient glazing
- **AIS Virtual Studio & World of Shades:** AR/VR platforms for visualizing glass color, frames, and finishes in real environments
- **AIS Virtual World:** Immersive VR tours (e.g., model villa) to showcase product performance
- In-house **CVD coater** at Taloja and development of **greenfield off-line coater** enhance coating capabilities.
---
### **Manufacturing & Infrastructure (2024–25)**
- **15 manufacturing plants** and **10+ sub-assembly units/warehouses** across India.
- **Third Float Line (F3) in Soniyana, Rajasthan:**
- First in India to use **green hydrogen** in float glass production
- 100% vertical integration; internal demand exceeds capacity
- **Expansion of Patan (Gujarat) Auto Glass Plant:**
- Phases 2 & 3 completed; Phase 4 planned
- To become one of the world’s largest auto glass factories
- **New Facility in Kharkhoda, Haryana:** State-of-the-art, powered by **Industry 4.0, VR/AR, and machine learning**.
- **Capex Plan (FY24–25):** ₹1,268–1,500 crore for capacity expansion, automation, fire-rated glass, and localization.
---
### **Customer Engagement & Experience**
- **Immersive Experience Centres (Delhi & Bengaluru):**
- 360-degree, multi-sensory zones to explore glass applications in architectural and automotive contexts
- First of their kind in India
- **Digital Tools:**
- Augmented Reality (AR) apps, interactive websites, AI chatbots, and virtual design studios
- Part of **digital-first strategy** to enhance customer journey from awareness to purchase
- Awards from **MSIL, Honda, KIA, ACMA, CII**, and **Deming Application Prize (2007)** for TQM excellence.
---
### **Strategic Partnerships & Growth Trajectory**
- **Joint Venture with Vishakha Group:** Building **India’s largest solar glass plant** in Mundra, Gujarat—tapping into the renewable energy shift.
- Long-standing collaboration with **AGC Inc. (Japan)** for technology transfer and global standards.
- **Exports:** To SAARC, Middle East, Africa, Brazil, Japan, USA, and EU (though <1% of turnover).
- Strategic acquisitions and consolidation (e.g., **merger of ADSL, AIA, and GX into AIS Glass Solutions Ltd.**) to streamline D2C operations.
---
### **Sustainability & Corporate Principles**
AIS operates on **SEQCDDM principles** (Safety, Environment, Quality, Cost, Delivery, Development, Management).
- **Green Manufacturing:** Low-emission processes, energy-efficient plant designs, and green hydrogen usage.
- Focus on **in-house localization**, reducing import dependence (aligned with **Atmanirbhar Bharat**).
- Products support **noise reduction, energy conservation, pollution control**, and **carbon-friendly buildings**.