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Asahi India Glass Ltd

ASAHIINDIA
NSE
836.25
1.69%
Last Updated:
30 Apr '26, 4:00 PM
Company Overview
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Asahi India Glass Ltd

ASAHIINDIA
NSE
836.25
1.69%
30 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
21,318Cr
Close
Close Price
836.25
Industry
Industry
Glass & Glass Products
PE
Price To Earnings
68.38
PS
Price To Sales
4.43
Revenue
Revenue
4,816Cr
Rev Gr TTM
Revenue Growth TTM
6.55%
PAT Gr TTM
PAT Growth TTM
-12.90%
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Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
1,0721,0891,1201,0441,1051,1331,1581,1241,1801,2291,1511,256
Growth YoY
Revenue Growth YoY%
13.618.010.43.43.04.03.47.76.88.5-0.611.7
Expenses
ExpensesCr
9028809348809259519459499831,0369631,005
Operating Profit
Operating ProfitCr
170209186163180181213175197192188251
OPM
OPM%
15.919.216.615.716.316.018.415.616.715.716.419.9
Other Income
Other IncomeCr
97820574691111-2
Interest Expense
Interest ExpenseCr
263434343332313233595943
Depreciation
DepreciationCr
414143464847484949686973
PBT
PBTCr
112141117851001071411401247671133
Tax
TaxCr
443830232730463633211233
PAT
PATCr
68103866373779510592555899
Growth YoY
PAT Growth YoY%
-46.6-3.2-17.2-24.67.6-25.49.566.925.0-28.6-38.5-4.8
NPM
NPM%
6.39.47.76.06.66.88.29.37.84.55.07.9
EPS
EPS
2.84.33.62.63.03.23.94.33.82.32.23.9

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
2,0992,2092,3452,6332,9132,6432,4213,1704,0194,3414,5944,816
Growth
Revenue Growth%
-1.95.36.212.310.6-9.3-8.430.926.88.05.84.8
Expenses
ExpensesCr
1,7891,8171,9302,1692,4032,2091,9872,4103,2243,6193,8283,988
Operating Profit
Operating ProfitCr
309392415464510435435761795722766828
OPM
OPM%
14.717.817.717.617.516.417.924.019.816.616.717.2
Other Income
Other IncomeCr
13431232419463133336729
Interest Expense
Interest ExpenseCr
160144144124135146143121105136128195
Depreciation
DepreciationCr
1121107995119137132160160177192258
PBT
PBTCr
51142223269280171205511563443513403
Tax
TaxCr
13607393921974168202118145100
PAT
PATCr
3882150176188151131343362325367304
Growth
PAT Growth%
176.7115.382.517.37.2-19.7-13.6162.35.5-10.113.0-17.2
NPM
NPM%
1.83.76.46.76.55.75.410.89.07.58.06.3
EPS
EPS
1.73.66.27.37.86.35.514.215.013.515.312.2

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
242424242424242424242425
Reserves
ReservesCr
2573309021,0511,1911,2781,4151,7382,0502,3292,6453,675
Current Liabilities
Current LiabilitiesCr
9751,0449281,1891,3551,3971,2891,0811,6171,6941,8661,842
Non Current Liabilities
Non Current LiabilitiesCr
1,0108819841,0261,1301,1781,0619529101,4742,2812,357
Total Liabilities
Total LiabilitiesCr
2,2602,2722,8303,2813,6893,8633,7733,7774,5805,5006,7907,902
Current Assets
Current AssetsCr
8989139581,0851,1271,1611,1411,2261,7451,7432,0152,893
Non Current Assets
Non Current AssetsCr
1,3621,3591,8722,1972,5632,7022,6322,5512,8353,7574,7755,009
Total Assets
Total AssetsCr
2,2602,2722,8303,2813,6893,8633,7733,7774,5805,5006,7907,902

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
50230418449424293516586402653720
Investing Cash Flow
Investing Cash FlowCr
-69-124-190-448-512-214-84-79-320-924-1,191
Financing Cash Flow
Financing Cash FlowCr
24-100-249-191-93-382-479-52330458
Net Cash Flow
Net Cash FlowCr
47-2113-1451282959-13
Free Cash Flow
Free Cash FlowCr
-2110523213-809043350992-244-537
CFO To PAT
CFO To PAT%
130.7280.6279.2255.7225.1193.8395.3171.0111.0201.0196.0
CFO To EBITDA
CFO To EBITDA%
16.158.7100.796.983.067.4118.877.050.590.594.0

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
3,5043,6835,2748,0826,3603,7827,51810,45710,99513,00814,639
Price To Earnings
Price To Earnings
83.343.935.345.533.524.656.530.330.139.739.4
Price To Sales
Price To Sales
1.71.72.33.12.21.43.13.32.73.03.2
Price To Book
Price To Book
12.510.45.77.55.22.95.25.95.35.55.5
EV To EBITDA
EV To EBITDA
14.912.015.220.115.211.920.815.315.420.522.4
Profitability Ratios
Profitability Ratios
GPM
GPM%
64.363.763.964.668.367.865.271.165.662.263.5
OPM
OPM%
14.717.817.717.617.516.417.924.019.816.616.7
NPM
NPM%
1.83.76.46.76.55.75.410.89.07.58.0
ROCE
ROCE%
14.920.318.616.715.711.811.621.119.213.411.9
ROE
ROE%
13.623.216.116.315.511.69.119.417.413.813.8
ROA
ROA%
1.73.65.35.35.13.93.59.17.95.95.4
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**.