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Asahi India Glass Ltd

ASAHIINDIA·NSE
965.15+1.57%Tue, 22 Sept '26

Asahi India Glass Ltd

ASAHIINDIA
NSE
965.15
+1.57%
|Tue, 22 Sept '26
SOICxStockScans Reports
6M
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Quick Ratios

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Mkt Cap
Market Capitalization
24,478Cr
Close
Close Price
960.20
Industry
Industry
Glass & Glass Products
PE
Price To Earnings
55.92
PS
Price To Sales
4.73
Revenue
Revenue
5,175Cr
Rev Gr TTM
Revenue Growth TTM
10.32%
PAT Gr TTM
PAT Growth TTM
27.20%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
1,1201,0441,1051,1331,1581,1241,1801,2291,1511,2561,3541,413
Growth YoY
Revenue Growth YoY%
10.43.43.04.03.47.76.88.5-0.611.714.815.0
Expenses
ExpensesCr
9348809259519459499831,0369631,0051,0671,089
Operating Profit
Operating ProfitCr
186163180181213175197192188251287325
OPM
OPM%
16.615.716.316.018.415.616.715.716.419.921.223.0
Other Income
Other IncomeCr
820574691111-2106
Interest Expense
Interest ExpenseCr
343433323132335959434247
Depreciation
DepreciationCr
434648474849496869737581
PBT
PBTCr
117851001071411401247671133180203
Tax
TaxCr
302327304636332112334754
PAT
PATCr
866373779510592555899133149
Growth YoY
PAT Growth YoY%
-17.2-24.67.6-25.49.566.925.0-28.6-38.5-4.844.9172.1
NPM
NPM%
7.76.06.66.88.29.37.84.55.07.99.810.6
EPS
EPS
3.62.63.03.23.94.33.82.32.23.95.25.8
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
1,1201,0441,1051,1331,1581,1241,1801,2291,1511,2561,3541,413
Growth YoY
Revenue Growth YoY%
10.43.43.04.03.47.76.88.5-0.611.714.815.0
Expenses
ExpensesCr
9348809259519459499831,0369631,0051,0671,089
Operating Profit
Operating ProfitCr
186163180181213175197192188251287325
OPM
OPM%
16.615.716.316.018.415.616.715.716.419.921.223.0
Other Income
Other IncomeCr
820574691111-2106
Interest Expense
Interest ExpenseCr
343433323132335959434247
Depreciation
DepreciationCr
434648474849496869737581
PBT
PBTCr
117851001071411401247671133180203
Tax
TaxCr
302327304636332112334754
PAT
PATCr
866373779510592555899133149
Growth YoY
PAT Growth YoY%
-17.2-24.67.6-25.49.566.925.0-28.6-38.5-4.844.9172.1
NPM
NPM%
7.76.06.66.88.29.37.84.55.07.99.810.6
EPS
EPS
3.62.63.03.23.94.33.82.32.23.95.25.8

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
2,2092,3452,6332,9132,6432,4213,1704,0194,3414,5944,9825,175
Growth
Revenue Growth%
5.36.212.310.6-9.3-8.430.926.88.05.88.410.3
Expenses
ExpensesCr
1,8171,9302,1692,4032,2091,9872,4103,2243,6193,8284,0724,124
Operating Profit
Operating ProfitCr
3924154645104354357617957227669101,050
OPM
OPM%
17.817.717.617.516.417.924.019.816.616.718.320.3
Other Income
Other IncomeCr
43123241946313333673724
Interest Expense
Interest ExpenseCr
144144124135146143121105136128204191
Depreciation
DepreciationCr
1107995119137132160160177192285298
PBT
PBTCr
142223269280171205511563443513459586
Tax
TaxCr
607393921974168202118145114146
PAT
PATCr
82150176188151131343362325367345439
Growth
PAT Growth%
115.382.517.37.2-19.7-13.6162.35.5-10.113.0-6.027.2
NPM
NPM%
3.76.46.76.55.75.410.89.07.58.06.98.5
EPS
EPS
3.66.27.37.86.35.514.215.013.515.313.817.2
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
2,2092,3452,6332,9132,6432,4213,1704,0194,3414,5944,9825,175
Growth
Revenue Growth%
5.36.212.310.6-9.3-8.430.926.88.05.88.410.3
Expenses
ExpensesCr
1,8171,9302,1692,4032,2091,9872,4103,2243,6193,8284,0724,124
Operating Profit
Operating ProfitCr
3924154645104354357617957227669101,050
OPM
OPM%
17.817.717.617.516.417.924.019.816.616.718.320.3
Other Income
Other IncomeCr
43123241946313333673724
Interest Expense
Interest ExpenseCr
144144124135146143121105136128204191
Depreciation
DepreciationCr
1107995119137132160160177192285298
PBT
PBTCr
142223269280171205511563443513459586
Tax
TaxCr
607393921974168202118145114146
PAT
PATCr
82150176188151131343362325367345439
Growth
PAT Growth%
115.382.517.37.2-19.7-13.6162.35.5-10.113.0-6.027.2
NPM
NPM%
3.76.46.76.55.75.410.89.07.58.06.98.5
EPS
EPS
3.66.27.37.86.35.514.215.013.515.313.817.2

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
2424242424242424242425
Reserves
ReservesCr
3309021,0511,1911,2781,4151,7382,0502,3292,6453,907
Current Liabilities
Current LiabilitiesCr
1,0449281,1891,3551,3971,2891,0811,6171,6941,8661,632
Non Current Liabilities
Non Current LiabilitiesCr
8819841,0261,1301,1781,0619529101,4742,2812,207
Total Liabilities
Total LiabilitiesCr
2,2722,8303,2813,6893,8633,7733,7774,5805,5006,7907,772
Current Assets
Current AssetsCr
9139581,0851,1271,1611,1411,2261,7451,7432,0152,330
Non Current Assets
Non Current AssetsCr
1,3591,8722,1972,5632,7022,6322,5512,8353,7574,7755,443
Total Assets
Total AssetsCr
2,2722,8303,2813,6893,8633,7733,7774,5805,5006,7907,772
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
2424242424242424242425
Reserves
ReservesCr
3309021,0511,1911,2781,4151,7382,0502,3292,6453,907
Current Liabilities
Current LiabilitiesCr
1,0449281,1891,3551,3971,2891,0811,6171,6941,8661,632
Non Current Liabilities
Non Current LiabilitiesCr
8819841,0261,1301,1781,0619529101,4742,2812,207
Total Liabilities
Total LiabilitiesCr
2,2722,8303,2813,6893,8633,7733,7774,5805,5006,7907,772
Current Assets
Current AssetsCr
9139581,0851,1271,1611,1411,2261,7451,7432,0152,330
Non Current Assets
Non Current AssetsCr
1,3591,8722,1972,5632,7022,6322,5512,8353,7574,7755,443
Total Assets
Total AssetsCr
2,2722,8303,2813,6893,8633,7733,7774,5805,5006,7907,772

Cash Flow

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
230418449424293516586402653720502
Investing Cash Flow
Investing Cash FlowCr
-124-190-448-512-214-84-79-320-924-1,191-665
Financing Cash Flow
Financing Cash FlowCr
-100-249-191-93-382-479-52330458245
Net Cash Flow
Net Cash FlowCr
7-2113-1451282959-1382
Free Cash Flow
Free Cash FlowCr
10523213-809043350992-244-537-139
CFO To PAT
CFO To PAT%
280.6279.2255.7225.1193.8395.3171.0111.0201.0196.0145.4
CFO To EBITDA
CFO To EBITDA%
58.7100.796.983.067.4118.877.050.590.594.055.1
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
230418449424293516586402653720502
Investing Cash Flow
Investing Cash FlowCr
-124-190-448-512-214-84-79-320-924-1,191-665
Financing Cash Flow
Financing Cash FlowCr
-100-249-191-93-382-479-52330458245
Net Cash Flow
Net Cash FlowCr
7-2113-1451282959-1382
Free Cash Flow
Free Cash FlowCr
10523213-809043350992-244-537-139
CFO To PAT
CFO To PAT%
280.6279.2255.7225.1193.8395.3171.0111.0201.0196.0145.4
CFO To EBITDA
CFO To EBITDA%
58.7100.796.983.067.4118.877.050.590.594.055.1

Ratios

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
3,6835,2748,0826,3603,7827,51810,45710,99513,00814,63920,02724,478
Price To Earnings
Price To Earnings
43.935.345.533.524.656.530.330.139.739.458.155.9
Price To Sales
Price To Sales
1.72.33.12.21.43.13.32.73.03.24.04.7
Price To Book
Price To Book
10.45.77.55.22.95.25.95.35.55.55.16.2
EV To EBITDA
EV To EBITDA
12.015.220.115.211.920.815.315.420.522.424.125.2
Profitability Ratios
Profitability Ratios
GPM
GPM%
41.334.333.433.333.234.238.032.729.631.434.834.8
OPM
OPM%
17.817.717.617.516.417.924.019.816.616.718.320.3
NPM
NPM%
3.76.46.76.55.75.410.89.07.58.06.98.5
ROCE
ROCE%
20.318.616.715.711.811.621.119.213.411.910.810.8
ROE
ROE%
23.216.116.315.511.69.119.417.413.813.88.88.8
ROA
ROA%
3.65.35.35.13.93.59.17.95.95.44.44.4
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
3,6835,2748,0826,3603,7827,51810,45710,99513,00814,63920,02724,478
Price To Earnings
Price To Earnings
43.935.345.533.524.656.530.330.139.739.458.155.9
Price To Sales
Price To Sales
1.72.33.12.21.43.13.32.73.03.24.04.7
Price To Book
Price To Book
10.45.77.55.22.95.25.95.35.55.55.16.2
EV To EBITDA
EV To EBITDA
12.015.220.115.211.920.815.315.420.522.424.125.2
Profitability Ratios
Profitability Ratios
GPM
GPM%
41.334.333.433.333.234.238.032.729.631.434.834.8
OPM
OPM%
17.817.717.617.516.417.924.019.816.616.718.320.3
NPM
NPM%
3.76.46.76.55.75.410.89.07.58.06.98.5
ROCE
ROCE%
20.318.616.715.711.811.621.119.213.411.910.810.8
ROE
ROE%
23.216.116.315.511.69.119.417.413.813.88.88.8
ROA
ROA%
3.65.35.35.13.93.59.17.95.95.44.44.4
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
- **Asahi India Glass is India’s dominant automotive-glass maker and a growing force in architectural glass - a business built on a single, recurring idea: lock in the customer at the design stage and then supply everything from the raw material to the finished installation. It began in 1987 as a joint venture between the Labroo family, Japan’s AGC Inc. and Maruti Suzuki, making toughened glass for one car model, and has since expanded into a “sand-to-solutions” company with 5 manufacturing plants, over 3,700 product variants and a 75% share of the passenger-car glass market. That same approach - start with a captive anchor customer, then integrate backwards into float glass and forwards into processing, retail and installation - now repeats across cars, buildings and consumers.** # Business segments Three engines at different stages - a dominant automotive-glass franchise that supplies nearly every carmaker in India, a float-glass backbone that feeds both its own processing lines and the open market, and a set of consumer-facing retail brands that take glass all the way into homes and car workshops. ## 1. Automotive glass: the factory-fit partner to India’s car industry **AIS supplies roughly three out of every four passenger-car windshields and windows made in India, working with manufacturers from the moment a new vehicle is sketched.** - **Designed in, not just sold in** - AIS works alongside OEMs from the vehicle design stage, co-developing glass that fits the exact curvature, acoustic needs and sensor cut-outs of each model, which makes it hard for a rival to displace later. - **A plant next to the customer’s plant** - five manufacturing units and four sub-assembly warehouses sit close to major auto clusters, including a new assembly line inside Maruti Suzuki’s Kharkhoda complex that uses virtual reality and full digitalisation, so glass arrives sequenced and ready to fit. - **Makes its own machines** - AIS is one of the few glass companies globally that designs, develops and automates its own auto-glass manufacturing equipment in-house, giving it control over cost and the speed of new-product launches. - **A catalogue of 3,700 SKUs** - the range spans laminated windshields with heads-up display compatibility, acoustic sidelites, panoramic sunroofs and even glass for washing machines and refrigerators, covering passenger cars, trucks, buses, metros and tractors. - **Quality that wins “zero defect” awards** - the business holds certifications from Europe, China, Brazil and beyond, and has repeatedly earned zero-defect recognition from Toyota and Hyundai, which matters when a single flawed windshield can halt an assembly line. ## 2. Float glass: the industrial backbone that feeds everything else **AIS runs three float-glass furnaces that produce the raw glass sheet - the starting material for its own automotive and architectural processing lines, and for sale to outside fabricators.** - **Vertical integration that cuts import dependence** - the newest furnace at Soniyana, Rajasthan, is AIS’s largest single investment and was built specifically to make auto-quality float glass, reducing the need to import raw glass for its own car-glass plants. - **Technology licensed from AGC Europe** - the 3rd float line at Patan uses advanced furnace technology, automated cutting and end-to-end automation from the Japanese parent’s European arm, lowering fuel consumption per tonne of glass produced. - **A 27% share of the value-added segment** - while AIS holds about 13% of the overall Indian architectural-glass market, its share rises to 27% in higher-margin value-added products such as energy-efficient coatings, fire-resistant glass and acoustic laminates. - **A furnace that ran for 18 years** - the F2 furnace at Roorkee operated for nearly two decades before its scheduled cold repair in May 2025, a sign of disciplined maintenance in an industry where a furnace rebuild is a major capital event. - **Green hydrogen in the mix** - the Soniyana plant has commissioned green hydrogen supplies, and AIS is expanding recycled cullet use and lowering energy intensity as part of a net-zero roadmap expected during FY26. ## 3. Consumer glass: retail brands that take glass to the end-user **Three consumer-facing brands - AIS Windows, AIS Glasxperts and AIS Windshield Experts - sell finished glass, window systems and repair services directly to households, businesses and car owners.** - **Windows sold as a complete experience** - AIS Windows offers aluminium and uPVC door-and-window systems with design, glass selection, frame fabrication and installation under one roof, supported by multi-sensory experience centres in Delhi and Bengaluru that let customers touch and see the products before buying. - **Glass solutions for staircases, pools and balustrades** - AIS Glasxperts provides 360-degree project management for architectural glass in homes, from site assessment through installation, covering sound insulation, weather resistance and burglar protection. - **India’s largest car-glass repair network** - AIS Windshield Experts operates 124 workshops across 71 cities with a fleet of mobile vans, follows a “Repair First” philosophy and is the only player offering a one-year written warranty on both workmanship and materials. - **Cashless claims and insurer partnerships** - the brand is the preferred partner for nearly every insurance company in India, handling glass repair and replacement claims on a cashless basis, which funnels a steady stream of customers through its doors. # Manufacturing and quality systems **AIS runs its 15 plants on a Toyota-style improvement engine - Total Quality Management, Plan-Do-Check-Act cycles and shop-floor participation - that earned it the Deming Prize, a first for any Indian glass company.** - **1,700 improvement themes since the Deming win** - cross-functional teams, quality-control circles and Jishu Hozen (autonomous maintenance) groups have driven over 150 new PDCA initiatives in FY25 alone, with more than 80% workforce participation across all plants. - **A captive training centre modelled on Maruti Suzuki** - the AIS Vidya Niketan (DOJO) at Bawal and specialised DOJO centres at every plant use video-based, IP-protected training modules to standardise skills across the workforce. - **Digital tools that help customers choose** - the AIS Glass Simulator lets architects pick energy-efficient glass based on a building’s location and orientation, while an augmented-reality app lets homeowners visualise doors and windows in their own rooms, a first in the fenestration industry. # Group structure and partners **AIS is a publicly listed joint venture anchored by two long-term promoters - Japan’s AGC Inc., a global glass leader, and Maruti Suzuki, India’s largest carmaker - with a recently simplified subsidiary structure.** - **Three consumer subsidiaries merged into one** - AIS Adhesives, AIS Distribution Services and GX Glass Sales were folded into AIS Glass Solutions Limited with an Appointed Date of April 01, 2023, and an Effective Date of July 01, 2025, bringing the AIS Windows, Windshield Experts and Glasxperts brands under a single downstream entity. - **A solar-glass bet with Vishakha Group** - AIS holds a minority stake in a joint venture setting up what is planned as India’s largest solar-glass plant at Mundra, Gujarat, with Phase 1 capacity of up to 3GW of installable solar power. - **A captive-power associate** - in May 2025, AIS took a 26% stake in Boond Solar, a rooftop and ground-mounted renewable-energy company, to comply with regulatory requirements for captive power consumption under Indian electricity laws. - **A qualified institutional placement** - in September 2025, AIS raised funds through a Qualified Institutional Placement to 24 buyers, increasing its paid-up equity capital, with the board having earlier approved plans to add greenfield capacity in automotive and architectural glass.

Documents — Asahi India Glass Ltd

  • Q1 FY2027 Quarterly Result (Jun 2026, PDF): https://www.stockscans.in/document/oxw1z7knkjqol4qf7w50qzyd.pdf
  • Q4 FY2026 Quarterly Result (Mar 2026, PDF): https://www.stockscans.in/document/bznitwnjtdypw2167w731ys3.pdf
  • Q3 FY2026 Quarterly Result (Dec 2025, PDF): https://www.stockscans.in/document/m4v0uto0i067g2pmvxar88ne.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/2mx4ewox7xfhp92r2mvd2y9a.pdf
  • Q1 FY2026 Quarterly Result (Jun 2025, PDF): https://www.stockscans.in/document/f549t3ik0ssobjic6fmq8gke.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/5mlpn8iilq4ah7akqgyl2pmb.pdf
  • Q3 FY2025 Quarterly Result (Dec 2024, PDF): https://www.stockscans.in/document/vkverjypon6s782112jlj0v6.pdf
  • Q2 FY2025 Quarterly Result (Sep 2024, PDF): https://www.stockscans.in/document/v8xuycnlz6ijyuw8t29p6ajq.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/ekb50twr2pdtnjwcbh0a6sx9.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/bdxobkadh9ky3j27diwnuk7i.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/phi1c3sitzymtnxfpp1dy7mt.pdf
  • FY2023 Annual Report (PDF): https://www.stockscans.in/document/xt5i11kj09pz7h57dfikoiar.pdf
  • FY2022 Annual Report (PDF): https://www.stockscans.in/document/ivjrwd8dd15uez3yekbs0ayi.pdf
  • FY2021 Annual Report (PDF): https://www.stockscans.in/document/w22y0cs0ysltbcjirb9skgww.pdf
  • FY2020 Annual Report (PDF): https://www.stockscans.in/document/6f6c8c8o7c20so3v3usbpwfo.pdf