#### **Overview** Sejal Glass Limited, founded in 1998 and headquartered in Mumbai, is a leading integrated manufacturer of **architectural glass**, operating since 2001. The company specializes in high-value, technically advanced glass products such as **toughened, laminated, insulated, fire-rated, bulletproof, decorative, and solar control glass**, serving the construction, infrastructure, real estate, automotive, railways, and future green energy sectors. It operates under strong brands like *Kool Glass*, *Tone Glass*, *Fort Glass*, *FireBaan Glass*, and *Lunaro*, and has expanded into retail through its chain **'Sejal Encasa'** offering curated interior solutions. With a growing international footprint, Sejal Glass is strategically positioned as a **multinational player**, with state-of-the-art manufacturing facilities in **India (Silvassa, Taloja, Erode)** and the **UAE (Ras Al-Khaimah)**, and plans to expand into Europe and Africa. --- #### **Strategic Partnerships & Supply Chain Strength** - In **November 2025**, Sejal Glass formalized a **strategic partnership with Saint Gobain**, India’s largest float glass manufacturer (45% market share), securing **reliable, high-quality raw material supply**—float glass constitutes **50% of total input costs**. - The agreement covers **clear, reflective, and tinted glass**, along with **joint market development initiatives** and **technical support** for quality and technology upgrades. - **Geographic proximity** between Saint Gobain’s production hubs (Gujarat, Rajasthan, Chennai) and Sejal’s plants (Silvassa, Erode, Taloja) enables **lower inventory, reduced logistics costs, minimal supply disruptions, and improved yield**. This partnership enhances **supply chain resilience, brand credibility, and access to key specifiers**, including architects, façade consultants, and developers via Saint Gobain’s well-established network. --- #### **Recent Acquisitions & Capacity Expansion** - On **April 10, 2025**, Sejal acquired the **architectural glass business of W/Glasstech Industries (India) Pvt. Ltd.** via a slump-sale under a **Business Transfer Agreement**. - The acquisition included: - Manufacturing plants in **Taloja (Maharashtra)** and **Erode (Tamil Nadu)**. - Machinery, technical know-how, IP, brand, customer/vendor relationships, and workforce. - Two industrial plots (Taloja: 10,388 sqm; Perundurai, TN: 5,409 sqm). - **Total acquisition cost: ₹34.60 crores**, split equally between debt and equity. - The acquired units bring significant capacity: - **15.6 lakh sqm/year** toughened glass - **6 lakh sqm/year** insulated glass - **1.35 lakh sqm/year** laminated glass - Current utilization is only **~35%**, indicating **high growth potential**. - These units are on long-term lease with a **40-month rent moratorium**, reducing near-term cost pressure. As of **May 2025**, Sejal operates **four manufacturing facilities**, with total annual production capacity of over **6 million sqm** of glass. --- #### **UAE Operations & International Growth** - The **Ras Al-Khaimah (UAE)** facility is a cornerstone of Sejal’s international strategy: - **2.85 million sqm/year** total capacity (2.1M sqm toughened, 600K sqm IG, 150K sqm laminated). - Serves over **12–15 countries** in MENA, Africa, and Europe. - Operates at **54% average utilization** (down from 62% in Nov 2024), but with strong potential from infrastructure projects in UAE, KSA, and Qatar. - At full utilization, expected to generate **₹250–300 crores** in revenue. - **Façade Manufacturing Division** launched in May 2025: - 40,000 sq ft facility with imported machinery (5-axis CNC, hydraulic press). - Produces **unitized/semi-unitized façade panels, aluminum windows, doors, louvers**. - New **integrated glass + façade solution** offering strengthens competitiveness and margins. - **Estimated investment: ₹9.35 crores (4 million AED)**. - Expected to create a **new revenue stream** from commercial and institutional projects. Sejal targets **30% revenue from Africa and 5% from Europe** within 1–1.5 years to de-risk overreliance on GCC markets. --- #### **Financials & Operational Performance** - **FY25 Revenue Guidance: ₹260–280 crores** - India: ₹80 crores (Q4 estimate) - International (primarily UAE): ₹200 crores - **Revenue Mix (Q2 FY25):** 73.86% international, 26.14% domestic. - **EBITDA Margin Guidance:** 14–15%, expected to improve to **15–16% with scale**. - **Strong Collections:** 90–95% of monthly targets met, **no returned cheques or payment delays** in the last quarter. - **Board approved preferential issue of up to ₹94.35 crores** to fund expansion, tech upgrades, and working capital. - **Order Book Strength:** - UAE: ₹100–120 crores (~40–45 million AED) - Domestic: ₹25 crore project underway, daily bookings of ₹25–30 lakhs. - **One foreign subsidiary** (W/S. Sejl Glass & Glass Manufacturing Products LLC) and **one associate** (I/Sl Glass Ventures LLP); consolidated results reflect post-acquisition scale. *Note: Financials are not comparable YoY due to inclusion of acquired operations from April 2025.* --- #### **Product Innovation & Diversification** - **Fire-Rated Glass:** Strategic partnership launched for **India and UAE manufacturing**, with global branding rights. - **Bulletproof Glass:** In development; testing completed at UAE plant, launch expected imminently. - Target markets: **Defence, railways, VIP security, public infrastructure**. - **Railway-Grade Panels:** Already developed and supplied. - **Solar Glass (Future):** Under exploration to enter green energy segment contingent on market conditions. - **Next-gen materials:** Research ongoing on **solar, smart, and sustainable glass** aligned with global ESG trends. --- #### **Market Position & Competitive Landscape** - **India:** Competes with **Saint Gobain, Asahi**, and organized/semi-organized players, especially in toughened glass. - **UAE:** More organized market; Sejal holds **~10% market share**, and is now the **largest architectural glass manufacturer by capacity and infrastructure**. - **Customer Base:** Over **400 clients** across India and UAE; includes **Piramal, Lodha, Hiranandani**, and top developers in GCC. - **Sales Model:** - **B2B direct** with developers and architects (key influencers). - **Tender-led** for government projects via fabricators. - **Presence in 12–15 countries**, aiming for **20 by end-FY25**. --- #### **Operational Excellence & Technology** - Facilities use **European-standard machinery, automation, and digital controls**. - UAE plant has **fully automated lines** with intelligent quality control and real-time monitoring. - Investments underway in **AI for process optimization, quality control**, and **robotics for glass handling** (under evaluation). - Focus on **zero inventory model** – 90–95% products are **tailor-made**, dispatched daily. - **Domestic hub: Silvassa** (1.068 million sqm capacity, ~56% utilization) with plans to contribute **₹100 crores annually**. --- #### **Long-Term Strategy** Sejal Glass aims to become a **global leader in architectural glass manufacturing**, with: - A **multi-product, multi-market platform**. - Inorganic growth via **acquisitions** (management exploring domestic opportunities). - **Sustainability and innovation** at the core, including solar glass in the medium term. - Enhanced governance and operational reliability as a **listed company** with strong promoter support. ---