Asahi India Glass Limited (ASAHIINDIA)

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Asahi India Glass Limited (ASAHIINDIA) · mywealthgrid

About

Asahi India Glass Limited manufactures automotive glass and components for the Indian automotive sector within the Consumer Discretionary segment. With recent quarterly revenues exceeding ₹1,400 Cr and market capitalization of ₹23,940 Cr, the company operates at significant scale. The company delivered 179% year-over-year net profit growth (₹53.37 Cr to ₹149.08 Cr Jun-2025 to Jun-2026) alongside a one-year shareholder return of 12.36%.

Face value: ₹1

Market cap

₹24,069 Cr

P/E

55.0×

P/B

6.1×

Dividend yield

0.2%

ROE

10.4%

ROCE

12.2%

Debt / equity

0.52

OPM

18.4%

EPS (TTM)

₹17.2

Book value

₹154.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme valuation: PE of 54.71 leaves no room for earnings disappointment; any growth slowdown risks sharp multiple compression
Margin sustainability: Operating margin expanded 710 bps (15.79% Jun-2025 to 22.98% Jun-2026) in a single year — verify what drove this and whether it reflects cyclical tailwinds or structural improvements
Automotive sector cyclicality: OEM supplier exposure means demand tied to vehicle production cycles; verify current OEM capacity utilization, domestic sales trends, and export order pipeline
Input-cost sensitivity: Current 22.98% margin may reflect favorable glass and component pricing — assess pricing power and cost pass-through if input inflation returns

Generated analysis · source review pending

Growth drivers

Operating margin expanded 710 bps year-over-year (15.79% to 22.98%), multiplying profit growth beyond the 23.6% revenue increase (₹1.14 Cr to ₹1.41 Cr Jun-2025 to Jun-2026)
Revenue growth of 23.6% reflects strong OEM demand environment — verify whether this is production recovery, market-share gain, or pricing contribution
EPS grew 165% year-over-year (₹2.2 to ₹5.85) from compounding revenue and margin expansion — assess sustainability of both drivers
Verify if recent margin strength is structural (manufacturing efficiency, supply-chain optimization) or cyclical (input-cost tailwinds); clarify export and capacity-expansion plans

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹944.3-1.4%1Y

Quick read

rule-based

Pros

+Profit CAGR of 21% over the last 5 years
+Revenue CAGR of 15.4% over the last 5 years

Cons

−Low dividend payout of 11.6% of profit
−Promoter holding fell 2.5 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

37/100

Business quality: 36
Growth: 49
Valuation: 26

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Samvardhana Motherson International LimitedMOTHERSONMOTHERSON	₹1,65,731 Cr	₹1,81,626 Cr	₹1,31,135 Cr	₹12,541 Cr	9.4%	₹4,380 Cr	3.2%	12.6%	10.2%	-26
Bosch LimitedBOSCHLTDBOSCHLTD	₹1,34,166 Cr	₹1,34,166 Cr	₹21,088 Cr	₹2,832 Cr	13.2%	₹2,363 Cr	13.8%	21%	19.4%	13
Bharat Forge LimitedBHARATFORGBHARATFORG	₹89,644 Cr	₹96,518 Cr	₹17,543 Cr	₹2,963 Cr	17.4%	₹706 Cr	6.5%	17.9%	11.5%	136
Uno Minda LimitedUNOMINDAUNOMINDA	₹64,160 Cr	₹66,698 Cr	₹20,725 Cr	₹2,280 Cr	11.5%	₹1,202 Cr	6.5%	19.3%	19.1%	37
Schaeffler India LimitedSCHAEFFLERSCHAEFFLER	₹60,732 Cr	₹60,787 Cr	₹10,505 Cr	₹1,917 Cr	18.2%	₹1,253 Cr	11.9%	27.3%	20.2%	68
Sona Blw Precision Forgings LimitedSONACOMSSONACOMS	₹50,071 Cr	₹50,314 Cr	₹4,935 Cr	₹1,207 Cr	24.7%	₹686 Cr	14.1%	14.6%	11%	121
Tube Investments Of India LimitedTIINDIATIINDIA	₹45,302 Cr	₹45,695 Cr	₹23,754 Cr	₹2,260 Cr	9.9%	₹607 Cr	4.9%	15.4%	9.6%	41
Endurance Technologies LimitedENDURANCEENDURANCE	₹36,602 Cr	₹37,928 Cr	₹15,592 Cr	₹2,058 Cr	13.5%	₹970 Cr	6.5%	18.5%	15.2%	-6
Exide Industries LimitedEXIDEINDEXIDEIND	₹34,803 Cr	₹35,896 Cr	₹18,829 Cr	₹1,954 Cr	10.4%	₹932 Cr	4.8%	8.9%	6.1%	42
Dhoot Transmission LimitedDHOOTTRANSDHOOTTRANS	₹29,518 Cr	₹30,359 Cr	₹4,525 Cr	₹711 Cr	15.7%	₹397 Cr	8.8%	30.8%	23.1%	69
Craftsman Automation LimitedCRAFTSMANCRAFTSMAN	₹26,897 Cr	₹30,238 Cr	₹8,717 Cr	₹1,357 Cr	15.3%	₹465 Cr	4.8%	16.1%	12.5%	74
Sansera Engineering LimitedSANSERASANSERA	₹26,686 Cr	₹27,144 Cr	₹3,753 Cr	₹696 Cr	18.1%	₹351 Cr	9.3%	14.7%	11.1%	98

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,683	2,683	2,914	2,645	2,434	3,173	4,019	4,357	4,594	4,990
COGS	933	933	924	850	842	916	1,383	1,642	1,678	1,483
Gross profit	1,751	1,751	1,990	1,795	1,593	2,257	2,636	2,714	2,916	3,507
	1,279	1,279	1,471	1,349	1,135	1,482	1,825	1,968	2,148	2,589
	472	472	519	446	457	775	811	746	769	918
OPM %	17.6%	17.6%	17.8%	16.9%	18.8%	24.4%	20.2%	17.1%	16.7%	18.4%
Depreciation	95	95	119	137	132	160	160	177	192	285
Interest	124	124	135	146	143	121	105	136	128	204
	15	15	15	8	23	16	16	9	64	29
Profit before tax	269	269	280	171	205	511	563	443	513	459
Tax	93	93	92	19	74	168	202	118	145	114
Tax %	34.6%	34.6%	32.9%	11.4%	36.2%	32.9%	35.8%	26.6%	28.4%	24.8%
	176	176	188	151	131	343	362	325	367	345
PAT margin %	6.6%	6.6%	6.5%	5.7%	5.4%	10.8%	9%	7.5%	8%	6.9%
EPS (₹)	7.3	7.3	7.8	6.3	5.5	14.2	15	13.5	15.3	13.8
EPS adjusted (₹)	7.3	7.3	7.8	6.3	5.5	14.2	15	13.5	15.3	13.5
	13.7%	20.5%	12.8%	15.8%	18.3%	14.1%	13.3%	14.8%	13.1%	14.5%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	24	24	24	24	24	24	24	24	24	24	25
Reserves	257	765	1,085	1,191	1,278	1,415	1,738	2,050	2,329	2,645	3,907
Minority interest	—	—	—	—	—	—	—	—	—	—	2
	1,053	1,046	1,267	1,424	1,388	1,255	1,203	1,353	1,879	2,530	2,059
	937	848	932	1,049	1,173	1,078	811	1,152	1,268	1,590	1,779
Total equity & liabilities	2,272	2,684	3,308	3,689	3,863	3,773	3,777	4,580	5,500	6,790	7,772
	1,064	1,427	1,853	1,953	1,690	2,219	2,322	2,014	2,201	3,563	4,079
CWIP	41	65	113	453	489	262	91	235	826	562	445
Investments	19	22	46	48	56	69	85	492	499	531	531
	1,147	1,171	1,295	1,236	1,629	1,223	1,279	1,840	1,974	2,133	2,718
Total assets	2,272	2,684	3,308	3,689	3,863	3,773	3,777	4,580	5,500	6,790	7,772

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Automotive Glass	3,382.97	367.14	3,395.91	848.63	2,547.28	14.41
Float Glass	1,753.95	246.55

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	68.3%	67.9%	65.4%	71.1%	65.6%	62.3%	63.5%	70.3%
EBITDA margin %	17.6%	16.5%	18.4%	24.1%	19.8%	16.9%	16.7%	18.4%
EBIT margin %	13.5%	11.3%	13%	19%	15.8%	12.9%	12.5%	12.7%
PAT margin %	6.5%	5.7%	5.4%	10.8%	9%	7.5%	8%	6.9%
Working capital
Receivable days	34	36	40	28	31	30	35	37
Inventory days	273	310	284	285	271	221	243	302
Payable days	252	6	277	246	225	190	219	219
NWC days	55	340	47	67	77	61	60	120
Leverage
Current ratio	0.83	0.83	0.89	1.13	1.08	1.03	1.08	1.43
Debt to EBITDA	2.78	3.18	2.8	1.58	1.7	2.55	3.3	2.24
Debt to equity	1.17	1.07	0.87	0.68	0.65	0.8	0.95	0.52
Interest coverage	3	2.1	2.4	5.1	6.2	4.2	4.7	3.3
Asset turnover	0.79	0.68	0.65	0.84	0.88	0.79	0.68	0.64
Return ratios
Return on assets %	5.1%	3.9%	3.5%	9.1%	7.9%	5.9%	5.4%	4.4%
Return on capital employed %	18.4%	12.9%	13.7%	23.9%	23%	16.9%	13.9%	12.2%
Return on equity %	15.5%	11.6%	9.1%	19.4%	17.4%	13.8%	13.8%	8.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	54.24%	54.23%	54.23%	54.23%	54.23%	54.23%	54.2%	54.09%	51.57%	51.57%	51.57%	51.57%
	3.68%	3.71%	3.95%	3.94%	4.01%	4.19%	4.16%	3.73%	4.87%	4.88%	4.85%	4.86%
	1.84%	1.91%	1.45%	1.48%	1.55%	1.62%	1.64%	1.78%	5.17%	5.26%	5.36%	5.26%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	40.24%	40.15%	40.37%	40.35%	40.21%	39.96%	40%	40.4%	38.39%	38.29%	38.22%	38.31%
No. of shareholders	—	—	—	—	—	—	—	—	64,209	66,692	64,539	64,157

Promoter holding down 2.67 percentage points since Sep 2023.

5 disclosures

Person	Deal	Shares	Value	Holding	Filed
Mr. Sanjay LabrooPromoters	Pledge RevokeRevokation of Pledge	4,00,000	₹36.27 cr	11.47% → 11.47%	4 Oct 20257(2)
LANS Business LLPPromoter Group	BuyMarket Purchase	25,000	₹2.23 cr

3 deals · 16 Sept 2022 – 24 Mar 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Mar 2023	LABROO SANJAY MOHAN	Block	NSE	Sell	4,00,000	₹466.00	₹18.64 Cr
24 Mar 2023	ALLIED FINCAP SERVICES PRIVATE LIMITED	Block	NSE	Buy	4,00,000	₹466.00	₹18.64 Cr
16 Sept 2022	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Bulk	NSE	Sell	15,80,220	₹603.61	₹95.38 Cr

1–3 of 3

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Sanjay LabrooExecutive Director-Chairperson related to Promoter-MD
Shailesh AgarwalChief Financial Officer
Mr. Masao FukamiExecutive Director
Ms. Nisheeta LabrooNon-Executive - Non Independent Director
Mr. Kazuo NinomiyaNon-Executive - Non Independent Director
Mr. Shashank SrivastavaNon-Executive - Non Independent Director
Mr. Takahiro TokudaNon-Executive - Independent Director
Ms. Avanti BirlaNon-Executive - Independent Director
Ms. Sheetal Kapal MehtaNon-Executive - Independent Director
Mr. Kamaljit KalkatNon-Executive - Independent Director
Mr. Ravin KhoslaNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 9 fund houses

Held by these funds

3.93%

of the company's equity

All mutual funds

5.23%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

31 schemes · 9 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	51.03 L	485.81	0.59%	2.002%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	17.61 L	167.7	2.06%	0.691%	+60,129
Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP)	SBI Mutual Fund	15.39 L	146.51	1.89%	0.604%	-0
Automotive Opportunities Fund	SBI Mutual Fund	8 L	76.16	1.2%	0.314%	-0
Resurgent India Opportunities Scheme	SBI Mutual Fund	2.37 L	22.54	3.06%	0.093%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.93 L	18.4	0.52%	0.076%	+2,362
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	98,197	9.35	0.52%	0.039%	+1,098
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	71,183	6.78	0.52%	0.028%	+646

1–8 of 31

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

11

Final dividend11 Sept 2026 · ex-date₹2
Final dividend3 Sept 2025 · ex-date₹2
Final dividend28 Aug 2024 · ex-date₹2
Final dividend11 Sept 2023 · ex-date₹2
Dividend dividend7 Sept 2022 · ex-date₹2
Dividend dividend21 Sept 2021 · ex-date₹1
Interim dividend19 Mar 2020 · ex-date₹1
Dividend dividend29 Jul 2019 · ex-date₹1
Dividend dividend30 Jul 2018 · ex-date₹1.5
Dividend dividend2 Aug 2017 · ex-date₹1
Dividend dividend4 Aug 2016 · ex-date₹0.6

1

Board meeting to consider results5 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

16 announcementsExport CSV

30 Sept 2026, 3:29 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	68.3%	67.9%	65.4%	71.1%	65.6%	62.3%	63.5%	70.3%
EBITDA margin %	17.6%	16.5%	18.4%	24.1%	19.8%	16.9%	16.7%	18.4%
EBIT margin %	13.5%	11.3%	13%	19%	15.8%	12.9%	12.5%	12.7%
PAT margin %	6.5%	5.7%	5.4%	10.8%	9%	7.5%	8%	6.9%
Working capital
Receivable days	34	36	40	28	31	30	35	37
Inventory days	273	310	284	285	271	221	243	302
Payable days	252	6	277	246	225	190	219	219
NWC days	55	340	47	67	77	61	60	120
Leverage
Current ratio	0.83	0.83	0.89	1.13	1.08	1.03	1.08	1.43
Debt to EBITDA	2.78	3.18	2.8	1.58	1.7	2.55	3.3	2.24
Debt to equity	1.17	1.07	0.87	0.68	0.65	0.8	0.95	0.52
Interest coverage	3	2.1	2.4	5.1	6.2	4.2	4.7	3.3
Asset turnover	0.79	0.68	0.65	0.84	0.88	0.79	0.68	0.64
Return ratios
Return on assets %	5.1%	3.9%	3.5%	9.1%	7.9%	5.9%	5.4%	4.4%
Return on capital employed %	18.4%	12.9%	13.7%	23.9%	23%	16.9%	13.9%	12.2%
Return on equity %	15.5%	11.6%	9.1%	19.4%	17.4%	13.8%	13.8%	8.8%

Date	Category	Subject	Filing
30 Sept 2026, 3:29 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 5:25 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
18 Sept 2026, 5:42 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
28 Aug 2026, 3:49 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
28 Aug 2026, 3:46 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
28 Aug 2026, 1:01 am	Company Update General	Communication To Shareholders	PDF
27 Aug 2026, 11:59 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
27 Aug 2026, 11:52 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	230	418	449	424	293	516	614	418	661	723	502
	-124	-190	-448	-512	-214	-93	-79	-320	-924	-1,191	-665
	-100	-249	-1	91	-93	-382	-479	999	1,511	458	245
Net cash flow	—	-21	1	—	-14	42	56	1,097	1,249	-11	82
Free cash flow	105	218	—	-89	66	412	512	93	-240	-545	-165
CFO / Operating profit %	—	89.3%	96%	82.8%	67.2%	115.4%	80.4%	52.6%	89.6%	94.3%	54.7%

Asahi India Glass Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

11

1

Announcements

11

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Automotive Glass · revenue

Asahi India Glass Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends11

Board meetings1

Announcements

Dividends11

Board meetings1

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Automotive Glass · revenue

11

1

11

1