Asahi India Glass Limited (ASAHIINDIA) share price

₹955.90 on NSE as of 2026-09-04. -0.66% on the day. market cap ₹24,368 Cr. P/E 55.7. 52-week range ₹784.40 to ₹1066.40. Automobile and Auto Components.

Asahi India Glass Q1 FY27: Revenue ₹1,413 Cr, PAT Up 165%, and a 50x Multiple

At a glance

Sand goes in one end. Windshields come out the other. Somewhere in the middle sits a furnace that has never once been switched off voluntarily, and that furnace is the entire personality of this business.

For the quarter ended June 2026, Asahi India Glass reported consolidated revenue of ₹1,413 Cr, up 15.0% from ₹1,229 Cr a year earlier. Operating profit came in at ₹325 Cr against ₹192 Cr, and operating margin printed 23% versus 16%. Net profit was ₹149 Cr against ₹56 Cr — a 165% move. EPS was ₹5.85 against ₹2.31.

The comparison base matters here, and the arithmetic says so plainly: the June 2025 quarter carried ₹59 Cr of interest and ₹68 Cr of depreciation against operating profit of ₹192 Cr. The June 2026 quarter carried ₹47 Cr and ₹81 Cr against ₹325 Cr.

Segment-wise, automotive glass gross revenue was ₹949 Cr and float glass ₹545 Cr, with segment results of ₹128 Cr and ₹117 Cr respectively — float glass contributed a segment result of ₹37 Cr in the same quarter last year.

The board also approved the 41st AGM for 18 September 2026, a record date of 11 September for a ₹2 dividend if approved, and the reappointment of Masao Fukami as Deputy Managing Director – Technical & CTO (Auto) for a second four-year term from 1 January 2027.

Company number 41 in the annual-general-meeting counter, and it still describes itself as sand-to-solutions. More on the sand.

Introduction

AIS was formed in 1984 as a joint venture between the Labroo Family, Asahi Glass Co. of Japan, and Maruti Udyog — now Maruti Suzuki India. It began life as Indian Auto Safety Glass Private Limited, making toughened glass for one customer, and changed its name to Asahi India Glass in 2002. The construction-glass business arrived with the acquisition of Float Glass India Limited and its Taloja facility in 2001.

The last two years have been mostly about capacity and capital structure. Commercial operations began at Soniyana, Rajasthan in March 2025. In September 2025 the company raised ₹1,000 crore through a qualified institutional placement — 1,18,37,261 shares at ₹844.79, allotted 19 September. Per CARE's July 2026 report, the QIP proceeds went primarily towards debt reduction, and overall gearing moved to 0.57x as on 31 March 2026 from 1.16x a year earlier.

Ratings followed. CRISIL upgraded bank facilities to AA-/Stable and A1+ in October 2025. CARE upgraded long-term facilities to CARE AA- from A+ in January 2026, and reaffirmed AA-; Stable / A1+ in July 2026 on ₹2,631.64 crore of long-term facilities and ₹85 crore of long-term/short-term facilities.

In January 2026 the board approved greenfield capex of up to ₹2,000 crore across float, coatings and processing. CARE describes the FY27–FY28 programme as more than ₹2,000 crore, covering a new float glass plant, a soft coater plant, a white goods appliances plant, Patan Phase IV and miscellaneous items, funded by a mix of debt and internal accruals.

There is also a 20-year contract with Inox Air for 95 tonnes of green hydrogen annually for the greenfield float facility at Chittorgarh, Rajasthan, plus an investment in a solar plant to generate that hydrogen by electrolysis. A subsidiary acquired specific assets of Balaji Building Technologies in Bengaluru.

Business model

They melt sand into a ribbon and then argue about who gets to cut it.

**Automotive glass** was 69% of FY25 revenue, up from 51% in FY22. Laminated windshields, tempered side windows and backlights, sunroof glass, sub-assemblies — sold to three-wheelers, passenger vehicles, trucks and buses. Twelve new models were launched during FY25. Customers include Maruti Suzuki, Mahindra & Mahindra, Hyundai, Tata Motors, Toyota and KIA. CARE puts passenger-vehicle auto glass market share at ~79%, and notes MSIL contributed ~32% of automotive glass sales in FY26 against 33% in FY25. Your co-promoter is also your largest customer, which makes the annual pricing discussion a family matter with minutes.

**Architectural glass** was 29% of FY25 revenue, down from 47% in FY22 — annealed, coated, decorative and processed glass moving through more than 1,425 stockists. CARE cites ~13% share of the architectural glass segment and ~65% of the value-added architectural segment.

**Other**, at 2%, is the retail-facing bit: design consultation, frame selection, installation of windows, sliding doors, balustrades and canopies, plus car glass repair — under AIS Windows, AIS Glasxperts and AIS Windshield Experts, across 71 cities with 124-plus dealerships and workshops. A company that makes float glass by the thousand tonnes per day will also come to a flat in Pune and fix one chipped windshield.

Behind all three: 15 manufacturing facilities, 6 warehouses, 4 sub-assembly units across Haryana, Uttarakhand, Tamil Nadu, Maharashtra and Gujarat. Installed capacity of 8.5 mn pieces laminated glass, 45 mn pieces tempered, and 1,280 TPD of float. The plants sit near India's automotive hubs, which is less strategy than physics — glass is heavy, fragile, and deeply unenthusiastic about long journeys.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Asahi India Glass Limited.

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