Asahi India Glass Ltd
Asahi India Glass Ltd. (AIS) is India’s leading value-added and integrated glass solutions company and a dominant player both in the automotive and architectural glass segments. Established in 1984, It was formed as a Joint Venture between The Labroo Family, Asahi Glass Co. of Japan and Maruti Udyog Ltd (now Maruti Suzuki India Ltd).
Weaknesses
- −The company has delivered a poor sales growth of 10.6% over past five years.
- −Company might be capitalizing the interest cost
- −Dividend payout has been low at 13.4% of profits over last 3 years
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 54.22% | 54.22% | 54.22% | 54.19%▼0.0 | 54.09%▼0.1 | 51.58%▼2.5 | 51.58% | 51.58% |
| FIIs | 3.94% | 4.01%▲0.1 | 4.19%▲0.2 | 4.15%▼0.0 | 3.74%▼0.4 | 4.87%▲1.1 | 4.88%▲0.0 | 4.85%▼0.0 |
| DIIs | 1.47% | 1.55%▲0.1 | 1.62%▲0.1 | 1.63%▲0.0 | 1.78%▲0.2 | 5.16%▲3.4 | 5.25%▲0.1 | 5.35%▲0.1 |
| Public | 40.34% | 40.2%▼0.1 | 39.96%▼0.2 | 40.01%▲0.0 | 40.4%▲0.4 | 38.39%▼2.0 | 38.3%▼0.1 | 38.23%▼0.1 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,081 | 999 | 1,030 | 1,063 | 1,089 | 1,054 | 1,106 | 1,144 | 1,082 | 1,177 |
| Expenses | 895 | 835 | 856 | 892 | 885 | 888 | 917 | 963 | 906 | 937 |
| Operating Profit | 186 | 164 | 173 | 171 | 204 | 166 | 189 | 181 | 177 | 240 |
| OPM % | 17% | 16% | 17% | 16% | 19% | 16% | 17% | 16% | 16% | 20% |
| Net Profit | 85 | 68 | 76 | 76 | 93 | 129 | 91 | 53 | 47 | 103 |
| EPS ₹ | 3.5 | 2.81 | 3.13 | 3.15 | 3.81 | 5.29 | 3.76 | 2.2 | 1.86 | 4.05 |
AI Insights
TTM revenue at ₹4,509Cr, up 4.6% YoY. OPM at 17%.
Borrowings at ₹2,796Cr. Debt-to-equity ratio: 0.74x. Moderate leverage.
CWIP at ₹845Cr (23% of fixed assets). Significant capex underway — growth runway building.
DIIs: 5.35% (+3.63pp change). FIIs: 4.85% (+1.23pp change). Promoters hold 51.58%.
ROCE improving from 6% (Mar 2014) to 12% (Mar 2025). Working capital days: 21.
PE 67.7x with 12% ROCE. Price is 436% above book value of ₹149. Dividend yield: 0.24%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 13 May
- Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot 12 May - Shareholders approved Mr. Takahiro Tokuda’s appointment as Non-Executive Independent Director via postal ballot on 9 May 2026.
- Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 12 May
- Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 4 May - Soniyana float glass plant chimney partially broke on 31 May 2026; no injury, equipment functional, damage insured.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 15 Apr - Certificate under Regulation 74(5) of SEBI (Depositories and participants) Regulations, 2018.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse