Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,455.80 last close on 15 Oct 2026 +0.27%
Research updated
Asahi India Glass Ltd.
NSE: ASAHIINDIAConsumer CyclicalAuto Parts
- Last close
- ₹924.25
- Day change
- −₹6.15 (−0.66%)vs
- Market cap
- ₹23,604 crIndian rupees
- Research updated
- 1 report
About Asahi India Glass
Asahi India Glass Ltd. is a prominent player in the glass manufacturing industry, primarily focused on the production of automotive and architectural glass. The company plays a vital role in supplying high-quality glass solutions to automotive manufacturers, ensuring safety and performance standards are met in vehicle production. Additionally, Asahi India Glass Ltd. contributes significantly to the architectural sector by delivering glass for residential, commercial, and industrial buildings, enhancing aesthetics and building performance with energy-efficient and durable products. Notable for its technological innovation and manufacturing excellence, the company operates in sync with the dynamics of the automotive and construction industries, which are critical to the economic infrastructure. By continuously developing new products and technologies, such as energy-efficient glass solutions, laminated and tempered glass, Asahi India Glass Ltd. maintains its competitive edge in the market. The company's proactive approach to sustainability and adherence to global quality standards underscore its importance in the glass manufacturing sector. Positioned strategically in India, Asahi India Glass Ltd. not only fulfills domestic demand but also caters to international markets, thereby reinforcing its market significance and growth potential.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: ASAHIINDIA
- Employees
- 2,987
- Headquarters
- Gurugram, India
- ISIN
- INE439A01020
- Website
- aisglass.com
Public research · Report of
Business model & financial foundation
Asahi India Glass (AIS) (NSE: ASAHIINDIA), Automotive safety glass, float and architectural glass: revenue of ₹4,990 crore in FY26 (+8.6% on FY25), an EBITDA margin of 18.4%, net profit of ₹344.7 crore and net debt of ₹1,953 crore.
- Revenue, FY26 (₹ crore)
- 4,990
- consolidated
- Revenue growth, FY26
- +8.6%
- on FY25
- EBITDA margin, FY26
- 18.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 344.7
- to owners
- Return on equity, FY26
- 10.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,953
- Net debt incl. leases, less cash and bank balances
- Market capitalisation (₹ crore)
- 24,264
- at the close of 16 Oct 2026
Company profile
Asahi India Glass (AIS) is India's largest maker of automotive safety glass (laminated windshields, tempered glass, sunroofs) supplying most Indian passenger-vehicle OEMs and the aftermarket, and a top-tier integrated float-glass and architectural/value-added glass producer with float lines at Roorkee (Uttarakhand), Taloja (Maharashtra) and Soniyana (Rajasthan). It is promoted jointly by AGC Japan, the Labroo family and Maruti Suzuki. Float glass feeds both its own auto glass processing and the building market.
| Item | Value |
|---|---|
| Legal name | Asahi India Glass Limited |
| Exchange and ticker | NSE: ASAHIINDIA; BSE: 515030 |
| ISIN | INE439A01020 |
| CIN | L26102DL1984PLC019542 |
| Sector | Consumer Cyclical / Auto Components |
| Industry | Automotive safety glass, float and architectural glass |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | V S S A & Associates, Chartered Accountants (FRN 012421N) |
| Market capitalisation | ₹24,264 crore (16 Oct 2026) |
| Shares outstanding | 25.49 crore shares (FY26) |
| Price | ₹925.9 (close, 16 Oct 2026) |
| 52-week range | ₹775.1 - ₹1,074 (to 16 Oct 2026) |
| Website | https://www.aisglass.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| AIS Consumer Glass Solutions Limited (erstwhile AIS Glass Solutions Limited) | 98.5% | Consumer glass / glass solutions; identified as material subsidiary for FY27 |
| Integrated Glass Materials Limited | 100% | Glass raw materials (silica sand) |
| Shield Autoglass Limited | 99.99% | Auto glass aftermarket/repair |
| Fourvolt Solar Private Limited (associate) | 33.39% | Captive solar power associate; share of loss consolidated on management-certified accounts |
Promoter group: AGC Inc. (Japan), Sanjay Labroo family and Maruti Suzuki India Ltd. No material subsidiary in FY26 per FY26 annual report.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 51.57% | 51.57% | 51.57% | |
| Promoter holding pledged | 3.21% | 3.36% | 3.36% | |
| Foreign institutions | 4.88% | 4.85% | 4.86% | |
| Domestic institutions | 5.25% | 5.36% | 5.26% | |
| of which mutual funds | 5.02% | 5.26% | 5.23% | |
| Other | 38.30% | 38.23% | 38.31% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
AIS makes automotive safety glass (laminated/tempered/value-added) and float/architectural glass. AGC, the Labroo family and Maruti Suzuki jointly promote it. Automotive supply is tied to OEM production/content per car; float is sold externally and transferred into its own processing businesses. Consolidated segment revenue includes other income and internal sales, so net operating revenue is the sum of Auto, Float, Others and negative elimination, less other income. Q1FY27 elimination is299.64cr; gross float sales are not additive to auto sales. Consumer Glass Solutions98.5%, Integrated Glass Materials100%, Shield Autoglass99.99% and Fourvolt Solar associate33.39% are recorded in identity.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Automotive Glass | 3,383 | 67.2% | 367.1 | 57.4% |
| Float Glass | 1,754 | 34.9% | 246.6 | 38.6% |
| Others | 802.6 | 16.0% | 25.5 | 4.0% |
| Inter-segment elimination | -908.5 | -18.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Uno Minda (UNOMINDA) | |
| Samvardhana Motherson International (MOTHERSON) | Largest Indian auto components group; Maruti-linked OEM supplier |
| Endurance Technologies (ENDURANCE) | Domestic OEM auto component maker with capex-led growth |
| Gabriel India (GABRIEL) | Mid-cap OEM + aftermarket auto component supplier |
| Sona BLW Precision Forgings (SONACOMS) | |
| Borosil Renewables (BORORENEW) | Only listed Indian flat-glass (solar glass) furnace operator; float-glass economics comparable (gas, soda ash, imports) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,147 | 3,983 | 4,357 | 4,594 | 4,990 |
| Cost of revenue (vendor classification) * | 1,163 | 1,681 | 1,993 | 1,678 | 1,964 |
| Other operating costs (vendor classification) * | 952.6 | 1,204 | 1,259 | 1,733 | 1,566 |
| EBITDA (vendor classification) * | 778.8 | 816.7 | 756.0 | 802.8 | 931.2 |
| Operating EBIT excluding other income | 627.1 | 664.0 | 561.2 | 574.6 | 633.3 |
| Finance costs | 116.4 | 100.6 | 135.9 | 128.3 | 203.9 |
| Profit before tax including associates | 510.7 | 563.3 | 442.6 | 512.8 | 458.8 |
| Tax expense positive expense | 168.0 | 201.7 | 117.5 | 145.5 | 113.7 |
| Total profit after tax including NCI | 342.8 | 361.7 | 325.1 | 367.3 | 345.1 |
| Diluted earnings per share (₹) | 14.18 | 15.01 | 13.49 | 15.27 | 13.82 |
| Materials, traded purchases and inventory change | 1,642 | 1,678 | 1,483 | ||
| Power and fuel | 636.6 | 658.1 | 768.4 | ||
| Employee benefits expenses | 359.5 | 418.9 | 490.0 | ||
| Other expenses excluding power and fuel | 980.3 | 1,073 | 1,330 | ||
| Operating EBITDA excluding other income | 738.1 | 766.1 | 917.9 | ||
| Other income | 9.14 | 32.0 | 41.1 | ||
| Depreciation and amortisation | 176.8 | 191.5 | 284.7 | ||
| Exceptional items signed gain or loss | 0.00 | 31.8 | -11.7 | ||
| Share of associates signed profit or loss | 8.08 | 2.64 | 0.00 | ||
| Profit or loss attributable to NCI signed | -2.93 | -3.97 | 0.36 | ||
| Profit after tax attributable to owners | 328.0 | 371.3 | 344.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,744 | 2,053 | 2,331 | 2,642 | 3,934 |
| Borrowings excluding leases | 1,238 | 1,401 | 1,879 | 2,530 | 2,059 |
| Cash and cash equivalents issuer balance sheet aggregate | 73.4 | 48.0 | 178.6 | 164.5 | 245.3 |
| Trade receivables | 245.6 | 337.1 | 353.5 | 441.8 | 508.7 |
| Inventories | 716.1 | 1,028 | 994.1 | 1,119 | 1,227 |
| Trade payables MSME and other creditors | 618.1 | 852.3 | 854.6 | 1,005 | 991.3 |
| Net tangible PPE excluding ROU, intangibles and CWIP | 151.2 | 160.8 | 2,093 | 3,454 | 3,970 |
| Capital work in progress | 105.2 | 299.4 | 1,016 | 562.0 | 444.6 |
| Total assets * | 3,777 | 4,580 | 5,500 | 6,790 | 7,772 |
| Net debt incl. leases, less cash and bank balances | 1,789 | 2,531 | 1,953 | ||
| Current investments held as liquidity | n.r. | n.r. | n.r. | ||
| Current and noncurrent lease liabilities | 89.0 | 165.3 | 139.3 | ||
| Gross PPE excluding ROU, intangibles and CWIP | n.r. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 638.8 | 232.4 | 653.3 | 720.0 | 501.7 |
| Free cash flow (vendor definition) * | 484.7 | 76.8 | -247.8 | -548.0 | -164.6 |
| Dividends paid signed cash outflow | -24.3 | -48.6 | -48.6 | -48.6 | -48.6 |
| Purchases of PPE and intangible assets signed outflow | -76.9 | -309.5 | -901.1 | -1,268 | -666.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued equity shares at fiscal year end | 24.31 | 24.31 | 24.31 | 24.31 | 25.49 |
| Annual diluted weighted average equity shares | 24.31 | 24.31 | n.r. | ||
| Cumulative three-year CFO / group PAT (x) | 1.81x | ||||
| Trade receivables / operating revenue x365 (days) | 30 | 35 | 37 | ||
| Receivables YoY growth less revenue growth (%) | 19.5% | 6.5% | |||
| Operating EBIT / finance cost (x) | 4.13x | 4.48x | 3.11x |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,158 | 1,124 | 1,180 | 1,229 | 1,151 | 1,256 | 1,354 | 1,413 |
| Cost of revenue (vendor classification) * | 405.5 | 410.9 | 423.1 | 426.9 | 351.1 | 358.7 | 321.5 | |
| Other operating costs (vendor classification) * | 438.7 | 434.4 | 447.1 | 488.4 | 531.0 | 578.8 | 629.4 | |
| EBITDA (vendor classification) * | 219.6 | 189.3 | 205.7 | 203.0 | 261.0 | 296.0 | 330.3 | |
| Operating EBIT excluding other income | 165.0 | 126.7 | 148.2 | 124.4 | 119.3 | 177.7 | 211.9 | 243.9 |
| Finance costs | 31.2 | 32.1 | 32.8 | 59.3 | 59.4 | 43.3 | 41.8 | 46.7 |
| Profit before tax including associates | 140.9 | 140.4 | 124.3 | 75.8 | 70.6 | 132.8 | 179.6 | 202.7 |
| Tax expense positive expense | 46.4 | 35.9 | 32.8 | 21.0 | 12.4 | 33.4 | 47.0 | 53.6 |
| Total profit after tax including NCI | 94.5 | 104.5 | 91.5 | 54.8 | 58.2 | 99.5 | 132.6 | 149.1 |
| Diluted earnings per share (₹) | 3.93 | 4.34 | 3.80 | 2.31 | 2.22 | 3.90 | 5.20 | 5.85 |
| Materials, traded purchases and inventory change | 405.5 | 410.9 | 423.1 | 426.9 | 346.7 | 351.1 | 358.7 | 321.5 |
| Power and fuel | 169.9 | 165.2 | 166.0 | 196.3 | 160.6 | 193.1 | 218.3 | 254.8 |
| Employee benefits expenses | 101.0 | 104.7 | 112.9 | 121.1 | 115.9 | 123.2 | 129.8 | 137.7 |
| Other expenses excluding power and fuel | 268.8 | 268.1 | 281.1 | 292.1 | 339.7 | 337.9 | 360.5 | 374.6 |
| Operating EBITDA excluding other income | 212.5 | 175.4 | 196.8 | 192.3 | 188.3 | 250.6 | 286.8 | 324.8 |
| Other income | 5.63 | 14.4 | 8.79 | 10.8 | 10.9 | 10.5 | 8.92 | 5.75 |
| Depreciation and amortisation | 47.6 | 48.7 | 48.6 | 68.0 | 69.0 | 72.9 | 74.8 | 80.9 |
| Exceptional items signed gain or loss | 0.00 | 31.8 | 0.00 | 0.00 | 0.00 | -12.0 | 0.25 | 0.00 |
| Share of associates signed profit or loss | 1.48 | -0.51 | 0.10 | -0.06 | -0.20 | -0.10 | 0.36 | -0.23 |
| Profit or loss attributable to NCI signed | -0.94 | -0.86 | -0.87 | -1.38 | 1.64 | -0.03 | 0.13 | 0.00 |
| Profit after tax attributable to owners | 95.5 | 105.4 | 92.4 | 56.2 | 56.6 | 99.5 | 132.5 | 149.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 30.8% | 26.6% | 9.4% | 5.5% | 8.6% |
| EBITDA margin | 16.9% | 16.7% | 18.4% | ||
| Net margin | 7.5% | 8.1% | 6.9% | ||
| Return on equity | 15.0% | 14.9% | 10.5% | ||
| Return on capital employed | 21.0% | 20.6% | 14.6% | 12.2% | 11.3% |
| Return on assets | 6.5% | 6.0% | 4.7% | ||
| Net debt (₹ crore) | 1,789 | 2,531 | 1,953 | ||
| Net debt / EBITDA | 2.42x | 3.30x | 2.13x | ||
| Interest cover | 5.39x | 6.60x | 4.13x | 4.48x | 3.11x |
| Asset turnover | 0.83x | 0.95x | 0.86x | 0.75x | 0.69x |
| Receivable days | 28 | 31 | 30 | 35 | 37 |
| Inventory days (on revenue) | 83 | 94 | 83 | 89 | 90 |
| Payable days (on revenue) | 72 | 78 | 72 | 80 | 73 |
| Cash conversion | 1.99x | 1.94x | 1.46x | ||
| Capex intensity | 2.4% | 7.8% | 20.7% | 27.6% | 13.4% |
| Free cash flow (₹ crore) | 561.9 | -77.0 | -247.8 | -548.0 | -164.6 |
| Dividend payout | 14.8% | 13.1% | 14.1% | ||
| EPS, diluted (₹) | 14.18 | 15.01 | 13.49 | 15.27 | 13.82 |
| Book value per share (₹) | 71.76 | 84.46 | 95.88 | 108.7 | 154.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl. leases, less cash and bank balances; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Asahi India Glass includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Asahi India Glass
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Prices are the last close on the NSE, 15 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 16 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.