Altman Z″
Needs current assets and current liabilities.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 86.5x earnings against its own median of 41.2x: 3.0 standard deviations above its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-139 cr, negative in 5 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Operating cash is 146% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹502 cr against trailing net profit ₹345 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Debt rose over 3 years, and most of it (295%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹797 cr largely matched by an asset build of ₹2,349 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Both revenue and profit grew over the last year (10.3% and 26.5%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹5,174 cr, trailing profit ₹439 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -2.2% of assets. Free cash flow negative in 5 of 12 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.
cumulative operating cash flow ÷ cumulative net profit
₹5,243 cr ÷ ₹2,663 cr, over 12 years
1.97×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹345 − ₹502) cr ÷ average assets
-2.2%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
6.9% × 0.64 × 1.98
8.8%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹663 cr ÷ ₹204 cr
3.25×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹2,198 cr ÷ ₹3,932 cr
0.56×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +89% vs revenue +24%, FY2023 to FY2026
65pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Automobile and Auto Components). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 51.57% to 51.57% across these quarters.
FII held steady from 4.87% to 4.85% across these quarters.
MF rose from 4.89% to 5.23% across these quarters.
Other trimmed from 38.67% to 38.35% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 34 | 36 | 40 | 28 | 31 | 30 | 35 | 37 |
| Inventory days
How long stock sits before it sells | 273 | 310 | 284 | 285 | 271 | 221 | 243 | 302 |
| Payable days
How long the company takes to pay suppliers | 252 | 248 | 277 | 246 | 225 | 190 | 219 | 219 |
| Cash conversion cycle
Debtor + inventory − payable days | 55 | 98 | 47 | 67 | 77 | 61 | 60 | 120 |
| Working capital days | -31 | -35 | -31 | 7 | 1 | -11 | -1 | 33 |
| ROCE %
Return on capital employed | 16.0% | 11.0% | 11.0% | 21.0% | 21.0% | 15.0% | 12.0% | 11.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Automotive Glass Gross Revenue (₹ crore) | 1,066 | 949.23 | 814.91 |
| Float Glass Gross Revenue (₹ crore) | 608.07 | 545.22 | 383.89 |
| Automotive Glass Segment Result (₹ crore) | 131.35 | 127.66 | 77.61 |
| Float Glass Segment Result (₹ crore) | 137.16 | 117.03 | 39.57 |
| Automotive Glass Share of Gross Segment Revenue | 55.57% | 55.23% | 58.75% |
| Inter-segment Revenue (₹ crore) | 327.3 | 299.64 | 224.81 |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 2,421 | 3,170 | 4,019 | 4,341 | 4,594 | 4,982 |
| Other income | 46 | 31 | 33 | 32 | 67 | 37 |
| Depreciation | 132 | 160 | 160 | 177 | 192 | 285 |
| Finance cost | 143 | 121 | 105 | 136 | 128 | 204 |
| Profit before tax | 205 | 511 | 563 | 443 | 513 | 459 |
| Net profit (owners) | 131 | 343 | 362 | 325 | 367 | 345 |
| EPS (₹) | 5.47 | 14.18 | 15.01 | 13.49 | 15.27 | 13.52 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,120 | 1,044 | 1,105 | 1,133 | 1,158 | 1,124 | 1,180 | 1,229 | 1,151 | 1,256 | 1,354 | 1,413 |
| Other Income | 8 | 2 | 2 | 5 | 7 | 46 | 9 | 11 | 11 | -2 | 10 | 6 |
| Expenses | 934 | 880 | 927 | 951 | 945 | 949 | 983 | 1,036 | 963 | 1,005 | 1,067 | 1,089 |
| Depreciation | 43 | 46 | 48 | 47 | 48 | 49 | 49 | 68 | 69 | 73 | 75 | 81 |
| Finance cost | 34 | 34 | 33 | 32 | 31 | 32 | 33 | 59 | 59 | 43 | 42 | 47 |
| Profit before tax | 117 | 85 | 100 | 107 | 141 | 140 | 124 | 76 | 71 | 133 | 180 | 203 |
| Net Profit | 86 | 63 | 73 | 77 | 95 | 105 | 92 | 55 | 58 | 99 | 133 | 149 |
| EPS | 3.57 | 2.61 | 3.04 | 3.21 | 3.93 | 4.34 | 3.80 | 2.31 | 2.22 | 3.90 | 5.20 | 5.85 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 24 | 24 | 24 | 25 |
| Reserves | 1,415 | 1,738 | 2,050 | 2,329 | 2,645 | 3,907 |
| Borrowings | 1,566 | 1,238 | 1,401 | 1,968 | 2,696 | 2,198 |
| Net block | 2,221 | 2,323 | 2,395 | 2,616 | 4,046 | 4,534 |
| CWIP | 262 | 91 | 235 | 826 | 562 | 445 |
| Investments | 69 | 85 | 112 | 85 | 50 | 78 |
| Total Assets | 3,773 | 3,777 | 4,580 | 5,500 | 6,790 | 7,772 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 516 | 586 | 402 | 653 | 720 | 502 |
| Cash from investing | -84 | -79 | -320 | -924 | -1,191 | -665 |
| Cash from financing | -382 | -479 | -52 | 330 | 458 | 245 |
| Free cash flow | 433 | 509 | 92 | -244 | -536 | -139 |
| Net change in cash | 51 | 28 | 29 | 59 | -13 | 82 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Asahi India Glass Ltd. reported revenue of ₹1,586 cr for July to September 2026, +37.7% on the year and +12.2% on the quarter. That is faster than this quarter has grown in recent years (+1.4% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹5,609 cr, +19.7% on the four before.
Operating profit (EBITDA) was ₹346 cr, a margin of 21.8%, +548 bps on the year and −115 bps on the quarter. Over the last 8 quarters the margin has ranged from 15.6% to 23.0%, averaging 18.8%. Operating costs grew +28.7% against revenue growth of +37.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹167 cr, +187.5% on the year and +12.2% on the quarter, with earnings per share of ₹6.56. Profit before other income, one-offs and tax grew faster, at +271.5%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹548 cr, +76.8% on the four before.
Of the 22 companies in Automobiles and components that have reported Q2 FY27 so far, Asahi India Glass Ltd. ranks 9th on revenue growth; the sector median is +26.9%. Its margin moved +548 bps on the year against a sector median of −104 bps.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models.
On earnings per share of ₹21.51 over the last four quarters, the stock at ₹925.50 trades at 43.0 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹616 cr | ₹509 cr | ▲ 21.1% |
| Inventory | ₹1,393 cr | ₹1,227 cr | ▲ 13.6% |
| Cash | ₹294 cr | ₹245 cr | ▲ 20.0% |
| Long-term borrowings | ₹1,617 cr | ₹1,558 cr | ▲ 3.8% |
| Short-term borrowings | ₹531 cr | ₹501 cr | ▲ 6.0% |
| Trade payables | ₹1,027 cr | ₹891 cr | ▲ 15.3% |
| Net block | ₹4,098 cr | ₹3,970 cr | ▲ 3.2% |
| Capital work in progress | ₹366 cr | ₹445 cr | ▼ 17.7% |
| Equity | ₹4,198 cr | ₹3,932 cr | ▲ 6.8% |
| Total assets | ₹8,314 cr | ₹7,772 cr | ▲ 7.0% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹298 cr | ₹502 cr |
| Capital expenditure | −₹197 cr | −₹666 cr |
| Investing cash flow | −₹195 cr | −₹665 cr |
| Financing cash flow | −₹64.6 cr | ₹245 cr |
| Dividends paid | −₹51.0 cr | −₹48.6 cr |
Operating cash flow was 0.94× profit. Receivables at 37 days of sales (+0 days against the last year end). Inventory at 85 days of sales (−5 days).
Other matter 1: “”We did not review the interim financial results of three subsidiaries included in the consolidated unaudited financial results for the quarter and half year ended 30th September, 2026, as considered in the consolidated unaudited financial results. These financial results have… Read in full
We did not review the interim financial results of three subsidiaries included in the consolidated unaudited financial results for the quarter and half year ended 30th September, 2026, as considered in the consolidated unaudited financial results. These financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion of the statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Other matter 2: “”The consolidated unaudited interim financial results also include the Group's share of net profit after tax for the quarter and half year ended 30th September, 2026 respectively as considered in the unaudited consolidated interim financial results, in respect of an… Read in full
The consolidated unaudited interim financial results also include the Group's share of net profit after tax for the quarter and half year ended 30th September, 2026 respectively as considered in the unaudited consolidated interim financial results, in respect of an associate, based on its interim financial statement/ information which has not been reviewed by its auditors and is based solely on Management certified accounts.
Filing p. auditor review report
Board of Directors at its meeting held on November 3, 2026 considered and approved the unaudited standalone and consolidated financial results for Q2 and H1 FY27. (p. outcome letter p.1)
Tax: Consolidated tax expense of ₹59.45 crore on Profit before tax of ₹226.73 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Automotive Glass Gross Revenue (₹ crore) | 1,066 | 949.23 | 814.91 |
| Float Glass Gross Revenue (₹ crore) | 608.07 | 545.22 | 383.89 |
| Automotive Glass Segment Result (₹ crore) | 131.35 | 127.66 | 77.61 |
| Float Glass Segment Result (₹ crore) | 137.16 | 117.03 | 39.57 |
| Automotive Glass Share of Gross Segment Revenue | 55.57% | 55.23% | 58.75% |
| Inter-segment Revenue (₹ crore) | 327.3 | 299.64 | 224.81 |
Worked out from filed numbers. Automotive Glass Share of Gross Segment Revenue: Automotive Glass Gross Revenue (1,065.92) / Total Gross Segment Revenue (1,918.29) * 100
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Automotive Glass | ₹1,066 cr | ▲ 30.8% | ₹131 cr | ▲ 69.2% |
| Float Glass | ₹608 cr | ▲ 58.4% | ₹137 cr | ▲ 246.6% |
| Others | ₹244 cr | ▲ 29.8% | ₹0.6 cr | ▼ 91.2% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,044 cr | ₹1,105 cr | ₹1,133 cr | ₹1,158 cr | ₹1,124 cr | ₹1,180 cr | ₹1,229 cr | ₹1,151 cr | ₹1,256 cr | ₹1,354 cr | ₹1,413 cr | ₹1,586 cr |
| YoY | — | — | +4% | +3% | +8% | +7% | +8% | −1% | +12% | +15% | +15% | +38% |
| EBITDA margin | 15.6% | 16.1% | 16.0% | 18.4% | 15.6% | 16.7% | 15.6% | 16.4% | 19.9% | 21.2% | 23.0% | 21.8% |
| Other income, % of PBT | 2% | 2% | 5% | 5% | 33% | 7% | 14% | 15% | −2% | 6% | 3% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 27% | 28% | 33% | 26% | 26% | 28% | 18% | 25% | 26% | 26% | 26% |
| Net profit | ₹63.0 cr | ₹73.0 cr | ₹77.0 cr | ₹95.0 cr | ₹105 cr | ₹92.0 cr | ₹55.0 cr | ₹58.2 cr | ₹99.0 cr | ₹133 cr | ₹149 cr | ₹167 cr |
| YoY | — | — | −25% | +10% | +67% | +26% | −29% | −39% | −6% | +45% | +171% | +187% |
| Core profit YoY | — | — | −24% | +23% | +13% | +17% | −36% | −55% | +44% | +48% | +203% | +271% |
| EPS | ₹2.61 | ₹3.04 | ₹3.21 | ₹3.93 | ₹4.34 | ₹3.80 | ₹2.31 | ₹2.22 | ₹3.90 | ₹5.20 | ₹5.85 | ₹6.56 |
| Flags | · | · | 1 | ✓ | 2 | ✓ | 1 | 2 | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.