ASAHIINDIA · Automobile and Auto Components
Asahi India Glass Ltd. reported revenue of ₹1,151 cr for July to September 2025, −0.6% on the year and −6.3% on the quarter. Over the last four quarters revenue comes to ₹4,684 cr, +5.5% on the four before.
Operating profit (EBITDA) was ₹188 cr, a margin of 16.4%, −204 bps on the year and +73 bps on the quarter. Over the last 8 quarters the margin has ranged from 15.6% to 18.4%, averaging 16.3%. Operating costs grew +1.9%, faster than revenue at −0.6%, so operating profit grew less than sales.
Net profit was ₹58.2 cr, −38.7% on the year and +5.8% on the quarter, with earnings per share of ₹2.22. Profit before other income, one-offs and tax fell 55.5%, so 17 points of the headline growth came from outside the core business. The tax rate was 18% against an average of 28% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹310 cr, +0.7% on the four before.
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. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹12.67 over the last four quarters, the stock at ₹925.50 trades at 73.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹59.4 cr, +91.7% on the year; 32% of EBITDA.
Source: Results filing
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 17.5% against 28.3% over the previous quarters, worth about ₹7.6 cr of profit.
Source: Results filing
Operating margin slipped on the year.
EBITDA margin 16.4%, −204 bps on the year (+73 bps on the quarter).
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Automotive Glass Gross Revenue (₹ crore) | 814.91 |
| Float Glass Gross Revenue (₹ crore) | 383.89 |
| Automotive Glass Segment Result (₹ crore) | 77.61 |
| Float Glass Segment Result (₹ crore) | 39.57 |
| Automotive Glass Share of Gross Segment Revenue | 58.75% |
| Inter-segment Revenue (₹ crore) | 224.81 |
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.
| 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.
Asahi India Glass Ltd. reported revenue of ₹1,151 cr (−0.6% on the year) and net profit of ₹58.2 cr (−38.7% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved −55.5% on the year, against −38.7% for reported profit.
2 checks raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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