ASAHIINDIA · Automobile and Auto Components · filed 3 Nov 2026
Asahi India Glass Ltd. reported revenue of ₹1,474 cr for July to September 2026, +36.2% on the year and +11.7% on the quarter.
Operating profit (EBITDA) was ₹341 cr, a margin of 23.1%, +681 bps on the year and −91 bps on the quarter. Operating costs grew +25.1% against revenue growth of +36.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹171 cr, +259.7% on the year and +12.7% on the quarter, with earnings per share of ₹6.70. Profit before other income, one-offs and tax grew faster, at +304.9%; other income, one-offs or tax held the headline back.
Of the 18 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 +27.4%. Its margin moved +681 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.
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.
Reported profit +259.7% on the year; profit before other income, exceptional items and tax +304.9%.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹864 cr | ₹719 cr | ▲ 20.2% |
| Inventory | ₹1,285 cr | ₹1,127 cr | ▲ 14.0% |
| Cash | ₹217 cr | ₹175 cr | ▲ 23.7% |
| Long-term borrowings | ₹1,578 cr | ₹1,525 cr | ▲ 3.5% |
| Short-term borrowings | ₹504 cr | ₹493 cr | ▲ 2.1% |
| Trade payables | ₹976 cr | ₹852 cr | ▲ 14.5% |
| Net block | ₹3,976 cr | ₹3,873 cr | ▲ 2.7% |
| Capital work in progress | ₹348 cr | ₹418 cr | ▼ 16.9% |
| Equity | ₹4,296 cr | ₹4,024 cr | ▲ 6.7% |
| Total assets | ₹8,229 cr | ₹7,716 cr | ▲ 6.6% |
Receivables at 56 days of sales (+0 days against the last year end). Inventory at 84 days of sales (−4 days).
No emphasis of matter.
Board of Directors at its meeting held on November 3, 2026 considered and approved the unaudited standalone and consolidated financial results for Q2 and…
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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹1,082 cr | ₹1,320 cr | ₹1,474 cr |
| YoY | — | — | +36% |
| EBITDA margin | 16.3% | 24.0% | 23.1% |
| Other income, % of PBT | 17% | 3% | 2% |
| Exceptional items | — | — | — |
| Tax rate | 29% | 26% | 26% |
| Net profit | ₹47.5 cr | ₹151 cr | ₹171 cr |
| YoY | — | — | +260% |
| Core profit YoY | — | — | +305% |
| EPS | ₹1.86 | ₹5.94 | ₹6.70 |
| Flags | · | · | ✓ |
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 ₹1,474 cr (+36.2% on the year) and net profit of ₹171 cr (+259.7% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +304.9% on the year, against +259.7% for reported profit.
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