ASAHIINDIA · Automobile and Auto Components
Asahi India Glass Ltd. reported revenue of ₹1,354 cr for January to March 2026, +14.7% on the year and +7.8% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹4,990 cr, +8.6% on the four before.
Operating profit (EBITDA) was ₹287 cr, a margin of 21.2%, +450 bps on the year and +129 bps on the quarter. It is the widest margin of the last 8 quarters (range 15.6% to 21.2%). Operating costs grew +8.5% against revenue growth of +14.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹133 cr, +44.6% on the year and +34.3% on the quarter, with earnings per share of ₹5.20. Profit before other income, one-offs and tax grew faster, at +47.8%; 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 ₹345 cr, −6.5% 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 ₹13.63 over the last four quarters, the stock at ₹925.50 trades at 67.9 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
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 ₹1,354 cr (+14.7% on the year) and net profit of ₹133 cr (+44.6% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +47.8% on the year, against +44.6% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.