Agarwal Toughened Glass H1 profit rises 6% to Rs 12.94 crore

Agarwal Toughened Glass India Limited reported profit after tax of Rs 12.94 crore for the half year ended 30 September 2026, up 6% from Rs 12.26 crore a year earlier, as revenue from operations increased 43% to Rs 65.47 crore despite a sequential rise in finance cost to Rs 1.30 crore.

How did Agarwal Toughened Glass perform in the half year ended September 2026?

Agarwal Toughened Glass increased total revenue to Rs 65.75 crore in the half year ended 30 September 2026 from Rs 49.26 crore in the corresponding half of the previous year, an increase of Rs 16.48 crore. Revenue from operations was Rs 65.47 crore, compared with Rs 45.88 crore a year earlier, while other income fell to Rs 28.10 lakh from Rs 337.77 lakh.

Profit before tax rose to Rs 18.52 crore from Rs 15.35 crore in the half year ended 30 September 2025, an increase of Rs 3.17 crore. Total tax expense increased to Rs 5.58 crore from Rs 3.10 crore, leaving profit after tax at Rs 12.94 crore versus Rs 12.26 crore. The year-on-year profit increase was about 5.6%, below the growth rate in revenue from operations.

What changed in Agarwal Toughened Glass costs and margins?

Agarwal Toughened Glass reported total expenses of Rs 47.22 crore for the half year ended 30 September 2026, compared with Rs 33.91 crore in the corresponding prior-year period. Cost of material consumed was the largest disclosed expense at Rs 38.09 crore, up from Rs 26.72 crore. Its Rs 11.36 crore increase accounted for most of the Rs 13.31 crore rise in total expenses.

Employee-benefit expense rose to Rs 2.78 crore from Rs 2.52 crore, while other expenses increased to Rs 2.32 crore from Rs 2.24 crore. Depreciation and amortisation fell to Rs 1.03 crore from Rs 1.17 crore. Changes in inventories were an expense of Rs 170.26 lakh, compared with Rs 7.11 lakh in the corresponding prior-year half.

Profit before tax represented about 28.2% of total revenue in the half year ended 30 September 2026, compared with about 31.2% a year earlier, based on the reported figures. The lower calculation reflects total expenses rising faster than total revenue, although profit before tax still increased by Rs 3.17 crore.

Why did Agarwal Toughened Glass finance cost increase?

Agarwal Toughened Glass recorded finance cost of Rs 130.37 lakh for the half year ended 30 September 2026, compared with negative Rs 16.22 lakh for the half year ended 31 March 2026. On this sequential comparison, the reported finance cost increased by Rs 146.59 lakh. The results filing does not provide a narrative explanation for that movement.

Against the half year ended 30 September 2025, finance cost declined slightly to Rs 1.30 crore from Rs 1.32 crore. The reported increase therefore applies to the immediately preceding half-year comparison rather than the year-on-year comparison. Finance cost for the year ended 31 March 2026 was Rs 1.16 crore.

Borrowings were higher at 30 September 2026 than at 31 March 2026. Long-term borrowings stood at Rs 14.43 crore, up from Rs 8.17 crore, while short-term borrowings rose to Rs 26.17 crore from Rs 16.51 crore. The filing reports these balance-sheet changes but does not directly link them to the finance-cost result.

What does Agarwal Toughened Glass’s balance sheet show?

Agarwal Toughened Glass reported total assets of Rs 202.60 crore at 30 September 2026, compared with Rs 148.45 crore at 31 March 2026. Cash and cash equivalents rose to Rs 18.47 crore from Rs 10.65 crore, while short-term loans and advances increased to Rs 49.96 crore from Rs 36.60 crore.

Inventory declined to Rs 27.96 crore from Rs 29.41 crore, while trade receivables were broadly unchanged at Rs 34.41 crore against Rs 34.54 crore. Capital work-in-progress increased to Rs 15.54 crore from Rs 13.43 crore. These movements occurred alongside higher borrowings and total assets.

What funding actions did Agarwal Toughened Glass disclose?

Agarwal Toughened Glass allotted 16,51,866 equity shares and 45,90,000 convertible warrants on a preferential basis on 3 July 2026 at Rs 109 per security. The allotment aggregated to approximately Rs 68.10 crore, according to the filing. The company received Rs 30.51 crore, comprising Rs 18.00 crore from equity shares and Rs 12.51 crore as the 25% upfront payment for warrants.

The balance 75% of the warrant consideration is receivable upon exercise of the conversion option. Following the equity-share allotment, paid-up equity share capital increased to Rs 19.33 crore, or 1,93,26,466 equity shares of Rs 10 face value each, from Rs 17.67 crore and 1,76,74,600 shares.

Agarwal Toughened Glass also said that its December 2024 initial public offering proceeds of Rs 62.64 crore had been fully utilised as at 30 September 2026. Its statutory auditor certified that there was no unutilised balance and no deviation or variation from the objects in the offer document. The board approved the unaudited standalone results on 13 November 2026, and the auditor issued an unmodified review conclusion.

Conclusion

Agarwal Toughened Glass delivered higher revenue, profit before tax and profit after tax in the half year ended 30 September 2026, with revenue from operations increasing by Rs 19.59 crore and profit after tax rising by Rs 68.30 lakh year-on-year. The cost base also increased, led by material consumption, while finance-cost comparisons differ between the sequential and year-on-year periods.

Next, readers can watch whether the balance 75% of the approximately Rs 68.10 crore preferential warrant consideration is received upon conversion, as disclosed by the company. They can also track borrowing levels, which totalled Rs 40.60 crore at 30 September 2026, and capital work-in-progress, which stood at Rs 15.54 crore.