Asahi India Glass Ltd

ASAHIINDIA

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Market Cap

₹ 25,735 Cr

P/E

89.73

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Asahi India Glass Limited is a leading manufacturer and distributor of various glass products, specializing in automotive, architectural, and consumer glasses.

Established in 1984, the company has expanded its production capacity significantly over the years, showing a strong commitment to growth and innovation in glass technology.

The company collaborates heavily with Asahi Glass Company, Japan, leveraging its technical expertise to strengthen product development and quality.

AIS has a significant presence in the automotive sector, supplying glass components to major automobile manufacturers and capturing substantial market share.

Through strategic acquisitions and capacity expansions, AIS is advancing its position in architectural glass processing and continues to innovate across multiple product lines.

Sector

Glass & Glass Products

Industry

Glass - Sheet / Float

Market Cap

25,735 Cr

Volatility

Moderate Risk

P/E Ratio

89.7

Industry P/E

86.8

PEG Ratio

2.9

P/B Ratio

7.0

52W High

1,072.95

52W Low

576.60

Sales CAGR

5.84%

11.51%

10.65%

10Y

7.05%

Profit CAGR

13.00%

3.83%

19.46%

10Y

16.65%

ROE

TTM

8.39%

15.14%

15.13%

10Y

15.31%

ROCE

TTM

9.04%

16.14%

16.99%

10Y

17.27%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ASAHIINDIA	993.70	25,735 Cr	89.73	6.95	0.19	8.39	9.04	3.91
BORORENEW	532.00	7,622 Cr	357.70	6.03	0.00	2.39	9.30	-15.97
BOROLTD	293.15	3,547 Cr	40.92	4.17	0.00	10.20	13.54	7.36
LAOPALA	205.30	2,276 Cr	22.53	2.84	3.66	12.60	16.49	11.47
BOROSCI	122.45	1,093 Cr	60.25	2.70	0.00	4.50	7.26	2.30
SAINTGOBAIN	107.55	971 Cr	23.38	4.44	1.88	19.02	24.80	15.70
SEJALLTD	845.00	871 Cr	44.50	21.26	0.00	35.32	13.22	5.08

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,089	1,120	1,044	1,105	1,133	1,158	1,124	1,180	1,229	1,151
Expenses	880	934	880	925	951	945	949	983	1,036	963
Operating Profit	209	186	163	180	181	213	175	197	192	188
OPM %	19.18	16.58	15.65	16.33	16.02	18.36	15.60	16.68	15.65	16.35
Other Income	6.81	8.33	1.75	0.33	4.74	7.11	46	8.89	11	11
Interest	34	34	34	33	32	31	32	33	59	59
Depreciation	41	43	46	48	47	48	49	49	68	69
Profit Before Tax	141	117	85	100	107	141	140	124	76	71
Tax %	26.85	25.89	26.47	26.98	28.43	32.91	25.54	26.37	27.69	17.54
Net Profit	103	86	63	73	77	95	105	92	55	58
EPS in Rs	4.07	3.40	2.49	2.90	3.06	3.75	4.14	3.62	2.20	2.22

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,570	2,679	2,913	2,643	2,421	3,170	4,019	4,341	4,594	4,691
Expenses	1,930	2,169	2,403	2,212	1,987	2,410	3,224	3,619	3,828	3,914
Operating Profit	640	510	510	431	435	761	795	722	766	777
OPM %	24.90	19.03	17.52	16.31	17.95	23.99	19.78	16.63	16.67	16.57
Other Income	31	23	24	23	46	31	33	33	67	72
Interest	144	124	135	146	143	121	105	136	128	155
Depreciation	79	95	119	137	132	160	160	177	192	213
Profit Before Tax	223	269	280	171	205	511	563	443	513	481
Tax %	32.77	34.61	32.85	11.39	36.22	32.89	35.80	26.55	28.37	28.25
Net Profit	150	176	188	151	131	343	362	325	367	345
EPS in Rs	5.85	6.88	7.46	6.03	5.22	13.52	14.32	12.86	14.57	12.18
Dividend Payout %	16.26	20.55	12.79	15.82	18.28	14.10	13.32	14.83	13.10	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	24	24	24	24	24	24	24	24	24
Reserves	330	902	1,051	1,191	1,278	1,415	1,738	2,050	2,329	2,645
Borrowings	1,053	1,045	1,269	1,424	1,388	1,566	1,238	1,401	1,968	2,696
Other Liabilities	865	859	936	1,049	1,173	768	776	1,104	1,179	1,425
Total Liabilities	2,272	2,830	3,281	3,689	3,863	3,773	3,777	4,580	5,500	6,790
Fixed Assets	1,134	1,588	1,907	1,956	2,035	2,221	2,323	2,395	2,616	4,046
CWIP	65	85	114	453	489	262	91	235	826	562
Investments	19	27	42	48	55	69	85	112	85	50
Other Assets	1,054	1,129	1,218	1,232	1,284	1,222	1,278	1,839	1,972	2,132
Total Assets	2,272	2,830	3,281	3,689	3,863	3,773	3,777	4,580	5,500	6,790

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	230	418	449	424	293	516	586	402	653	720
Cash from Investing Activity	-124	-190	-448	-512	-214	-84	-79	-320	-924	-1,191
Cash from Financing Activity	-100	-249	-1.22	91	-93	-382	-479	-52	330	458
Net Cash Flow	6.68	-21	0.53	2.78	-14	51	28	29	59	-13

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	54.23%	54.24%	54.24%	54.24%	54.23%	54.23%	54.23%	54.23%	54.23%	54.20%	54.09%	51.57%
FIIs	3.78%	3.79%	3.62%	3.68%	3.70%	3.95%	3.94%	4.01%	4.19%	4.16%	3.73%	4.87%
DIIs	1.69%	1.74%	1.73%	1.84%	1.91%	1.45%	1.48%	1.56%	1.62%	1.64%	1.78%	5.17%
Public	40.30%	40.24%	40.41%	40.25%	40.15%	40.37%	40.35%	40.21%	39.96%	40.00%	40.39%	38.39%
Total Shareholders	58,713	58,716	61,232	62,825	59,970	63,465	60,227	62,836	63,200	65,564	63,611	64,209

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Oct 03, 2025	Mr. sanjay labroo	Insider - Promoter & Director	Revoke	905.60	36.22 Cr	4,00,000	0.15
Sep 24, 2025	Lans business llp	Insider - Promoter Group	Acquisition	893.87	2.23 Cr	25,000	0.00
Sep 24, 2025	Lans business llp	Insider - Promoter Group	Acquisition	893.87	2.23 Cr	25,000	0.00
Sep 11, 2025	Ashok kanhayalal monga	Insider - Promoter Group	Disposal	878.05	0.40 Cr	4,500	0.00
Sep 11, 2025	Ashok kanhayalal monga	Insider - Promoter Group	Disposal	885.91	0.22 Cr	2,500	0.00
Sep 11, 2025	Ashok kanhayalal monga	Insider - Promoter Group	Disposal	868.49	0.17 Cr	2,000	0.00
Sep 11, 2025	Ashok kanhayalal monga	Insider - Promoter Group	Disposal	889.79	0.44 Cr	5,000	0.00
Sep 11, 2025	Ashok kanhayalal monga	Insider - Promoter Group	Disposal	861.03	0.09 Cr	1,000	0.00
Aug 25, 2025	Krishna chamanlal tiku	Insider - Promoter Group	Disposal	894.00	0.33 Cr	3,689	0.00
Aug 20, 2025	Krishna chamanlal tiku	Insider - Promoter Group	Disposal	850.00	0.85 Cr	10,000	0.00

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,089	1,120	1,044	1,105	1,133	1,158	1,124	1,180	1,229	1,151
Expenses	880	934	880	925	951	945	949	983	1,036	963
Operating Profit	209	186	163	180	181	213	175	197	192	188
OPM %	19.18	16.58	15.65	16.33	16.02	18.36	15.60	16.68	15.65	16.35
Other Income	6.81	8.33	1.75	0.33	4.74	7.11	46	8.89	11	11
Interest	34	34	34	33	32	31	32	33	59	59
Depreciation	41	43	46	48	47	48	49	49	68	69
Profit Before Tax	141	117	85	100	107	141	140	124	76	71
Tax %	26.85	25.89	26.47	26.98	28.43	32.91	25.54	26.37	27.69	17.54
Net Profit	103	86	63	73	77	95	105	92	55	58
EPS in Rs	4.07	3.40	2.49	2.90	3.06	3.75	4.14	3.62	2.20	2.22

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,570	2,679	2,913	2,643	2,421	3,170	4,019	4,341	4,594	4,691
Expenses	1,930	2,169	2,403	2,212	1,987	2,410	3,224	3,619	3,828	3,914
Operating Profit	640	510	510	431	435	761	795	722	766	777
OPM %	24.90	19.03	17.52	16.31	17.95	23.99	19.78	16.63	16.67	16.57
Other Income	31	23	24	23	46	31	33	33	67	72
Interest	144	124	135	146	143	121	105	136	128	155
Depreciation	79	95	119	137	132	160	160	177	192	213
Profit Before Tax	223	269	280	171	205	511	563	443	513	481
Tax %	32.77	34.61	32.85	11.39	36.22	32.89	35.80	26.55	28.37	28.25
Net Profit	150	176	188	151	131	343	362	325	367	345
EPS in Rs	5.85	6.88	7.46	6.03	5.22	13.52	14.32	12.86	14.57	12.18
Dividend Payout %	16.26	20.55	12.79	15.82	18.28	14.10	13.32	14.83	13.10	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	24	24	24	24	24	24	24	24	24
Reserves	330	902	1,051	1,191	1,278	1,415	1,738	2,050	2,329	2,645
Borrowings	1,053	1,045	1,269	1,424	1,388	1,566	1,238	1,401	1,968	2,696
Other Liabilities	865	859	936	1,049	1,173	768	776	1,104	1,179	1,425
Total Liabilities	2,272	2,830	3,281	3,689	3,863	3,773	3,777	4,580	5,500	6,790
Fixed Assets	1,134	1,588	1,907	1,956	2,035	2,221	2,323	2,395	2,616	4,046
CWIP	65	85	114	453	489	262	91	235	826	562
Investments	19	27	42	48	55	69	85	112	85	50
Other Assets	1,054	1,129	1,218	1,232	1,284	1,222	1,278	1,839	1,972	2,132
Total Assets	2,272	2,830	3,281	3,689	3,863	3,773	3,777	4,580	5,500	6,790

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	230	418	449	424	293	516	586	402	653	720
Cash from Investing Activity	-124	-190	-448	-512	-214	-84	-79	-320	-924	-1,191
Cash from Financing Activity	-100	-249	-1.22	91	-93	-382	-479	-52	330	458
Net Cash Flow	6.68	-21	0.53	2.78	-14	51	28	29	59	-13

Oscillators

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Bullish

Overall

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Neutral

Bullish

Moving Averages

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Overview

Detailed Summary

Asahi India Glass Limited is a leading manufacturer and distributor of various glass products, specializing in automotive, architectural, and consumer glasses.

Established in 1984, the company has expanded its production capacity significantly over the years, showing a strong commitment to growth and innovation in glass technology.

The company collaborates heavily with Asahi Glass Company, Japan, leveraging its technical expertise to strengthen product development and quality.

AIS has a significant presence in the automotive sector, supplying glass components to major automobile manufacturers and capturing substantial market share.

Through strategic acquisitions and capacity expansions, AIS is advancing its position in architectural glass processing and continues to innovate across multiple product lines.

Sector

Glass & Glass Products

Industry

Glass - Sheet / Float

Market Cap

25,735 Cr

Volatility

Moderate Risk

P/E Ratio

89.7

Industry P/E

86.8

PEG Ratio

2.9

P/B Ratio

7.0

52W High

1,072.95

52W Low

576.60

Sales CAGR

5.84%

11.51%

10.65%

10Y

7.05%

Profit CAGR

13.00%

3.83%

19.46%

10Y

16.65%

ROE

TTM

8.39%

15.14%

15.13%

10Y

15.31%

ROCE

TTM

9.04%

16.14%

16.99%

10Y

17.27%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ASAHIINDIA	993.70	25,735 Cr	89.73	6.95	0.19	8.39	9.04	3.91
BORORENEW	532.00	7,622 Cr	357.70	6.03	0.00	2.39	9.30	-15.97
BOROLTD	293.15	3,547 Cr	40.92	4.17	0.00	10.20	13.54	7.36
LAOPALA	205.30	2,276 Cr	22.53	2.84	3.66	12.60	16.49	11.47
BOROSCI	122.45	1,093 Cr	60.25	2.70	0.00	4.50	7.26	2.30
SAINTGOBAIN	107.55	971 Cr	23.38	4.44	1.88	19.02	24.80	15.70
SEJALLTD	845.00	871 Cr	44.50	21.26	0.00	35.32	13.22	5.08