Sejal Glass Ltd

Financial Performance

• India revenue rose 67.03% YoY to INR36.43 crores.
• UAE revenue INR81.52 crores, up 47.31% YoY.
• Consolidated EBITDA rose over 44% YoY to INR18 crores.
• Consolidated PAT grew over 63% YoY to INR7.22 crores.
• FY27 EBITDA margin to improve by around 1%.
• FY27 PAT margin targeted at nearly 9%.
• India order book around INR50 crores; UAE order book around AED70 million.

Operating Update

• UAE order book rose to about AED72 million; inflow of AED22-27 million.
• India orders exceeding INR50 crores secured; execution over next 6 months.
• Capacity utilization: Silvassa 77%, Taloja 55%, Erode 15%, UAE 71%.
• Third tempering line capex in UAE: AED15 million; commercial production in Q3.
• Total UAE tempering capacity about 24 lakh sq mtr per annum.
• Third line initial utilization 15-20%; existing lines to reach 75% by year-end.
• Capex funding: internal accruals; potential AED7 million long-term debt.
• Exports: UAE capacity ~90%; utilization ~95%; India exports to Cyprus/Israel; Africa being pursued.
• Working capital days: India 98, UAE 85.
• Debt: India total ~INR52 crores; working capital INR14 crores; term loan INR38 crores.
• Cash reserve minimal due to working-capital usage.
• Taxes: India no income tax due to carry-forward losses; UAE 9% corporate tax.

Capex and Projects

• UAE capex AED15 million covers third tempering line and fire-rated tech.
• Post-expansion capacity uplift to around INR75 crores revenue potential.
• India capex is modest, typically under INR1 crore.

Guidance and Outlook

• FY27 minimum revenue growth 25% with upside to 40%.
• FY27 PAT margin target around 9%.
• Q3 and Q4 expected efficiency gains; EBITDA/margins improve.
• FY28 YoY growth at least 25%; exact numbers not disclosed.

Q&A Highlights

• Railway and fire-safety verticals: current revenue ~1%; target 10% next year.
• Capex to be funded by internal accruals and modest debt.
• Architectural glass core; competition from multinationals unlikely in this niche.
• Export market diversification: UAE 90-95% capacity; Africa expansion planned.
• Existing lines to reach ~75% utilization by year-end; third line 15-20% initially.
• Top-15 clients contribute over 70% of India revenue; total ~200 regular clients.

Balance Sheet and Liquidity

• Debt in India ~INR52 crores; working-capital INR14 crores; term loan INR38 crores.
• Cash reserves minimal due to working-capital usage.
• India/UAE working-capital days: 98 and 85 respectively.
• Tax: India carry-forward losses negate current income tax; UAE 9% corporate tax.

Financial results overview

• Machine-readable copy of quarterly financial results submitted to NSE for quarter ended 30 June 2026.
• Board-approved results in meeting held on 31 July 2026.
• Statutory auditors' limited review conducted; opinion: unqualified.
• Primary segment: Architectural Glass Manufacturing.
• Consolidated results include Sejal Glass LLC (foreign subsidiary) and Sejal Glass Ventures LLP (associate).
• Standalone net sales from operations for quarter ended 30.06.2026: ₹3,643.08 lakhs.
• Consolidated total income (net) for quarter ended 30 June 2026: ₹11,943.61 lakhs.
• Acquisition of Glasstech business completed on 10 April 2025; affects comparability.
• Standalone quarter shows no tax due to carry-forward of depreciation and losses.
• Results to be uploaded on company website and stock exchange portals (NSE/BSE).

AGM Details

• Date and time: July 18, 2026, 11:00 A.M. to 2:30 P.M.; Mode: Physical.

Key Resolutions

• Item 1: Ordinary resolution to adopt standalone financials and reports.
• Item 2: Ordinary resolution to adopt consolidated financial statements and reports.
• Item 3: Ordinary resolution for re-appointment of Jiggar Savla as Director by rotation.
• Item 4: Ordinary resolution for re-appointment of Gokhale and Sathe as Statutory Auditors.
• Item 5: Special resolution to re-appoint Jiggar Savla as Whole Time Director and fix remuneration.
• Item 6: Special resolution to re-appoint Chirag Doshi as Independent Director.
• Item 7: Special resolution to re-appoint Neha Gada as Independent Director.

Voting Status

• Voting outcomes not disclosed; e-voting results to be declared within two working days.

Directors and Auditor Changes

• Re-appointment of Jiggar Savla as Director, liable to retire by rotation.
• Re-appointment of Jiggar Savla as Whole Time Director; remuneration to be fixed.
• Re-appointment of Chirag Doshi as Independent Director.
• Re-appointment of Neha Gada as Independent Director.
• Re-appointment of Gokhale and Sathe as Statutory Auditors.

Dematerialisation status

• Dematerialisation requests for quarter ended 30 June 2026 were confirmed to depositories and listed on exchanges.
• Certificates received for dematerialisation were mutilated and cancelled; depository name substituted in the register.
• There were no shareholder requests for dematerialisation for quarter ended 30 June 2026.

FY26 results

• Consolidated income rose 64% to ₹401.36 crore in FY26.
• Consolidated EBITDA rose 88% to ₹66.32 crore; margin improved to 16.5%.
• Consolidated PAT rose 160% to ₹29.03 crore; net margin improved to 7.2%.
• Q4 consolidated income rose 72% to ₹116.85 crore.
• Q4 consolidated EBITDA was ₹20.47 crore; margin improved to 17.5%.
• Q4 consolidated PAT rose over 200% to ₹11.42 crore.

Operations and outlook

• UAE order book was about AED 60 million.
• UAE Q1 visibility was around AED 31 million, with May at about AED 10.2 million.
• Management expects UAE EBITDA margin impact of 1% to 1.5% from higher raw material costs.
• Management expects FY27 EBITDA margin around 17.5% to 18%.
• Management guided FY27 growth of at least 25%, or over 40% if UAE improves.
• India revenue mix is expected to move from 60-40 to 50-50 versus UAE.

Products, capacity and debt

• Railway products have started; management expects 2% to 3% of revenue this year.
• Fire and other new products are expected in Q3, contributing 5% to 7% this year.
• Management expects new products to contribute 15% to 20% next year.
• Silvassa utilization was 64% tempering, 30% IG, and 87% lamination.
• Glasstech units were 33% tempering at Taloja and 13% at Erode.
• Consolidated debt was about ₹138 crore, including about ₹70 crore promoter-funded.

Q&A Highlights

• Analysts asked about UAE disruption; management said operations were stable and supply-chain issues were easing.
• Analysts asked about debtor risk in UAE; management said payments were on time with zero bad debts.
• Analysts asked about India growth; management said FY27 India revenue should be about ₹200 crore.
• Analysts asked about Glasstech profitability; management said it reached EBITDA breakeven last month and should be profitable this year.
• Analysts asked about raw material inflation; management said glass prices rose 7% to 8% and would be passed through.
• Analysts asked about gross margins; management said COGS was 63% to 64%, implying 33% to 34% gross margin.
• Analysts asked about Saint Gobain collaboration; management said pricing credit notes were about 4% to 5%.
• Analysts asked about taxes; management said there was no tax outgo in India currently and none expected next year.

Financial results

• Audited standalone and consolidated financial results approved for quarter and year ended March 31, 2026.
• Statutory auditors issued unmodified audit opinions on both standalone and consolidated results for FY2026.

Committee changes

• Audit Committee reconstituted effective April 25, 2026.
• Ms. Amruta Patankar appointed as Audit Committee member.
• Post-reconstitution Audit Committee comprises Chirag H Doshi, Neha R Gada, Jiggar L Savla, and Amruta Patankar.