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Asahi India Glass

ASAHIINDIA NSE
₹983.45 No trade today
P/E
57.28
View as Markdown
MCP
Close 4 Nov 2026 ₹983.45 +62.45 +6.78% 1Y
Start ₹921.00

Key Fundamentals

SmallcapAuto ComponentsConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
11.50%
Debt to Equity
0.56
EPS (TTM)
₹17.17
Book Value
₹164.67
Market Cap
—
P/E (TTM)
57.28
P/B
5.97
ROE
10.30%
Dividend Yield
0.20%
EBITDA
₹959 Cr
52W High
₹1,074.00
52W Low
₹775.10
Volume
0

Peer Comparison

Consumer Discretionary › Automobiles › Auto Components › Auto Components & Equipments

Asahi India Glass peer comparison
Samvardhana Motherson International
₹159.4938.43₹1,68,660 Cr3.980.37%11.20%13.40%₹1,31,135 Cr₹4,556 Cr
Bosch
₹50,925.0063.56₹1,48,351 Cr10.110.54%14.60%21.50%₹21,088 Cr₹2,363 Cr
Bharat Forge
₹1,812.80122.74₹86,739 Cr7.650.48%12.00%12.60%₹17,543 Cr₹715 Cr
UNO Minda
₹1,196.9057.49₹67,494 Cr10.130.24%19.30%19.60%₹20,725 Cr₹1,291 Cr
Sona BLW Precision Forgings
₹893.7074.48₹56,293 Cr8.700.38%11.70%15.10%₹4,514 Cr₹746 Cr
Schaeffler India
₹3,507.2042.47₹55,555 Cr8.920.99%20.80%27.90%₹10,192 Cr₹1,292 Cr
Tube Investment
₹2,250.5071.81₹42,644 Cr5.620.16%9.95%17.10%₹23,754 Cr₹1,109 Cr
Asahi India Glass (this company)
₹983.4557.28₹25,201 Cr5.970.20%10.30%11.50%₹5,175 Cr₹439 Cr
Median 8 companies₹1,504.8560.53₹61,893 Cr8.180.38%11.85%16.10%₹19,134 Cr₹1,200 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

44 Weak

Data confidence 100/100

Category scores

Quality
55
Average
Returns, margins, earnings quality 22% weight
Valuation
40
Weak
Cheap vs sector & own history 24% weight
Growth
32
Poor
Sales & profit trajectory 9% weight
Financial Health
27
Poor
Solvency, leverage, coverage 9% weight
Momentum
64
Good
Trend strength, vol-adjusted 12% weight
Ownership
46
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

3
  • Stock is trading at 5.99 times its book value
  • Company has a low return on equity of 12.3% over last 3 years.
  • Dividend payout has been low at 14.2% of profits over last 3 years

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish2512
OscillatorsNeutral252
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
62.38
Neutral
MACD (12,26,9)
2.31
Bullish
SMA (50)
946.71
Bullish
SMA (200)
902.08
Bullish

As of

Analyst Rating

Based on 1 analysts
BUY100%

1 of 1 analyst rates Buy, 0 Hold, 0 Sell.

As of

BUY
1
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+8.47%
5Y+15.53%
3Y+7.42%
1Y+8.45%
TTM+10.30%

Net profit

Net profit growth by window
10Y+15.04%
5Y+21.37%
3Y−1.59%
1Y−5.99%
TTM+26.51%

Operating cash flow

Operating cash flow growth by window
10Y+8.12%
5Y−0.55%
3Y+7.69%
1Y−30.28%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.48 pp
5Y+0.30 pp
3Y−1.51 pp
1Y+1.60 pp
TTM+3.73 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,345 Cr
Mar 2018₹2,633 Cr
Mar 2019₹2,913 Cr
Mar 2020₹2,643 Cr
Mar 2021₹2,421 Cr
Mar 2022₹3,170 Cr
Mar 2023₹4,019 Cr
Mar 2024₹4,341 Cr
Mar 2025₹4,594 Cr
Mar 2026₹4,982 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹150 Cr
Mar 2018₹176 Cr
Mar 2019₹188 Cr
Mar 2020₹151 Cr
Mar 2021₹131 Cr
Mar 2022₹343 Cr
Mar 2023₹362 Cr
Mar 2024₹325 Cr
Mar 2025₹367 Cr
Mar 2026₹345 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,007 Cr +5.0% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

As of 2026-11-03, Asahi India Glass Ltd trades at ₹991.45 with a market cap of ₹24,134 Cr, commanding a PE of 57.74x and a price-to-book of 6.43x. The company has delivered strong long-term compounded profit growth of 14% over 10 years and a TTM profit surge of 37%, but near-term return ratios and dividend payouts remain subdued.

Bull Case 8
  • TTM profit growth stands at 37%, signalling a sharp recovery in earnings momentum
  • 10-year compounded profit growth of 14% demonstrates a consistent long-term earnings trajectory
  • 5-year compounded sales growth of 16% reflects sustained revenue expansion over a medium-term horizon
  • 5-year stock CAGR of 20% has delivered meaningful wealth creation for longer-term holders
  • Debt-to-equity ratio of 0.56 as of 2026-11-03 indicates a manageable leverage position for a capital-intensive glass manufacturer
  • TTM sales growth of 10% shows the top line continues to expand at a healthy pace
  • 10-year stock CAGR of 17% underscores the company's ability to compound shareholder value across market cycles
  • 5-year compounded profit growth of 22% significantly outpaces the corresponding 5-year sales growth of 16%, suggesting improving operating leverage
Bear Case 8
  • PE of 57.74x as of 2026-11-03 is elevated, demanding sustained high earnings growth to justify the premium
  • 3-year compounded profit growth is negative at -2%, indicating earnings stagnated or declined over the recent three-year window
  • ROE of 8.77% as of 2026-11-03 is modest, and the 3-year average ROE of 12% is below the 10-year average of 15%, showing a deteriorating return profile
  • Price-to-book of 6.43x means investors are paying a steep premium over the company's net asset value
  • Dividend yield of just 0.21% as of 2026-11-03, with a payout of only 14.2% of profits over the last 3 years, offers negligible income to shareholders
  • ROCE of 10.79% as of 2026-11-03 is underwhelming relative to the valuation multiples the stock commands
  • 1-year stock CAGR of -2% shows recent price performance has been negative even as the broader market advanced
  • Last year ROE dropped to 10%, down from the 5-year average of 15%, pointing to a declining efficiency trend

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

19d ago

TL;DR: The only news is a routine AGM: shareholders approved a ₹2 final dividend for FY26 and ratified related-party transactions with Maruti Suzuki and AGC Asia Pacific. Governance looks orderly and these key partnerships are still in place. The main structural risk is heavy dependence on Maruti Suzuki and the passenger-vehicle cycle. With no earnings, capacity or demand updates in this news set, the trend looks stable rather than improving or getting worse, and the next real signal will come from quarterly results and auto volume data.

Neutral 2
  • 41st AGM approves ₹2 dividend Sep 18

    At its 41st AGM, Asahi India Glass shareholders approved a final dividend of ₹2 per share for FY26. The payout is routine and signals steady cash returns, though it's too small to move the stock much.

  • Maruti, AGC related-party deals ratified Sep 18

    Shareholders ratified material related-party transactions with Maruti Suzuki and AGC Asia Pacific. These deals underpin the company's automotive glass supply and technology ties. Approval keeps operations running as usual but highlights how much the company depends on Maruti Suzuki.

Quarterly Results

₹ Cr
ASAHIINDIA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,089
1,120
1,044
1,105
1,133
1,158
1,124
1,180
1,229
1,151
1,256
1,354
1,413
1,586
Expenses
880
934
880
927
951
945
949
983
1,036
963
1,005
1,067
1,089
1,240
Operating Profit
209
186
163
178
181
213
175
197
192
188
250
287
325
—
OPM %
19%
17%
16%
16%
16%
18%
16%
17%
16%
16%
20%
21%
23%
—
Other Income
7
8
2
2
3.17
5.63
46
9
11
11
−2
10
6
5
Interest
34
34
34
33
32
31
32
33
59
59
43
42
47
45
Depreciation
41
43
46
48
47
48
49
49
68
69
73
75
81
80
PBT
141
117
85
100
106
141
141
124
76
71
133
180
203
227
Tax %
27%
26%
26%
27%
28%
33%
26%
26%
28%
18%
25%
26%
26%
26%
Net Profit
103
86
63
73
77
95
105
92
55
58
99
133
149
167
EPS (₹)
4.27
3.57
2.61
3.04
3.21
3.93
4.34
3.8
2.31
2.22
3.9
5.2
5.85
—

Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
ASAHIINDIA profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,099
2,209
2,345
2,633
2,913
2,643
2,421
3,170
4,019
4,341
4,594
4,982
5,175
Expenses
1,789
1,816
1,930
2,169
2,403
2,209
1,987
2,410
3,224
3,617
3,828
4,072
4,125
Operating Profit
309
393
415
464
510
435
435
761
795
724
766
910
1,050
OPM %
15%
18%
18%
18%
18%
16%
18%
24%
20%
17%
17%
18%
20%
Other Income
13
3
31
23
24
19
46
31
33
32
67
37
25
Interest
160
144
144
124
135
146
143
121
105
136
128
204
191
Depreciation
112
110
79
95
119
137
132
160
160
177
192
285
298
PBT
51
142
223
269
280
171
205
511
563
443
513
459
586
Tax %
26%
42%
33%
35%
33%
11%
36%
33%
36%
27%
28%
25%
—
Net Profit
40
85
150
176
188
151
131
343
362
325
367
345
439
EPS (₹)
1.73
3.58
6.15
7.3
7.82
6.32
5.47
14.18
15.01
13.49
15.27
13.52
17.17
Div. Payout %
0%
17%
16%
21%
13%
16%
18%
14%
13%
15%
13%
15%
—

Balance Sheet

₹ Cr
ASAHIINDIA balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
24
24
24
24
24
24
24
24
24
24
24
25
Reserves
257
330
902
1,051
1,191
1,278
1,415
1,738
2,050
2,329
2,645
3,907
Borrowings
1,419
1,319
1,221
1,373
1,643
1,762
1,566
1,238
1,401
1,968
2,696
2,198
Other Liabilities
560
598
682
833
831
799
768
776
1,104
1,179
1,425
1,642
Total Liabilities
2,260
2,272
2,830
3,281
3,689
3,863
3,773
3,777
4,580
5,500
6,790
7,772
Fixed Assets
1,143
1,134
1,588
1,907
1,956
2,035
2,221
2,323
2,395
2,616
4,046
4,534
CWIP
41
65
85
114
453
489
262
91
235
826
562
445
Investments
16
19
27
42
48
55
69
85
112
85
50
78
Other Assets
1,060
1,054
1,129
1,218
1,232
1,284
1,222
1,278
1,839
1,972
2,132
2,716
Total Assets
2,260
2,272
2,830
3,281
3,689
3,863
3,773
3,777
4,580
5,500
6,790
7,772

Cash Flow

₹ Cr
ASAHIINDIA cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
50
230
418
449
424
293
516
586
402
653
720
502
Investing
−69
−124
−190
−448
−512
−214
−84
−79
−320
−924
−1,191
−665
Financing
24
−100
−249
−1
91
−93
−382
−479
−52
330
458
245
Net Cash Flow
4
7
−21
1
3
−14
51
28
29
59
−13
82
Free Cash Flow
−21
105
232
13
−80
90
433
509
92
−244
−536
−139
CFO/EBITDA
20
74
118
117
101
71
136
99
76
106
113
68

Ratios

ASAHIINDIA financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
46
44
38
45
34
36
40
28
31
30
35
37
Inventory Days
250
236
252
240
273
310
284
285
271
221
243
302
Days Payable
139
132
161
230
252
248
277
246
225
190
219
219
Cash Conversion Cycle
158
148
129
56
55
98
47
67
77
61
60
120
Working Capital Days
−19
−28
2
−17
−31
−35
−31
7
1
−11
−1
33
ROCE %
12%
17%
19%
17%
16%
11%
11%
21%
21%
15%
12%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Asahi India Glass insights

63 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.57%
  • Public 19.53%
  • Others 19.13%
  • DIIs 5.17%
  • FIIs 4.60%

3.38% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Asahi India Glass

What does Asahi India Glass Ltd do?
Asahi India Glass Ltd. (AIS) is India’s leading value-added and integrated glass solutions company and a dominant player both in the automotive and architectural glass segments.
Where is Asahi India Glass Ltd (ASAHIINDIA) listed?
Asahi India Glass Ltd trades as ASAHIINDIA on the NSE and under code 515030 on the BSE.
Which sector does Asahi India Glass Ltd belong to?
Asahi India Glass Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the PE ratio of Asahi India Glass Ltd?
Asahi India Glass Ltd trades at a PE ratio of 57.28 as of 4 Nov 2026, on earnings per share of ₹17.17, against a book value of ₹164.67 per share.
What is the 52-week high and low of Asahi India Glass Ltd?
Over the last 52 weeks Asahi India Glass Ltd has traded between ₹775.1 and ₹1,074 as of 4 Nov 2026.
Does Asahi India Glass Ltd pay dividends?
Asahi India Glass Ltd has a dividend yield of 0.20%.
What is the Return on Equity (ROE) of Asahi India Glass Ltd?
Asahi India Glass Ltd reported a return on equity of 10.30%. Its debt-to-equity ratio is 0.56.

Company Information

Asahi India Glass Ltd. (AIS) is India’s leading value-added and integrated glass solutions company and a dominant player both in the automotive and architectural glass segments. Established in 1984, It was formed as a Joint Venture between The Labroo Family, Asahi Glass Co. of Japan and Maruti Udyog Ltd (now Maruti Suzuki India Ltd). AIS provides end to end solutions in the entire glass value chain - from the manufacturing of float glass, processing, fabrication to installation services. As a sand-to-solutions company, AIS offers varied types of glass products and services to its customers in India and across the globe.

Website aisglass.com
CEO Mr. Sanjay Mohan Labroo
Employees 2,803
Listed 18 Mar 1998
Face Value ₹1

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