Company Overview
Sejal Glass Limited (Scrip Code: 532993) filed its Annual Report for FY 2025-26 and financial statements, reporting significant operational and financial developments.
Financial Performance
Consolidated Results: Revenue from operations reached ₹401.36 crores (63% growth YoY), with EBITDA of ₹66.32 crores (16.73% margin) and PAT of ₹29.03 crores (7.32% margin). Revenue contribution was 28% from India and 72% from UAE operations, with debt-to-equity ratio at 1.09.
Standalone Results: Revenue grew 75.59% YoY to ₹110.63 crores, but the company recorded a net loss of ₹1.93 crores due to under-utilization of newly acquired capacities. Total borrowings decreased to ₹58.20 crores from ₹77.41 crores year-on-year.
Operational Highlights
The company completed acquisition of Glasstech Industries' architectural glass business for ₹34.60 crores, increasing tempering capacity from 7.80 lakh sq. mtrs to 24.01 lakh sq. mtrs per annum. Capacity utilization stood at 54% across four manufacturing facilities in Silvassa, Taloja, Erode (India) and Ras Al-Khaimah (UAE).
Key expansions included entry into fire-rated glass through technology licensing with Polymer Technology, Czech Republic, and commencement of façade panel manufacturing in UAE operations which achieved 67% capacity utilization. The company also expanded offerings in bullet-resistant glass, railway-grade glass, and digitally printed glass.
Corporate Actions & Financing
Completed preferential issue of 13,00,000 equity shares at ₹555 per share aggregating ₹72.15 crores and allotted 4,00,000 convertible warrants with 25% upfront payment. Paid-up equity share capital increased to ₹11.40 crores from ₹10.10 crores. No dividend was recommended for FY 2025-26.
Legal & Regulatory Developments
NCLT Mumbai Bench quashed all pre-CIRP income tax demands pertaining to periods before March 2021, providing relief from historical tax liabilities. The company submitted comprehensive disclosures complying with SEBI Listing Regulations 30, 34, and 36.
Governance & AGM
28th Annual General Meeting scheduled for July 18, 2026 to approve financial statements, reappoint directors (including Mr. Jiggar Savla as Whole-Time Director), and reappoint M/s Gokhale & Sathe as statutory auditors. Board composition includes 6 directors (3 independent, 1 executive, 2 non-executive non-independent).
Subsidiaries & Associates
UAE subsidiary Sejal Glass & Glass Manufacturing Products LLC (99.01% holding) contributed ₹287.51 crores revenue and ₹29.03 crores PAT. Sejal Glass Ventures LLP remains an associate with 44.99% capital contribution.
Forward Outlook
The company continues to integrate acquired operations while expanding into specialty glass segments, though near-term challenges remain in optimizing capacity utilization across the expanded manufacturing network.