Ref: SGL/Compliance/2026-27/084 August 11, 2026

Key Quantitative Figures

Financial Performance for Q1 FY27 (Consolidated):

  • Revenue: ₹117.95 crore (≈ ₹118 crore), representing a year-on-year (YoY) growth of 52.88%.
  • India Business Revenue: ₹36.43 crore, a YoY growth of 67.03%.
  • UAE Operations Revenue: ₹81.52 crore, a YoY growth of 47.31%.
  • EBITDA: ₹18 crore, a YoY increase of over 44%.
  • Profit After Tax (PAT): ₹7.22 crore, a YoY growth of more than 63%.
  • PAT Margin for Q1: Approximately 6.12%.

Order Book Position:

  • UAE Order Book: Increased from ~AED 50 million to AED 72 million, reflecting an incremental inflow of AED 22-27 million. Valued at ~₹175 crores as on the call date.
  • India Order Book: Exceeded ₹50 crores. Orders secured from developers including Godrej, L&T, Prestige, and Raheja.

Capacity Utilization (Q1 FY27):

  • Silvassa Plant (India): 77%
  • Taloja Plant (India): 55%
  • Erode Plant (India): 15%
  • UAE Plant: 71%

Debt and Cash Position:

  • India Total Debt: ₹52 crores
  • Working Capital Debt: ₹14 crores
  • Term Loan (Long-term): ₹38 crores
  • Cash Reserve: Minimal, as working capital limits are utilized.

Working Capital Days:

  • India: ~98 days
  • UAE: ~85 days

Tax Rate:

  • Blended effective tax rate is less than 9%. India operations pay no tax due to carry-forward losses, which are available for the next 4-5 years. UAE operations are subject to a 9% corporate tax.

Dates of Action and Timeline

  • Earnings Call Date: Tuesday, August 04, 2026, at 02:15 PM IST.
  • Filing Date with Exchanges: August 11, 2026.
  • Order Execution: UAE order execution commenced in June/July and is expected to continue over the next two quarters. India order execution is planned over the next 6 months.
  • Capex Timeline: New UAE tempering line and fire-rated technology are in the installation stage. Commercial production for both is expected to start in Q3 FY27.

Parties Involved

  • Company Management: Mr. Amrut Gada (Promoter), Mr. Chandresh Rambhia (Chief Financial Officer).
  • Moderator: Mr. Parth Acharya from Kirin Advisors Private Limited.
  • Clients/Counterparties: Godrej, L&T, Prestige, Raheja (for India orders).

Purpose and Rationale

The call was conducted to discuss the company's operational and financial performance for the first quarter of FY2027, provide updates on the order book, capacity utilization, and outline the growth strategy and future outlook.

Strategic Updates and Guidance

Revenue Guidance for FY27:

  • Management provided a minimum revenue growth guidance of 25% for FY27, with a potential upside to 40% growth, subject to geopolitical stability and order inflows.
  • Q2 FY27 revenue is expected to be in the range of ₹140-145 crore.

Margin Guidance for FY27:

  • The company is targeting an improvement in EBITDA margin by approximately 1% over upcoming quarters, driven by better capacity utilization and fixed cost absorption.
  • PAT margin is targeted to reach 9-10% for FY27, with significant improvement expected in Q3 and Q4.

Capacity Expansion (Capex):

  • UAE Capex: AED 15 million is being invested for a third tempering line and fire-rated technology. This will increase total tempering capacity to 24 lakh sq. mtr. per annum.
  • The funding is planned through internal accruals and a proposed long-term bank debt of AED 7 million.
  • India Capex: Minor critical capex of less than ₹1 crore is planned for machine overhauling and realignment.

Target Capacity Utilization by FY27-end:

  • Silvassa: 85-90%
  • Taloja: 75%
  • Erode: 25-30%
  • UAE (existing lines): 85%
  • UAE (new line in Q3): 15-20% utilization expected initially.

New Verticals:

  • The company is focusing on new verticals like railway glass, bulletproof glass, and fire safety glasses.
  • Contribution from railway glass was less than 1% in Q1. Fire product production is expected to start in Q3.
  • The target is to derive 10% of revenue from these new verticals in the future.

Long-term Strategy:

  • Focus on geographical derisking by reducing UAE revenue contribution from 75% (last year) to 60-40 (FY27) and eventually 50-50.
  • Exploring entry into the automotive glass replacement market and industrial appliances.
  • Aiming for a minimum 25% year-on-year growth for the next 3-4 years.

Operational Highlights

  • The subdued margin in Q1 was attributed to a one-time impact of ~₹1 crore from performance appraisal increments and a labor union agreement signing at the Taloja plant, alongside increased logistics costs in UAE due to geopolitical disturbances.
  • The product mix includes Insulated Glass (34%), Laminated Glass (32%), Solid Glass (31%), and others (3%).
  • Exports constitute 6% of India's revenue.