Company & Document Overview

Sejal Glass Limited (Scrip Code: 532993, Symbol: SEJALLTD) submitted an Investor Presentation to BSE Limited and the National Stock Exchange of India Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The presentation, dated October 19, 2026, and signed by Ashwin S. Shetty (Vice President – Operations & Company Secretary – Compliance Officer), covers the quarter and half year ended September 30, 2026 (Q2 & H1 FY27).

Company Overview & Business Model

Sejal Glass Limited is an architectural glass manufacturing company with 28 years of presence in the industry, having started manufacturing in 1998. It converts float glass into value-added products such as toughened, laminated, insulated, and specialized glass for buildings, infrastructure, and transport applications.

The company operates a processing model:

  • Cut & Process: CNC cutting, edging, tempering, and heat treatment.
  • Add Value: Laminating, IGU, digital printing, and specialized processing.
  • Customize: Products manufactured to project-specific sizes.
  • Deliver: Made-to-order glass supplied per project schedules.
  • Monetize: B2B sales to fabricators, façade firms, and developers.

Processed glass is sold by the square meter. The revenue model is driven by Volume × Product Mix × Price, with a 70–90% pass-through of glass price changes. Margins are supported by operating leverage from higher utilization and product mix.

Key Facts & Figures

  • 35 Years: Glass industry presence.
  • 61.9 Lakh Sq. Mt.: Annual processing capacity.
  • 26 Years: Architectural glass manufacturing experience.
  • 2: Countries of manufacturing operations (India and UAE).
  • 750+: Customers across India and GCC.
  • 8: Product brands.
  • 4: Manufacturing facilities.

Product Portfolio & Sales Mix

The company's product portfolio includes:

  • Solid Glass (toughened): 4-5x stronger than standard glass; used for doors, façades, partitions.
  • Armor Glass (laminated): Stays in place when broken; used for railings, skylights, high-rises.
  • Kool Glass (IGU/DGU): Cuts heat gain and energy use; used for curtain walls, offices, data centers.
  • Tone Glass: Reduces outside noise; used in hotels, hospitals, airport zones.
  • Fort Glass / Armor Plus: Resists forced entry, bullets, blast; used in banks, high-security zones.
  • FireBan (fire-rated): Holds back fire and heat for a rated time; used in fire doors, escape routes.
  • Décor Glass (digital print): Custom color and pattern, durable; used for spandrels, façades, interiors.
  • Railway-grade glass: Meets rolling-stock requirements; used in Vande Bharat and other coaches.

In India, the sales mix saw insulated + laminated glass rise to 68% of sales in FY26 from 63% in FY25. Insulated glass sales grew 2.8x.

Manufacturing Footprint & Capacity

India Plants:

  • Silvassa Plant: Established base with capacity headroom.
  • Taloja & Erode Plants: Capacity ramp-up underway.

UAE Operations:

  • Located in Ras Al-Khaimah.
  • Holds a 99.01% stake in the Ras Al-Khaimah LLC.
  • Contributed ~10% UAE market share.
  • PAT margin improved from 2.7% to 10.1%.
  • Q1 FY27 revenue: ₹81.5 Cr, +47.3% YoY.
  • ~90% share of IGU in UAE sales.
  • Customers include façade companies and developers in hospitality, residential, and healthcare.
  • ~25% of UAE business is on letters of credit.
  • Order book as of August 2026: ~AED 78 Mn (~₹200 Cr).

Growth Levers in UAE:

  • Façade panel division (50,000 sq. ft., ~AED 4 Mn) started in FY26.
  • A third tempering line and a fire-rated line (~AED 15 Mn investment) are due in Q3 FY27.
  • Exports to Africa and Europe have begun.

Technology & Processing Capabilities

Existing Capabilities:

  • Cutting and CNC: Lisec cutting lines (Austria); Intermac CNC centers (Italy).
  • Tempering: Tamglass horizontal tempering (Finland) in India and UAE; North Glass (China).
  • Heat-soak and bending: Hoaf furnaces (Netherlands); heat-soak also in UAE.
  • Lamination: Bystronic laminating line and Scholz autoclave (Germany).
  • Insulating glass: Lisec IG line in Silvassa; two IG lines in the UAE.
  • Plant systems: Real-time production monitoring, quality analytics, predictive maintenance.

New Capabilities:

  • Fire-rated glass: Gel technology licensed from Polymer Technology; line installed in UAE; commercial output expected by end-Q3 FY27.
  • Digital printing: Ceramic-ink printing furnace acquired with Glasstech (Taloja); currently selling.
  • Bullet-resistant glass: BR2 testing done in India; launched at ACETECH (Nov 2025); currently marketing.
  • Railway-grade glass: Approved vendor to three coach factories; tender-based; <1% of Q1 FY27 sales.
  • Façade panels (UAE): Unitised and semi-unitised panels; 5-axis cutting, CNC, hydraulic press; started FY26.
  • Third tempering line (UAE): High-end line in installation; expected Q3 FY27.

Recent Business & Operational Developments (as of July 22, 2026)

  • Won UAE orders worth AED 27.6 Mn (~₹71 Cr) for hospitality, residential, and healthcare projects.
  • Won India orders worth ~₹50 Cr. Customers include Godrej, L&T, Prestige, and Raheja.
  • Plant utilization improvements:
  • Taloja tempering utilization rose to 69% from 55% in Q1 FY27.
  • Silvassa utilization reached 82%.
  • Erode utilization improved to 24%.
  • First European order won in Q4 FY26; exports from India also go to Cyprus, Israel, and Sri Lanka. Exports constituted 6% of India sales.

Market Overview & Growth Drivers

India Glass Industry:

  • Supported by demand from construction and infrastructure sectors.

UAE Construction Market:

  • Forecasted construction output for 2026: AED 189.6 Bn, +6.2%.
  • Forecasted CAGR 2026-2030: 4.8% (was 7.3% in 2021-25).
  • Upcoming GCC projects: USD 2.0 Tn (Saudi ~50%, UAE 27.5%).
  • GCC contract awards in Q1 2026: USD 61.2 Bn, -9.7% YoY.
  • Growth opportunities beyond Dubai into Abu Dhabi, Sharjah, Ajman, Umm Al Quwain, and Ras Al-Khaimah (e.g., casino-resort development at Al Marjan Island).

Key Growth Drivers:

  • Office leasing: India gross office leasing hit a record 83.3 Mn sq. ft. in 2025 and 21.5 Mn sq. ft. in Q1 2026 (JLL), driving demand for curtain walls and solar control IGU.
  • Data centres: 1,700+ MW operational at end-2025; ~500 MW to be added in 2026; Mumbai holds >50% (CBRE), driving demand for thermal, acoustic, and security glazing.
  • Metro and urban transit: 1,090 km of metro operational in 26 cities (MoHUA, Dec 2025), driving demand for station glazing, safety, and fire-rated glass.
  • Railway modernisation: Vande Bharat and coach upgrades create demand for impact-resistant coach glass.
  • Energy codes: BEE's Energy Conservation and Sustainable Building Code 2024 sets envelope norms for commercial buildings, driving wider use of IGU and coated glass.
  • Fire and life safety: Stricter fire norms for hospitals, airports, hotels; fire-rated glass market ~₹500 Cr.
  • Modern residential buildings: Growing focus on energy efficiency, acoustic comfort, and fire safety in high-rise projects.

Q2 FY27 Consolidated Financial Highlights

(Amount in ₹ Cr)

| Particulars | Q2 FY27 | Q2 FY26 | YoY Change |

| Net Sales | 138.09 | 103.99 | +32.8% |

| Other Income | 1.76 | 1.06 | +66.0% |

| Total Income | 139.86 | 105.04 | +33.14% |

| Raw Material Cost | 77.34 | 60.64 | +27.5% |

| Employee Cost | 14.52 | 10.90 | +33.2% |

| Other Expenses | 22.34 | 15.62 | +43.0% |

| Total Expenditure | 114.20 | 87.16 | +31.0% |

| EBITDA | 25.66 | 17.89 | +43.44% |

| Interest | 5.37 | 5.76 | -6.8% |

| Depreciation | 4.73 | 4.06 | +16.5% |

| Share of Profit/(Loss) of Associates | 0.15 | 0.82 | -81.7% |

| PBT (Profit Before Tax) | 15.72 | 8.88 | +76.92% |

| Tax Expense | 1.30 | 0.77 | +68.8% |

| Net Profit | 14.42 | 8.12 | +77.61% |

EBITDA Margin: 18.6% in Q2 FY27 vs. 17.2% in Q2 FY26.

H1 FY27 Consolidated Financial Highlights

(Amount in ₹ Cr)

| Particulars | H1 FY27 | H1 FY26 | YoY Change |

| Net Sales | 256.04 | 181.14 | +41.3% |

| Other Income | 3.25 | 1.67 | +94.6% |

| Total Income | 259.29 | 182.81 | +41.84% |

| Raw Material Cost | 146.49 | 107.32 | +36.5% |

| Employee Cost | 28.93 | 18.42 | +57.1% |

| Other Expenses | 40.19 | 26.69 | +50.6% |

| Total Expenditure | 215.61 | 152.43 | +41.4% |

| EBITDA | 43.68 | 30.38 | +43.79% |

| Interest | 10.42 | 10.62 | -1.9% |

| Depreciation | 9.37 | 6.68 | +40.3% |

| Share of Profit/(Loss) of Associates | -0.21 | 0.62 | -134.0% |

| PBT (Profit Before Tax) | 23.67 | 13.70 | +72.76% |

| Tax Expense | 2.04 | 1.17 | +74.4% |

| Net Profit | 21.63 | 12.53 | +72.60% |

EBITDA Margin: 17.1% in H1 FY27 vs. 16.8% in H1 FY26.

Historical Financial Performance (Consolidated)

Profit & Loss Statement (Amount in ₹ Cr)

| Particulars | FY26 | FY25 | FY24 |

| Revenues | 396.50 | 243.58 | 163.80 |

| Other Income | 4.85 | 1.37 | 0.93 |

| Total Income | 401.36 | 244.95 | 164.73 |

| Raw Material Expenses | 231.12 | 148.49 | 105.10 |

| Employee Costs | 44.01 | 27.08 | 19.01 |

| Other Expenses | 59.91 | 34.04 | 19.36 |

| Total Expenditure | 335.03 | 209.61 | 143.47 |

| EBITDA | 66.32 | 35.34 | 21.31 |

| Finance Costs | 21.17 | 16.34 | 12.55 |

| Depreciation | 15.36 | 7.46 | 5.59 |

| PBT | 29.79 | 11.54 | 3.17 |

| Share of Profit/(Loss) of Associates | 1.83 | 0.09 | 0.16 |

| PBT after share of associates | 31.62 | 11.64 | 3.33 |

| Tax | 2.59 | 0.61 | 0.00 |

| Net Profit | 29.03 | 11.03 | 3.33 |

| Other Comprehensive Income | 6.92 | (2.00) | (0.62) |

| Minority Interest | 0.29 | 0.07 | 0.03 |

| Total Comprehensive Income | 35.95 | 9.03 | 2.71 |

| Diluted EPS (₹) | 27.12 | 10.85 | 3.27 |

Balance Sheet (Amount in ₹ Cr)

| Equities & Liabilities | FY26 | FY25 | FY24 |

| Equity | 11.40 | 10.10 | 10.10 |

| Reserves | 139.92 | 27.99 | 19.01 |

| Net Worth | 151.32 | 38.09 | 29.11 |

| Non Controlling Interests | 0.77 | 0.41 | 0.36 |

| Non Current Liabilities | 179.04 | 141.26 | 132.93 |

| Current Liabilities | 139.37 | 104.86 | 68.00 |

| Total Equity & Liabilities | 470.50 | 284.62 | 230.40 |

| | | | |

| Assets | FY26 | FY25 | FY24 |

| Non Current Assets | 269.78 | 143.06 | 135.40 |

| Current Assets | 200.72 | 141.56 | 95.01 |

| Total Assets | 470.50 | 284.62 | 230.40 |

Cash Flow Statement (Amount in ₹ Cr)

| Particulars | FY26 | FY25 | FY24 |

| Cashflow from Operations | 51.04 | (5.70) | (9.19) |

| Cashflow from Investments | (120.05) | (0.36) | (40.70) |

| Cashflow from Financing | 76.10 | 9.07 | 48.63 |

| Net Cash Flow | 7.09 | 3.01 | (1.25) |

Capital Structure & Key Ratios

  • As on June 30, 2026: Data presented in the balance sheet.
  • Stock Split: A stock split at a ratio of 1:5 was effected on October 30, 2024.
  • Debt/Equity: Reduced to 1.09x.
  • Net Debt/EBITDA: At 2.0x.
  • Operating Cash Flow: ₹51.04 Cr in FY26.

Investment Rationale & Outlook

The presentation outlines the following investment rationale:

  • Capacity Headroom: 61.94 Lakh Sq. Mt. capacity at 54% utilization; ₹600–650 Cr revenue potential from current capacity.
  • India Ramp-Up: Taloja utilization improved from 33% to 55%; focus on scaling Taloja, Erode, and Silvassa.
  • Strong UAE Base: ₹29 Cr FY26 PAT; ~AED 78 Mn order book; third tempering line targeted for Q3 FY27.
  • Value-Added Mix: IGU & laminated glass account for 68% of India sales; specialty glass portfolio expanding.
  • Improving Balance Sheet: Debt/Equity reduced to 1.09x; Net Debt/EBITDA at 2.0x; ₹51 Cr operating cash flow.
  • Specialty Growth: Fire-rated, railway-grade, and bullet-resistant glass expanding the addressable product portfolio.
  • Demand Visibility: Exposure to construction, infrastructure, hospitality, healthcare, and GCC projects.

The next phase of growth is expected to be driven by higher utilization, stronger India contribution, continued UAE execution, and a growing share of value-added glass.