Saint Gobain Sekurit India Ltd (515043)
Q2 FY27 results
📅 Next results: 02 Nov 2026 (board meeting)Saint Gobain Sekurit India Ltd's board meets on 2 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Saint Gobain's revenue was ₹60.8 Cr (+10.5% year on year, -7.9% on the previous quarter), and net profit ₹9.3 Cr (-15.1% year on year); the operating margin was 16.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹60.8 | +10.5% | -7.9% |
| Operating profit | ₹9.9 | -17.2% | -29.0% |
| Net profit | ₹9.3 | -15.1% | -28.1% |
| EPS (₹) | 1.03 | -12.7% | -28.5% |
| Operating margin | 16.3% | — | — |
📢 Recent Corporate Announcements
Saint Gobain Sekurit India's board approved the unaudited financial results for the quarter ended June 30, 2026. The company enters the new fiscal year with a strong financial base, including a TTM revenue of Rs 243 Cr and a PAT of Rs 46 Cr. It maintains a debt-free balance sheet with only Rs 1 Cr in debt against a net worth of Rs 243 Cr. Promoter holding remains at the maximum regulatory limit of 75.0%, reflecting strong parent support from the Saint-Gobain Group.
- Board meeting held on July 30, 2026, to approve results for the quarter ended June 30, 2026.
- The company reported a TTM revenue of Rs 243 Cr and a TTM PAT of Rs 46 Cr as of the previous fiscal year.
- Promoter holding is stable at 75.0% as of the June 2026 quarter.
- The company operates with a high ROCE of 24.0% and a debt-to-equity ratio of 0.00.
- The board meeting concluded within 65 minutes, starting at 12:00 p.m. and ending at 1:05 p.m. IST.
Saint Gobain Sekurit India's Board met on July 30, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The company enters this period with a strong TTM PAT of Rs 46 Cr and a debt-free balance sheet (D/E 0.00). The meeting, which lasted 65 minutes, concluded with the approval of results that will be benchmarked against the Rs 55 Cr revenue and Rs 11 Cr PAT reported in the same quarter of the previous year (June 2025). The results are subject to a limited review by Deloitte Haskins & Sells LLP.
- Board meeting duration was 65 minutes, starting at 12:00 p.m. and concluding at 1:05 p.m. IST
- Financial results approved for the first quarter of the fiscal year ending June 30, 2026
- Limited Review Report provided by statutory auditors M/s. Deloitte Haskins & Sells LLP
- Company maintains a high promoter holding of 75.0% as of June 2026
Financial Performance
Revenue Growth by Segment
The Company operates in a single segment, Automotive Glass, which reported revenue of INR 208.41 Cr (INR 20,841.38 Lakhs) for FY 2024-25, representing a 4% growth compared to INR 200.70 Cr (INR 20,069.97 Lakhs) in the previous year.
Geographic Revenue Split
Not specifically disclosed, though the company operates manufacturing facilities in Chakan, Pune, and serves the Indian automotive market including domestic and export 3-wheeler segments.
Profitability Margins
Profit After Tax (PAT) margin improved to 17.26% in FY 2024-25 from 15.56% in the previous year. PAT rose to INR 35.98 Cr (INR 3,598.22 Lakhs), a 15% YoY increase, driven by price increases that offset inflationary pressures.
EBITDA Margin
Not explicitly stated, but core profitability was supported by a 15% increase in PAT. Interest coverage ratio improved by 111% YoY, indicating significantly stronger operating earnings relative to interest obligations.
Credit Rating & Borrowing
Total borrowings were reduced following the termination of a bill discounting agreement. This led to a 243% increase in the debt service coverage ratio and a 111% increase in the interest coverage ratio for FY 2024-25.
Operational Drivers
Raw Materials
Primary raw materials include raw glass and energy (power/fuel). Raw glass costs experienced high inflationary impact during the year, which was partly mitigated by price hikes.
Import Sources
Not specifically named, but the company mentions sourcing from different geographies to enhance supply chain resilience and noted impacts from Rupee depreciation against the US Dollar on imports.
Capacity Expansion
Not disclosed in units; however, the company is focusing on 'World Class Manufacturing' (WCM) journeys to improve efficiency.
Raw Material Costs
Raw material costs were impacted by high inflation and Rupee depreciation. The company manages these through price increases to customers and diversifying its supplier base across different geographies.
Manufacturing Efficiency
The company follows a 'World Class Manufacturing' program and won 15 awards for operational excellence during the year.
Logistics & Distribution
Not disclosed as a specific percentage, but the company noted that growth in e-commerce and logistics sectors is a key driver for its commercial vehicle glass products.
Strategic Growth
Growth Strategy
Growth is targeted through the development of value-added products and innovative solutions to differentiate from competitors. The company aims to leverage government initiatives like the Automotive Mission Plan 2026, the scrappage policy, and PLI schemes to capture demand in the recovering commercial vehicle and growing 3-wheeler segments.
Products & Services
Processing of glass to manufacture windshields for the automobile industry, specifically for commercial vehicles and 3-wheelers.
Brand Portfolio
Saint-Gobain, Saint-Gobain Sekurit.
New Products/Services
Focus on value-added products and green solutions, including recycled packaging and higher recycling of cullets, though specific revenue contribution percentages for new launches were not provided.
Market Expansion
Targeting the 3-wheeler segment's shift toward electric vehicles and the recovery of the commercial vehicle market driven by urbanization and road infrastructure projects.
Strategic Alliances
Member of the transnational Saint-Gobain Group, providing access to global technical expertise and High-Performance Solutions.
External Factors
Industry Trends
The industry is seeing a shift toward electric vehicles (especially in 3-wheelers) and fleet modernization. The Automotive Mission Plan 2026 and production-linked incentive (PLI) schemes are expected to drive future growth.
Competitive Landscape
The company faces risks from substitute materials and technological changes in manufacturing processes that could influence market share.
Competitive Moat
Sustainable advantage is derived from being part of the global Saint-Gobain Group, providing superior technical expertise, a 'World Class Manufacturing' framework, and a strong reputation for fair and ethical governance.
Macro Economic Sensitivity
Highly sensitive to the automotive sector, road infrastructure development, and urbanization. A recovery in the final quarter of FY 2024-25 followed a period of volume decline in commercial vehicles due to election-related infrastructure delays.
Consumer Behavior
Increasing demand for public transport and last-mile delivery due to urbanization is shifting demand toward specific commercial vehicle glass solutions.
Geopolitical Risks
Global financial market volatility and Rupee depreciation against the Dollar are identified as key risks affecting financial performance.
Regulatory & Governance
Industry Regulations
Operations are influenced by the Automotive Mission Plan 2026, government scrappage policies, and environmental compliance norms for manufacturing facilities.
Environmental Compliance
Focus on meeting stringent regulatory environmental norms through green energy adoption, recycled packaging, and cullet recycling to avoid liabilities and reputational damage.
Legal Contingencies
The company notes the existence of Contingent Liabilities in its financial statement notes, though specific case values were not detailed in the provided text.
Risk Analysis
Key Uncertainties
Volatility in raw material and energy prices, foreign exchange fluctuations, and potential labor disputes or social unrest in operating regions.
Geographic Concentration Risk
Manufacturing is concentrated in Chakan, Pune, making it sensitive to regional labor and operational conditions.
Third Party Dependencies
Dependent on raw glass and energy suppliers; mitigation involves diversifying the supplier base and alternate sourcing.
Technology Obsolescence Risk
Potential risk from substitute materials or evolving manufacturing technologies that could reduce demand for traditional glass products.
Credit & Counterparty Risk
The company follows a disciplined financial management approach with a robust treasury function to manage liquidity and credit risks.
