Glen Industries Ltd (544444)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Glen Industries' revenue was ₹108 Cr (+24.1% year on year, +12.5% on the previous half-year), and net profit ₹8.0 Cr (-20.0% year on year); the operating margin was 16.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹108 | +24.1% | +12.5% |
| Operating profit | ₹18.0 | -21.7% | -5.3% |
| Net profit | ₹8.0 | -20.0% | +0.0% |
| EPS (₹) | 3.42 | -38.4% | -2.3% |
| Operating margin | 16.7% | — | — |
📢 Recent Corporate Announcements
Glen Industries released its H1 FY27 business update reporting revenue of ₹113.57 Cr, registering an 18.84% YoY increase compared to the prior-year period. Thin wall food containers utilization reached 3,133 MT for the half-year across an installed capacity of 665 MT/month. Exports accounted for 26% of total revenue during H1 FY27, backed by 40+ recurring international customers across 30+ countries. The company also reported ongoing development of its new Howrah manufacturing facility to introduce paper cup and thermoforming capacities.
- H1 FY27 revenue reported at ₹113.57 Cr, up 18.84% YoY
- Exports contributed 26% of H1 FY27 revenue across 30+ countries
- Thin wall containers capacity stood at 665 MT/month with H1 FY27 production volume at 3,133 MT
- Current capacities include PLA straws at 160 MT/month and paper straws at 95 MT/month
Glen Industries announced that promoter group entity Lalit Agrawal (HUF) acquired 16,800 equity shares through open market purchases on August 26 and August 27, 2026. The entity bought 15,600 shares at ₹124.54 per share and 1,200 shares at ₹120.60 per share, totaling an investment of ₹20.88 lakh. Following these transactions, overall promoter and promoter group shareholding marginally increased from 74.23% to 74.30%.
- Acquired 15,600 equity shares at ₹124.54 per share on August 26, 2026, aggregating ₹19,42,824
- Acquired 1,200 equity shares at ₹120.60 per share on August 27, 2026, aggregating ₹1,44,720
- Promoter and Promoter Group aggregate holding increased from 74.23% to 74.30%
- Total transaction value across both purchases stands at ₹20,87,544
Promoter group entity Lalit Agrawal (HUF) acquired a total of 4,800 equity shares of Glen Industries Ltd from the open market on August 24 and August 25, 2026, for an aggregate amount of ₹5,67,900. The acquisition comprised 3,600 shares at ₹117.75 per share and 1,200 shares at ₹120.00 per share. Consequently, aggregate promoter and promoter group shareholding marginally increased from 74.21% to 74.23% of total paid-up equity share capital.
- Acquired 3,600 shares on August 24, 2026, at ₹117.75 per share aggregating to ₹4,23,900.
- Acquired 1,200 shares on August 25, 2026, at ₹120.00 per share aggregating to ₹1,44,000.
- Promoter and promoter group stake increased from 74.21% to 74.23%.
- Total transaction value across both days stands at ₹5.68 lakh.
Glen Industries disclosed open market share acquisitions by promoter group entity Lalit Agrawal (HUF). A total of 9,600 equity shares were purchased across August 20 and August 21, 2026, at Rs 121.50 per share, totaling Rs 11,66,400. Following these transactions, overall promoter and promoter group shareholding marginally increased from 74.17% to 74.21%. The acquisition remains well within SEBI minimum public shareholding compliance limits.
- Promoter entity Lalit Agrawal (HUF) bought 6,000 shares on August 20, 2026, for Rs 7,29,000 at Rs 121.50 per share
- Acquired an additional 3,600 shares on August 21, 2026, for Rs 4,37,400 at Rs 121.50 per share
- Total promoter group stake increased from 74.17% to 74.21% (a 0.04% increase)
- Total acquisition value stands at Rs 11.66 lakh
Glen Industries Limited announced that shareholders approved the appointment of M/s Tosniwal & Associates, Chartered Accountants, as Joint Statutory Auditor at the 19th Annual General Meeting on August 20, 2026. The appointment is for a five-year tenure covering FY 2026-27 through FY 2030-31, concluding at the 24th AGM in 2031. This is a routine statutory and governance update with no direct operational or financial impact.
- Appointed M/s Tosniwal & Associates (FRN: 327249E) as Joint Statutory Auditor.
- Appointment approved by members at the 19th AGM held on August 20, 2026.
- Tenure spans 5 consecutive years from FY 2026-27 to FY 2030-31 (up to the 24th AGM in 2031).
Glen Industries Limited has appointed M/s Tosniwal & Associates, Chartered Accountants, as a Joint Statutory Auditor for a period of 5 consecutive years. The appointment was approved by shareholders at the 19th Annual General Meeting held on August 20, 2026. The term commences from FY 2026-27 and extends through FY 2030-31 (concluding at the 24th AGM in 2031). This is a routine statutory governance update with no direct operational or financial impact.
- Appointed M/s Tosniwal & Associates (FRN: 327249E) as Joint Statutory Auditor
- Tenure of 5 consecutive years spanning FY 2026-27 to FY 2030-31
- Approved at the 19th Annual General Meeting held on August 20, 2026
Glen Industries Limited held its 19th Annual General Meeting (AGM) on August 20, 2026, via video conferencing. Shareholders approved all ordinary and special resolutions with the requisite majority, including the adoption of FY26 audited financial statements. Key approvals included the appointment of M/s Tosniwal & Associates, Chartered Accountants, as statutory auditors for a five-year term. In addition, revisions in remuneration for key managerial personnel, including the Managing Director and Whole-Time Directors, were approved.
- 19th AGM conducted on August 20, 2026, between 12:00 PM and 12:28 PM IST
- All resolutions approved with requisite majority, including adoption of FY26 financial statements
- Appointment of M/s. Tosniwal & Associates as Statutory Auditors approved for a term of 5 consecutive years
- Approval granted for revision in remuneration for MD Nikhil Agrawal and Whole-Time Directors Lalit Agrawal and Niyati Seksaria
- Remote e-voting was held from August 17, 2026 (9:00 AM) to August 19, 2026 (5:00 PM)
Promoter group entity Lalit Agrawal (HUF) acquired 48,000 equity shares of Glen Industries Ltd across August 18 and 19, 2026, through open market purchases for an aggregate value of Rs 56.57 lakh. On August 18, 9,600 shares were purchased at Rs 118.17 each, followed by 38,400 shares at Rs 117.76 each on August 19. Following these transactions, overall promoter and promoter group shareholding rose by 0.20 percentage points from 73.97% to 74.17%.
- Acquired 9,600 shares on August 18, 2026, for Rs 11,34,432 at Rs 118.17 per share
- Acquired 38,400 shares on August 19, 2026, for Rs 45,22,200 at Rs 117.76 per share
- Total promoter group holding increased from 73.97% to 74.17% of paid-up equity
Lalit Agrawal (HUF), a member of the Promoter Group, acquired 19,200 equity shares from the open market on August 7, 2026. The transaction was executed at a price of Rs 113.32 per share, totaling approximately Rs 21.76 lakh. This acquisition increases the total promoter and promoter group holding from 73.89% to 73.97%. While the transaction size is small (0.08% of total equity), it signals promoter confidence as the holding approaches the 75% regulatory ceiling.
- Acquisition of 19,200 equity shares by Lalit Agrawal (HUF) on August 7, 2026
- Total transaction value of Rs 21,75,774 at a price of Rs 113.32 per share
- Promoter group shareholding increased by 0.08%, moving from 73.89% to 73.97%
- Company remains compliant with the 25% minimum public shareholding requirement
The Promoter Group of Glen Industries acquired 44,400 equity shares from the open market on August 5 and 6, 2026. The total investment amounted to approximately ₹49.67 Lakhs, with shares purchased at prices between ₹109.37 and ₹112.91. This transaction has increased the total promoter stake from 73.71% to 73.89%. While the transaction size is small compared to the company's TTM revenue of ₹375 Cr, it signals continued promoter confidence as they approach the 75% regulatory ceiling.
- Acquisition of 44,400 equity shares from public shareholders on August 5 and 6, 2026
- Total consideration paid for the shares was ₹49,66,584
- Promoter and Promoter Group shareholding increased from 73.71% to 73.89%
- Purchase prices were ₹109.37 per share on Aug 5 and ₹112.91 per share on Aug 6
- Transaction remains compliant with SEBI minimum public shareholding requirements
Lalit Agrawal (HUF), a member of the Promoter Group, acquired 45,600 equity shares of Glen Industries Ltd on August 4, 2026. The acquisition was made at a price of Rs. 102.04 per share, totaling approximately Rs. 46.53 lakh. This transaction increases the total promoter and promoter group shareholding from 73.52% to 73.71%. While the transaction size is small (0.03% of net worth), it signals promoter confidence in the company's growth trajectory.
- Acquisition of 45,600 equity shares by Lalit Agrawal (HUF) from the public.
- Total transaction value of Rs. 46,53,024 at a price of Rs. 102.04 per share.
- Promoter group holding increased by 0.19%, moving from 73.52% to 73.71%.
- Transaction executed on August 4, 2026, via open market purchase.
Glen Industries has completed a series of four one-on-one meetings with analysts and institutional investors held on July 30 and July 31, 2026, in Mumbai. These meetings follow the company's previously stated growth strategy to reach a revenue potential of ‡500 Cr, up from the current TTM revenue of ‡375 Cr. The company is currently executing an organic CAPEX of ‡100.49 Cr to expand capacity to 21,095 MT. While specific discussion points were not disclosed in this filing, the frequency of meetings suggests increasing institutional interest in the company's expansion into the Paper Cup segment.
- Concluded 4 separate one-on-one meetings with institutional investors over a two-day period
- Meetings were held in Mumbai on July 30 (1 session) and July 31 (3 sessions), 2026
- Company is targeting a revenue potential of ‡500 Cr through capacity expansion
- Ongoing organic CAPEX of ‡100.49 Cr is being deployed to increase capacity to 21,095 MT
- Current TTM revenue stands at ‡375 Cr with an operating profit margin of 20.8%
Glen Industries has announced its 19th Annual General Meeting (AGM) will be held on August 20, 2026, via video conferencing. The company has dispatched letters to shareholders without registered email addresses, providing web links and QR codes to access the FY 2025-26 Annual Report. This follows a fiscal year where the company reported revenue of ‡203 Cr and a PAT of ‡16 Cr. The report is expected to contain updates on the ongoing ‡100.49 Cr organic CAPEX aimed at increasing capacity to 21,095 MT.
- 19th Annual General Meeting scheduled for August 20, 2026, at 12:00 PM IST
- Annual Report for FY 2025-26 made available via web-links and QR codes for all shareholders
- Letters dispatched on July 29, 2026, specifically to shareholders with unregistered email IDs
- Company is in the process of expanding capacity from 13,109 MT to 21,095 MT
- FY26 reported revenue stood at ‡203 Cr with an operating margin of 18%
Glen Industries has announced its 19th Annual General Meeting (AGM) for August 20, 2026, to be conducted via video conferencing. The company has fixed August 13, 2026, as the cut-off date to determine shareholder eligibility for e-voting. Remote e-voting will be available from August 17 to August 19, 2026. This meeting follows a period where the company reported TTM revenue of Rs 375 Cr and is currently executing a significant Rs 100.49 Cr organic capex plan.
- 19th Annual General Meeting scheduled for August 20, 2026, at 12:00 PM IST
- Cut-off date for e-voting and AGM participation set for August 13, 2026
- Remote e-voting period spans from August 17 (9:00 AM) to August 19 (5:00 PM), 2026
- Company is pursuing a capacity expansion from 13,109 MT to 21,095 MT by FY26
- Organic capex of Rs 100.49 Cr represents approximately 72% of current Net Worth (Rs 139 Cr)
Glen Industries has issued newspaper advertisements regarding its 19th Annual General Meeting (AGM) scheduled for September 11, 2026. The meeting will be conducted via Video Conferencing (VC) or Other Audio Visual Means (OAVM). Shareholders as of the cut-off date, September 4, 2026, are eligible for remote e-voting, which will take place between September 8 and September 10, 2026. This is a standard regulatory procedure for listed companies to facilitate shareholder participation.
- 19th Annual General Meeting scheduled for September 11, 2026, via VC/OAVM
- Remote e-voting period starts at 9:00 AM on September 8 and ends at 5:00 PM on September 10, 2026
- Cut-off date for determining shareholder voting eligibility is September 4, 2026
- Company maintains a TTM revenue of ₹375 Cr with an operating profit margin of 20.8%
- Annual Report for FY26 to be dispatched electronically to members whose email IDs are registered
Financial Performance
Revenue Growth by Segment
Thin Wall Containers grew 13.9% to INR 125.49 Cr in FY25; PLA Straws grew 22.5% to INR 34.50 Cr; Paper Straws grew 83.6% to INR 9.68 Cr. H1 FY26 total income reached INR 96.56 Cr.
Geographic Revenue Split
Domestic sales contributed 66.52% (INR 113.94 Cr) and Exports contributed 33.48% (INR 57.34 Cr) in FY25.
Profitability Margins
Net Profit (PAT) margin was 9% in H1 FY26, a decline from 11% in H2 FY25 due to passing on raw material cost reductions to customers to maintain competitiveness.
EBITDA Margin
EBITDA margin stood at 21% (INR 20.19 Cr) in H1 FY26. Management targets a long-term sustainable EBITDA margin of 18-19% as expansion shifts toward lower-margin food container and paper products (17-18% margins).
Capital Expenditure
Planned investment of INR 100.49 Cr in new manufacturing facilities and production lines to drive growth and automation.
Credit Rating & Borrowing
Not disclosed in available documents; however, total debt is projected to peak at INR 170-175 Cr by FY28 to fund CAPEX and working capital.
Operational Drivers
Raw Materials
Polylactic Acid (PLA) and Paper are primary raw materials, with PLA realization fluctuations significantly impacting historical margins.
Import Sources
Not specifically disclosed, though the company notes a strategic shift in customer procurement from China to India (China Plus One).
Capacity Expansion
Current installed capacity is 13,109 MT/year; planned expansion to 21,095 MT/year by FY26, adding 7,986 MT for Food Containers and 7,696 MT for Paper Cups.
Raw Material Costs
Raw material costs are passed through to customers; a recent reduction in costs led to a corresponding dip in PAT margin from 11% to 9% as realizations were adjusted.
Manufacturing Efficiency
Thin Wall Food Containers operate at ~76% utilization (FY25), while PLA and Paper Straws are seasonal, averaging 30-40% annual utilization.
Logistics & Distribution
Distribution network spans 26 states in India and 30+ countries globally, utilizing over 200 domestic distributors.
Strategic Growth
Expected Growth Rate
35-40%
Growth Strategy
Growth will be driven by a capacity jump from 13,109 MT to 21,095 MT, targeting a revenue potential of INR 500 Cr. Strategy includes entering the Paper Cup segment (7,696 MT capacity) and leveraging the 'China Plus One' shift to capture international market share.
Products & Services
Thin Wall Food Containers, PLA Straws, Paper Straws, U-Shape Straws (for Tetra Paks), and Paper Cups.
Brand Portfolio
GLEN Industries.
New Products/Services
Paper Cups are the primary new product launch, with a planned capacity of 7,696 MT per year.
Market Expansion
Expanding export footprint beyond the current 30+ countries in Asia, Middle East, Europe, USA, and Africa.
External Factors
Industry Trends
The global plastic packaging market is growing at a CAGR of 3.31% (2025-2030), with a major shift toward sustainable, biodegradable materials like PLA.
Competitive Landscape
Key listed peer identified is Rajshree Polypack Limited; competition is intense in thermoforming and paper product segments.
Competitive Moat
Moat is built on advanced integrated manufacturing and global safety certifications (ISO, HACCP, FSSC 22000), which act as entry barriers against smaller unorganized players.
Macro Economic Sensitivity
Sensitive to economic downturns and fluctuations in consumer spending within the HoReCa and QSR sectors.
Consumer Behavior
Increasing consumer preference for environmentally conscious and sustainable food packaging solutions.
Geopolitical Risks
Beneficiary of geopolitical shifts as global customers move supply chains away from China to Indian manufacturers.
Regulatory & Governance
Industry Regulations
Operations are subject to changing environmental policies and plastic waste management regulations which could increase compliance costs.
Environmental Compliance
Adheres to ISO 14001:2015 and utilizes eco-friendly practices like electric injection machines to minimize carbon footprint.
Risk Analysis
Key Uncertainties
Raw material price volatility can impact PAT margins by 1-2% if cost reductions must be passed to customers faster than inventory turns.
Geographic Concentration Risk
66.5% of revenue is concentrated in the Indian domestic market across 26 states.
Third Party Dependencies
Low dependency on specific customers (Top 5 < 20%), but high dependency on the single Dhulagarh manufacturing site.
Technology Obsolescence Risk
Risk of shifting to non-plastic alternatives; mitigated by existing production of PLA and Paper straws.
Credit & Counterparty Risk
Trade receivables stood at INR 30.70 Cr in FY25, representing approximately 18% of annual revenue.
