Agarwal Toughened Glass India Limited (AGARWALTUF)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Agarwal Toughened's revenue was ₹49.0 Cr (+48.4% year on year, +6.8% on the previous half-year), and net profit ₹9.0 Cr (-2.6% year on year); the operating margin was 28.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹49.0 | +48.4% | +6.8% |
| Operating profit | ₹14.0 | +6.5% | -3.3% |
| Net profit | ₹9.0 | -2.6% | -26.6% |
| EPS (₹) | 5.28 | -66.2% | -23.8% |
| Operating margin | 28.6% | — | — |
AGARWALTUF delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 58.44% of the AGARWALTUF shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.91%. That is close to its usual level. 4 bulk or block deals were reported in AGARWALTUF in the last 60 days: ₹5 Cr bought and ₹5 Cr sold.
Delivery in the last 5 sessions: 55.6% · 37.9% · 45.5% · 48.1% · 58.4%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 14 Oct | Buy | Vaibhav Rajendra Doshi | ₹2.38 Cr | ₹187.04 | 127,200 | Bulk |
| 14 Oct | Sell | Vaibhav Rajendra Doshi | ₹2.35 Cr | ₹188.16 | 124,800 | Bulk |
| 1 Oct | Sell | Vaibhav Rajendra Doshi | ₹2.75 Cr | ₹167.26 | 164,400 | Bulk |
| 1 Oct | Buy | Vaibhav Rajendra Doshi | ₹2.41 Cr | ₹167.02 | 144,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Agarwal Toughened Glass India Limited's Board has approved the incorporation of and cash investment in a Wholly Owned Subsidiary (WOS) in Dubai, UAE. The proposed entity, provisionally named 'AGARWAL TUFF', will operate in general trading, professional services, and consulting. The total investment amount was not disclosed, though the initial share capital will be 100% cash subscription at face value. This aligns with the company's stated strategic intent to target export markets in neighboring regions.
- Board approved 100% ownership in a new subsidiary to be incorporated in Dubai, UAE
- Subscription to the initial share capital will be 100% in cash at face value
- Proposed entity to operate in general trading, professional services, and consulting
- Meeting commenced at 12:30 p.m. and concluded at 3:30 p.m. on October 15, 2026
Agarwal Toughened Glass India Limited's Board has approved the incorporation of and cash investment in a Wholly Owned Subsidiary (WOS) in Dubai, UAE. The proposed entity, provisionally named 'AGARWAL TUFF', will operate in general trading, professional services, and consulting. The total investment amount was not disclosed, though the initial share capital will be 100% cash subscription at face value. This aligns with the company's stated strategic intent to target export markets in neighboring regions.
- Board approved 100% ownership in a new subsidiary to be incorporated in Dubai, UAE
- Subscription to the initial share capital will be 100% in cash at face value
- Proposed entity to operate in general trading, professional services, and consulting
- Meeting commenced at 12:30 p.m. and concluded at 3:30 p.m. on October 15, 2026
Agarwal Toughened Glass India Limited has successfully renewed its certification as an 'Authorised Saint-Gobain Assured Processor'. The certification was issued by Saint-Gobain India Pvt. Ltd. and is valid up to August 31, 2027. This credential reinforces the company's quality standards and technical capabilities, supporting its positioning in premium architectural projects. Financially, it ensures operational continuity for its value-added glass processing business (TTM revenue of Rs 150 Cr).
- Certification renewed as an Authorised Saint-Gobain Assured Processor
- Certification issued by Saint-Gobain India Pvt. Ltd. with validity up to August 31, 2027
- Formal certificate signed by Mr. A R Unnikrishnan, Managing Director – Glass Business, Saint-Gobain India
Agarwal Toughened Glass India Limited has secured a purchase order valued at approximately ₹2.55 Crore from Relaxo Footwears Limited on September 29, 2026. The contract entails supplying approximately 5,200 SQM of Double Glazed Unit (DGU) value-added glass for commercial projects. The order represents about 1.7% of the company's TTM revenue of ₹150 Crore. The execution timeline is set for completion by March 2027.
- Purchase order awarded by Relaxo Footwears Limited valued at approximately ₹2.55 Crore
- Scope involves supplying approximately 5,200 SQM of DGU value-added glasses for commercial projects
- Execution timeline slated for completion by March 2027
- The transaction is at arm's length with no promoter group interest
Agarwal Toughened Glass India Limited has announced the appointment of M/s. Gopal Sharma & Co., Chartered Accountants, as the company's Statutory Auditor following shareholder approval at its 17th AGM on September 25, 2026. The auditor has been appointed for a 1-year term until the conclusion of the 18th AGM for FY2026–27. The audit firm carries over 41 years of experience and holds an ICAI Peer Review Certificate valid through February 28, 2027.
- Shareholders approved the appointment at the 17th AGM held on September 25, 2026
- Term of appointment is for 1 year, covering until the conclusion of the 18th AGM for FY2026–27
- Auditor M/s. Gopal Sharma & Co. possesses over 41 years of professional experience
- The firm's Peer Review Certificate is valid until February 28, 2027
Agarwal Toughened Glass India Limited has notified exchanges that its trading window will close on Thursday, October 1, 2026. This closure complies with SEBI PIT regulations for the half year ending September 30, 2026. The window will remain shut until 48 hours after the dissemination of the un-audited financial results. The specific date for the board meeting to review and approve the results will be announced separately.
- Trading window closes effective Thursday, October 1, 2026
- Closure applies to the half year ending September 30, 2026
- Window reopens 48 hours after dissemination of un-audited financial results
- Board meeting date to approve results will be intimated in due course
Agarwal Toughened Glass India Limited has received approval from NSE for the listing and trading of 16,51,866 equity shares of Rs 10 each issued on a preferential basis, effective September 11, 2026. The newly listed shares expand the company's equity base, with distinctive numbers ranging from 17674601 to 19326466. Of the total allotted shares, 3,30,000 shares are under lock-in until March 10, 2028, while 13,21,866 shares are locked in until March 10, 2027.
- Approval received for listing of 16,51,866 equity shares of Rs 10 each
- Listing and dealings effective from September 11, 2026 on NSE
- 3,30,000 shares subject to lock-in until March 10, 2028
- 13,21,866 shares subject to lock-in until March 10, 2027
Agarwal Toughened Glass India Limited has released its FY25-26 Annual Report and convened its 17th Annual General Meeting (AGM) for September 25, 2026. Key agenda items include the appointment of M/s Gopal Sharma & Co. as Statutory Auditors for FY26-27 and shareholder approval for related party raw material transactions aggregating up to Rs 25.50 Cr for FY26-27 (representing ~17% of TTM revenue). For FY25-26, the company reported a Debt-Equity ratio of 0.21 (down from 0.36) and a Return on Equity of 32.36% compared to 27.12% in FY24-25.
- 17th AGM scheduled for September 25, 2026, via Video Conferencing with e-voting cut-off on September 18, 2026.
- Proposed related party transactions for FY26-27 include up to Rs 15 Cr with Agarwal Float Glass India, Rs 10 Cr with Agarwal Fortune India, and Rs 50 Lakh with M/s Hardik Glasses.
- Appointment of new Statutory Auditor M/s Gopal Sharma & Co., Chartered Accountants, for FY26-27.
- Debt-to-Equity improved to 0.21 in FY26 from 0.36 in FY25 due to retained earnings and debt reduction.
- Inventory turnover ratio expanded significantly to 11.80x from 3.47x in FY25.
Agarwal Toughened Glass India Limited announced that its Board has approved the appointment of M/s. Gopal Sharma & Co. as the Statutory Auditor for FY 2026-27, subject to shareholder approval at the upcoming 17th Annual General Meeting. They replace retiring auditors M/s. Jethani & Associates upon term expiry. Additionally, M/s. Shilpa Mittal & Associates was re-appointed as Internal Auditor for FY 2026-27, and limits for FY 2026-27 related-party transactions were approved.
- Appointment of M/s. Gopal Sharma & Co. as Statutory Auditor for a 1-year term (FY 2026-27)
- Tenure of retiring auditor M/s. Jethani & Associates concludes at the ensuing 17th AGM
- Re-appointment of M/s. Shilpa Mittal & Associates as Internal Auditor for FY 2026-27
- Gopal Sharma & Co. brings over 41 years of experience with Peer Review Certificate valid until February 28, 2027
Agarwal Toughened Glass India Limited's Board of Directors approved the appointment of M/s. Gopal Sharma & Co. as Statutory Auditors for FY 2026-27, replacing retiring auditors M/s. Jethani & Associates upon completion of their tenure. The Board also re-appointed M/s. Shilpa Mittal & Associates as Internal Auditors for FY 2026-27. Additionally, limits for Related Party Transactions for FY 2026-27 were approved, subject to shareholder approval at the ensuing 17th Annual General Meeting.
- Board approved appointment of M/s. Gopal Sharma & Co. as Statutory Auditor for a 1-year term (FY 2026-27)
- Outgoing Statutory Auditor M/s. Jethani & Associates to retire at the ensuing 17th AGM
- M/s. Shilpa Mittal & Associates re-appointed as Internal Auditor for FY 2026-27
- Board approved Related Party Transaction limits for FY 2026-27 subject to shareholder approval
Agarwal Toughened Glass reported a ~23% growth in Q1 FY27 revenue to ₹34.40 Cr compared to ₹28.00 Cr in the same quarter last year. The company successfully completed a significant ₹68.04 Cr preferential fundraise (representing ~45% of TTM revenue) to support capital expenditure and working capital. The executable order book stands at ₹55 Cr, providing revenue visibility equivalent to ~37% of TTM revenue. Additionally, a new domestic order worth ₹6.11 Cr for value-added glass was secured for execution by March 2027.
- Revenue from operations grew 22.86% to ~₹34.40 Cr in Q1 FY27 compared to ~₹28.00 Cr in Q1 FY26
- Completed a ₹68.04 Cr preferential issue comprising 16.52 lakh equity shares and 45.90 lakh warrants at ₹109 per security
- Executable order book reached ₹55 Cr as of June 30, 2026, across hospitality, malls, and infrastructure sectors
- Secured a new domestic order for DGU value-added glass worth ~₹6.11 Cr covering ~12,850 SQM
- Capacity utilization for the quarter remained at ~57%, reflecting steady operational momentum
Financial Performance
Revenue Growth by Segment
The company operates in a single segment (Glass and allied activities). Revenue from operations grew 44.3% YoY to INR 55.31 Cr in FY25. H1 FY26 revenue reached INR 45.88 Cr, representing 105.8% growth over H1 FY25.
Geographic Revenue Split
Primarily domestic (India) with plans to establish 15 new marketing offices nationwide. Management is also targeting export sales in neighboring Asian countries to drive EBITDA growth through import discounts.
Profitability Margins
PAT margin improved from 21.45% in FY24 to 26.02% in FY25. Net profit ratio increased from 21.21% to 27.43% due to higher operating margins and a richer product mix.
EBITDA Margin
EBITDA margin was 39.65% in FY25 (INR 23.12 Cr), up slightly from 39.22% in FY24. Future EBITDA margins are projected to stabilize between 30-35% as the company scales.
Capital Expenditure
Management has invested approximately INR 24-25 Cr in a third plant. IPO proceeds allocated INR 9.67 Cr for machinery at existing units, with INR 8.59 Cr already utilized by September 2025.
Credit Rating & Borrowing
Debt-Equity ratio improved by 79.78% (from 1.78 to 0.36) following the repayment of INR 6.00 Cr in borrowings using IPO proceeds. Debt Service Coverage Ratio improved 82.95% to 3.22.
Operational Drivers
Raw Materials
Float glass (primary raw material) and allied glass components. Raw material prices have been sluggish/falling, which pressured gross margins in FY25.
Import Sources
Asian countries (specifically mentioned regarding strategic import discounts).
Capacity Expansion
Expanding through a third manufacturing plant (INR 24-25 Cr investment) and diversifying into solar glass sheet manufacturing with revenue contributions expected from FY26 onwards.
Raw Material Costs
Sluggish raw material prices led to gross margin pressure in FY25. Management is mitigating this by focusing on higher-margin customized orders and early payment discounts for trade payables.
Manufacturing Efficiency
Focusing on smart automation and energy-efficient upgrades to create a globally competitive organization.
Logistics & Distribution
Expanding geographic reach via 15 new marketing offices to enhance brand visibility and customer response speed.
Strategic Growth
Expected Growth Rate
35-45%
Growth Strategy
Scaling presence via 15 new marketing offices, entering the solar glass sector (FY26), expanding into neighboring export markets, and focusing on high-specification customized glass solutions like energy-efficient double-glazed units.
Products & Services
Toughened glass, energy-efficient double-glazed units, high-strength safety glass, and solar glass sheets.
Brand Portfolio
AGARWALTUF (Agarwal Toughened Glass India Limited).
New Products/Services
Solar glass sheets manufacturing and bidding for solar projects, with operations commencing in FY26.
Market Expansion
Nationwide expansion through 15 new marketing offices and targeting neighboring Asian countries for exports.
Strategic Alliances
Related party synergy with Agarwal Float Glass India Limited (shared CMD).
External Factors
Industry Trends
The India glass market is projected to grow at 16.74% to 16.79% (2025-2031). The industry is shifting toward value-added, energy-efficient, and solar-compatible glass solutions.
Competitive Landscape
Competes in the toughened and specialized glass market; related entity Agarwal Float Glass India Limited operates in the same sector.
Competitive Moat
Moat is built on high-specification customization (double-glazed, safety glass) and early entry into the solar glass manufacturing niche, supported by a significantly deleveraged balance sheet.
Macro Economic Sensitivity
Sensitive to macro-economic disruptions and industry-wide glass pricing trends.
Consumer Behavior
Increasing demand for energy-efficient and high-safety glass solutions in construction and infrastructure.
Geopolitical Risks
Trade barriers or disruptions in neighboring Asian countries could impact export growth and import discounts.
Regulatory & Governance
Industry Regulations
Compliant with Section 133 of the Companies Act and Indian Accounting Standards (Ind AS).
Legal Contingencies
The company has disclosed pending litigations in its financial statements, though specific case values were not provided in the summary.
Risk Analysis
Key Uncertainties
Volatility in raw material (float glass) prices and the successful execution of the solar glass project by FY26.
Geographic Concentration Risk
Currently regional; expanding to 15 offices to mitigate geographic concentration risks.
Third Party Dependencies
Dependency on accounting software that lacked an audit trail (edit log) feature throughout FY25, though statutory reporting on this was not yet applicable.
Technology Obsolescence Risk
Mitigated by investments in smart automation and training technical teams on the latest glass processing techniques.
Credit & Counterparty Risk
Trade Receivables turnover ratio decreased 53.53% to 1.91 in FY25, indicating a potential slowdown in collection efficiency.
