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SEJALLTD - Sejal Glass

📊 NSE: SEJALLTD 🏢 Glass & Glass Products 📅 Last Updated: 12/14/2025 12:59

📢 Recent Corporate Announcements

Sejal Glass Reports 9M FY26 Income of ₹284.51 Cr; EBITDA Margin at 16.38%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 24 Feb 2026, 11:34 AM

Sejal Glass reported a consolidated income of ₹284.51 crores for the nine months ended December 2025, with an EBITDA of ₹46.60 crores and a PAT of ₹17.61 crores. The company successfully raised ₹72.15 crores through a preferential issue of 13 lakh shares at ₹555 each to fund growth and expansion. Management is diversifying into high-margin segments like fire-rated and bulletproof glass, with meaningful contributions expected by Q3 FY27. The integration of the Glasstech facility and new UAE operations are expected to drive future volume growth in the architectural glass segment.

9M FY26 consolidated income reached ₹284.51 crores with a healthy EBITDA margin of 16.38%
Raised ₹72.15 crores via preferential allotment of 13 lakh shares at a premium price of ₹555 per share
Allotted 4 lakh warrants at ₹555 each, receiving ₹5.5 crores as 25% upfront payment from promoters
New high-value fire-rated glass production scheduled to commence in Q1 FY27 following a Spanish technology tie-up
Operational PAT for the nine-month period stood at ₹17.61 crores following the Glasstech acquisition

💡 Investors should monitor the successful commercialization of the fire-rated and bulletproof glass segments in FY27, which carry higher margins. The stock remains a growth play on the premiumization of Indian real estate and the rising demand for specialized glass in data centers.

Sejal Glass Releases Audio Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 19 Feb 2026, 01:14 PM

Sejal Glass Limited has officially released the audio recording of its earnings conference call held on February 18, 2026. The call focused on the company's operational and financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015, aimed at ensuring transparency for all shareholders. Investors can now access the management's detailed commentary and responses to analyst queries via the provided web link.

Audio recording of the earnings call held on February 18, 2026, at 3:30 PM IST is now available.
The discussion covered financial performance for the quarter and nine months ended December 31, 2025.
The recording is accessible via the company's official website under the investor documents section.
Compliance filing submitted under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should listen to the audio recording to gain qualitative insights into management's future guidance and operational challenges that may not be evident from the balance sheet alone.

Sejal Glass Corrects Financial Filing Error; Reports 9M Net Loss of ₹2.26 Crore

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 17 Feb 2026, 05:09 PM

Sejal Glass Limited has issued a clarification regarding its special purpose audited financial results for the nine-month period ended December 31, 2025. The company corrected a previous filing where an Excel formula error led to a mismatch of ₹60.77 Lakhs in inventory figures. For the 9-month period, the company reported a total income of ₹89.09 Crore but incurred a net loss of ₹2.26 Crore. These results were specifically prepared to comply with Foreign Exchange Management (Overseas Investment) Rules for potential overseas financial commitments.

Corrected an inventory figure mismatch of ₹60.77 Lakhs caused by an Excel formula error in the previous filing
Reported a total income of ₹8,908.64 Lakhs for the nine-month period ended December 31, 2025
Incurred a net loss of ₹226.51 Lakhs for the 9M period compared to a full-year profit of ₹399.90 Lakhs in FY25
The special purpose audit was conducted to determine the permissible limit for overseas financial investments
Total Comprehensive Loss for the period stood at ₹214.06 Lakhs after accounting for remeasurements

💡 Investors should monitor the company's internal control processes given the reporting error and track progress on their overseas investment strategy which necessitated this special audit.

Sejal Glass Corrects Financial Filing Error; Reports 9M FY26 Net Loss of ₹226.51 Lakhs

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 17 Feb 2026, 04:45 PM

Sejal Glass Limited has issued a clarification regarding its special purpose audited financial results for the nine-month period ending December 31, 2025. The company corrected a previously filed balance sheet which contained a ₹60.77 Lakh inventory mismatch due to an Excel formula error. The updated financials show a total income of ₹8,908.64 Lakhs and a net loss of ₹226.51 Lakhs for the period. These results were specifically prepared to comply with FEMA rules for determining overseas investment limits.

Corrected an inventory figure mismatch of ₹60.77 Lakhs caused by an internal Excel formula error.
Reported a net loss of ₹226.51 Lakhs for the nine-month period ended December 31, 2025.
Total income for the 9M period reached ₹8,908.64 Lakhs, compared to ₹7,056.16 Lakhs for the full previous year.
Special purpose audit conducted to facilitate compliance with Foreign Exchange Management (Overseas Investment) Rules, 2022.
Basic and Diluted Earnings Per Share (EPS) for the period stood at negative ₹2.2.

💡 Investors should monitor the company's transition from a profitable FY25 to a loss-making 9M FY26. The preparation of these special results suggests the company is planning or evaluating overseas financial commitments.

Sejal Glass Cancels One-on-One Investor Meet Scheduled for February 17, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 01:22 PM

Sejal Glass Limited has informed the stock exchanges about the cancellation of a one-on-one investor meeting that was originally scheduled for February 17, 2026. The meeting was previously announced in an intimation dated February 09, 2026. The company cited unavoidable reasons and unanticipated exigencies for the cancellation. A revised date for the investor interaction will be communicated by the company in due course.

Cancellation of the one-on-one investor meet scheduled for February 17, 2026.
The meeting was originally planned and intimated on February 09, 2026.
Reason for cancellation cited as 'unavoidable reasons and unanticipated exigencies'.
Company to provide a new date for the meeting in a future disclosure.

💡 No immediate action is required as this is a routine administrative update regarding a meeting schedule. Investors should wait for the rescheduled date to hear management updates.

Sejal Glass to Host Q3 & 9M FY26 Earnings Conference Call on February 18, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 13 Feb 2026, 06:27 PM

Sejal Glass Limited has announced its earnings conference call scheduled for Wednesday, February 18, 2026, at 03:30 PM IST. The call will focus on the company's operational and financial performance for the third quarter and nine months ended December 31, 2025. Key management personnel, including Promoter Mr. Amrut Gada and CFO Mr. Chandresh Rambhia, will be present to interact with analysts and investors. This meeting is a routine but essential event for stakeholders to understand the company's recent growth and future outlook.

Earnings call scheduled for February 18, 2026, at 03:30 PM IST via Kirin Advisors.
Discussion will cover financial results for Q3 FY26 and the nine-month period ending December 31, 2025.
Management representation includes Promoter Mr. Amrut Gada and CFO Mr. Chandresh Rambhia.
Universal dial-in numbers for the call are +91 22 6280 1239 and +91 22 7115 8140.

💡 Investors should attend or review the transcript of the call to understand management's perspective on revenue growth and margin sustainability. Pay close attention to any updates regarding expansion plans or market demand in the glass sector.

Sejal Glass Closes Trading Window for Dec 2025 Audited Results and Networth Certification

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 12:32 PM

Sejal Glass Limited has announced the closure of its trading window for all designated persons and their immediate relatives effective from February 11, 2026. This closure is mandatory under SEBI Insider Trading regulations as the company prepares to approve audited standalone financial results for the period ended December 31, 2025. The audit is specifically being conducted to facilitate the submission of a Networth Certificate for regulatory compliance. The trading window will reopen 48 hours after the financial results are officially declared to the stock exchanges.

Trading window closed effective from Wednesday, February 11, 2026.
Closure relates to the approval of audited standalone financial results for the period ended December 31, 2025.
The financial audit is required for the submission of a Networth Certificate to comply with regulatory requirements.
Restriction applies to all Designated Persons, their immediate relatives, and other insiders.
Trading window to reopen 48 hours after the results are disseminated to BSE and NSE.

💡 This is a routine regulatory announcement and does not necessitate any immediate portfolio changes. Investors should monitor the upcoming audited results for insights into the company's net worth and financial stability.

Sejal Glass to Hold One-on-One Investor Meet with Viansh Ventures on February 17

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 06:25 PM

Sejal Glass Limited has announced a one-on-one meeting with Mr. Yash Poddar of M/s. Viansh Ventures scheduled for February 17, 2026. The meeting will be conducted via virtual mode to discuss the company's performance based on publicly available information. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during this interaction. This disclosure is a routine compliance filing under Regulation 30 of the SEBI Listing Regulations.

One-on-one investor meeting scheduled for Tuesday, February 17, 2026
Interaction to be held with representative from M/s. Viansh Ventures
Meeting will be conducted through virtual mode
Discussions will be strictly limited to publicly available information

💡 This is a routine investor engagement; no immediate action is required. Investors should monitor for any subsequent investor presentations or transcripts that may be released following the meeting.

Sejal Glass Clarifies XBRL Filing Error for Q2 FY26 Financial Results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 09 Feb 2026, 12:38 PM

Sejal Glass Limited has responded to a clarification sought by the National Stock Exchange regarding its financial results for the quarter ended September 30, 2025. The company admitted to an inadvertent clerical error where half-yearly figures were filed in the XBRL format instead of the required quarterly figures. The corrected quarterly financial results have now been submitted in compliance with SEBI (LODR) Regulations, 2015. The management has requested the exchange to condone the mistake and assured that adequate care will be taken in future filings.

NSE sought clarification regarding Regulation 33 compliance for the quarter ended September 30, 2025.
Company inadvertently filed half-yearly figures instead of quarterly figures in the XBRL format.
Corrected quarterly financial results were re-filed on January 15, 2026.
Management characterized the error as unintentional and clerical in nature.
Assurance provided to the exchange for stricter filing protocols in the future.

💡 No immediate action is required as this is a procedural correction. Investors should ensure they are using the updated quarterly figures rather than the previously filed half-yearly data for their analysis.

Sejal Glass Q3 Revenue Rises to ₹28.15 Cr; Reports Net Loss of ₹1.17 Cr

🔵 WATCH ⭐ 7/10

EARNINGS 📅 02 Feb 2026, 09:26 PM

Sejal Glass reported a significant jump in consolidated total income to ₹28.15 crore for the quarter ended December 31, 2025, primarily due to the acquisition of Glasstech Industries' architectural glass business. Despite the revenue growth, the company posted a net loss of ₹1.17 crore, compared to a profit of ₹17.60 lakhs in the same period last year, as expenses nearly doubled. The Board also deferred a proposal for a preferential share issue to non-promoters for non-cash consideration. Investors should note that current figures are not directly comparable to previous years due to the recent business acquisition.

Consolidated Total Income increased to ₹28.15 crore in Q3 FY26 from ₹17.60 crore in Q3 FY25.
Company reported a consolidated net loss of ₹1.17 crore for the quarter vs a profit of ₹17.60 lakhs YoY.
Financial results include the impact of the Glasstech Industries acquisition completed in April 2025.
Successfully raised ₹72.15 crore during the quarter through a preferential allotment of 13 lakh shares at ₹555 each.
Board deferred the decision on a proposed preferential issue to non-promoters for consideration other than cash.

💡 Investors should monitor the company's path to profitability following the Glasstech acquisition, as higher revenues have yet to translate into bottom-line growth. The deferral of the non-cash preferential issue and the recent high-premium fundraise suggest a complex capital restructuring phase.

Sejal Glass Q3 FY26 Revenue Rises to ₹28.15 Cr; Board Defers Non-Cash Preferential Issue

🔵 WATCH ⭐ 7/10

EARNINGS 📅 02 Feb 2026, 08:06 PM

Sejal Glass reported a consolidated total income of ₹28.15 crore for Q3 FY26, up from ₹17.60 crore in the same quarter last year, primarily driven by the acquisition of Glasstech Industries' architectural glass business. Despite the revenue jump, the company posted a net loss of ₹1.17 crore for the quarter, compared to a profit of ₹0.22 crore in Q3 FY25. The Board has deferred a decision on a proposed preferential issue of shares to non-promoters for non-cash consideration. During the quarter, the company successfully raised ₹72.15 crore through a preferential allotment at ₹555 per share.

Consolidated Total Income increased to ₹28.15 crore in Q3 FY26 from ₹17.60 crore in Q3 FY25.
Company reported a net loss of ₹1.17 crore for the quarter versus a profit of ₹0.22 crore YoY.
Financials are not comparable YoY due to the acquisition of Glasstech Industries' business effective April 10, 2025.
Raised ₹72.15 crore via preferential allotment of 1.3 million shares at ₹555 each during the quarter.
Board deferred the proposal for a non-cash preferential issue to non-promoters to a future date.

💡 Investors should monitor the company's ability to turn the acquired architectural glass business profitable, as the current integration phase has led to a net loss despite higher revenues. The deferral of the non-cash preferential issue warrants caution regarding future dilution and the nature of the assets being acquired.

Sejal Glass Clarifies Board Meeting Agenda for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 28 Jan 2026, 05:50 PM

Sejal Glass Limited has issued a clarification regarding its upcoming Board Meeting scheduled for February 02, 2026. The company corrected a typographical error in its previous filing, clarifying that it will consider Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2025. The previous notice had incorrectly mentioned 'Audited' results, which is a standard procedural correction as quarterly results typically undergo a limited review rather than a full audit. All other details of the meeting remain unchanged.

Board Meeting scheduled for February 02, 2026, remains on track.
Correction made from 'Audited' to 'Unaudited' standalone financial results.
Results pertain to the quarter and nine-month period ended December 31, 2025.
The filing was made in compliance with Regulation 29 of SEBI (LODR) Regulations, 2015.

💡 No action is required as this is a routine administrative correction. Investors should focus on the actual financial performance to be disclosed on February 02, 2026.

Sejal Glass Appoints N R Doshi and Partners as Statutory Auditor for UAE Material Subsidiary

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Jan 2026, 07:26 PM

Sejal Glass Limited has appointed M/s. N R Doshi and Partners - Public Accountants L.L.C. as the Statutory Auditor for its material subsidiary, Sejal Glass and Glass Manufacturing Products LLC, based in the UAE. The appointment is effective from January 13, 2026, ensuring continued compliance for the company's international operations. The newly appointed firm is a leading auditor in Dubai with a legacy of over 40 years. This move is part of the company's routine corporate governance and regulatory compliance under SEBI guidelines.

Appointment of M/s. N R Doshi and Partners as Statutory Auditor for the UAE-based material subsidiary.
The appointment is effective as of January 13, 2026.
The auditing firm has over 40 years of experience in audit, VAT, and tax advisory services in the UAE.
The subsidiary, Sejal Glass and Glass Manufacturing Products LLC, is a key international entity for the company.

💡 This is a routine governance update. Investors should continue to monitor the financial performance of the UAE subsidiary in upcoming consolidated reports.

Sejal Glass Submits Quarterly Compliance Certificate for Dematerialization

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 06:19 PM

Sejal Glass Limited has filed its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025. The Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirmed that all dematerialization requests were processed within the prescribed timelines. The filing ensures that physical share certificates received were duly mutilated, cancelled, and the name of depositories substituted in the register of members. This is a standard administrative procedure to maintain accurate electronic shareholding records.

Compliance certificate issued for the quarter ended December 31, 2025.
RTA MUFG Intime India Private Limited confirmed processing of all demat requests.
Physical security certificates were mutilated and cancelled after verification.
Securities involved are confirmed to be listed on the stock exchanges where the company is traded.

💡 No action is required from investors as this is a routine regulatory filing confirming standard administrative compliance.

Sejal Glass Limited to Close Trading Window from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Dec 2025, 01:05 PM

Sejal Glass Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This routine regulatory action is taken in connection with the finalization of the company's unaudited financial results for the quarter ending December 31, 2025. The trading window will remain closed until 48 hours after the financial results are declared and submitted to the stock exchanges. This is a standard compliance procedure under SEBI (Prohibition of Insider Trading) Regulations, 2015.

Trading window closure commences on January 1, 2026, for the Q3 FY2025-26 results.
Applies to all Designated Persons, their immediate relatives, and other insiders of Sejal Glass Limited.
The window will reopen 48 hours after the dissemination of the unaudited financial results to BSE and NSE.
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015 and the Company's Code of Conduct.

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals; investors should wait for the upcoming Q3 results to evaluate performance.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 48.7% YoY to INR 243.58 Cr in FY 2024-25. Standalone revenue (India operations) grew 5.87% to INR 63.02 Cr. For H1 FY26, total revenue reached INR 182.81 Cr, representing a 59.03% YoY increase.

Geographic Revenue Split

The UAE subsidiary (Sejal Glass & Glass Manufacturing Products LLC) contributed INR 180.65 Cr in FY25, accounting for approximately 74.1% of consolidated turnover. India operations contributed the remaining 25.9%.

Profitability Margins

Consolidated Net Profit Margin improved from 2% in FY24 to 5% in FY25. For H1 FY26, the net profit margin further expanded to 6.86%, with a net profit of INR 12.53 Cr (up 226.3% YoY).

EBITDA Margin

Consolidated EBITDA margin rose from 13% in FY24 to 15% in FY25 (INR 35.34 Cr). In H1 FY26, EBITDA margin reached 16.62% (INR 30.38 Cr), with management targeting over 18% by the end of FY26.

Capital Expenditure

The company is undertaking strategic capital expenditure to strengthen production capabilities at Silvassa and UAE facilities. While specific total INR Cr for future years is not disclosed, the focus is on supporting product diversification into value-added segments.

Credit Rating & Borrowing

The company reported a loan of INR 10.70 Cr received from promoter group entity Dilesh Roadlines India Pvt Ltd during FY 2024-25, with an associated interest expense of INR 1.17 Cr, implying an interest rate of approximately 10.9%.

⚙️ Operational Drivers

Raw Materials

Flat glass, toughened glass components, and digital printing inks. Specific percentage of total cost for each material is not disclosed, but flat glass constitutes the primary input for architectural and value-added products.

Import Sources

Sourced domestically in India and UAE; the company also monitors imports from China which act as a competitive pricing factor in the toughened glass segment.

Key Suppliers

Dilesh Roadlines India Pvt Ltd (Promoter Group) provides logistics-related financial support; specific raw material supplier names are not disclosed in the provided documents.

Capacity Expansion

Current facilities in Silvassa and UAE are operating at 55-60% capacity utilization. Expansion is focused on increasing the mix of value-added products rather than just raw volume.

Raw Material Costs

Raw material costs are managed through capacity utilization improvements to enhance margins. Fluctuations in global glass prices and inflationary pressures are identified as key financial risks.

Manufacturing Efficiency

Fixed asset turnover ratio is reported at over 2x for Indian operations and approximately 3x for the UAE subsidiary. ROCE is currently positioned at nearly 9%.

Logistics & Distribution

The company utilizes promoter group services (Dilesh Roadlines) for financial and likely logistical support, though specific distribution costs as a % of revenue were not provided.

📈 Strategic Growth

Expected Growth Rate

59.03%

Growth Strategy

Growth is driven by expanding the value-added product portfolio (bulletproof and railway glass), increasing market share in 12 international markets via the UAE hub, and exploring inorganic growth opportunities. Management expects EBITDA to exceed 18% through better product mix and higher capacity utilization.

Products & Services

Architectural glass, Toughened glass, Insulated Glass (IG), Laminated glass, Digital printing glass, Bulletproof glass, and Railway-grade glass.

Brand Portfolio

Sejal Glass, Sejal UAE, Glasstech.

New Products/Services

Commercial launch of bulletproof and railway-grade glass is expected soon; digital printing glass (Glasstech) is expected to reach EBITDA breakeven and contribute to margin expansion by FY27.

Market Expansion

Targeting the USA, European, and African markets through the UAE subsidiary, which currently holds a 10% market share in its local region.

Market Share & Ranking

Holds approximately 10% market share in the UAE glass market. Domestic ranking not specified but faces competition from both organized and unorganized sectors.

Strategic Alliances

Sejal Glass Ventures LLP (Associate entity) with a 44.99% capital contribution; Sejal UAE (99.01% subsidiary).

🌍 External Factors

Industry Trends

The flat glass industry is evolving toward energy-efficient and value-added products. The Indian market for railway glass supply is estimated at over INR 500 Cr, presenting a significant niche opportunity.

Competitive Landscape

Faces competition from sizable organized players in the UAE and a mix of organized/unorganized players in India, alongside low-cost imports from China.

Competitive Moat

Moat is built on specialized certifications for value-added products (railway/bulletproof) and a strategic geographic footprint in the UAE providing access to 12 international markets. These are sustainable due to high entry barriers in specialized glass testing.

Macro Economic Sensitivity

Highly sensitive to real estate and infrastructure growth cycles. Demand is supported by government policies like the Energy Conservation Building Code (ECBC).

Consumer Behavior

Increasing demand for energy-efficient building materials and safety glass in infrastructure projects is driving the shift toward IG and laminated products.

Geopolitical Risks

Conflicts in the Middle East are a primary concern, as they can lead to project delays in GCC countries, directly affecting the company's largest revenue-generating subsidiary.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013, Ind AS, and international trade policies. The UAE subsidiary must comply with local UAE laws and banking regulations.

Environmental Compliance

Complies with Section 134(3)(m) regarding conservation of energy and technology absorption; specific ESG costs in INR were not disclosed.

Taxation Policy Impact

The UAE subsidiary provided for taxation of INR 0.61 Cr on a profit before tax of INR 7.64 Cr (~8% effective rate). Standalone Indian operations follow standard corporate tax norms.

Legal Contingencies

No specific pending court case values were disclosed, though the company maintains systems for compliance with all applicable laws.

⚠️ Risk Analysis

Key Uncertainties

The resignation of the statutory auditor (CNK and Associates LLP) for the material UAE subsidiary on November 27, 2025, due to conflict of interest with Bank of Baroda, creates a short-term governance transition risk.

Geographic Concentration Risk

High geographic concentration risk with ~74% of turnover originating from the UAE market.

Third Party Dependencies

Dependency on IT vendors for critical manufacturing and financial systems; reliance on Bank of Baroda for credit facilities in the UAE.

Technology Obsolescence Risk

Risk of falling behind in digital printing or energy-efficient glass technology; mitigated by ongoing investment in 'Glasstech' and value-added product R&D.