Sejal Glass Limited (SEJALLTD)
₹870.35 -9.92% last close, 16 Oct
Q2 FY27 results
Sejal Glass Limited reported Q2 FY27 results on 13 Oct 2026: revenue ₹138 Cr (+32.8% year on year, +17.1% on the previous quarter), and net profit ₹14.4 Cr (+80.2% year on year); the operating margin was 17.3%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹138 | +32.8% | +17.1% |
| Operating profit | ₹23.9 | +40.6% | +44.5% |
| Net profit | ₹14.4 | +80.2% | +99.8% |
| EPS (₹) | 12.52 | +57.5% | +99.7% |
| Operating margin | 17.3% | — | — |
Quality of profit: of pre-tax profit of ₹15.7 Cr, ₹13.8 Cr (88%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +97.2% year on year.
Against its own trend: net profit of ₹14.4 Cr was -9.9% against the ₹16.0 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
Share price since the results: +19.2% (close before the filing to the latest close).
SEJALLTD delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.28% of the SEJALLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 65.52%. The price fell 9.92% on unusually low delivery. It traded 2.5 times its average daily volume. It closed at its lower price band (circuit) on 16 Oct, one of 7 band closes in about the last 20 sessions. 2 bulk or block deals were reported in SEJALLTD in the last 60 days: ₹10 Cr bought and ₹10 Cr sold.
Delivery in the last 5 sessions: 56.1% · 56.9% · 65.5% · 21.7% · 38.3%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 25 Sep | Sell | G K Properties Private Limited | ₹10.15 Cr | ₹676.67 | 150,000 | Bulk |
| 25 Sep | Buy | Nitin Siddamsetty | ₹10.14 Cr | ₹676.68 | 149,797 | 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
Sejal Glass Limited submitted a corrigendum to its standalone financial results for the quarter and half year ended September 30, 2026. The company rectified a clerical error where 'Other Current Assets' and 'Current Tax Assets (Net)' were inadvertently interchanged. The correct figures are Rs 263.36 lakhs for Other Current Assets and Rs 54.28 lakhs for Current Tax Assets (Net). The correction carries zero impact on total assets, net profit, equity, or earnings per share.
- Corrected Other Current Assets to Rs 263.36 lakhs from the previously stated Rs 54.28 lakhs
- Corrected Current Tax Assets (Net) to Rs 54.28 lakhs from the previously stated Rs 263.36 lakhs
- Standalone total assets remain unchanged at Rs 24,426.93 lakhs as of September 30, 2026
- No impact on reported revenue, profitability, cash flows, or EPS
Sejal Glass Limited has scheduled its earnings conference call for Monday, October 19, 2026, at 03:30 PM IST. The call will discuss the operational and financial performance for the quarter and half-year ended September 30, 2026 (Q2 & H1 FY27). The interaction will be attended by Promoter Mr. Amrut Gada and CFO Mr. Chandresh Rambhia, organized via Kirin Advisors. This is a routine scheduling notice preceding the quarterly performance review.
- Earnings call scheduled for Monday, October 19, 2026, at 03:30 P.M. IST
- Call will cover Q2 & H1 FY 2026-27 operational and financial results
- Management representation includes Promoter Amrut Gada and CFO Chandresh Rambhia
- Conference coordinated by Kirin Advisors with universal dial-in +91 22 6280 1239
Sejal Glass announced its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. For H1 FY27, consolidated profit before tax reached ₹23.67 crore compared to ₹12.53 crore in H1 FY26, driven significantly by its foreign subsidiary (Sejal Glass & Glass Manufacturing Products LLC), which recorded revenue of ₹97.03 crore and net profit of ₹13.65 crore for Q2. Consolidated net cash flow from operating activities stood at ₹34.88 crore for the half-year versus ₹42.28 crore in the prior period. Net cash and cash equivalents grew to ₹23.32 crore as of September 30, 2026.
- H1 FY27 consolidated Profit Before Tax rose to ₹23.67 crore from ₹12.53 crore in H1 FY26
- Foreign subsidiary contributed Q2 revenue of ₹97.03 crore and net PAT of ₹13.65 crore
- H1 FY27 capex on fixed assets reached ₹22.68 crore consolidated, down from ₹51.18 crore in H1 FY26
- Consolidated cash flow from operating activities closed at ₹34.88 crore for the half-year
- Total cash and cash equivalents improved to ₹23.32 crore at end of period compared to ₹5.35 crore previously
Sejal Glass announced its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. For H1 FY27, consolidated profit before tax reached ₹23.67 crore compared to ₹12.53 crore in H1 FY26, driven significantly by its foreign subsidiary (Sejal Glass & Glass Manufacturing Products LLC), which recorded revenue of ₹97.03 crore and net profit of ₹13.65 crore for Q2. Consolidated net cash flow from operating activities stood at ₹34.88 crore for the half-year versus ₹42.28 crore in the prior period. Net cash and cash equivalents grew to ₹23.32 crore as of September 30, 2026.
- H1 FY27 consolidated Profit Before Tax rose to ₹23.67 crore from ₹12.53 crore in H1 FY26
- Foreign subsidiary contributed Q2 revenue of ₹97.03 crore and net PAT of ₹13.65 crore
- H1 FY27 capex on fixed assets reached ₹22.68 crore consolidated, down from ₹51.18 crore in H1 FY26
- Consolidated cash flow from operating activities closed at ₹34.88 crore for the half-year
- Total cash and cash equivalents improved to ₹23.32 crore at end of period compared to ₹5.35 crore previously
Sejal Glass Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that zero dematerialisation requests were received from shareholders during the quarter. This filing is a standard quarterly administrative requirement with no operational or financial impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
- RTA confirmed zero requests were received from shareholders for dematerialisation during the quarter
- Filing submitted to BSE and NSE on October 07, 2026
Sejal Glass Limited has informed the exchanges under Regulation 30 that its Founder and Promoter, Mr. Amrut Gada, participated in a TV interview recorded on August 25, 2026, for the programme 'Untold Journeys'. The recording took place at the manufacturing facility of its subsidiary, Sejal Glass and Glass Manufacturing Products LLC, in Ras Al Khaimah, UAE. The discussion covered his entrepreneurial journey, company growth, and UAE operations. The company clarified that no unpublished price sensitive information (UPSI) was shared during the interaction.
- Founder and Promoter Mr. Amrut Gada participated in a TV interview recorded on August 25, 2026
- Interview filmed at the RAK, UAE facility of subsidiary Sejal Glass and Glass Manufacturing Products LLC
- Programme titled 'Untold Journeys' to be broadcast across TV and digital platforms at a future date
- Company confirmed no unpublished price sensitive information (UPSI) was disclosed
Sejal Glass reported a strong Q1 FY27 with consolidated revenue of Rs 117.95 Cr, a 52.88% YoY increase. The company has secured a robust order pipeline, including Rs 50 Cr in India and AED 72M in the UAE, providing high revenue visibility for the next two quarters. Management has guided for a minimum 25% revenue growth in FY27, with an upside potential of 40% depending on geopolitical stability in the Middle East. Profitability is expected to improve with a targeted 1% expansion in EBITDA margins and a 9% PAT margin for the full year.
- Consolidated revenue grew 52.88% YoY to Rs 117.95 Cr in Q1 FY27
- UAE order book increased to AED 72M, with incremental wins of AED 22M to 27M
- India business secured new orders exceeding Rs 50 Cr from developers like L&T, Godrej, and Raheja
- Management targets a 9% PAT margin for FY27, up from 6.1% in Q1 FY27
- Capacity utilization currently stands at 55-60%, allowing for growth without immediate large capex
Sejal Glass Limited submitted a machine-readable copy of its Q1 FY27 results following an NSE query. The company reported a consolidated revenue of ₹117.95 Cr for the quarter ended June 30, 2026, representing a 52.9% increase over the ₹77.15 Cr reported in the same quarter last year. Consolidated Net Profit rose to ₹7.22 Cr from ₹4.42 Cr in Q1 FY26. The results are not directly comparable to the previous year due to the acquisition of the Glasstech business in April 2025.
- Consolidated Revenue for Q1 FY27 reached ₹117.95 Cr, up from ₹77.15 Cr in Q1 FY26.
- Consolidated Net Profit increased to ₹7.22 Cr, a 63.5% growth compared to ₹4.42 Cr in the year-ago period.
- International operations contributed ₹83.59 Cr, accounting for 70.8% of total consolidated revenue.
- Standalone revenue stood at ₹36.43 Cr with a net profit of ₹0.40 Cr for the quarter.
- The company noted no provision for tax in standalone results due to carried forward losses and unabsorbed depreciation.
Sejal Glass Limited has published the audio recording of its earnings conference call held on August 4, 2026. The call focused on the company's operational and financial performance for the first quarter ended June 30, 2026. This disclosure is a standard regulatory requirement to ensure transparency for all shareholders. Investors can access the recording via the company's website to hear management's detailed commentary on the quarter's results.
- Earnings call conducted on August 04, 2026, at 02:15 PM IST
- Recording covers the financial performance for the quarter ended June 30, 2026
- Management confirmed that 0 unpublished price sensitive information (UPSI) was shared
- The company maintains a TTM revenue of ₹397 Cr with a 15.6% OPM
Sejal Glass Limited's Board of Directors approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a strong FY26 where the company achieved a TTM revenue of Rs 397 Cr and a PAT of Rs 29 Cr. The meeting was relatively brief, lasting 37 minutes. Investors should focus on whether the company maintained its 15.6% operating margin and the momentum from the previous quarter's Rs 114.55 Cr revenue.
- Board approved unaudited financial results for the quarter ended June 30, 2026
- The board meeting concluded within 37 minutes (6:53 P.M. to 7:30 P.M.)
- Company reported a TTM EPS of Rs 26.61 leading into this quarter
- Previous quarter (Mar 2026) revenue was Rs 114.55 Cr with a net profit of Rs 11.42 Cr
- Current market capitalization stands at Rs 818 Cr with a P/E of 28.4
Sejal Glass Limited has announced its earnings conference call for the first quarter of FY27, scheduled for August 4, 2026, at 2:15 PM IST. The call follows a period of significant growth, with FY26 revenue reaching ₹396.7 cr compared to ₹244.3 cr in FY25. Management, including the Promoter and CFO, will discuss operational performance for the quarter ended June 30, 2026. Investors will be looking for updates on the commercial launch of high-margin products like bulletproof and railway-grade glass.
- Earnings call scheduled for August 4, 2026, at 02:15 PM IST
- Focus on financial performance for the quarter ended June 30, 2026
- Company reported a TTM revenue of ₹397 cr with an OPM of 15.6%
- Promoter holding remains stable at 69.96% as of June 2026
- Management aims to discuss the strategy for international market expansion via the UAE hub
Sejal Glass Limited has announced a scheduled TV interview for its Founder & Promoter, Mr. Amrut S. Gada, on NDTV Profit's 'The Small Cap Buzzers' show. The interaction is set for July 24, 2026, at 01:40 P.M. The company stated that the discussion will be based on publicly available information and will not include unpublished price sensitive information (UPSI). This comes as the company maintains a TTM revenue of Rs 397 Cr and an operating profit margin of 15.6%.
- TV interview scheduled for July 24, 2026, at 01:40 P.M. IST
- Interaction to feature Founder & Promoter Mr. Amrut S. Gada on NDTV Profit
- Company reported TTM revenue of Rs 397 Cr and TTM PAT of Rs 29 Cr
- Management maintains a promoter holding of 69.96% as of March 2026
Sejal Glass Limited has secured new architectural glass orders totaling approximately Rs 121 Cr, which represents a significant 30.5% of its TTM revenue of Rs 397 Cr. The win includes Rs 71 Cr (AED 27.6 Million) from its UAE subsidiary for hospitality and healthcare projects, and Rs 50 Cr from domestic Indian projects. These orders for high-performance glass solutions are scheduled for execution during 2026-2027. This development provides strong revenue visibility and reinforces the company's strategic focus on value-added products and the GCC market.
- Total order value of approximately Rs 121 Cr across international and domestic segments
- UAE subsidiary secured five significant orders worth AED 27.6 Million (approx. Rs 71 Cr)
- Domestic architectural glass projects bagged worth approximately Rs 50 Cr
- Combined order value represents ~30.5% of the company's TTM revenue of Rs 397 Cr
- Execution timeline set for the 2026-2027 period
Sejal Glass Limited successfully concluded its 28th Annual General Meeting on July 18, 2026, with all seven proposed resolutions passed by the requisite majority. Shareholders approved the adoption of standalone and consolidated financial statements for the fiscal year, alongside the re-appointment of Mr. Jiggar Savla as Whole Time Director. The voting process saw a total turnout of 74.61%, representing 8,505,441 shares out of 11,400,000. Support was nearly unanimous across all agendas, including the re-appointment of statutory auditors and independent directors.
- 7 resolutions passed with requisite majority, including the re-appointment of the Whole Time Director and Independent Directors.
- 74.61% voter turnout recorded with 8,505,441 total votes polled out of 11,400,000 outstanding shares.
- 100% of votes cast were in favor of adopting the audited consolidated financial statements.
- 7,317 total shareholders were on record as of the cutoff date of July 10, 2026.
- Only 1 single vote was cast against the re-appointment of M/s Gokhale & Sathe as Statutory Auditors.
Sejal Glass Limited concluded its 28th Annual General Meeting, reporting a consolidated revenue of over ₹401 Cr for FY26, which aligns with its TTM performance of ₹397 Cr. The company achieved an EBITDA of ₹66 Cr and a PAT of ₹29 Cr for the fiscal year. Management highlighted the successful integration of the Taloja and Erode manufacturing facilities and a strategic shift toward high-margin specialty glass, including bulletproof and railway-grade products. The company is operating at 55-60% capacity utilization and is targeting international growth through its UAE hub.
- Achieved consolidated revenue of over ₹401 Cr for the financial year ended March 31, 2026.
- Reported FY26 EBITDA of ₹66 Cr and Profit After Tax (PAT) of ₹29 Cr.
- Completed integration of Taloja and Erode manufacturing facilities to expand value-added product portfolio.
- Current capacity utilization at Silvassa and UAE facilities remains at 55-60%.
- Introduced 'Lakshya 2030' vision focusing on speed, scale, and sustainability for long-term growth.
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.
Credit & Counterparty Risk
Credit risk is identified as a key financial risk, particularly in the real estate sector where project delays can impact receivables quality.
