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Asahi India Glass Ltd (ASAHIINDIA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 515030 NSE: ASAHIINDIA Glass | Small Cap | Asahi India Glass Share Price

₹890.75 -12.35 (-1.37%)

As on 04-Jun'26 16:59

Asahi India Glass Ltd (ASAHIINDIA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 515030 NSE: ASAHIINDIA Glass | Small Cap | Asahi India Glass Share Price

₹890.75 -12.35 (-1.37%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹22,708 Cr.
Current Price
₹890.8
52-Week Low / High
₹690 / 1,073
TTM EPS
₹12.9
TTM Sales
₹4,606 Cr.
Book Value per Share
₹157.9
P/E Ratio
68.82
Higher than its 5-year historical median
Industry PE
65.4
Price to Book (P/B)
5.64
Lower than its 5-year historical median
Price to Sales (P/S)
4.93
Higher than its 5-year historical median
EV/EBITDA
26.79
Higher than its 5-year historical median
Dividend Yield
0.33%
Profitability Efficiency
Return on Equity (ROE)
15.08%
Outperforms industry median
Return on Capital Employed (ROCE)
13.64%
Outperforms industry median
Return on Assets (ROA)
6.31%
Operating Profit Margin
16.9%
Net Profit Margin
9.02%
Gross Profit Margin
14.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
3.99%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
1.61%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
15.97%
Asset Quality
Promoter Holding
51.57%
Pledged shares (%) of Promoter's holding (%)
3.36%
Reserves
₹3,999 Cr.
Equity
₹25.5 Cr.
Face Value
₹1
All Time Low / High
₹0.78 / 1072.95

Asahi India Glass stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Asahi India Glass Ltd a good quality company?
Asahi India Glass Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Asahi India Glass Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Asahi India Glass Ltd vs industry peers?
Asahi India Glass Ltd revenue CAGR is 10.65%, compared to the industry median CAGR of 4.17%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Asahi India Glass Ltd?
Promoters hold 51.57% of the Asahi India Glass Ltd, with 3.36% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of Asahi India Glass Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 19.3% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Asahi India Glass Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 17.5%19.6%17.4%15.8%11%11.8%21.3%21%15.1%13.6%-
Value Creation
Index
0.30.50.30.2-0.2-0.10.60.60.10.0-

Growth Parameters

Sales 2,1682,3072,5912,8592,5992,3803,1103,9184,1464,3124,606
Sales YoY Gr.-6.4%12.3%10.4%-9.1%-8.4%30.6%26%5.8%4%-
Adj EPS 4.75.57.48.275.114.115.413.614.212.9
YoY Gr.-15.5%36%10.9%-15.3%-26.4%175.6%9.2%-12.1%4.4%-
BVPS (₹) 16.239.245.651.455.361.274.587.599.3113157.9
Adj Net
Profit
115132180200169124343375329344330
Cash Flow from Ops. 230428442416292517566377656664-
Debt/CF from Ops. 5.72.93.13.962.92.13.52.83.8-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 7.9%10.7%11.5%4%
Adj EPS 13%15.3%0.1%4.4%
BVPS24.1%15.4%14.9%13.8%
Share Price 19.8% 22% 24.6% 21.6%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
32.619.717.516.913.18.820.81914.513.39.6
Op. Profit
Mgn %
19.618.618.418.717.818.724.721.117.41719
Net Profit
Mgn %
5.35.7776.55.2119.67.987.2
Debt to
Equity
3.31.31.21.31.310.70.60.80.90.4
Working Cap
Days
157152156156178194151151169173106
Cash Conv.
Cycle
7161473645382534383842

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales2,1682,3072,5912,8592,5992,3803,1103,9184,1464,312
Operating Expenses + 1,7661,8792,1142,3382,1551,9372,3423,1103,4283,582
Manufacturing Costs4925316327726845367679681,0531,097
Material Costs7858299159098368298961,3391,5471,586
Employee Cost 190224252261254244269294316352
Other Costs 299295314396380327410508513547
Operating Profit 402428476520445444768808718730
Operating Profit Margin (%) 18.6%18.6%18.4%18.2%17.1%18.6%24.7%20.6%17.3%16.9%
Other Income + 6302621154024213136
Exceptional Items -2-2-5-30000056
Interest 143144123135144138118101131122
Depreciation 1057692115132127155154165173
Profit Before Tax 158237282288184218519575454527
Tax 618997982479171207118138
Profit After Tax 97148185190160139348368336389
PAT Margin (%) 4.5%6.4%7.2%6.7%6.2%5.8%11.2%9.4%8.1%9.0%
Adjusted EPS (₹)4.06.17.67.86.65.714.315.113.816.0
Dividend Payout Ratio (%)15%16.40%19.70%12.80%15.20%17.50%14%13.20%14.50%12.50%

Valuation of Asahi India Glass - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 3949531,1101,2501,3431,4871,8122,1272,4132,747
Share Capital 24242424242424242424
Reserves 3709291,0851,2251,3191,4621,7882,1032,3892,723
Debt +1,0501,0431,2671,4171,3671,2208719621,4852,163
Long Term Debt6707779081,0921,1039948627411,2621,958
Short Term Debt3812663583252642268221223205
Minority Interest0000000000
Trade Payables278363579629572632607826829979
Others Liabilities 530371273369531424538693789936
Total Liabilities 2,2522,7293,2283,6653,8123,7623,8284,6085,5176,825

Fixed Assets

Net Fixed Assets +1,0211,4671,8531,9041,9702,1602,2612,2552,3813,794
Gross Block2,2301,5352,0122,1652,3782,6922,9363,0773,3534,924
Accumulated Depreciation1,208681592614075326758229721,130
CWIP 648511344848826289227813552
Investments 17364645424752115244230
Inventories5005615936706996306859919261,042
Trade Receivables351328424380369382380499510631
Cash Equivalents 37141721135787116138109
Others Assets 262238181197231225275407504467
Total Assets 2,2522,7293,2283,6653,8123,7623,8284,6085,5176,825

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 230428442416292517566377656664
PBT 160237282288184218519575454527
Adjustment 256217204242269260265246295228
Changes in Working Capital 266252-17-138119-46-2372546
Tax Paid -61-88-96-97-22-80-172-207-118-137
Cash Flow From Investing Activity + -121-201-440-499-194-83-78-294-979-1,168
Capex -124-186-433-499-193-83-75-231-853-1,233
Net Investments -0-15-7-0-1-0-2-63-12765
Others 2000000000
Cash Flow From Financing Activity + -101-249-086-105-391-460-55344475
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -1652759298165-210-94-69528674
Interest Paid 0-144-123-135-144-138-118-101-131-122
Dividend Paid 0-18-24-36-490-24-49-49-49
Others 64-11588-41-77-42-224164-5-28
Net Cash Flow 7-2213-744282821-28

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)27.5921.9817.9716.1112.339.8121.0818.6814.7815.08
ROCE (%)17.5219.5917.4315.7610.9911.7621.3320.9915.1413.64
Asset Turnover Ratio1.071.020.890.830.70.630.820.930.820.7
PAT to CFO Conversion(x)2.372.892.392.191.833.721.631.021.951.71
Working Capital Days
Receivable Days53.904952.1051.3052.6057.6044.7040.9044.4048.30
Inventory Days7776.5079.9080.6096.10101.9077.207884.3083.30
Payable Days129141.10187.70242.60262.30265252.20195.20195.20208

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *3.943.943.943.943.413.493.503.193.213.36
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Asahi India Glass Ltd FAQs

The current trading price of Asahi India Glass on 04-Jun-2026 16:59 is ₹890.8.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Asahi India Glass stood at ₹22,707.6 Cr

The latest P/E ratio of Asahi India Glass as of 03-Jun-2026 is 68.82.

The latest P/B ratio of Asahi India Glass as of 03-Jun-2026 is 5.64.

The 52-week high of Asahi India Glass is ₹1,073 and the 52-week low is ₹689.8.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Asahi India Glass is ₹4,606 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Asahi India Glass Ltd is a good quality company.

The key valuation ratios of Asahi India Glass Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Asahi India Glass Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Asahi India Glass Ltd

Asahi India Glass (AIS) was incorporated in 1983-1984 as Indian Auto Safety Glass. Later during 1984-1986 the equity stake were transferred to Asahi Glass Company Japan.

AIS are the largest glass company in India, manufacturing a spectrum of international quality automotive safety glass, floatglass, architectural processed glass and glass products. Its auto glass commands a market share of 43% and its Float Glass enjoys 31% market share in India.

Business units

AIS Auto Glass- It manufactures wide range of glass for auto companies such laminated windshield, antenna printed backlites, solar control glass, glass antennas etc. The client list includes names like Maruti Suzuki India, Reva Motors, Ford India, Volvo India, General motors, Mahindra and Mahindra are among the others.

AIS Float Glass- AIS is manufacturer of float glass like reflective glass and mirror catering to various sectors like automotive safety glass manufacturers, Processors, Aluminum Fabricators and Furniture manufacturers etc.

AIS glass solutions-  It offers innovative architectural glass solutions to customers. Its product portfolio includes impact resistant glass, sound resistant glass, shower enclosure, tabletops and shelves.

Awards and Recognition

AIS was rated the “Best Indian Company in Glass and Ceramics Category” by Dun & Bradstreet.

AIS was given a “Superbrand” status during 2006-2007

AIS was given gold medal by Deming prize committee in 2007.

Milestones

1983-84

  • AIS initially incorporated as Indian Auto Safety Glass Private Ltd.

1984-86

  • Joint venture agreement executed among promoters - the Labroo family, Asahi Glass Co., Japan, Indo-Asahi Glass Company. (its equity stake subsequently transferred to Asahi Glass Co. Japan) and Maruti Udyog .
  • Incorporated as public limited company.
  • Commenced construction activities at plant site at Bawal, District Rewari (Haryana).

1986-88

  • Started commercial production of toughened (tempered) automotive glass with installed capacity of 2,60,000 square metres.
  • Commenced supplies to sole customer -Maruti Udyog.
  • Made initial public offer of equity shares. Issue oversubscribed by 6.89 times.
  • Recorded a maiden sales turnover of Rs. 11.5 crores in the first year of operation.

1988-90

  • Completed expansion of toughened glass capacity by 70% ( to 4,42,000 square metres).
  • Installed first printing line to produce automotive glass with black ceramic and heat-lite printing - the first in India.
  • Obtained ECE’s ‘E’ mark certification for automotive glass to facilitate its use in vehicles for the export market.
  • Reported maiden profit and paid first dividend to shareholders.

1991-93

  • Made first export sales to Europe.
  • Extended customer base with commencement of supplies to new customers - TELCO, Mahindra & Mahindra and DCM Toyota.

1993-94

  • Set up plant to produce laminated safety glass with installed capacity to produce 70,000 windshields to meet requirements of Maruti Udyog Ltd. for its cars for the export market.

1994-95

  • Completed expansion of automotive toughened glass capacity by 67% to produce 7,37,000 square metres to meet growing demand.

1995-96

  • Completed major capacity expansion for laminated windshields so as to produce 7,50,000 laminated windshields. This was done anticipating an increase in demand of laminated windshields pursuant to changes in the Central Motor Vehicle Rules, making the use of laminated windshields mandatory for passenger vehicles starting 26th March 1996.
  • Commenced supplies of automotive safety glass to car majors, General Motors and Daewoo Motors.
  • Became the first Indian glass company to get ISO 9002 certification from TUV Bayern Sachsen, Germany.

1996-97

  • Sales turnover crossed the Rs 100 crore mark.
  • Installed state-of-the-art tempering furnace to bridge the gaps in terms of capacity and level of technology. Toughened glass capacity increased to 11,37,000 square metres with technological capabilities to produce complex glass models.

1997-98

  • Maiden issue of bonus equity shares to shareholders in the ratio of 1:1 with 45% dividend.
  • Became the first Indian glass company to get QS 9000 certification from TUV Bayern Sachsen, Germany.

1998-99

  • Further expanded customer base with commencement of supplies to Hyundai, Ford, Toyota and Hindustan Motors (Lancer Project).

1999-00

  • Sales turnover crossed the Rs 200 crore mark.
  • Installed new tempering furnace with enhanced flexibility and ability as a major technology upgradation measure. With this, toughened glass capacity enhanced to 20,90,000 square metres.
  • Set up MAW plant as a step towards building capacities for manufacture of encapsulated fixed glass that fixes directly on to the car body.

2000-01

  • Installed new laminated bending furnace, allowing greater capability for production of complex laminated windshields. Consequently, laminated windshield capacity enhanced to 12,00,000 windshields.
  • Installed CAD station, coupled with fully automatic coordinate machine to aid in the process of new model development and tooling design, manufacture and calibration.
  • Started in-house design and manufacture of key process equipment to enhance productivity in a cost-effective manner.
  • Started print marking on glass to improve brand visibility.

2001-02

  • Made second bonus issue of equity shares to shareholders in the ratio of 1:1 with 55% dividend.
  • As a strategic consolidation move, Asahi Glass Co., Ltd., Japan transferred Floatglass India .
  • (FGI) to AIS, effectively passing on control of FGI to AIS. After subsequent ‘open offer’, FGI became a subsidiary of AIS with 79.6% equity stake.
  • Established Environment Management Systems and received ISO14001 certification from TUV Bayern Sachsen, Germany.
  • Installed CNC drilling machine.

2002-03

  • Changed name to Asahi India Glass to reflect expanded business profile.
  • Unveiled Corporate Brand ‘AIS’ and started focussed activities towards brand building.
  • Sub-divided each equity share of Rs 10 face value into 10 equity shares of Re 1 face value to increase liquidity on the stock exchanges.
  • Emerged as the largest glass company in India, with the merger of Floatglass India . becoming effective from 01.04.2002.
  • Total sales came close to the Rs 500 crore mark (at Rs 498 crores).

2003-04

  • AIS's expansion plan of setting up a third plant finalised. New plant, to be set up at Chennai, to manufacture automotive safety glass.

2004-05

  • AIS unveils its new umbrella brand AIS & positions itself as an integrated glass player.
  • Declared 3rd bonus issue of equity shares in the ratio of 1:1.
  • Declared and paid 250% dividend including interim dividend 100%.
  • Completed scheduled expansion and commenced commercial production at the Automotive Glass Plant at Chennai.
  • Enhanced capacity for tempered glass at Automotive Glass Plant in Rewari.
  • Completed scheduled expansion and commenced commercial production at the Architectural Processing Unit at Taloja (Mumbai).
  • Commenced setting up of Integrated Glass Plant (IGP) at Roorkee in Uttaranchal.
  • Set up AIS Glass Solutions Ltd. to capture the value chain in architectural glass.

2005-06

  • Re-started exports of auto glass in the after-market to Europe and Pakistan;
  • Completed Phase II and III expansions at the Auto Glass Plant at Chennai, adding capacities of 1-1.2 million tempered back door glass and another 500,000 laminated windshields respectively.
  • Set up two architectural processing facilities at the Auto Glass Plants at Chennai and Rewari, significantly increasing architectural glass processing capacity.

2006-07

  • The second float glass plant at Roorkee was commissioned this year;
  • AIS rated the “Best Indian Company in Glass and Ceramics Category” by Dun & Bradstreet.
  • The Corporate Brand “AIS” was chosen as a “Superbrand” during the year.

2007-08

  • AIS Auto Glass was conferred the prestigious Deming Application Prize 2007 by the Union of Japanese Scientists and Engineers (JUSE).
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