MoneyWorks4Me

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

₹950.30 -0.70 (-0.07%)

As on 02-Sep'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

₹950.30 -0.70 (-0.07%)

As on 02-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹24,226 Cr.
Current Price
₹950.3
52-Week Low / High
₹775 / 1,073
TTM EPS
₹16.8
TTM Sales
₹4,773 Cr.
Book Value per Share
₹163.8
P/E Ratio
56.60
Higher than its 5-year historical median
Industry PE
35.9
Price to Book (P/B)
5.80
Lower than its 5-year historical median
Price to Sales (P/S)
5.08
Higher than its 5-year historical median
EV/EBITDA
24.89
Higher than its 5-year historical median
Dividend Yield
0.21%
Profitability Efficiency
Return on Equity (ROE)
9.74%
Outperforms industry median
Return on Capital Employed (ROCE)
11.45%
Outperforms industry median
Return on Assets (ROA)
4.54%
Operating Profit Margin
19.5%
Net Profit Margin
7.07%
Gross Profit Margin
15.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
8.28%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
18.56%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-15.2%
Asset Quality
Promoter Holding
51.57%
Pledged shares (%) of Promoter's holding (%)
3.36%
Reserves
₹4,150 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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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Overvalued

Price Trend

Strong
Q.1 Is Asahi India Glass Ltd a good quality company?
Asahi India Glass Ltd is a average quality company, based on a somewhat consistent 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 14.42%, compared to the industry median CAGR of 6.19%, 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 16.9% based on the current price.

10 Year X-Ray :

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 some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 19.6%17.4%15.8%11%11.8%21.3%21%15.1%13.6%11.5%-
Value Creation
Index
0.50.30.2-0.2-0.10.60.60.10.00.0-

Growth Parameters

Sales 2,3072,5912,8592,5992,3803,1103,9184,1464,3124,6684,773
Sales YoY Gr.-12.3%10.4%-9.1%-8.4%30.6%26%5.8%4%8.3%-
Adj EPS 5.57.48.275.114.115.413.614.213.916.8
YoY Gr.-36%10.9%-15.3%-26.4%175.6%9.2%-12.1%4.4%-1.6%-
BVPS (₹) 39.245.651.455.361.274.587.599.3113157.9163.8
Adj Net
Profit
132180200169124343375329344355428
Cash Flow from Ops. 428442416292517566377656664454-
Debt/CF from Ops. 2.93.13.962.92.13.52.83.84.5-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 8.2%14.4%6%8.3%
Adj EPS 11%22.2%-3.3%-1.6%
BVPS16.7%20.9%21.7%39.7%
Share Price 16.8% 21.1% 17.4% 13.5%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
19.717.516.913.18.820.81914.513.310.510.4
Op. Profit
Mgn %
18.618.418.717.818.724.721.117.41719.521.2
Net Profit
Mgn %
5.7776.55.2119.67.987.69
Debt to
Equity
1.31.21.31.310.70.60.80.90.5-
Working Cap
Days
152156156178194151151169173185106
Cash Conv.
Cycle
6147364538253438384742

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!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *3.943.943.943.413.493.503.193.213.363.36
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,3072,5912,8592,5992,3803,1103,9184,1464,3124,668
Operating Expenses + 1,8792,1142,3382,1551,9372,3423,1103,4283,5823,803
Manufacturing Costs5316327726845367679681,0531,0971,323
Material Costs8299159098368298961,3391,5471,5861,399
Employee Cost 224252261254244269294316352409
Other Costs 295314396380327410508513547673
Operating Profit 428476520445444768808718730865
Operating Profit Margin (%) 18.6%18.4%18.2%17.1%18.6%24.7%20.6%17.3%16.9%18.5%
Other Income + 30262115402421313651
Exceptional Items -2-5-30000056-7
Interest 144123135144138118101131122198
Depreciation 7692115132127155154165173263
Profit Before Tax 237282288184218519575454527449
Tax 8997982479171207118138119
Profit After Tax 148185190160139348368336389330
PAT Margin (%) 6.4%7.2%6.7%6.2%5.8%11.2%9.4%8.1%9.0%7.1%
Adjusted EPS (₹)6.17.67.86.65.714.315.113.816.012.9
Dividend Payout Ratio (%)16.40%19.70%12.80%15.20%17.50%14%13.20%14.50%12.50%15.50%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 9531,1101,2501,3431,4871,8122,1272,4132,7474,024
Share Capital 24242424242424242425
Reserves 9291,0851,2251,3191,4621,7882,1032,3892,7233,999
Debt +1,0431,2671,4171,3671,2208719621,4852,1631,651
Long Term Debt7779081,0921,1039948627411,2621,9581,525
Short Term Debt2663583252642268221223205126
Minority Interest0000000000
Trade Payables363579629572632607826829979852
Others Liabilities 3712733695314245386937899361,190
Total Liabilities 2,7293,2283,6653,8123,7623,8284,6085,5176,8257,716

Fixed Assets

Net Fixed Assets +1,4671,8531,9041,9702,1602,2612,2552,3813,7944,257
Gross Block1,5352,0122,1652,3782,6922,9363,0773,3534,9245,627
Accumulated Depreciation681592614075326758229721,1301,369
CWIP 8511344848826289227813552418
Investments 364645424752115244230258
Inventories5615936706996306859919261,0421,127
Trade Receivables328424380369382380499510631719
Cash Equivalents 141721135787116138109175
Others Assets 238181197231225275407504467762
Total Assets 2,7293,2283,6653,8123,7623,8284,6085,5176,8257,716
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 428442416292517566377656664454
PBT 237282288184218519575454527449
Adjustment 217204242269260265246295228450
Changes in Working Capital 6252-17-138119-46-2372546-326
Tax Paid -88-96-97-22-80-172-207-118-137-119
Cash Flow From Investing Activity + -201-440-499-194-83-78-294-979-1,168-630
Capex -186-433-499-193-83-75-231-853-1,233-606
Net Investments -15-7-0-1-0-2-63-12765-24
Others 0000000000
Cash Flow From Financing Activity + -249-086-105-391-460-55344475244
Net Proceeds from Shares 000000000994
Net Proceeds from Borrowing 2759298165-210-94-69528674-413
Interest Paid -144-123-135-144-138-118-101-131-122-198
Dividend Paid -18-24-36-490-24-49-49-49-49
Others -11588-41-77-42-224164-5-28-91
Net Cash Flow -2213-744282821-2867
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)21.9817.9716.1112.339.8121.0818.6814.7815.089.74
ROCE (%)19.5917.4315.7610.9911.7621.3320.9915.1413.6411.45
Asset Turnover Ratio1.020.890.830.70.630.820.930.820.70.64
PAT to CFO Conversion(x)2.892.392.191.833.721.631.021.951.711.38
Working Capital Days
Receivable Days4952.1051.3052.6057.6044.7040.9044.4048.3052.80
Inventory Days76.5079.9080.6096.10101.9077.207884.3083.3084.80
Payable Days141.10187.70242.60262.30265252.20195.20195.20208238.80

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Asahi India Glass Ltd FAQs

The current trading price of Asahi India Glass on 02-Sep-2026 16:59 is ₹950.3.

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 01-Sep-2026 the market cap of Asahi India Glass stood at ₹24,225.7 Cr

The latest P/E ratio of Asahi India Glass as of 01-Sep-2026 is 56.60.

The latest P/B ratio of Asahi India Glass as of 01-Sep-2026 is 5.80.

The 52-week high of Asahi India Glass is ₹1,073 and the 52-week low is ₹775.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Asahi India Glass is ₹4,773 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Asahi India Glass Ltd is a average 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 Somewhat overvalued 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) is India’s leading integrated glass and windows solutions company and a dominant player both in the automotive and the building & construction segments. Its product solutions spanning the entire breadth of automotive, building & construction, and consumer glass, are designed to deliver aesthetics and functional benefits.

AIS has 3 Strategic Business Units (SBUs) - Automotive, Architectural and Consumer. It is engaged in the production and delivery of next-generation glass products and solutions to retail and institutional customers through these SBUs and provides end-to-end solutions across the entire value chain in all 3 segments - from the manufacturing of float glass to glass processing, fabrication and installation. AIS caters to customers in domestic as well as international markets.

Business area of the company

The company is India’s leading integrated glass and windows solutions company and a dominant player both in the automotive and the building & construction segments. Its product solutions spanning the entire breadth of automotive, building & construction, and consumer glass, are designed to deliver aesthetics and functional benefits.

Business units of the company

  • AIS Automotive Glass SBU: AIS has established itself as a leading force in India’s automotive glass industry, trusted by top automobile manufacturers for decades. With a commanding presence in the passenger car segment, AIS glass products are integrated into a vast majority of vehicles on Indian roads spanning hatchbacks, sedans, SUVs, and premium models. The Company’s comprehensive product suite includes laminated windshields, tempered side and rear glass, sunroof solutions, and a variety of sub-assemblies and advanced value-added glass offerings.
  • AIS Architectural Glass SBU: AIS combines technical expertise with a wide range of innovative products to elevate architectural design. Its solutions offer the ideal mix of daylight optimization, energy efficiency, and visual comfort, supporting sustainable and green building practices. The portfolio spans annealed, coated, decorative, processed and value-added glass, crafted for both interior and exterior use. With a focus on safety, aesthetics and performance, AIS empowers architects and developers to create spaces that are functional, efficient, safe, and visually striking.
  • AIS Consumer Glass SBU: In response to the evolving aspirations of modern consumers, AIS has strategically expanded its presence in the consumer segment through the establishment of the Consumer Glass Strategic Business Unit (SBU). This focused vertical integrates the strengths of AIS’s diverse portfolio to deliver innovative, ready-to-use glass solutions directly to end-users.

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).

2014

  • Maruti Suzuki India Limited presented AIS with Overall Excellence Award.                                                                                          

2015

  • Hyundai awards AIS with Certificate of Quality Excellence.                                                                  

2016

  • AIS receives 'Special Award' by Hyundai Motor India Ltd, 2016.                                                                                                     
  • AIS wins the 'Best Supplier Award 2016' in Chemical Commodity by Fiat India.                                                                                               
  • AIS is honored to receive the 'Quality Award 2016' by TATA Motors.                                                                                                      
  • AIS bags the '2015 GM Supplier Quality Excellence Award' from General Motors.                                                                                                       
  • Maruti Suzuki India Ltd. presents award for Overall Excellence in Manufacturing.                                                                              
  • Honda presents AIS with an award in Environment category for Co2 reduction.                                                                                
  • AIS VUE wins the GOLD at MADDYS Award 2016 – ‘Mute the Outside World Campaign’.     

2017

  • Asahi India Glass Ltd. Goes Virtual – adopts Virtual Reality Solutions.
  • Asahi India Glass Ltd. enters Retrofitting market with the launch of AIS Renew.
  • Asahi India Glass Ltd. launches a mobile application to showcase Architectural Glass Solutions.
  • Windshield Experts Announces Expansion Plans.
  • AIS announces Rs.500-crore Greenfield Automotive Glass Plant in Gujarat.
2018

  • Asahi India Glass launches a new Virtual Reality app - AIS World of Shades.
  • Asahi India Glass launches a new mobile application – AIS Glass Simulator – the right glazing solution at fingertips.
  • Asahi India Glass unfurls a new decorative range of architectural glass – AIS SunShield Trendz.
  • Asahi India Glass launches a new shade under its SunShield range of glasses – AIS SunShield Royal Gold.
2020

  • AIS launches a first of its kind, AR app in the glass industry.
2021

  • Asahi India Glass and Ahmedabad based Vishakha Group announces partnership and investment for setting up India’s largest Solar Glass manufacturing plant at Mundra.
2022

  • Asahi India Glass collaborates with Enormous Brands to Launch its new campaign for AIS Windows.
2023

  • AIS Windows Launches Experience Centre in Bengaluru.
2024

  • AIS & INOXAP collaborate for an industry pioneering Green Hydrogen initiative.
2025

  • AIS Windows Launches 50th Showroom.
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