Asahi India Glass Limited (ASAHIINDIA) AI Stock Analysis

• Market Cap: ₹214.87B
• Dividend Yield: 0.2%
• Average Volume (3M): 15.13K
• Price to Earnings (P/E): 65.0
• Beta (1Y): 0.92
• Revenue Growth: 5.52%
• EPS Growth: -0.90%
• Country: IN
• Employees: 2,567
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Auto - Parts
• EPS (TTM): 3.90
• Shares Outstanding: 254,927,190
• 10 Day Avg. Volume: 12,301
• 30 Day Avg. Volume: 15,133
• PEG Ratio: 3.00
• Price to Book (P/B): 5.50
• Price to Sales (P/S): 3.20
• P/FCF Ratio: -26.93
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 15.9
• Revenue Forecast (FY): ₹49.85B

• Rating: 67 Neutral
• Price Target: ₹912.00 ▼(-11.90% Downside)
• Action: Downgraded Date: 12/31/25
• Date: Action: Downgraded 12/31/25

The score is driven primarily by strong multi-year growth and healthy margins, supported by a constructive technical uptrend. These positives are tempered by negative free cash flow from heavy capex and rising leverage, while the high P/E and minimal dividend yield weigh on valuation.

Positive Factors

Multi-year revenue growth

Sustained ~14% CAGR revenue growth indicates durable demand and successful market penetration across core segments. Over 2-6 months this underpins capacity utilization, supports reinvestment in higher-value products, and reduces dependence on single-cycle demand swings.

High gross margins from value-added products

Consistently >50% gross margins reflect strong pricing and value-added processing (lamination, tempering, coatings). This margin profile is structural, driven by product mix and processing capabilities, enabling resilience to commodity price moves and supporting sustainable profitability.

Diversified end markets & product mix

Serving both automotive OEMs/aftermarket and building/construction reduces cyclicality and concentration risk. Value-added architectural and automotive solutions plus project and OEM channels create multiple durable revenue streams and limit exposure to single-sector downturns.

Negative Factors

Rising financial leverage

An increased debt-to-equity of ~1.01 raises interest and refinancing exposure. Over the medium term higher leverage limits financial flexibility for capex or working capital, heightening vulnerability to demand slowdowns or raw-material cost shocks and increasing default risk.

Negative free cash flow from heavy capex

Persistent negative free cash flow driven by heavy capex strains liquidity and necessitates external financing or higher debt. If capex fails to convert into proportionally higher returns, the company may face constrained dividend capacity and reduced ability to fund growth from internal cash.

Pressure on operating margins

A slight decline in EBIT margin signals rising unit costs, mix shifts, or utilization inefficiencies. If persistent, this can erode the benefit of top-line growth, lower return on invested capital, and undermine the economics of new capacity investments over coming quarters.

Asahi India Glass Limited Business Overview & Revenue Model

Company Description

Asahi India Glass Limited, an integrated glass and windows solutions company, manufactures and supplies various glass products in India and internationally. It operates in two segments, Automotive Glass and Float Glass. The company offers various automotive glass products, including laminated windshields, tempered glass for sidelites and backlites, defogger glasses, glass antennas, encapsulated glasses, plug-in windows, solar control glasses, IR and UV cut glasses, dark green UV cut glasses, rain sensor and wiper heated windshields, glasses with assembly, privacy glasses, acoustic windshields, IR cut and acoustic windshields, sliding windows for buses and trucks, thinner glazings, and IGU for metro and railways. It also provides a range of architectural glass products, such as clear, tinted, and frosted glasses; coated solar control and heat-reflective glasses; back-painted, mirror, and tinted mirror décor glasses; laminated and tempered processed glasses; and fire-resistant, smart, fabric laminated, mesh laminated, and bullet resistant glasses. In addition, the company offers uPVC, wooden, and aluminum windows; and glass, window, and door solutions. Further, it provides automotive glass repair and replacement services. The company was incorporated in 1984 and is based in Gurugram, India.

How the Company Makes Money

AIS makes money mainly by manufacturing and selling processed glass products and associated solutions across two core end markets: (1) Automotive: Revenue is generated through supplying OEMs and the automotive aftermarket with safety glass and other vehicle glass products (typically involving processing such as lamination, tempering, and shaping). Earnings in this segment are influenced by vehicle production volumes, model/platform wins, and long-term supply arrangements with automakers and tier suppliers; aftermarket sales add demand tied to replacement cycles and distribution reach. (2) Building & Construction (Architectural/Float and value-added architectural glass): Revenue is generated through sales of architectural glass and value-added processed glass used in commercial and residential projects, including high-performance glazing applications. This business benefits from demand in real estate and infrastructure, the company’s processing capabilities (which enable higher value realization than commodity glass), and sales through project channels and fabricator/dealer networks. Across segments, a meaningful driver of profitability is the mix shift toward higher value-added products and solutions (processed, coated, specialized glazing) versus lower value, more commoditized glass; pricing dynamics (raw materials and energy), capacity utilization, and product mix therefore materially affect earnings. Specific partnership details beyond customer/OEM relationships: null.

Asahi India Glass Limited Financial Statement Overview

Summary

Strong revenue growth (~14% CAGR) and solid profitability (gross margin consistently >50%, net margin improving to ~8.2%). Offsetting this, leverage has risen (debt-to-equity ~1.01) and cash generation is weaker due to negative free cash flow from high capex, which increases liquidity risk if sustained.

Income Statement

Asahi India Glass Limited shows strong revenue growth with a CAGR of approximately 14% from 2020 to 2025. The gross profit margin is solid, consistently exceeding 50%, indicating efficient cost management. The net profit margin has shown improvement, reaching approximately 8.2% in 2025. However, EBIT margin has slightly declined, suggesting pressure on operational efficiency.

Balance Sheet

The company maintains a healthy equity ratio of around 39% in 2025, reflecting moderate leverage. The debt-to-equity ratio has increased over the years to approximately 1.01, indicating rising financial leverage. Return on Equity (ROE) is stable at around 13.9%, but the increasing debt levels could pose future risks.

Cash Flow

The operating cash flow remains strong, but the company experienced negative free cash flow in recent years due to high capital expenditures. The free cash flow to net income ratio shows stress, and the negative growth in free cash flow indicates potential liquidity challenges.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	46.84B	45.94B	43.41B	40.19B	31.70B	24.21B
Gross Profit	27.80B	28.35B	26.18B	25.64B	21.91B	15.37B
EBITDA	7.29B	7.43B	7.08B	8.01B	7.52B	4.24B
Net Income	3.11B	3.71B	3.28B	3.65B	3.45B	1.33B
Balance Sheet
Total Assets	79.02B	67.90B	55.00B	45.80B	37.77B	37.73B
Cash, Cash Equivalents and Short-Term Investments	9.44B	1.71B	1.79B	1.18B	879.00M	582.00M
Total Debt	28.56B	26.96B	19.68B	14.01B	12.38B	15.64B
Total Liabilities	42.00B	41.47B	31.69B	25.27B	20.32B	23.50B
Stockholders Equity	37.01B	26.69B	23.53B	20.75B	17.62B	14.40B
Cash Flow
Free Cash Flow	-2.22B	-5.45B	-2.48B	767.60M	4.85B	4.21B
Operating Cash Flow	1.42B	7.23B	6.53B	4.02B	5.86B	5.26B
Investing Cash Flow	-3.47B	-11.91B	-9.24B	-3.20B	-792.70M	-934.40M
Financing Cash Flow	9.84B	4.58B	3.30B	-520.90M	-4.79B	-3.82B

Asahi India Glass Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1035.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASAHIINDIA, the sentiment is Neutral. The current price of 1035.15 is above the 20-day moving average (MA) of 884.60, above the 50-day MA of 932.05, and above the 200-day MA of 895.98, indicating a bearish trend. The MACD of -28.84 indicates Positive momentum. The RSI at 43.76 is Neutral, neither overbought nor oversold. The STOCH value of 50.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:ASAHIINDIA.

Asahi India Glass Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HINDCOPPER	73 Outperform	₹455.08B	80.20	―	0.33%	16.05%	41.18%
KAJARIACER	69 Neutral	₹146.59B	43.96	―	1.15%	-0.24%	-4.87%
PCBL	68 Neutral	₹96.61B	1,460.95	―	1.94%	6.12%	-30.31%
ASAHIINDIA	67 Neutral	₹214.87B	65.01	―	0.20%	5.52%	-0.90%
SOMANYCERA	62 Neutral	₹15.50B	22.77	―	0.71%	4.20%	-31.88%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
NUVOCO	55 Neutral	₹101.91B	64.48	―	―	5.09%	458.10%

Asahi India Glass Limited Corporate Events

Asahi India Glass Posts Strong Q3 FY26 Revenues Despite One-Off Costs

Asahi India Glass Limited has published its unaudited financial results for the third quarter and nine months ended 31 December 2025, as carried in national and regional newspapers in compliance with SEBI disclosure norms. The company reported a robust operational performance, with total income from operations rising to Rs 1,26,639 lakh for the quarter and Rs 3,66,805 lakh for the nine-month period, alongside healthy profitability both before and after tax, despite the impact of exceptional items such as higher employee benefit provisions from India’s new labour codes and one-time restructuring costs for subsidiaries, which investors will watch closely for their implications on margins and future cost structure.