🟨 At a Glance
Saint-Gobain Sekurit India is the kind of company that shows up late to every party, quietly hands you a ₹2 dividend, and disappears before the DJ drops the beat. With 50 years in India’s auto glass market and a global French parent boasting €48 billion in revenue, it should’ve been a no-brainer multibagger. Instead? 9% sales CAGR, 17% ROE, and a 5-year stock return that got outpaced by your fixed deposit.
1. 🪝 Introduction: The Glass Ceiling (Literally)
What if we told you there’s a listed Indian subsidiary of a French MNC that:
- Has no debt
- Has 23% ROCE
- Pays over 50% of earnings as dividend
- Serves every major auto OEM from Bajaj to Mercedes
You’d say, “Where’s the catch?”
Well,Saint-Gobain Sekurit India Ltd(SGSIL) has all that — and still delivers just 4% TTM sales growth and 0 analyst coverage.
Welcome to the cleanest smallcap no one tracks.
2. 🏠WTF Do They Even Do?
🛻 SGSIL makesautomotive safety glass— windshields, side windows, rear screens — for:
- 3-Wheelers (e.g. Bajaj)
- Passenger Vehicles (e.g. Hyundai, Tata, Maruti)
- Commercial Vehicles (e.g. Ashok Leyland, BharatBenz)
It’s part of the “Mobility” vertical under Saint-Gobain’s High Performance Solutions.
📍 All manufacturing is done inChakan, Pune— right in the auto hub.
📦 They sell to OEMs, not aftermarket.
3. 📊 Financials Overview – Profit, Margins, ROE, Growth
| Metric | FY20 | FY23 | FY25 |
|---|---|---|---|
| Revenue | â‚ą135 Cr | â‚ą186 Cr | â‚ą208 Cr |
| PAT | â‚ą13 Cr | â‚ą29 Cr | â‚ą36 Cr |
| OPM | 14% | 19% | 19% |
| ROCE | 11% | 18% | 23% |
| ROE | 11% | 17% | 17.4% |
🧾Dividend Payout: 51% in FY25💡Debt: Zero. Nada. Zilch.
But here’s the kicker: Sales CAGR over 5 years =9%. That’s just sad.
4. 💸 Valuation – Is It Cheap, Meh, or Crack?
| Metric | SGSIL | Uno Minda | Bosch | Schaeffler |
|---|---|---|---|---|
| P/E | 28x | 66x | 47x | 60x |
| ROCE | 23% | 18.9% | 21.1% | 25.7% |
| Dividend Yield | 1.8% | 0.2% | 1.6% | 0.7% |
| CMP / BV | 4.7x | 10.8x | 6.9x | 11.3x |
