1. At a Glance – Sand, Sunroofs & Serious Debt
Asahi India Glass Ltd (AIS) is what happens when glass stops being boring and starts behaving like an auto ancillary with ambition issues. With a market cap of ₹25,545 Cr, the stock trading around ₹1,002, and a 3-month return of ~8.5%, AIS has already told the market one thing clearly: “I am not cheap, stop asking.”
Latest Q3 FY26 numbers show ₹1,256 Cr revenue (+11.7% YoY) and ₹99 Cr PAT (+32.8% YoY), which looks great on a headline slide but slightly less heroic once you see the P/E of ~81x staring back at you like an overconfident MBA intern. ROCE is ~12.4%, ROE ~13.6%, and debt is sitting at a chunky ₹2,856 Cr, courtesy of AIS’s “build first, breathe later” expansion strategy.
Auto glass is booming, buildings are behaving moody, and management is busy approving ₹2,000 Cr+ capex like it’s Diwali bonus season. Question is — is AIS a structural compounder… or a beautifully polished balance-sheet stress test?
2. Introduction – From Windowpanes to Windshields
AIS was founded in 1984, back when cars had fewer screens and buildings had fewer opinions. Fast forward to FY26, and AIS is no longer just a glass manufacturer — it’s a sand-to-solutions ecosystem supplying everything from laminated windshields to fancy architectural facades.
The company’s DNA is automotive. Nearly 75% market share in passenger car glass means if a car is sold in India, AIS has probably touched it. But AIS also wanted diversification, so it entered architectural glass, home solutions, and aftermarket services — because why stop at OEMs when retail customers also love invoices?
However, diversification has come with capex, debt, and the eternal Indian manufacturing problem: returns lag ambition. AIS today stands at an interesting crossroad — strong demand tailwinds, rising content per vehicle, EV penetration… but also import pressure, pricing stress, and a balance
sheet that’s starting to sound breathless.
So yes, AIS is a leader. But even leaders can trip if they sprint too hard without checking oxygen levels. Ready to dig deeper?
3. Business Model – WTF Do They Even Do?
Think of AIS as the glass department store of India, but with factories instead of aisles.
Automotive Glass (61% of FY24 revenue)
This is the crown jewel. Laminated windshields, tempered side glass, sunroofs — AIS supplies almost every major OEM including Maruti, Hyundai, Tata Motors, M&M, Toyota, and Kia. Glass usage per vehicle keeps increasing (bigger windshields, panoramic roofs, HUD compatibility), which means AIS makes more money without selling more cars. Smart, no?
Architectural Glass (34%)
This segment sells dreams to architects and headaches to investors. AIS supplies annealed, coated, reflective, and decorative glass via 1,400+ dealers. Unfortunately, imports and excess industry capacity have kept pricing under pressure. Volumes are fine, realizations are not.
Other / Services (5%)
AIS Windows, Glasxperts, Windshield Experts — installation, repair, and retail services across 65+ cities. High effort, modest margins, but strategically useful for brand recall.
Simple summary: Auto pays the bills, architecture tests patience, services test execution.
4. Financials Overview – Numbers Don’t Lie, They Just Smirk
Q3 FY26 Performance Table (₹ Cr)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,256 | 1,124 | 1,151 | 11.7% | 9.1% |
| EBITDA | 250 | 175 | 188 | 42.9% | 33.0% |
| PAT | 99 | 105 | 58 | -5.7% | 70.7% |
| EPS (₹) | 3.90 | 4.34 | 2.22 | -10.1% | 75.7% |
