1. At a Glance – Glass Half Full or Half Leveraged?
If Indian midcaps had a reality show called “From Bankruptcy to Bull Run”, Sejal Glass Ltd would be walking the finale ramp wearing designer tempered glass shades.
Market cap: ₹881 Cr
Current price: ₹773
3-month return: -9.5% (yes, gravity exists)
1-year return: ~70% (also yes, rockets exist)
Debt: ₹227 Cr
Debt-to-Equity: 4.1x (glass is transparent, leverage is not)
Latest quarter (Dec 2025) numbers are loud enough to crack laminated glass:
- Revenue: ₹100.81 Cr (↑63.6% YoY)
- PAT: ₹5.08 Cr (↑48.7% YoY)
- OPM: 14.47%
This is a company that went through CIRP in 2021, paid its secured creditors in tranches like an obedient school kid, restructured capital, diluted promoters, raised preference shares, issued warrants, did UAE acquisitions… and is now being valued at 41x earnings.
So the obvious question:
👉 Is this a clean turnaround story… or just a very well-polished glass facade?
Let’s break it. Carefully. With gloves.
2. Introduction – Once Upon a Time in Insolvency Court
Sejal Glass is not your usual “steady compounder from 1998” bedtime story. This one has drama, creditors, resolution professionals, preference shares, UAE adventures, and promoters selling a little stock just when optimism peaks (classic Bollywood timing).
From FY18 to FY21, revenues were embarrassing, margins were negative, and losses were so consistent that even auditors got bored. By March 2021, the company entered Corporate Insolvency Resolution Process (CIRP). Curtains. ICU. Flatline.
Then came the resurrection arc:
- Resolution Plan approved
- Board reconstituted (May 2021)
- Debt restructured
- Operations restarted
- Working capital revived
- Growth restored
Fast-forward to FY25:
- Sales jumped to ₹244 Cr
- TTM sales hit ₹350 Cr
- OPM climbed to 15%
- PAT turned positive and stayed there (important)
This is not a “cyclical bounce”. This is a restart.
But restart stories come with two things:
- Operating leverage
- Balance sheet hangover
Sejal Glass has both. In large quantities.
3. Business Model – WTF Do They Even Do? (And Why Is Everyone Buying Their Glass?)
Sejal Glass is not a glass manufacturer.
They are a glass processor and
value-addition specialist.
Translation for lazy investors:
They buy plain glass → beat it up → heat it → laminate it → insulate it → sell it at a higher margin.
Product Buckets (a.k.a. Glass Gym Workout Plan)
- Solid Glass – Toughened / heat-strengthened for buildings that don’t want to collapse emotionally
- Kool Glass – Insulating glass units for thermal & UV control
- Tone Glass – Noise reduction (useful if you live near Indian roads)
- Fort Glass – Laminated security glass
- Armor Glass – Protection & shielding (yes, fancy stuff)
- Decor Glass – Furniture & interiors
- FireBan Glass – Fire resistance up to 120 minutes
- Lunaro – Custom architectural glass for premium projects
Revenue Mix (FY23)
- Toughened Glass: ~38%
- Laminated Glass: ~41%
- Insulating Glass: ~18%
- Others: ~3%
This mix matters because laminated + insulating glass = higher margin + higher entry barrier.
Question for you:
👉 Would you rather sell plain glass sheets… or glass that can survive fire, bullets, heat, and Indian architects?
Exactly.
4. Financials Overview – Numbers That Finally Behave Like Adults
Quarterly Comparison Table (₹ Cr except EPS)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 100.81 | 61.61 | 103.99 | +63.6% | -3.1% |
| EBITDA | 14.59 | 9.07 | 16.83 | +60.8% | -13.3% |
| PAT | 5.08 | 3.40 | 8.12 | +48.7% | -37.4% |
| EPS (₹) | 4.39 | 3.34 | 7.95 | +31.4% | -44.8% |
Annualised EPS (Q3 Rule)
Average EPS of Q1, Q2, Q3 FY26 =
(4.33 + 7.95 + 4.39) / 3 = 5.56
Annualised EPS = 5.56 × 4 = ₹22.2
CMP ₹773
