Sejal Glass Limited Q2 & H1 FY26 Concall Decoded: Revenue up 70%, profits on steroids, and management suddenly very confident

1. Opening Hook

While most mid-cap manufacturing companies are still blaming monsoons, geopolitics, and the neighbour’s dog for weak numbers, Sejal Glass just walked into the concall flexing a 70% revenue jump like it’s no big deal. Q2 FY26 wasn’t just strong—it was the kind of quarter that makes analysts suddenly “discover” the stock they ignored for years. Management sounded upbeat, numbers screamed momentum, and the UAE business behaved like a cash-printing machine. Add acquisitions, new tech tie-ups, and a ₹94 crore fundraise, and suddenly this isn’t just a glass company—it’s a growth story with sharp edges. But before we get blinded by shiny margins and ambitious guidance, let’s break the glass carefully. Read on—things get even more interesting once we decode the fine print.

2. At a Glance

Revenue up 69.8% – Apparently glass demand didn’t get the slowdown memo.
EBITDA up 106% – Operating leverage finally woke up and chose violence.
EBITDA margin +302 bps – Fixed costs politely stepped aside.
Net profit up 231% – From “who?” to “oh!” in one quarter.
EPS ₹7.95 – Suddenly looks respectable, doesn’t it?
72% export mix – UAE still paying the bills, India learning fast.

3. Management’s Key Commentary (Decoded)

“Q2 FY26 has been a very strong quarter for us.”
(Translation: Please don’t compare this to last year ever again 😏)

“EBITDA margin improved to 17.03%.”
(Translation: Fixed costs finally found their place.)

“Net profit grew 231% YoY.”
(Translation: Low base is powerful magic.)

“International business continues to show strong traction.”
(Translation: UAE is doing the heavy lifting.)

“Glasstech acquisition enhances domestic capacity.”
(Translation: It was distressed, margins ugly, but give us time.)

“We signed a royalty-free fire-rated glass technology agreement.”
(Translation: Higher-margin products loading… 🔥)

“We are confident of achieving ₹400 crore revenue in FY26.”
(Translation: Unless the universe intervenes.)

4. Numbers Decoded

Metric	Q2 FY26	YoY Change
Revenue	₹105.0 cr	+69.8%
EBITDA	₹17.9 cr	+106.3%
EBITDA Margin	17.0%	+302 bps
Net Profit	₹8.1 cr	+231.4%
H1 Revenue	₹182.8 cr	+59.0%
H1 EBITDA Margin	16.6%	Improving

Decoded: Scale is kicking in, UAE utilization is high, and India is still warming up.

5. Analyst Questions (Decoded)

Margins sustainable?
Management says 18% EBITDA by year-end. Optimism level: high.
Risk to ₹400 cr guidance?
Only force majeure or raw material shocks. Bold confidence.
Glasstech turnaround timeline?
Breakeven by Q4 FY26.

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