Sejal Glass Ltd (Q2 FY26): From Bankruptcy to ₹774 – How the Broken Pane Became the Poster Boy of Turnarounds
1. At a Glance
There are comeback stories, and then there’s Sejal Glass Ltd — a company that once shattered harder than your neighbor’s window during Holi, only to glue itself back together into a ₹782 crore market-cap marvel.
At ₹774, it’s up 93% in six months and 65% in the last quarter, making it one of those rare industrial stocks that’s doing better than most tech bros.
From being under CIRP in 2021 to reporting ₹310 crore in sales and ₹19.6 crore PAT in FY25, Sejal Glass has turned itself from “insolvent” to “insanely solvent.” ROE stands at 32.5%, ROCE at 13.5%, and debt-to-equity at a spicy 4.1x — because obviously, miracles don’t come debt-free.
The stock trades at a P/E of 40x and a price-to-book of 14.1x — not valuations, but confessions of investor FOMO.
2. Introduction
Once upon a time, in the glass corridors of Gujarat, a company cracked. Literally.
Back in 2021, Sejal Glass entered the dreaded Corporate Insolvency Resolution Process (CIRP). Most would have written their epitaphs then. Instead, Sejal’s promoters rewrote theirs — not in ink, but on the glossy surface of a tempered future.
By FY22, the resolution plan was done, secured creditors were paid off, and new management took over. Fast forward to 2025, and the same company is announcing preferential allotments, foreign subsidiaries, UAE factories, and fire-rated glass licensing deals in euros. If that isn’t an MBA case study, what is?
What started as a humble processor of architectural glass is now an expanding multinational brand with fingers in decor, defence, and disaster-resistant glass.
If you look closely, Sejal’s journey reads like a Bollywood redemption arc — from “broke” to “bespoke.”
3. Business Model – WTF Do They Even Do?
If glass had a finishing school, Sejal would be its headmaster.
Here’s what they do: buy raw glass sheets, and then make them unrecognizably premium — heating, bending, laminating, insulating, decorating, and branding them into products that architects drool over.
Their value-added line reads like a superhero roster:
Solid Glass – for shockproof shower screens and frameless panels.
Kool Glass – for UV and heat control (because AC bills are scarier than breakage).
Tone Glass – noise-reduction for offices where people still shout “Hello, can you hear me?”
Fort Glass – laminated safety glass for banks and bulletproof booths.
Armor Glass – used in security glazing; basically, the Captain America shield of facades.
Decor Glass – for interiors and luxury architecture.
FireBan Glass – fire-resistant up to 120 minutes (the length of a bad Netflix movie).
Lunaro – custom line for premium structures.
Revenue mix FY23: Toughened glass (38%), Laminated (41%), Insulated (18%), and Others (3%). The focus? More margins, fewer cracks.
4. Financials Overview
Source table
Metric
Latest Qtr (Sep 2025)
YoY Qtr (Sep 2024)
Prev Qtr (Jun 2025)
YoY %
QoQ %
Revenue
₹104 Cr
₹61.6 Cr
₹77.1 Cr
68.9%
35%
EBITDA
₹16.8 Cr
₹9.1 Cr
₹11.7 Cr
84.6%
44%
PAT
₹8.0 Cr
₹3.4 Cr
₹4.4 Cr
+132%
+82%
EPS (₹)
7.95
3.34
4.33
+138%
+83%
Annualised EPS = ₹7.95 × 4 = ₹31.8 At CMP ₹774 → P/E ~24.3x annualised (screener shows 40x on TTM).
Commentary: Margins hit 16%, up from 13% last year, signaling operational discipline. But interest costs (₹5.7 Cr/quarter) remain a red flag — the ghost of debt still rattles this windowpane.
5. Valuation Discussion – Fair Value Range Only
Method 1: P/E Method Industry P/E ~40x EPS (FY25): ₹19.4 → Fair value range = ₹486 – ₹776
