• 9M FY26 consolidated revenue of INR 284.51 crore with EBITDA of INR 46.6 crore at 16.38% margin
• Raised INR 72.15 crore through preferential equity issue at INR 555 per share to promoters and non-promoters; received listing permission from BSE and NSE
• Allotted 4 lakh warrants at INR 555 per warrant aggregating INR 22.2 crore with 25% upfront payment (INR 5.5 crore) received
• GlassTech acquisition completed in May-June 2025; integration underway with current utilization at ~10-20% across product lines
• Repaid INR 28 crore of promoter loans in December; debt-equity ratio improved dramatically to less than 0.05 from previously elevated levels
• Capacity utilization at 90% for lamination in Silvassa and 90% for IG products in UAE; tempering capacity at 60% in Silvassa
• Secured sole supply agreement with Saint-Gobain for raw materials (55% of total raw material cost), ensuring price stability and timely delivery
• Railway-grade products approved and initial supplies commenced; targeting gradual ramp-up through tender-based business

Sejal Glass demonstrated strong operational momentum with 9M FY26 revenue of INR 284.51 crore and EBITDA margin of 16.38%. Management raised INR 72.15 crore through preferential equity issuance, significantly improving debt-equity ratio to below 0.05, and expects minimum 25% revenue growth in FY27. The company is strategically positioned to capitalize on India's construction boom and infrastructure investment, with new high-value products (fire-rated, bulletproof, digital printing) expected to contribute meaningfully from Q3-Q4 FY27.

For the nine months ended December 31, 2025 (9M FY26), Sejal Glass reported consolidated revenue of INR 284.51 crore with EBITDA of INR 46.6 crore, translating to an EBITDA margin of 16.38%. Operational profit stood at INR 17.61 crore. Management guided for FY26 full-year revenue of approximately INR 400 crore with consolidated EBITDA margin of 16.5%. The company's balance sheet strengthened significantly through the preferential equity raise of INR 72.15 crore, which was used to repay INR 28 crore of promoter loans, bringing the debt-equity ratio to below 0.05 from much higher levels. The GlassTech acquisition, consolidated from June-July 2025, currently generates approximately INR 20 crore quarterly revenue at near-breakeven EBITDA margins of 2-3% due to low 10-20% capacity utilization, but has potential to generate INR 150 crore annual revenue at 15% EBITDA margins at full utilization. UAE operations contribute approximately 55% of revenues with 90% capacity utilization in IG products and strong margins.

Management displayed confident optimism about growth prospects, emphasizing India's infrastructure boom, real estate expansion, and datacenter investments as key demand drivers aligned with the company's value-added product portfolio. The leadership repeatedly stressed their focus on product quality, service excellence (including lead times and after-sales support), European technology partnerships, skilled workforce, and geographic diversification as competitive advantages. They highlighted the strategic importance of the GlassTech acquisition for brand presence in key projects and expect meaningful contribution post-integration. Management emphasized capacity expansion plans including a new tempering line in UAE (Q1 FY27) and launch of fire-rated glass production (Q1 FY27), bulletproof glass (testing completed), and digital printing (already operational). They set conservative guidance of minimum 25% revenue growth for FY27 with EBITDA margin expansion to 18%, achievable even without pending acquisition. The tone was disciplined and execution-focused, acknowledging current underutilization at acquired facilities while maintaining conviction about medium-term margin expansion.

The primary challenge is executing the integration and ramp-up of recently acquired GlassTech facilities (Taloja and Erode), which currently operate at low 10-20% capacity utilization with EBITDA margins of only 2-3%, creating a drag on consolidated margins. Management acknowledged the ongoing reengineering of strategies, processes, manpower, and material alignment that has taken six months since acquisition. Competition exists from global players like Saint-Gobain (which also produces fire-rated products) and Chinese manufacturers, though management believes pressure is limited due to their niche positioning in organized, quality-focused segments. The company faces execution risk in scaling new high-value products (fire-rated, bulletproof glass) from approval/testing stages to meaningful revenue contribution, expected only by Q3-Q4 FY27. Raw material costs, while stabilized through the Saint-Gobain supply agreement, still represent 55% of costs with potential volatility. The railway segment, while approved, contributes minimally and faces competition from unorganized players in a tender-based market. Quarter-on-quarter margin moderation in UAE operations suggests potential pricing or mix pressures. The pending acquisition remains uncertain with ongoing valuation and legal discussions.

Revenue Outlook: FY26: ~INR 400 crore; FY27: Minimum 25% growth (potentially higher with pending acquisition)

Margin Outlook: FY26: 16.5% consolidated EBITDA; FY27: 18% EBITDA (potential for additional 0.5-1% improvement)

Key Targets:

• Achieve 18% EBITDA margin by FY27 through improved utilization at acquired facilities
• Ramp up GlassTech facilities from current 10-20% to higher utilization levels
• Launch fire-rated glass production in Q1 FY27; bulletproof glass market entry underway
• Commission new tempering line in UAE in Q1 FY27, adding INR 20-30 million capacity
• Scale railway-grade product supplies through tender wins
• Complete pending acquisition (under due diligence) within next quarter

The Q&A session revealed analyst focus on three main areas: (1) execution timeline and margin potential of new high-value products and acquired facilities, (2) capacity utilization and growth drivers across geographies, and (3) financial health including debt management and margin trajectory. Multiple analysts questioned the gap between capacity additions and actual revenue growth in India, with management emphasizing that GlassTech integration is still in early stages (6 months post-acquisition) requiring systems, process, and people realignment. Concerns emerged about the 12+ month wait for new products to contribute and low current utilization dragging margins. Management responded with confidence about the underlying demand environment citing India's infrastructure boom, real estate growth, and datacenter expansion, while maintaining conservative guidance of 25% minimum growth and 18% EBITDA margins for FY27. The tone was measured - acknowledging current operational challenges while emphasizing strategic positioning, balance sheet strength (debt-equity <0.05), and significant organic growth runway from existing underutilized capacity. Analysts appeared cautiously optimistic but focused on execution risk, particularly around the GlassTech turnaround and scaling of new product lines.