Any current/future new fundraising through debt or equity?

Promoter funding currently includes loans (quasi equity), mainly for UAE acquisition and operations. No immediate plans for large CAPEX or equity fundraising this year; any expansions are minor realignments costing Rs. 5-7 crores. Promoter loans might be converted to equity in a couple of years, but not at this stage. Promoters are selling shares to meet minimum public shareholding norms (aiming to reduce promoter holding from 77.45% to 75% within 1-2 quarters). After achieving public shareholding norms, the company may consider Qualified Institutional Placement (QIP) or other fundraising meth

Any current/future capex/capital investment/strategic investment?

No significant CAPEX planned for the current year except minor realignment and small finishing machines. For new products like bulletproof and fireproof glass, only minor additional equipment worth Rs. 5-7 crores is needed, no major capacity expansion. No expansion in India currently; focus is on capacity utilization improvement and product value addition. Future expansions might occur through acquisition or tie-ups in India, with potential announcements expected in 1-2 quarters. The company is exploring the solar glass market and may invest if market conditions are favorable. Long-term promot

Future growth expectations in sales/revenue/volumes?

Targeting Rs. 275 to Rs. 280 crores turnover for FY25 with an EBITDA margin of 16%. UAE sales expected to more than double reaching around Rs. 220 crores, with India contributing Rs. 80 crores. Q-o-Q growth anticipated at about 15%, driven by both India and UAE operations. Value-added product contribution to revenue expected at around 25% next year; basic products 35-40%, mid-size products ~30%. UAE market expanding with a current 10% market share and expected capacity utilization of 80-85% post-expansion. India capacity utilization also expected to cross 80-85%, with potential futur

Future growth expectations in earnings/operating earnings/profits/EPS?

Sejal Glass targets a turnover of Rs. 275-280 crore for FY25, with an EBITDA margin of around 16%. Full-fledged capacity utilization may push turnover to Rs. 350 crore with EBITDA margins improving by ~200 basis points to around 18%. EBITDA margins in India are expected to improve from 12% to 14-15% as capacity utilization rises. UAE operations projected to contribute significantly with expected sales of Rs. 220 crore by FY25 and EBITDA margins around 15-16%. Working capital loans expected to stabilize or reduce after 2 years as business growth matures. Overall revenue growth expecta

Current/ Expected Orderbook/ Pending Orders?

UAE order book position: Approximately AED 60 million as of current year. India order book position: Around Rs. 30 crores for the year. UAE execution period for order book: 8 to 10 months. Indian orders are confirmed through Letter of Intent (LOI), followed by monthly release of glass sizes as per customer requirements. New customers typically require advance payments, post-dated checks (PDC), or Letters of Credit (LC), depending on customer agreements. The demand pipeline in both India and UAE is supported by ongoing marketing and sales efforts to secure and close projects regularly.

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Sejal Glass LtdQ1 FY24Industrial Products

Sejal Glass Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹740P/E: 32.5Market Cap: ₹934 CrSector: Industrial Products

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 2

→Targeting Rs. 275 to Rs. 280 crores turnover for FY25 with an EBITDA margin of 16%.
→UAE sales expected to more than double reaching around Rs. 220 crores, with India contributing Rs. 80 crores.
→Q-o-Q growth anticipated at about 15%, driven by both India and UAE operations.
→Value-added product contribution to revenue expected at around 25% next year; basic products 35-40%, mid-size products ~30%.
→UAE market expanding with a current 10% market share and expected capacity utilization of 80-85% post-expansion.
→India capacity utilization also expected to cross 80-85%, with potential future expansions including inorganic growth and solar glass market entry.
→Growth driven by strong demand in real estate (India and GCC), niche products, and improved product mix to enhance margins and volumes.
→Promoter discussions underway for acquisitions and expansions to support growth trajectory.

Margin guidance

Category 1

→Sejal Glass targets a turnover of Rs. 275-280 crore for FY25, with an EBITDA margin of around 16%.
→Full-fledged capacity utilization may push turnover to Rs. 350 crore with EBITDA margins improving by ~200 basis points to around 18%.
→EBITDA margins in India are expected to improve from 12% to 14-15% as capacity utilization rises.
→UAE operations projected to contribute significantly with expected sales of Rs. 220 crore by FY25 and EBITDA margins around 15-16%.
→Working capital loans expected to stabilize or reduce after 2 years as business growth matures.
→Overall revenue growth expectation is 15% Q-o-Q in future quarters, with a continual ramp-up of production capacity including recent addition of tempering and lamination lines.
→Earnings growth is underpinned by operational efficiencies, product value addition, and market expansion, including potential acquisitions in India.

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Fundraise plans

Yes

→Promoter funding currently includes loans (quasi equity), mainly for UAE acquisition and operations.
→No immediate plans for large CAPEX or equity fundraising this year; any expansions are minor realignments costing Rs. 5-7 crores.
→Promoter loans might be converted to equity in a couple of years, but not at this stage.
→Promoters are selling shares to meet minimum public shareholding norms (aiming to reduce promoter holding from 77.45% to 75% within 1-2 quarters).
→After achieving public shareholding norms, the company may consider Qualified Institutional Placement (QIP) or other fundraising methods for repaying promoter loans or funding expansions in India.
→No finalized plans currently; discussions on fundraising or replacing promoter loans via QIP are possible post public holding compliance.

Order book

Yes

→UAE order book position: Approximately AED 60 million as of current year.
→India order book position: Around Rs. 30 crores for the year.
→UAE execution period for order book: 8 to 10 months.
→Indian orders are confirmed through Letter of Intent (LOI), followed by monthly release of glass sizes as per customer requirements.
→New customers typically require advance payments, post-dated checks (PDC), or Letters of Credit (LC), depending on customer agreements.
→The demand pipeline in both India and UAE is supported by ongoing marketing and sales efforts to secure and close projects regularly.

Capex plans

Yes

→No significant CAPEX planned for the current year except minor realignment and small finishing machines.
→For new products like bulletproof and fireproof glass, only minor additional equipment worth Rs. 5-7 crores is needed, no major capacity expansion.
→No expansion in India currently; focus is on capacity utilization improvement and product value addition.
→Future expansions might occur through acquisition or tie-ups in India, with potential announcements expected in 1-2 quarters.
→The company is exploring the solar glass market and may invest if market conditions are favorable.
→Long-term promoter funding might be replaced by equity or long-term borrowing in the next 1-2 years.
→UAE plant recently acquired; no further expansion planned there currently.

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