Sejal Glass LtdQ1 FY25Industrial Products

Sejal Glass Ltd

Q1 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→FY'26 revenue is expected to be Rs. 400 crore plus, driven by full utilization of four plants.
→Full capacity utilization across all facilities anticipates total revenue upward of Rs. 600 crore.
→UAE plant capacity is Rs. 350 crore, targeting Rs. 235 crore for FY'26.
→Glasstech Industries currently at 35% capacity, with potential to scale revenue to Rs. 200 crore at full capacity.
→Bulletproof glass revenue expected to start from Q2 FY'26; product still in testing phase.
→Capacity ramp-up planned quarter-on-quarter, aiming for full utilization within 2 years.
→Long-term growth expected at over 25% year-on-year, supported by increased demand in architectural glass in India and GCC.
→New façade manufacturing vertical likely to increase glass consumption and provide additional revenue streams.
→Margin guidance maintained conservatively at around 15% EBITDA with improved operational efficiencies.

Margin guidance

Category 3

→FY'26 revenue is expected to be Rs. 400 crore plus, with growth continuing beyond that.
→The company anticipates over 25% year-on-year growth after expansions and new product additions.
→Operating margin (EBITDA) is expected to maintain or slightly improve around 15%.
→Glasstech acquisition (new plants) to be profitable from Q2 FY'26, contributing to overall margins.
→Capacity utilization to ramp up over next 1-2 years, supporting revenue and profit growth.
→EPS for FY'25 was Rs.10.85; with growth and capacity expansions, EPS is expected to improve further.
→Growth driven by increased sales in IG glass, laminated glass, bulletproof glass, and façade manufacturing.
→Improvement in fixed cost absorption will further enhance operating margins.

Get access to all 5 sections — revenue, margin, fundraise, orderbook, and capex — for Sejal Glass Ltd and 1,400+ other companies.

Fundraise plans

Yes

- The company has tied up working capital with banks for two units, covering current funding needs. - They plan to raise some equity within a 3 to 6 months timeline. - The equity raised will be partly used for business expansion, working capital, and some repayment of debt. - The last QIP (Qualified Institutional Placement) planned to raise around Rs. 25 crore was not successful due to market conditions and regulatory delays. - The company intends to attempt another QIP in the near future, depending on market scenarios. - Debt funding includes a 50-50 planned mix of debt and equity for acquisitions like Glasstech. - Promoter funding is long-term in nature with repayments dependent on future free cash flows, implying no immediate repayment pressure. Overall, fundraising will be a mix of debt and equity based on expansion requirements and market conditions.

Order book

→The company will start sharing order book details after Q1 (post-March 31, 2025).
→Currently, no separate order book details for India and UAE divisions are disclosed.
→For railways, the bulletproof glass product is approved, but large Purchase Orders (LPOs) are pending, with only small quantities supplied so far.
→Efforts are ongoing to secure big orders in the railways segment.
→For Glasstech Industries, current utilization is around 35%, with order inflow ramping up from Q2 FY'26.
→Overall, order book specifics not disclosed in this earnings call transcript as of May 21, 2025.

Capex plans

Yes

→Sejal Glass Limited has undertaken CAPEX of around Rs. 4 crore towards façade manufacturing at the UAE plant, with capacity of 1 lakh square meters for unitized and semi-unitized panels.
→This façade manufacturing is a strategic move to capture demand in the UAE, GCC, and export markets like the US.
→The facade division is expected to increase glass consumption and offer operating margins around 20%.
→The company plans to raise around Rs. 25 crore via a Qualified Institutional Placement (QIP), depending on market conditions, within 3 to 6 months. Funds will be used partly for debt repayment and business expansion working capital.
→Glasstech Industries acquisition, worth Rs. 34 crore, was funded with 50% debt and 50% equity; part of CAPEX expanded capacity.
→Ramp-up to full capacity utilization across plants expected to take about 2 years with quarter-on-quarter improvement.

How does Sejal Glass Ltd rank vs peers in Industrial Products?

Pro feature

1Sejal Glass Ltd

Rev 2Mar 3

See full Industrial Products sector rankings

Unlock with Pro

Want more stocks like Sejal Glass Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio