Asahi India Glass financials: balance sheet, profit and loss, cash flow

NSE: ASAHIINDIABSE: 515030Auto ComponentsSmall Cap

Asahi India Glass Limited · Formerly Asahi India Safety Glass · Face value ₹1 · Listed Aug 1987 on BSE, Mar 1998 on NSE

₹911.65₹7.45 (0.81%)BSE ₹911.95

Share price at the NSE close on 29 Oct 2026. Previous close ₹919.10.

29 Oct: open ₹923.50, high ₹923.50, low ₹906.20

52-week range of traded prices to 29 Oct 2026

₹775.10Low, 24 Mar 2026₹1,074.00High, 24 Nov 2025

Next results date: the board meets on 3 Nov 2026 to consider: financial results and other business matters. The notice · Results calendar

Market cap: ₹23,240 Cr320th largest listed
P/E: 53.11
P/B: 5.91
Dividend yield: 0.22%
ROE: 13.3%
ROCE: 12.6%
Debt to equity: 0.52
Volume, NSE: 16,14453.8% delivered

Asahi India Glass' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Asahi India Glass annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.1% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,990
Materials and goods−1,483
Employee costs−490
Other expenses−2,099
Operating profit918
Depreciation−285
Other income+41
One-off items−12
Finance costs−204
Profit before tax459
Tax−114
Net profit345

What the company owns

Plant, investments and other assets₹5,792 Cr
Inventory₹1,227 Cr
Receivables₹509 Cr
Cash and bank₹245 Cr

What pays for it: net worth and liabilities

Net worth₹3,934 Cr
Borrowings₹2,059 Cr
Owed to suppliers₹891 Cr
Other liabilities₹888 Cr

Asahi India Glass business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Asahi India Glass segment results by quarter

Revenue by segment

₹5,940 CrTotal

Automotive Glass₹3,383 Cr57.0% of total
Float Glass₹1,754 Cr29.5% of total
Others₹803 Cr13.5% of total

Profit by segment

Automotive Glass₹367 Cr57.4% of total
Float Glass₹247 Cr38.6% of total
Others₹25 Cr4.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Automotive Glass
Revenue, ₹ crore
1,752
1,519
1,346
1,614
2,197
2,666
3,011
3,383
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
296
193
170
169
162
315
360
367
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Float Glass
Revenue, ₹ crore
1,124
1,077
1,078
1,503
1,749
1,527
1,332
1,754
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
131
131
191
466
503
264
201
247
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
176
139
109
173
232
350
766
803
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−16
−23
−32
−24
−27
−13
22
25
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	3,052	2,736	2,532	3,290	4,179	4,543	5,109	5,940
Company revenue, as in its results	2,914	2,645	2,434	3,173	4,019	4,357	4,594	4,990
Revenue	1,752	1,519	1,346	1,614	2,197	2,666	3,011	3,383
Revenue growth	–	−13.3%	−11.4%	19.9%	36.2%	21.3%	12.9%	12.4%
Profit	296	193	170	169	162	315	360	367
Profit growth	–	−34.6%	−11.8%	−0.9%	−4.2%	94.8%	14.3%	1.9%
Margin	16.9%	12.7%	12.7%	10.5%	7.4%	11.8%	12.0%	10.9%
Return on capital	20.9%	11.7%	9.8%	9.7%	8.1%	16.1%	18.1%	14.4%
Assets	2,025	2,173	2,297	2,310	2,762	2,765	3,023	3,396
Liabilities	611	519	566	574	769	810	1,035	849
Capital employed	1,414	1,654	1,731	1,736	1,993	1,955	1,988	2,547
Revenue	1,124	1,077	1,078	1,503	1,749	1,527	1,332	1,754
Revenue growth	–	−4.2%	0.0%	39.5%	16.4%	−12.7%	−12.8%	31.6%
Profit	131	131	191	466	503	264	201	247
Profit growth	–	−0.3%	46.1%	143.4%	8.1%	−47.5%	−24.0%	22.8%
Margin	11.7%	12.2%	17.7%	31.0%	28.8%	17.3%	15.1%	14.1%
Return on capital	10.4%	10.8%	18.1%	41.9%	39.3%	13.2%	6.7%	7.5%
Assets	1,458	1,461	1,270	1,291	1,517	2,276	3,332	3,839
Liabilities	191	245	214	179	237	281	320	556
Capital employed	1,267	1,216	1,056	1,112	1,280	1,996	3,012	3,283
Revenue	176	139	109	173	232	350	766	803
Revenue growth	–	−20.8%	−21.9%	58.7%	34.5%	50.7%	118.8%	4.8%
Profit	−16	−23	−32	−24	−27	−13	22	25
Profit growth	–	–	–	–	–	–	–	13.8%
Margin	−9.2%	−16.8%	−29.0%	−13.9%	−11.8%	−3.7%	2.9%	3.2%
Return on capital	−13.5%	−21.9%	−31.5%	−24.7%	−22.5%	−13.1%	24.8%	27.9%
Assets	135	119	111	107	132	115	112	108
Liabilities	15	13	11	9	10	15	22	16
Capital employed	120	107	100	97	122	100	90	91

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Asahi India Glass quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026Twelve months
Revenue from operations	2,605	2,683	2,914	2,645	2,434	3,173	4,019	4,357	4,594	4,990	5,175
	2,172	2,215	2,403	2,209	1,987	2,410	3,224	3,619	3,828	4,072	4,124
Materials and goods bought	847	933	924	850	842	916	1,383	1,642	1,678	1,483	1,378
Employee costs	–	–	280	271	263	289	322	359	419	490	507
Other expenses	–	–	1,199	1,088	882	1,204	1,519	1,617	1,731	2,099	2,240
Operating profit before depreciation	432	468	512	436	448	764	795	738	766	918	1,050
Operating margin	16.6%	17.4%	17.6%	16.5%	18.4%	24.1%	19.8%	16.9%	16.7%	18.4%	20.3%
Materials, % of revenue	–	–	31.7%	32.1%	34.6%	28.9%	34.4%	37.7%	36.5%	29.7%	26.6%
Employee costs, % of revenue	–	–	9.6%	10.2%	10.8%	9.1%	8.0%	8.3%	9.1%	9.8%	9.8%
Other expenses, % of revenue	–	–	41.1%	41.1%	36.2%	37.9%	37.8%	37.1%	37.7%	42.1%	43.3%
Depreciation and amortisation	109	95	119	137	132	160	160	177	192	285	298
Operating profit after depreciation	324	373	393	299	315	604	635	561	575	633	753
Other income	10	20	18	11	23	16	16	9	32	41	36
Finance costs	139	124	135	146	143	121	105	136	128	204	191
Profit before one-off items and tax	194	270	276	164	195	499	547	434	478	471	598
One-off items	−2	−5	−3	−4	0	0	0	0	32	−12	−12
Profit before tax	192	265	273	161	195	499	547	434	510	459	586
	65	93	92	19	74	168	202	118	145	114	146
Current tax	–	–	62	51	62	157	194	118	106	53	86
Deferred tax	–	–	31	−32	13	11	7	0	39	60	60
Share of profit of joint ventures and associates	4	–	7	10	9	11	16	8	3	–	0
	131	176	188	151	131	343	362	325	367	345	439
Belonging to the company's shareholders	131	176	190	154	133	345	365	328	371	345	438
Belonging to outside owners of subsidiaries	–	–	−2	−2	−2	−2	−3	−3	−4	0	2
Other comprehensive income	–	–	−6	−5	4	3	−1	1	−7	1	1
Total comprehensive income	–	–	182	146	135	346	360	326	360	346	440
Net margin	5.0%	6.5%	6.5%	5.7%	5.4%	10.8%	9.0%	7.5%	8.0%	6.9%	8.5%
Net margin without joint ventures and associates	4.9%	–	6.2%	5.4%	5.0%	10.4%	8.6%	7.3%	7.9%	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 23 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,204	1,289	1,424	1,744	2,053	2,331	2,642	3,934
	1,216	1,302	1,440	1,762	2,075	2,353	2,669	3,932
Share capital	24	24	24	24	24	24	24	25
Reserves	1,191	1,278	1,415	1,738	2,050	2,329	2,645	3,907
Belonging to outside owners of subsidiaries	−11	−14	−16	−18	−21	−23	−27	2
	1,424	1,388	1,255	1,203	1,353	1,879	2,530	2,059
Repayable after a year	1,099	1,109	1,001	867	755	1,281	1,972	1,558
Repayable within a year	325	279	255	337	598	598	558	501
	1,355	1,397	1,289	1,081	1,617	1,694	1,866	1,632
Trade payables	638	578	639	618	852	855	1,005	891
Other financial liabilities	307	463	332	57	102	162	177	104
Other liabilities	78	69	58	68	64	79	120	123
Provisions	7	7	5	1	1	2	5	12
	1,130	1,178	1,061	952	910	1,474	2,281	2,207
Other financial liabilities	21	58	53	52	61	99	23	315
Other liabilities	0	0	0	0	0	0	151	120
Provisions	10	11	7	6	8	11	14	15
Deferred tax	0	0	0	27	86	84	121	199
	3,689	3,863	3,773	3,777	4,580	5,500	6,790	7,772
Held for sale or for a demerger	3	1	1	1	1	1	1	1
	2,560	2,701	2,631	2,550	2,834	3,756	4,774	5,441
Plant in use, after depreciation	1,947	1,684	1,881	1,989	1,945	2,093	3,454	3,970
Plant being built	453	489	262	91	235	826	562	445
Intangible assets	6	6	5	4	69	108	108	109
Intangible assets being developed	0	0	0	0	0	0	0	0
Property held to earn rent	0	344	334	329	380	413	482	453
Investments	48	55	68	85	112	85	50	78
Loans given	26	27	22	23	28	38	53	354
Other financial assets	1	0	0	14	0	0	0	–
Deferred tax	72	87	51	0	0	0	0	0
Other assets	6	9	7	16	65	191	65	33
	1,127	1,161	1,141	1,226	1,745	1,743	2,015	2,330
Inventories	691	722	654	716	1,028	994	1,119	1,227
Trade receivables	270	261	268	246	337	354	442	509
Cash and cash equivalents	22	14	58	88	118	179	165	245
Current investments	0	0	1	0	0	0	0	0
Loans given	2	3	5	14	16	24	32	29
Other financial assets	–	0	0	4	3	3	6	74
Tax paid in advance	0	6	1	4	7	14	11	24
Other assets	143	155	154	154	235	175	240	222
Net debt	1,403	1,374	1,197	1,115	1,235	1,700	2,366	1,813

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	516	614	418	661	723	502
	592	782	619	779	867	615
	83	−96	−259	25	31	−414
Receivables	−7	23	−92	−16	−88	−67
Inventories	68	−62	−312	56	−125	−107
Payables	61	−21	234	2	151	−114
Other working capital	−39	−36	−90	−17	93	−126
Tax paid	−75	−169	−201	−117	−144	−114
Capital spending	104	101	325	901	1,268	666
Free cash flow	412	512	93	−240	−545	−165
	−93	−79	−320	−924	−1,191	−665
Plant and property sold	21	25	15	4	12	25
	−382	−479	999	1,511	458	245
Borrowings raised	289	−27	474	920	1,028	542
Borrowings repaid	−523	−299	323	395	−376	−1,014
Interest paid	−143	−121	105	136	−128	−204
Lease payments	−5	−8	49	11	−17	−25
Dividends paid	0	24	49	49	49	49
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	994
Net change in cash	42	56	1,097	1,249	−11	82

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Asahi India Glass dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Earnings per share	₹5.40	₹7.30	₹7.82	₹6.32	₹5.47	₹14.18	₹15.01	₹13.49	₹15.27	₹13.82
Diluted earnings per share	₹5.40	₹7.30	₹7.82	₹6.32	₹5.47	₹14.18	₹15.01	₹13.49	₹15.27	₹13.82
Dividend per share	₹1.00	₹1.50	₹1.00	₹1.00	₹1.00	₹2.00	₹2.00	₹2.00	₹2.00	₹2.00
Book value per share	–	–	₹50.01	₹53.57	₹59.23	₹72.50	₹85.34	₹96.81	₹109.79	₹154.26
Dividend payout	18.5%	20.8%	12.8%	15.8%	18.3%	14.1%	13.3%	14.8%	13.1%	14.8%
Shareholder yield	–	–	–	–	0.0%	0.2%	0.4%	0.4%	0.3%	−4.7%
Market cap at the year end (₹ crore)	5,287	8,071	6,302	3,796	7,530	10,477	10,991	13,038	14,635	19,996

Ratios

Consolidated, years to March.Asahi India Glass PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue growth	–	–	–	−9.2%	−8.0%	30.4%	26.6%	8.4%	5.5%	8.6%
Operating profit growth	–	8.3%	9.3%	−14.7%	2.6%	70.5%	4.1%	−7.2%	3.8%	19.8%
Net profit growth	89.3%	33.8%	7.2%	−19.7%	−13.6%	162.3%	5.5%	−10.1%	13.0%	−6.1%
Earnings per share growth	50.8%	35.2%	7.1%	−19.2%	−13.4%	159.2%	5.9%	−10.1%	13.2%	−9.5%
	–	–	15.6%	12.2%	9.7%	21.5%	19.0%	14.8%	14.8%	10.4%
	–	–	–	−3.4 pts	−2.5 pts	11.8 pts	−2.5 pts	−4.2 pts	0.0 pts	−4.3 pts
From the net margin	–	–	–	−1.7 pts	−0.7 pts	9.6 pts	−3.5 pts	−3.2 pts	1.1 pts	−2.1 pts
From asset turnover	–	–	–	−1.6 pts	−1.0 pts	6.1 pts	2.6 pts	−1.6 pts	−2.1 pts	−1.1 pts
From borrowing	–	–	–	−0.1 pts	−0.7 pts	−3.9 pts	−1.6 pts	0.6 pts	1.0 pts	−1.1 pts
Return on capital employed	–	–	15.0%	11.2%	11.8%	20.5%	18.7%	13.3%	11.1%	10.6%
Cash conversion	–	–	–	–	395.3%	179.0%	115.6%	203.5%	196.7%	145.4%
Interest cover	2.3	3.0	2.9	2.0	2.2	5.0	6.1	4.1	4.5	3.1
Debt to equity	–	–	1.18	1.08	0.88	0.69	0.66	0.81	0.96	0.52
Receivable days	–	–	34	36	40	28	31	30	35	37
Inventory days	–	–	273	310	284	285	271	221	243	302
Payable days	–	–	252	248	277	246	225	190	219	219
Cash conversion cycle, days	–	–	55	98	47	67	77	61	60	120
Working capital days	–	–	9	4	7	45	55	39	43	70
Asset turnover	–	–	0.79	0.70	0.64	0.84	0.96	0.86	0.75	0.69
Assets per rupee of net worth	–	–	3.03	3.00	2.78	2.36	2.18	2.28	2.45	2.21
Sales per rupee of plant	–	–	1.50	1.57	1.29	1.60	2.07	2.08	1.33	1.26
Capital spending to depreciation	–	–	–	–	0.79	0.64	2.03	5.10	6.62	2.34
Plant being built, % of plant in use	–	–	23.2%	29.0%	14.0%	4.6%	12.1%	39.5%	16.3%	11.2%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.7%
Cash from operations against operating profit: 54.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	15.4%	7.5%
Profit growth, yearly rate	–	21.0%	−1.9%
Return on equity, average	–	16.1%	13.3%
Return on capital employed, average	–	14.8%	11.7%
Operating margin, average	18.2%	19.2%	17.3%
Net margin, average	7.1%	8.4%	7.5%
Asset turnover, average	–	0.82	0.77
Cash conversion cycle, days, average	–	77	80
Interest cover, average	3.5	4.6	3.9
Debt to equity, average	–	0.73	0.76

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,917	1,886	502
Cash from investing	−3,180	−2,780	−665
Cash from financing	2,735	2,214	245
Capital spending	3,262	2,835	666
Dividends paid	219	146	49
Shares bought back	0	0	0
Shares issued for cash	994	994	994
Borrowings raised	–	2,491	542
Borrowings repaid	2,408	1,785	1,014

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	9	7	4	6	6
Altman Z-scorePublished threshold 1.81	–	–	3.05	2.22	3.34	5.17	4.62	4.21	3.68	4.86
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.97	−2.98	−2.08	−2.42	−2.61	−2.47
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−7.66	−5.07	6.32	11.65	13.60	6.98
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.85	1.64	1.71	1.82
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	6.15	10.65	−38.79	10.61	−3.53	19.51	6.54
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	12.53	−8.44	0.60	−7.39	−22.04	10.42	21.18
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.67	−0.21	0.22	2.08	−1.24	1.42	1.26
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.80	0.34	2.04	2.54	0.36	0.56
Effective tax ratePublished threshold 17.16 per cent	33.65	35.13	33.74	12.08	37.96	33.64	36.87	27.05	28.52	24.79
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.11	0.12	0.08	0.25	0.02

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
9 Jul 2026	CARE Ratings Limited	Term Loan-Long Term	CARE AA-Review, Re-affirm	Stable	904.97
9 Jul 2026	CARE Ratings Limited	Non-fund-based-LT/ST	CARE AA- / CARE A1+Review, Re-affirm	Stable	85
9 Jul 2026	CARE Ratings Limited	Fund-based - LT-Working Capital Limits	CARE AA-Review, Re-affirm	Stable	545
27 Apr 2026	CRISIL Ratings Limited	Bank Facilities	Crisil A1+Review, Other		350
27 Apr 2026	CRISIL Ratings Limited	Bank Facilities	Crisil AA-Review, Other	Stable	44.20

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.