Sejal Glass Ltd(SEJALLTD)

NSE: SEJALLTDBSE: 532993

₹ 884.3+3.98%refreshed 26 Oct, 01:59 pm ISTMarket cap: ₹ 1,008 crWebsite: www.sejalglass.co.in/Updated: 24 Oct 2026

About

Sejal Glass, founded in 1998, makes architectural glass: toughened, laminated, insulated and decorative glass. It runs plants in India and the UAE. Revenue for FY26 was 396.5. In Q2 FY27, 70.6% of revenue came from outside India and 29.4% from India.^[1][2][3]

Geographic segments

India made up 29.4% of revenue in Q2 FY27 and outside India 70.6%.^[3]
UAE revenue rose 47.31% YoY to INR 81.52 crores in Q1 FY27. India revenue rose 67.03% YoY to INR 36.43 crores.^[4]
Revenue was 72% international and 28% domestic in H1 FY26.^[5]
The UAE subsidiary had turnover of Rs 180.65 cr and PAT of Rs 7.03 cr in FY25.^[1]
Management targets India revenue of about ₹200 Cr for FY27 (Glasstech ~₹110 Cr, Silvassa ~₹90 Cr), and a 60:40 revenue mix in FY27 moving to 50:50 after that.^[3]

Products and brands

As of FY25 the products were toughened, laminated, insulated and decorative glass.^[1]
As of FY25 the brands were Kool Glass (insulating), Tone Glass (acoustic), Fort Glass and Armor Glass (security), Decor Glass, FireBaan Glass (fire-resistant) and Lunaro (solar control).^[1]
Insulated plus laminated glass made up 68% of India sales in FY26, up from 63% in FY25. India's insulated glass sales grew 2.8x.^[3]
The UAE sold no plain tempered glass as of Q4 FY26; all its sales were insulated or laminated.^[6]
Digital printing started production at the Taloja plant in Q3 FY26.^[7]

Plants and capacity

The Silvassa, India plant had annual capacity of 10,68,000 sq m as of FY25.^[1]
The Ras Al-Khaimah, UAE plant had annual capacity of 28,50,000 sq m as of FY25 and supplied over a dozen countries.^[1]
Glasstech's Taloja and Erode plants were acquired in 2025. Taloja was bought in May.^[5]
Management puts the most revenue the existing capacity can earn at about INR 600 crores, rising to about INR 675 crores with the expansions.^[4]

Capacity utilisation

Tempering utilisation at Taloja rose to 69% in Q2 FY27 from 55% in Q1 FY27. Erode rose to 24% from 14%.^[3]
Silvassa tempering utilisation reached 82% in Q2 FY27, up from 77% in Q1 FY27.^[3][4]
UAE tempering utilisation was 94% in Q2 FY27, up from 88% in Q1 FY27.^[3]
Utilisation across the whole network was 54%, as reported on the Q2 FY27 call.^[3]
Silvassa ran at 30% for insulated glass and 87% for lamination in Q4 FY26.^[6]
Management targets Taloja tempering utilisation of about 75% by FY27.^[3]

Order book

The UAE order book was about AED 78 mn (~₹200 Cr) in Aug 2026. It was about AED 72 million in Q1 FY27 and 60 Mn AED in Q4 FY26.^[3][4]
On 22 Jul 2026 the company reported UAE orders of AED 27.6 mn (~₹71 Cr) for hospitality, residential and healthcare projects, and India orders of ~₹50 Cr.^[3]
Indian customers include Godrej, L&T, Prestige and Raheja.^[3]
UAE monthly revenue was AED 11.87 Mn in July 2026, against 10.2 Mn AED in April 2026.^[4]

Customers, raw materials and markets

The company had more than 500 clients, a pan-India distribution network and a retail chain, Sejal Encasa, as of FY25.^[1]
Under a sole supply agreement, Saint-Gobain supplies the glass, which is 55% of raw material cost. Saint-Gobain also gives price credits of about 4-5%.^[7]
Exports were 6% of India sales, with shipments to Cyprus, Israel and Sri Lanka. India's first European order came in Q4 FY26.^[3]
About 95% of UAE output serves the UAE and the GCC. Exports to Africa have started.^[4]
The company is an approved railway glass supplier to the Kapurthala, Raibareli and Chennai facilities. Railway glass was under 1% of revenue in Q1 FY27.^[4]

Expansion and capex

In the UAE, a third tempering line and a fire-rated line (~AED 15 mn, debt-funded) are due to start commercial production in Q3/Q4 FY27.^[3]
The third UAE tempering line takes capacity to 24 lakh sq mtr a year.^[4]
Fire-rated glass is due to launch in Q3 FY27. Management targets fire-rated, railway and bullet-resistant glass at ~10% of revenue next year.^[3]
The company holds an exclusive, perpetual, royalty-free licence from Polymer Technology SRO (Spain) for gel-based fire-rated glass in India and the UAE.^[5]
Management is evaluating another acquisition in India and looking at automotive replacement glass and appliance glass.^[3]

Recent developments

In Q3 FY26 the company allotted 13 lakh shares at INR 555 each, raising INR 72.15 crores, plus 4 lakh warrants. It used about INR 28 crores to repay promoter loans.^[7]
The Glasstech units reached EBITDA breakeven in March 2026.^[6]
The company acquired 99.01% of its UAE subsidiary in May 2023.^[1]

Market Cap

₹1,008 Cr

High / Low

₹1,038 / 387

Stock P/E

25.2

Price / Book

5.6

Book Value

₹133

EPS

₹25.2

No. of Shares

1.14 Cr

ROCE

17.9%

ROE

30.3%

OPM

12.7%

Debt / Equity

0.98

Sales

₹397 Cr

Net Profit

₹29 Cr

Promoter holding

69.1%

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