Asahi India Glas Q1 FY27 Results (NSE: ASAHIINDIA)
Signal: Margin expansion
The read
The trajectory has materially inflected upward: EBITDA margin expanded for the third consecutive quarter in the prior-results series, reaching 23.4% from 20.0% YoY and 21.0% QoQ, while revenue growth accelerated to 15.0%; the key question is whether the sharp raw-material benefit, with raw-material intensity down to 25.5% from 37.4%, persists.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,413.39 Cr | +15.0% | +4.4% |
| EBIT | ₹249.61 Cr | N/A | |
| Net profit | ₹149.08 Cr | +172.1% | |
| EPS | ₹5.85 | +153.2% | |
| EBIT margin | 23.4% |
P&L walk
Consolidated revenue increased to ₹141339 lakh (+15.0% YoY, +4.4% QoQ), gross margin expanded to approximately 61.4% from 49.3% YoY as raw-material intensity fell to 25.5% from 37.4%, EBITDA margin reached 23.4% from 20.0%, and PAT rose to ₹14908 lakh from ₹5479 lakh.
Segments
Float Glass was the strongest disclosed momentum driver, with revenue up 41.0% YoY to ₹54522 lakh and segment result up 218.8% to ₹11703 lakh; Automotive Glass remained the largest segment and grew revenue 22.1% with result up 55.3%.
Key positives
- Consolidated revenue reached ₹141339 lakh, up 15.0% YoY and 4.4% QoQ, extending the acceleration from +11.7% YoY in Q3FY26 and +14.8% in Q4FY26.
- EBITDA grew 167.7% YoY to ₹33053 lakh versus revenue growth of 15.0%, while EBITDA margin expanded 340bps YoY to 23.4%.
- Raw-material intensity fell to 25.5% of revenue from 37.4% YoY, supporting an approximately 1207bps gross-margin expansion.
- Float Glass segment result increased 218.8% YoY to ₹11703 lakh, while Automotive Glass result increased 55.3% to ₹12766 lakh.
Key concerns
- The current gross-margin expansion is not explicitly attributed by management; sustainability of the raw-material benefit is therefore unconfirmed.
- Other expenses increased 28.2% YoY to ₹37459 lakh, faster than consolidated revenue growth of 15.0%, limiting the quality of operating-cost control.
- Consolidated PAT of ₹14908 lakh was ₹237 lakh below standalone PAT of ₹15145 lakh, reflecting a modest drag from group-level associate and subsidiary effects.
Research and educational content only. Not investment advice.