Sejal Glass Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Sejal Glass Ltd filed with BSE on 11 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Sejal Glass reported consolidated revenue of INR117.95 crores for Q1 FY27, up 52.88% year-on-year, with India revenue rising 67.03% and UAE revenue rising 47.31%. Consolidated EBITDA grew over 44% year-on-year to INR18 crores and consolidated PAT grew more than 63% to INR7.22 crores. Management said the UAE order book increased from about AED50 million to around AED72 million and India secured new orders exceeding INR50 crores from developers including Godrej, L&T, Prestige, and Raheja.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated revenue: INR117.95 crores (Q1 FY27)
p. 3
“During the quarter, we reported consolidated revenue of INR117.95 crores, near to INR118 crores, registering a healthy year-on-year growth of 52.88%.”
Amrut Gada, page 3 of the filed PDF · View the filing
India business revenue: INR36.43 crores (Q1 FY27)
p. 3
“Our India business delivered strong performance with revenue increasing 67.03% year-on-year to INR36.43 crores, while our UAE operations continued their strong momentum, reporting revenue of INR81.52 crores, up 47.31% year-on-year.”
Amrut Gada, page 3 of the filed PDF · View the filing
Consolidated EBITDA: INR18 crores (Q1 FY27)
p. 3
“This robust revenue growth translated into a healthy profitability with consolidated EBITDA increasing by over 44% year-on-year to INR18 crores, and consolidated profit after tax growing by more than 63% year-on-year to INR7.22 crores.”
Amrut Gada, page 3 of the filed PDF · View the filing
UAE order book: around AED72 million (as of Q1 FY27)
p. 3
“In our UAE operation, the order book has increased from approximately AED50 million to around AED72 million, reflecting incremental order inflow of nearly AED22 million to AED27 million.”
Amrut Gada, page 3 of the filed PDF · View the filing
UAE order book in crores: around INR175 crores (as on date)
p. 7
“AED70 million is our order book position in UAE. So, roughly it is around INR175 crores of order book as on date.”
Chandresh Rambhia, page 7 of the filed PDF · View the filing
India working capital days: around 98 days
p. 13
“In India, the working capital days are around 98 days, and UAE is around 85 days.”
Chandresh Rambhia, page 13 of the filed PDF · View the filing
India debt: around INR52 crores
p. 13
“The present debt in India is around INR52 crores, which includes the working capital debt also of around INR14 crores, and the term loan is of around INR38 crores.”
Chandresh Rambhia, page 13 of the filed PDF · View the filing
July UAE sales: AED11.87 million (July 2026)
p. 14
“July is AED11 million somewhere, AED11.87 million.”
Chandresh Rambhia, page 14 of the filed PDF · View the filing
Silvassa capacity utilization: 77% (Q1 FY27)
p. 6
“Capacity-wise, see, our Silvassa plant is at around 77%, and Taloja is already at 55%, Erode is around 15%, and our UAE plant is around 71%, as we are talking on a tempering capacity utilization, which is our base product line.”
Chandresh Rambhia, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth FY27 — minimum 25%, up to 40% · FY27
stated conditionally by Amrut Gada
p. 5
“No, listen to me properly. So, 25% is our minimum guidance, which we are, you know, 100% going to achieve.”
Amrut Gada, page 5 of the filed PDF · View the filing
EBITDA margin — approximately 1% improvement · upcoming quarters
stated firmly by Amrut Gada
p. 4
“Higher operating volumes are expected to improve fixed cost absorptions and support an improvement in EBITDA margin of approximately 1% over the upcoming quarters.”
Amrut Gada, page 4 of the filed PDF · View the filing
PAT margin — 9% to 10% · FY27
stated conditionally by Amrut Gada
p. 6
“So, we are hoping 9% to 10% of PAT in this current year.”
Amrut Gada, page 6 of the filed PDF · View the filing
Q2 revenue — 140 to 145 crores · Q2 FY27
stated conditionally by Chandresh Rambhia
p. 10
“Yes. So, Q1 is around 118, so mostly we are seeing in between 140 to 145, Q2.”
Chandresh Rambhia, page 10 of the filed PDF · View the filing
Silvassa capacity utilization — 85% to 90% · by year end
stated conditionally by Chandresh Rambhia
p. 7
“So Silvassa, we are expecting by year end we will be reaching at 85% to 90%.”
Chandresh Rambhia, page 7 of the filed PDF · View the filing
Taloja capacity utilization — 75% · next quarters
stated conditionally by Chandresh Rambhia
p. 7
“Taloja, we are expecting to reach at 75% in the next quarters.”
Chandresh Rambhia, page 7 of the filed PDF · View the filing
Erode capacity utilization — 25% to 30% · next quarters
stated conditionally by Chandresh Rambhia
p. 7
“Erode, yes, we will target of around 25% to 30% in the next quarters.”
Chandresh Rambhia, page 7 of the filed PDF · View the filing
UAE capacity utilization — 85%
stated conditionally by Chandresh Rambhia
p. 7
“And UAE, we are already at 71%, so we are targeting to reach at 85% as we are already adding a third line of tempering.”
Chandresh Rambhia, page 7 of the filed PDF · View the filing
UAE third tempering line commercial production — Q3 FY27
stated firmly by Chandresh Rambhia
p. 8
“So, in Q3, we are expecting to start the commercial production, and fire-rated technology, which has also been installed at UAE, that also we are expecting to start commercial production in Q3 end.”
Chandresh Rambhia, page 8 of the filed PDF · View the filing
UAE capex — around AED15 million
stated firmly by Chandresh Rambhia
p. 8
“Around AED15 million is the total capex for in UAE, including the third line and fire-rated.”
Chandresh Rambhia, page 8 of the filed PDF · View the filing
FY28 revenue growth — at least 25% · FY28
stated as an aspiration by Chandresh Rambhia
p. 8
“FY28, like, it is too early to give some guidance on that, but we are expecting year-on-year at least 25% growth.”
Chandresh Rambhia, page 8 of the filed PDF · View the filing
New verticals revenue contribution — 10% of revenue · next year
stated as an aspiration by Amrut Gada
p. 9
“Next, we are targeting 10% of the revenue will come from that vertical.”
Amrut Gada, page 9 of the filed PDF · View the filing
Long-term revenue growth — minimum 25% to maximum 40% every year · next 3 to 5 years
stated as an aspiration by Amrut Gada
p. 16
“So, talking about 2 to 3 years or 3 to 4 years, I think we will maintain in range of minimum 25% growth and maximum 40% growth every year.”
Amrut Gada, page 16 of the filed PDF · View the filing
UAE vs India revenue mix — 50-50 · coming year
stated as an aspiration by Amrut Gada
p. 16
“This year it will be 60-40 and coming year it will be 50-50.”
Amrut Gada, page 16 of the filed PDF · View the filing
Total capacity post third line and other units — more INR75 crores incremental over INR600 crores base
stated conditionally by Amrut Gada
p. 18
“One minute, with the expansion, see, including, I think, including Third Line and Taloja and Erode, the capacity we can move up to more INR75 crores.”
Amrut Gada, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said EBITDA will improve by around 1% and PAT margin is expected at nearly 9%.
Answered by Chandresh Rambhia
Asked by Gaurav Shukla: What is the EBITDA margin guidance for FY27?
p. 5
“For FY27, as we had already said that our EBITDA will be improved by around 1%, and we are targeting the improvement on the PAT also. So, nearly 9% PAT we are expecting this year, FY27.”
Chandresh Rambhia, page 5 of the filed PDF · View the filing
Management said 25% is the minimum guaranteed guidance, with upside potential to 40% if the UAE geopolitical situation stabilizes and order flow continues.
Answered by Amrut Gada
Asked by Gaurav Shukla: Clarify the discrepancy between 25% guidance in the call versus 50% mentioned in a TV interview.
p. 5
“So, like, last quarter we have an additional INR50 crores India book position, which has increased. So, we are, hopeful this quarter also there will be bigger order closing. So, that will, take us to reaching a 40% upward trend.”
Amrut Gada, page 5 of the filed PDF · View the filing
Management gave utilization figures for each plant and expected improvement by year end.
Answered by Chandresh Rambhia
Asked by Nishitha: What is the current capacity utilization across plants?
p. 6
“Capacity-wise, see, our Silvassa plant is at around 77%, and Taloja is already at 55%, Erode is around 15%, and our UAE plant is around 71%, as we are talking on a tempering capacity utilization, which is our base product line.”
Chandresh Rambhia, page 6 of the filed PDF · View the filing
Management confirmed AED15 million total capex including the third line and fire-rated technology.
Answered by Chandresh Rambhia
Asked by Nishitha: What is the total capex for the UAE third tempering line?
p. 8
“Around AED15 million is the total capex for in UAE, including the third line and fire-rated.”
Chandresh Rambhia, page 8 of the filed PDF · View the filing
Management cited a performance appraisal and yearly increment, a labor union agreement impact of about INR1 crore, and logistics disruption in UAE due to the war, plus higher input costs.
Answered by Amrut Gada
Asked by Raj Saraf: What factors held back margins this quarter despite revenue growth?
p. 10
“See, in this quarter, there is a performance appraisal and yearly increment, number 1, and number 2, there was a signature of our labor union agreement, which is in Taloja plant. So, there is an incremental around INR1 crores impact of the people cost in this quarter.”
Amrut Gada, page 10 of the filed PDF · View the filing
Management explained that order execution depends on end-customer site readiness and design approvals, delaying production despite a full order book.
Answered by Chandresh Rambhia
Asked by Shanki Bansal: Why hasn't monthly UAE sales crossed the AED10-10.5 million threshold despite a larger order book?
p. 15
“No, so basically what happens that in our line, the order book we get, but the size is to be released from the end customer, it takes time, because their site readiness, their architects design approvals, everything takes little bit time, and based on that, the size release, we have to take it into production.”
Chandresh Rambhia, page 15 of the filed PDF · View the filing
Management said funding is via internal accruals plus AED7 million in proposed long-term bank debt, roughly a 50-50 debt-equity mix.
Answered by Chandresh Rambhia
Asked by Shanki Bansal: How is the AED15 million UAE capex being funded?
p. 15
“So, we are right now it is whatever the funding is done is from the internal accruals, and apart from that, now we are tying up with the fund from a bank, which is around AED7 million we are proposing to take us in long-term debt over there.”
Chandresh Rambhia, page 15 of the filed PDF · View the filing
Management said India currently pays no income tax due to carry-forward losses, with about 4-5 years remaining, and UAE has a 9% corporate tax.
Answered by Chandresh Rambhia
Asked by Nitin: What is the blended tax rate and how long will India carry-forward losses continue to shield tax?
p. 13
“See, tax actually in India, there is no income tax because of our carry forward losses, and for UAE, the 9% corporate tax is there.”
Chandresh Rambhia, page 13 of the filed PDF · View the filing
Management said Asahi's revenue is mostly from automobile and Borosil is in solar glass, so Sejal Glass has no direct listed peer in architectural glass.
Answered by Amrut Gada
Asked by Nitin: Is Sejal Glass comparable to Asahi India Glass or other listed peers?
p. 17
“Right now in architectural space, there is no listed. Even Asahi is also in architectural, but their 90% revenue coming from automobile.”
Amrut Gada, page 17 of the filed PDF · View the filing
Risks flagged
Rising input costs due to diesel and energy surcharges
p. 10
“Cost of goods, which we consume, that has also increased 1% due to this diesel and all this cost and energy surcharge.”
Amrut Gada, page 10 of the filed PDF · View the filing
Geographical concentration risk from heavy reliance on UAE
p. 12
“And geographical risk, right now the dependency on the Europe, sorry, UAE is more. So, we have to geographically diversification.”
Amrut Gada, page 12 of the filed PDF · View the filing
Delay in order execution due to dependency on end-customer site readiness and design approvals
p. 15
“their site readiness, their architects design approvals, everything takes little bit time, and based on that, the size release, we have to take it into production.”
Chandresh Rambhia, page 15 of the filed PDF · View the filing
Incremental labor cost from union agreement and annual appraisal impacting margins
p. 10
“there was a signature of our labor union agreement, which is in Taloja plant. So, there is an incremental around INR1 crores impact of the people cost in this quarter.”
Amrut Gada, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.