Sejal Glass Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Sejal Glass Ltd filed with BSE on 19 May 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 Q4 FY26 consolidated income of Rs 116.85 crore, up over 72% year-on-year, with EBITDA margin improving to 17.5% from 14.5% and PAT growing over 200% year-on-year. For full-year FY26, consolidated income crossed Rs 400 crore at Rs 401.36 crore, up approximately 64%, with EBITDA up nearly 88% and PAT up over 160% year-on-year. Management discussed a slowdown in UAE real estate and geopolitical disruption affecting supply chains, along with plans to expand India capacity, launch new product lines including fire-rated and railway glass, and pursue a second acquisition under due diligence.
Numbers mentioned
Total consolidated income: INR 116.85 crores (Q4 FY26)
p. 3
“We reported a total consolidated income of INR 116.85 crores as compared to INR 67.90 crores in Q4 FY26, registering a growth of over 72% year-on-year.”
Amrut Gada, page 3 of the filed PDF · View the filing
Consolidated EBITDA: INR 20.47 crores (Q4 FY26)
p. 3
“Consolidated EBITDA for the quarter stood at INR 20.47 crores, with the margin improving to 17.5% from 14.5% last year, supported by a better product mix and operating leverage.”
Amrut Gada, page 3 of the filed PDF · View the filing
Profit after tax: INR 11.42 crores (Q4 FY26)
p. 3
“Profit after tax on a consolidated basis for the quarter came at INR 11.42 crores, growing over 200% year-on-year, with a net profit margin of 9.8%.”
Amrut Gada, page 3 of the filed PDF · View the filing
Total consolidated income: INR 401.36 crores (FY26)
p. 4
“Total consolidated income stood at INR 401.36 crores as compared to INR 244.95 crores in FY26, reflecting a growth of approximately 64% and crossing the INR 400 crores milestone.”
Amrut Gada, page 4 of the filed PDF · View the filing
Consolidated EBITDA: INR 66.32 crores (FY26)
p. 4
“Consolidated EBITDA for the year was INR 66.32 crores, up nearly 88% year-on-year, with a margin improving 16.5% from 14.4%.”
Amrut Gada, page 4 of the filed PDF · View the filing
Profit after tax: INR 29.03 crores (FY26)
p. 4
“Profit after tax stood at INR 29.03 crores on consolidated level, growing over 160% year-on-year, with a net profit margin improving to 7.2% from 4.5%.”
Amrut Gada, page 4 of the filed PDF · View the filing
Total comprehensive income: INR 35.94 crores (FY26)
p. 4
“Total comprehensive income for the year stood at INR 35.94 crores as compared to INR 9.03 crores of FY25, reflecting a growth of 298%.”
Amrut Gada, page 4 of the filed PDF · View the filing
UAE order book: 60 million AED
p. 5
“Right now, we are at around 60 million order book position.”
Amrut Gada, page 5 of the filed PDF · View the filing
UAE turnover: 10.2 million AED (Q1 FY27 (month))
p. 5
“And Q1, like, for example, last month, we have done 10.2 million (AED) turnover and May also I think we will maintain that.”
Amrut Gada, page 5 of the filed PDF · View the filing
Glasstech FY26 turnover: around 40 crores (FY26)
p. 10
“This year we crossed around 40 crores.”
Chandresh Rambhia, page 10 of the filed PDF · View the filing
Consolidated debt: Rs. 138 crores
p. 9
“the consolidated debt is around Rs. 138 crores.”
Chandresh Rambhia, page 9 of the filed PDF · View the filing
Promoter-funded debt: Rs. 70 crores
p. 9
“And around Rs. 70 crores are funded through a promoter group.”
Chandresh Rambhia, page 9 of the filed PDF · View the filing
Glass price increase: 7% to 8% (last 2 months)
p. 10
“See last 2 months there is an increase of around 8% in the glass prices because of the energy cost or the gas cost has been increased.”
Chandresh Rambhia, page 10 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.
UAE quarterly turnover — 31 million AED · Q1 FY27
stated conditionally by Amrut Gada
p. 5
“So, if the today's situations, we saw less turmoil and a little bit of improvement on supply chain, we are going to close around 31 million (AED).”
Amrut Gada, page 5 of the filed PDF · View the filing
UAE quarterly turnover — 35 million AED · Q2 FY27
stated conditionally by Amrut Gada
p. 5
“So, if the situations improved and the supply chain doesn't affect much more, I think even Q2, with a little bit of improved version, we will close by 35 million (AED).”
Amrut Gada, page 5 of the filed PDF · View the filing
EBITDA margin — 17.5% to 18% · FY27
stated conditionally by Amrut Gada
p. 5
“So, I think we will maintain around 17.5% to 18% EBITDA.”
Amrut Gada, page 5 of the filed PDF · View the filing
Revenue growth — 25% · FY27
stated conditionally by Amrut Gada
p. 6
“If the things are in a moderate situation in line with the growth of India story and little bit the disturbance of UAE, I think minimum we will improve by 25% growth.”
Amrut Gada, page 6 of the filed PDF · View the filing
Revenue growth — 40% improvement · FY27
stated conditionally by Amrut Gada
p. 6
“And things are better in UAE, then we are going to cross 40% improvement from last this FY26, number one.”
Amrut Gada, page 6 of the filed PDF · View the filing
India-UAE revenue mix — 60-40 moving to 50-50
stated as an aspiration by Amrut Gada
p. 6
“So, this year, I think it will be 60-40 and thereafter it will be 50-50.”
Amrut Gada, page 6 of the filed PDF · View the filing
New product contribution to revenue — 5% to 7% · FY26
stated firmly by Amrut Gada
p. 7
“But apparently, these all-new products will contribute around 5% to 7% this year, not much.”
Amrut Gada, page 7 of the filed PDF · View the filing
New product contribution to revenue — 15% to 20% · next year
stated as an aspiration by Amrut Gada
p. 7
“Next year, it will go to 15% to 20%.”
Amrut Gada, page 7 of the filed PDF · View the filing
Silvassa tempering capacity utilization — 75% · this year
stated conditionally by Chandresh Rambhia
p. 7
“The Silvassa, the tempering capacity, more or less it will be in the range of 75%.”
Chandresh Rambhia, page 7 of the filed PDF · View the filing
Silvassa IG capacity utilization — more than 50% · this year
stated conditionally by Chandresh Rambhia
p. 7
“IG we are expecting more than 50% this year.”
Chandresh Rambhia, page 7 of the filed PDF · View the filing
Silvassa lamination capacity utilization — 90% to 95% · this year
stated conditionally by Chandresh Rambhia
p. 7
“Lamination, we are expecting 90% to 95%.”
Chandresh Rambhia, page 7 of the filed PDF · View the filing
Glasstech EBITDA margin — at least 10% · this quarter
stated conditionally by Chandresh Rambhia
p. 7
“This quarter, we are expecting at least 10% EBITDA positive.”
Chandresh Rambhia, page 7 of the filed PDF · View the filing
UAE revenue growth — around 20%
stated conditionally by Chandresh Rambhia
p. 8
“In UAE, growth will be there compared to last year. Yes, there will be a growth of around 20%, considering the situation remains moderate or the present situation continuous, whatever is there.”
Chandresh Rambhia, page 8 of the filed PDF · View the filing
Overall revenue — 500+ crores · FY27
stated conditionally by Chandresh Rambhia
p. 10
“For FY27, we are considering total overall (500+) crores. In that 40% will be from India.”
Chandresh Rambhia, page 10 of the filed PDF · View the filing
India revenue — 200 crores · FY27
stated conditionally by Chandresh Rambhia
p. 13
“As we said that we are expecting around 200 crores from India over a year ‘26-27.”
Chandresh Rambhia, page 13 of the filed PDF · View the filing
India EBITDA margin — 15% · FY27
stated conditionally by Chandresh Rambhia
p. 10
“Otherwise, India we are expecting 15% EBITDA.”
Chandresh Rambhia, page 10 of the filed PDF · View the filing
India business quarterly growth — around 20% · this quarter
stated conditionally by Chandresh Rambhia
p. 13
“This quarter we are expecting around 20% growth in India business.”
Chandresh Rambhia, page 13 of the filed PDF · View the filing
COGS in India — 61%
stated as an aspiration by Chandresh Rambhia
p. 12
“It will come down to 61%.”
Chandresh Rambhia, page 12 of the filed PDF · View the filing
Tax liability in India — no tax outgo · next year
stated firmly by Chandresh Rambhia
p. 14
“No, there is no liability for next year also.”
Chandresh Rambhia, page 14 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 order book remains strong at 60 million AED and expects Q1 turnover of around 31 million AED depending on supply chain conditions, with a limited margin impact of 1-1.5%.
Answered by Amrut Gada
Asked by Abhi Jain: How is the UAE disruption affecting Q1 outlook, top line and margins?
p. 5
“Yes. There will be, of course, the raw material cost has an impact. But I think we are able to transfer the incremental cost, about 80% to 90% to the customer.”
Amrut Gada, page 5 of the filed PDF · View the filing
Management gave current utilization figures across tempering, IG and lamination for Silvassa, Taloja and Erode units.
Answered by Chandresh Rambhia
Asked by Rohit Bahirwani: What are the capacity utilization levels for Glasstech and Silvassa units?
p. 7
“So, the capacity utilization in Silvassa unit per se, the tempering capacity utilization is around 64%., our IG is 30% and lamination is 87%.”
Chandresh Rambhia, page 7 of the filed PDF · View the filing
Management said all payments are on time with zero bad debts and zero delays in the UAE business.
Answered by Chandresh Rambhia
Asked by Shanki Bansal: Are UAE debtors facing payment delays or write-offs?
p. 8
“So, there is zero bad-debts and zero delay in fact.”
Chandresh Rambhia, page 8 of the filed PDF · View the filing
Management confirmed the acquisition is still under process and will take time.
Answered by Chandresh Rambhia
Asked by Shanki Bansal: What is the status of the second acquisition under due diligence?
p. 8
“It is still under the process. It will take some time.”
Chandresh Rambhia, page 8 of the filed PDF · View the filing
Management attributed this to post-acquisition consolidation, re-engineering of Glasstech's systems, and machine overhauling that took two quarters.
Answered by Chandresh Rambhia
Asked by Runit Kapoor: Why did India business appear to degrow versus proforma including Glasstech?
p. 10
“Because after taking over, there were certain consolidations and re-engineering was required to be done because their system was different.”
Chandresh Rambhia, page 10 of the filed PDF · View the filing
Management explained UAE's product mix is weighted toward IG and laminated glass with no plain tempered sales, unlike India where 60% of sales are plain tempered with higher COGS.
Answered by Chandresh Rambhia
Asked by Rachna Kukreja: Why has consolidated gross margin improved more than standalone gross margin?
p. 11
“Consolidation business, its improves because in UAE the majority business is of IG and laminate. There is no plain tempered sale.”
Chandresh Rambhia, page 11 of the filed PDF · View the filing
Management confirmed a price advantage of roughly 4-5% via credit notes plus size advantages and order confirmation benefits.
Answered by Chandresh Rambhia
Asked by Pawan: What pricing benefit does the Saint Gobain collaboration provide?
p. 13
“Always depends on the project to project. So generally, we get the credit note when the order is finalized and the material is lifted. Around 4% to 5% of the pricing credit notes are given.”
Chandresh Rambhia, page 13 of the filed PDF · View the filing
Management said there is currently no tax outgo and none expected next year either.
Answered by Chandresh Rambhia
Asked by Rohit Bahirwani: Is the company required to pay taxes in India for the next two years?
p. 14
“No, there is no tax outgo as of now.”
Chandresh Rambhia, page 14 of the filed PDF · View the filing
Risks flagged
Slowdown in UAE real estate market
p. 5
“So, apparently, looking at the situations, there is a little bit slowdown in the real estate.”
Amrut Gada, page 5 of the filed PDF · View the filing
Geopolitical disruption affecting UAE supply chain and machine installation timelines
p. 8
“Because of this geopolitical, it was delayed by one quarter.”
Chandresh Rambhia, page 8 of the filed PDF · View the filing
Raw material cost increases impacting margins
p. 5
“Yes. There will be, of course, the raw material cost has an impact.”
Amrut Gada, page 5 of the filed PDF · View the filing
Rising glass prices due to higher energy and gas costs
p. 10
“See last 2 months there is an increase of around 8% in the glass prices because of the energy cost or the gas cost has been increased.”
Chandresh Rambhia, page 10 of the filed PDF · View the filing
Glasstech units generating negative margin impacting India EBITDA
p. 10
“No, the first of all see, this year because the Glasstech units have given a negative margin.”
Chandresh Rambhia, 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.