ALFA Finder
| Market Cap | ₹353.67 CrSME Segment |
|---|---|
| P/E Ratio | 16.38Sector PE 33.28 |
| 1Yr Price Change | 30.06%Annual Return |
| Promoter Holding | 60.39%Stable |
| Metric | H1-27 | H2-26 | H1-26 |
|---|---|---|---|
| Revenue from Operations | 65.5 | 49.0 | 45.9 |
| Other Income | 0.3 | 1.8 | 3.4 |
| Total Income | 65.7 | 50.8 | 49.3 |
| Profit Before Tax | 18.5 | 14.3 | 15.4 |
| Net Profit | 12.9 | 9.3 | 12.3 |
| Operating Margin | 28.2% | 28.1% | 31.2% |
| Net Profit QoQ | +38.7% | ||
| Net Profit YoY | +4.9% | ||
| Adj. Profit QoQ | +45.6% | ||
| Adj. Profit YoY | +51.7% | ||
Key highlights
- Revenue from operations grew to ₹65.5 crore in H1-27 from ₹45.9 crore in the year-ago period
- Net profit for the half-year stood at ₹12.9 crore, reflecting a year-on-year increase of 4.9%
- Operating margins were maintained at 28.2%, supported by efficient execution of the order book
- Company finalized the utilization of ₹62.64 crore raised through its December 2024 IPO
- Preferential allotment of equity and warrants in July 2026 added ₹30.51 crore in upfront capital
Strategic Execution and Order Inflows
Agarwal Toughened Glass India Limited reported a robust performance for the first half of the 2027 fiscal year, with revenue from operations reaching ₹65.5 crore. This trajectory is supported by a standalone executable order book that stood at ₹55 crore as of June 30, 2026. Recent commercial wins have further bolstered the pipeline, including a ₹4.24 crore medical college project in Jaipur and a ₹2.55 crore contract from Relaxo Footwears.
The company’s top-line growth reflects steady delivery against these mandates, even as it navigates a competitive environment in the construction materials sector. Management previously targeted a 35% to 45% revenue CAGR over three years.
Capital Raise and Preferential Allotment
- Allotted 16,51,866 equity shares and 45,90,000 convertible warrants at ₹109 each in July 2026
- Total issue consideration aggregated to approximately ₹68.04 crore to support expansion
- Company received ₹18.01 crore from equity shares and ₹12.51 crore as upfront warrant payments
- Newly allotted equity shares were officially listed on the NSE Emerge platform on September 11, 2026
- Balance 75% of warrant consideration remains receivable upon the exercise of conversion options
Full Utilization of IPO Proceeds
The company successfully concluded the deployment of funds raised through its Initial Public Offering in December 2024. A total of ₹62.64 crore was raised to facilitate machinery upgrades and working capital requirements. Statutory auditors Gopal Sharma & Co.
certified that as of September 30, 2026, these proceeds have been fully utilized in accordance with the objects specified in the offer document. Key allocations included ₹9.66 crore for machinery at existing manufacturing units and ₹25 crore for incremental working capital. This milestone ensures that the primary capital expenditure planned during the listing phase is now reflected in the company's operational infrastructure.
Financial Efficiency and Market Position
Despite a slight compression in operating margins from 31.2% in H1-26 to 28.2% in H1-27, the company maintained profitability with a net profit of ₹12.9 crore. The adjusted profit growth of 51.7% year-on-year highlights improved operational leverage. With a price-to-earnings ratio of 16.38, the company trades at a significant discount to the sector average of 33.28.
Current market data shows a healthy momentum score of 69.51 and an RSI of 56.49, suggesting a stable technical position. The company remains focused on its single manufacturing segment, utilizing its recently bolstered capital base to drive further penetration in the glass processing industry.
| Date | Announcement | Amount |
|---|---|---|
| 04 Aug 2026 | Q1 FY27 Business Update Revenue from OperationsSource: stockscans.in | ₹34.40 Cr |
| 28 May 2026 | Audited Standalone FY26 Total RevenueSource: NSE filing | ₹100.06 Cr |
| 11 Nov 2025 | Unaudited Standalone H1 FY26 Total RevenueSource: NSE filing | ₹49.26 Cr |
| 30 May 2025 | Management Guidance: 35-45% 3-Year Revenue CAGR and 30-35% EBITDA MarginSource: agarwaltuff.com | – |
| 20 May 2025 | Audited Standalone FY25 Total RevenueSource: NSE filing | ₹58.30 Cr |
What to watch next
- Completion of medical college and Relaxo project deliveries by March 31, 2027
- Exercise of conversion options for 45.90 lakh warrants issued in July 2026
- Impact of fully deployed IPO machinery on production capacity in H2-27
- Next financial results announcement for the period ending March 31, 2027
| Share price | ₹183 |
|---|---|
| Market capitalisation | ₹353.67 Cr |
| Revenue (annual) | ₹94.92 Cr |
| Net profit (annual) | ₹21.60 Cr |
| P/E (TTM) | 16.38×Sector 33.28× |
| Promoter holding | 60.39%+0.22% QoQ |
| FII holding | 0%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Agarwal Toughened Glass India Limited announcing half-yearly financial results for the period ended September 30, 2026. Market figures from a third-party data provider.
