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Slow ramp-up of acquired units
View Risks →Sejal Glass Ltd — Q3 FY26
Sejal Glass reported 9M FY26 consolidated revenue of ₹284.51 Cr with EBITDA of ₹46.60 Cr (margin 16.38%).
bullish
medium
✓ Verified against BSE filing
2-Minute Summary
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Sejal Glass reported 9M FY26 consolidated revenue of ₹284.51 Cr with EBITDA of ₹46.60 Cr (margin 16.38%). The company is targeting ₹400 Cr+ full-year revenue with EBITDA margin improving to ~16.5% in Q4. Growth is driven by strong demand in real estate, infrastructure, and data centers, along with capacity expansion in UAE (new tempering line) and ramp-up of acquired units (Taloja, Erode). New high-value products (fire-rated, bulletproof, digital printing) are expected to contribute meaningfully from next fiscal. Management guided for minimum 25% revenue growth next year and EBITDA margin of ~18%. Key risk: slower-than-expected utilization ramp-up at acquired units, which currently operate at sub-20% capacity and drag margins.
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Toughening capacity utilization (Silvasa)
60%
N/A
Overall toughening capacity utilization in Silvasa is above 60%.
IG capacity utilization (UAE)
90%
N/A
UAE IG product line is operating at 90% utilization, driving strong performance.
Acquired units capacity utilization (Taloja & Erode)
10-16%
N/A
Newly acquired units are underutilized; potential to generate ₹150 Cr revenue at 15% margin.
Debt-to-equity ratio
<0.05
N/A
Post equity infusion of ₹77 Cr, debt-equity ratio improved to less than 0.05.
Fast read
Guidance and risk preview
Management expects at least 25% consolidated revenue growth in FY27, even without new acquisitions.
Taloja and Erode units are operating at 10-16% utilization; if ramp-up is slower than expected, it could delay margin improvement.
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