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View Promises →Sejal Glass Ltd — Q4 FY26
Sejal Glass delivered a strong Q4 FY26 with consolidated revenue of ₹116.85 crore (+72% YoY) and EBITDA margin expanding to 17.5% (+300 bps YoY), driven by healthy execution, better product mix, and operating leverage from recently integrated facilities.
bullish
high
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Sejal Glass delivered a strong Q4 FY26 with consolidated revenue of ₹116.85 crore (+72% YoY) and EBITDA margin expanding to 17.5% (+300 bps YoY), driven by healthy execution, better product mix, and operating leverage from recently integrated facilities. PAT surged 200% YoY to ₹11.42 crore. For FY26, revenue crossed ₹400 crore (+64% YoY). Management guided for FY27 revenue of ₹500+ crore (25-40% growth), with India contributing ~40% (₹200 crore) as capacity utilization improves. UAE operations remain stable with a $60M order book, though geopolitical risks could impact margins by 1-1.5%. New product verticals (fire-rated, bulletproof, railway glass) are expected to contribute 5-7% of revenue in FY27. Key risk: escalation of UAE geopolitical disruption could delay collections and margin recovery.
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UAE Geopolitical Disruption Impacting Margins
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UAE Order Book
$60M
Stable
Order book position in UAE remains strong despite geopolitical slowdown.
India Capacity Utilization (Silvasa Tempering)
64%
Target 75% by FY27
Silvasa tempering utilization at 64%; management targets 75% in FY27.
UAE Monthly Revenue Run-Rate
$10.2M
Stable
UAE operations generating $10.2-10.5M per month with reasonable margins.
New Product Contribution (FY27)
5-7%
Target 15-20% in FY28
Fire-rated, bulletproof, and railway glass to contribute 5-7% of revenue in FY27.
What Changed vs Last Quarter
NEW
FY27 Revenue Target of ₹500+ Crore
Management expects consolidated revenue to exceed ₹500 crore in FY27, implying 25-40% growth over FY26's ₹401 crore.
NEW
India Revenue Contribution of ₹200 Crore in FY27
India business is expected to contribute ~₹200 crore in FY27, with Silvasa at ₹90 crore, Glass Tech at ₹110 crore, and Talegaon/Gujarat units ramping up.
NEW
Consolidated EBITDA Margin of 17.5-18% in FY27
Management expects to maintain consolidated EBITDA margin around 17.5-18% in FY27, supported by better product mix and operating leverage.
NEW
UAE Monthly Revenue of $31M in Q1 FY27
UAE operations are expected to generate ~$31 million in Q1 FY27, with Q2 target of $35 million subject to geopolitical stability.
DROPPED
Minimum 25% revenue growth next year
Management expects at least 25% consolidated revenue growth in FY27, even without new acquisitions.
DROPPED
EBITDA margin target of 18%
Targeting consolidated EBITDA margin of around 18% next year, with potential half-percent improvement.
DROPPED
Full-year revenue of ₹400 Cr+
Expecting to close FY26 with consolidated revenue of ₹400 Cr or slightly higher.
DROPPED
New tempering line in UAE to add 20-30 million USD business
A new tempering line in UAE will commence in Q1 FY27, adding capacity and incremental revenue of $20-30 million.
NEW RISK
UAE Geopolitical Disruption Impacting Margins
Geopolitical tensions in UAE could disrupt supply chain and delay collections, potentially reducing EBITDA margins by 1-1.5%.
NEW RISK
Dependence on UAE for Majority of Revenue
Over 70% of consolidated revenue comes from UAE, making the company vulnerable to regional economic downturns or policy changes.
NEW RISK
Execution Risk in New Product Verticals
Fire-rated and bulletproof glass products are expected to launch in Q3 FY27; any delay in certification or market acceptance could impact revenue targets.
RISK GONE
Competition from unorganized players in railway segment
Management noted that unorganized players compete in the railway tender business, which could pressure pricing.
RISK GONE
Dependence on sole supply agreement for raw glass
55% of raw material is glass sourced from Saint-Gobain under a sole supply agreement; any disruption could impact costs.
Fast read
Guidance and risk preview
Management expects consolidated revenue to exceed ₹500 crore in FY27, implying 25-40% growth over FY26's ₹401 crore.
Geopolitical tensions in UAE could disrupt supply chain and delay collections, potentially reducing EBITDA margins by 1-1.5%.
View Risks →