#SALES #GROWTH

In FY25, the net sales increased by 5% YoY and stood at ₹4,594 cr. Automotive glass segment grew by 13% YoY to ₹3,011 cr led by steady demand from auto industry, followed by a decline in float glass segment at 13% YoY at ₹1,332 cr as demand for float glass, primarily used in residential and commercial real estate, typically follows a lag effec and others segment expanded from ₹350 cr to ₹766 cr for the year. In FY24, the net sales grew by 8.4% YoY to ₹4,357 cr driven by automotive glass segment, which grew by 21% YoY, while float glass category saw a decline of 12.6% YoY. The growth was majorly led by auto segment while the float glass segment observed a decline. In FY22 & FY23, the net sales observed significant rise as in the architectural glass segment, as it benefitted from the imposition of anti-dumping duty on imports of float glass from Malaysia from H2 FY21 onwards and rise in real estate & auto demand post Covid.

#EBITDA #GROWTH

In FY25, EBITDA grew moderately by ~4% YoY to ₹766 cr. The expansion was led by better product mix of SUV cars and EV. Gross profit increased by 7% YoY. In FY24, the EBITDA was ₹738 cr and declined by 7.2% on account of rise in cost of raw materials and power & fuel cost. The glass industry is highly energy extensive industry with power and fuel costs constituting a significant portion (~15.9% of revenue in FY24) of the total cost. The key inputs for manufacturing automotive glass are auto-quality float glass and poly vinyl butyral (used for binding glass together). Soda ash, sand, limestone, dolomite, power and fuel are the key inputs for manufacturing float (architectural) glass. The rise from FY22 onwards was on account of rise in sales from auto & architectural segments.

#PAT #GROWTH

In FY25, net profit grew by 15% YoY to ₹365 cr. This was led by operating profit and higher other income. There was an exceptional gain of ₹32 cr from Q3 FY25, pertaining to gain on sale of non current investments. Tax rate for the year was 28.4% v/s 27% in FY24. In FY24, the net profit was ₹317 cr and declined by 8.1% YoY. A portion of the decline can be attributed to rise in finance cost and depreciation expenses.

#EBITDA #MARGIN

In FY25, the EBITDA margin stood at 16.7% and declined moderately by 26 bps YoY. EBIT margin from automotive glass segment, float glass and others was 12%, 15.1% and 3% respectively. In FY24, the EBITDA margin was 16.9%. Towards auto glass segment the EBIT margin was 11.8% in FY24 and for architectural glass it was 17.3%, with rising imports impacting the pricing power of domestic architectural glass suppliers and from 2022 onwards the same touched 31% on account of anti-dumping duty imposed on float glass and strong rise in sale of auto & architectural glass backed by pick up in auto & real estate demand.

#PAT #MARGIN

In FY25, the PAT margin was 7.9% and increased by 66 bps YoY. The PAT margin declined to 7.3% in FY24. There was a rise in finance cost and depreciation expenses on a YoY basis.

#ROCE

In FY25, the ROCE is expected to decline owing to subdued PBIT growth. In FY24, the ROCE declined to 15.1%, on account of capacity expansion. It increased significantly post 2021, as there was an increase in sales & operating profit from architectural & auto segment and company has been undergoing expansion since then.

#COMPANY #POTENTIAL

• The Indian glass industry is set to witness substantial growth in the coming years, primarily propelled by the construction, automotive, and solar sectors. This growth will be further accentuated by the government's focus on infrastructure development, smart city projects, and sustainability initiatives. The burgeoning middle-class population and rise in consumer spending will drive the demand for home renovation, resulting in a higher adoption of glass products such as shelves, kitchen shutters, partitions, shower cubicles, and premium glass in the automotive sector. • Another notable advancement is electrochromic glass, enabling passengers to adjust the transparency of the glass according to their specific needs. Additionally, suspended particle device glass utilises electricity to seamlessly transition between dark and light shades, making it an ideal choice for sunroofs and similar applications. The industry's growing focus on fuel efficiency and reducing emissions has resulted in the increased production of lightweight and electric vehicles. This trend is expected to drive the demand for glass and value-added glass in the automotive industry in the coming years. • The glass industry in India presents significant growth opportunities. Increasing demand for glass products across diverse sectors, coupled with favorable government initiatives, particularly in construction, creates an encouraging business environment for manufacturers. Additionally, the implementation of the Goods and Services Tax (GST) has streamlined operations and reduced logistics costs, benefiting the industry as a whole. • As the Indian real estate market expands, demand for architectural glass shall grow, driven by increasing construction projects. • In terms of trends, the industry is witnessing a shift towards advanced glass products, such as low-emissivity (low-E) glass for energy-efficient buildings and automotive glass with advanced features like smart coatings and integration with sensors. This trend is driven by growing environmental concerns and the need for better thermal insulation and safety features.

#COMPANY #OUTLOOK

• Asahi India would supply the rear and side windscreens, along with the sunroof glass, for the XEV 9e and BE 6 models of M&M. While the rear windscreen is made of standard laminated glass, both models are expected to feature laminated acoustic and solar side glass, which is thicker than conventional tempered glass. These side windows offer UV protection with a visual light transmission (VLT) of 70%. • The company remains optimistic about the growing premiumisation of passenger vehicles in India, which is driving increased OEM demand for advanced glazing solutions such as UV-cut side window glass and rear windshields with integrated defoggers. With above ~70% share of the Indian passenger vehicle OEM market by the end of FY25, AIS continues to expand its product portfolio. Key growth drivers include laminated side glass with solar and acoustic insulation properties, and a next-generation sunroof solution being developed for one of its major Indian OEM clients. • To align with the anticipated growth of the Indian automotive industry, AIS aims to expand its capacity to 10 million laminated windshields and 7.2 million tempered glass sets by FY28.

Asahi India Glass Limited 735-835
Expected level 1030
Support 670

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Bharat Forge Limited company details report

Bharat Forge Limited is a global engineering player having leading positions in the principal markets of India, North America and Europe where it provides support and value-added services to customers through local presence. Company has two segments: Automotive and Industrial. Industrial segment comprises conventional & renewable energy, rail & marine, defence & aerospace, oil & gas and construction & mining, agriculture & general engineering. Automotive segment comprises commercial vehicles and passenger vehicles. It supplies its products to leading global & domestic customers. Some of BFL's largest customers include Daimler Group, Volkswagen Group, Meritor and Dana, etc. The company also has an extensive collaboration with major truck manufacturers. BFL is also a leading supplier of various components for the aviation sector making it a renowned name amongst aerospace forging companies in India and around the world. It has 15 manufacturing facilities (8 in India, 5 in Europe and 2 in North America). It has a total capacity of 7,73,910 metric tonne per annum (MTPA). In India, Bharat Forge’s steel forging capacity stood at 4,03,750 MTPA and 2,400 MTPA of aluminum casting capacity; Bharat Forge Industrial and Technology Solutions (erstwhile Sanghvi Forging and Engineering) -steel forging capacity of 20,000 MTPA; JS Auto Cast- iron casting capacity of 77,760 MTPA. In North America, it has steel forging capacity of 30,000 MTPA and aluminum casting capacity of 10,000 MTPA. Europe’s manufacturing capacity for steel forging stood at 1,90,000 MTPA and 40,000 MTPA for aluminum casting.

In the industrial business, oil & gas is one of the major revenue contributors. In the power space, it manufactures critical components for application in conventional & renewable energy and even builds capabilities in renewable energy, which is further strengthened by acquisition of JS Auto Cast which is a leading player in the space. In the resources (oil & gas, construction & mining) space, it is manufacturing critical, high-end construction and mining components and highly durable products for use in extreme applications. It is exploring potential for sub-systems, leveraging wide construction equipment component manufacturing competence of JS Auto Cast. In the defence & aerospace segment, it is a long-standing supplier of critical components to Indian defense establishments and global aerospace players. It is manufacturing artillery systems and armored vehicles for Indian defense forces; rotating and landing gear components for global aerospace players. In rail & marine, it is a leading railway engine components manufacturer for domestic and global markets and even has capability of supplying developed turbochargers for rail applications. In the general engineering space, it is manufacturing durable products for a range of heavy engineering applications. In the Automotive segment, it is India’s largest auto component exporter and is amongst world’s leading powertrain and chassis components manufacturer having front-line design and engineering, dual shore manufacturing and full-service supply capabilities. It supplies its products to leading global automotive OEMs and tier I suppliers. The company’s international business consists of the steel and aluminium forging of its subsidiaries in US and Europe. The Steel Forging business caters primarily to commercial vehicles, while the aluminum business supplies forgings for premium passenger cars and electric vehicles. The aluminum operations are engaged in the manufacture of chassis components for passenger cars, insulating the Company from any powertrain specific preferences of consumers.