Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Agarwal Toughened Glass India Ltd. (AGARWALTUF)
SME CapIndustrials stocks · SME cap · NSE
Agarwal Toughened Glass India Ltd. manufactures high-performance safety glass, including DGU, laminated, and toughened glass, from its Jaipur units. It serves government infrastructure, commercial real estate, healthcare, and hospitality sectors. The company is expanding capacity and diversifying into solar glass.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 07:51 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
70Bullishfull bull SMA stack · SMA20 +17.6% / mo · MACD + · near 52W high
Stock trend: 84
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AGARWALTUFD candles · FIT view+57.2%Latest close ₹177.50 on 2026-10-19
Bar
-5.6%
RSI
56
MACD hist
0.62
52W pos
83%
2026-10-19O ₹188.10H ₹188.20L ₹175.05C ₹177.50Vol 40,800 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AGARWALTUFNifty India ManufacturingNifty 500
- AGARWALTUF
- +24.8%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +30.4 pp
Chart stats
19 Oct 2026- From 52W high
- -9.8%
- 52W range position
- 83%
- ATR (14)
- 5.4%
- Volume vs 20D
- 0.25x
- Avg traded value
- ₹2.8 Cr
- 20D price channel
- ₹153 - ₹196.9
₹196.9
₹81 - ₹196.9
₹9.6
Latest completed session
20-session average
72.2% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish70
Price trend and sector-relative-strength timing.
Valuation
Legacy model+63.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹49 Cr | NDF | +6.5% |
| EBITDA | ₹14 Cr | NDF | +0.0% |
| Operating margin | 28.0% | NDF | -400 bps |
| PAT | ₹9 Cr | NDF | -25.0% |
| PAT margin | 18.4% | NDF | -772 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 17.30
- P/B
- 2.95
- EV/EBITDA
- 13.27
- Market Cap
- 373.00Cr
Profitability
- ROE
- 20.60%
- ROCE
- 23.00%
- ROA
- 14.86%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 34.00%
- EPS 5Y
- 161.00%
- Revenue 3Y
- 33.00%
- EPS 3Y
- 181.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 28.00×
- Altman Z
- 8.48
- Book Value
- 65.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -8.00 Cr
- EPS TTM
- 12.22
Shareholding
- Promoter Hold
- 60.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 97%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 95.0+72.7% vs prev
Net Profit
₹ CrLatest: 22.0+46.7% vs prev
Return on Equity
%Latest: 19.0+20.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 56. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~15.0% over last month) — short-term momentum positive.
- RSI(14) at 56 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 10% off 52W high · 119% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
86
RS percentile
Stage 2 UptrendEstablished S2
1M return
+11.3%
3M return
+24.8%
6M return
+61.7%
1Y return
+24.6%
RS 1D
-3
RS 20D
+7
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 33.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +8.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
17 Jul 2026
S2 age
65 trading sessions
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 120.85-7.08%
RS vs Nifty 500121
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation14/30
Growth25/25
Quality14/20
Balance Sheet9/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-4
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 63.0%.
- Growth contributes 25/25 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
17.3
PB
3.0
EV/EBITDA
13.3
ROE
20.6%
ROCE
23.0%
FCF Yield
—
Debt/Equity
0.2
MoS
+63.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
61
Previous: 61
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+63.0%
Previous: +63.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
62
62
62
62
62
62
62
61
61
61
61
61
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹134.2
-32.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹480.25
+63.0% MoS
PEG
0.10
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AGARWALFT
SME
Agarwal Float Glass India Ltd.
Glass & Ceramics
match 52
55
12.1
7.6%
+69%
FAIR VALUE
PRIMECAB
SME
Prime Cable Industries Ltd.
Electrical Equipment
match 19
58
24.8
37.8%
+27%
FAIR VALUE
NEPTUNE
SME
Neptune Petrochemicals Ltd.
Specialty Chemicals
match 19
62
13.2
25.6%
+66%
UNDERVALUED
SILKFLEX
SME
Silkflex Polymers (India) Ltd.
Specialty Chemicals
match 19
58
28.7
29.2%
+37%
FAIR VALUE
ECOLINE
SME
Ecoline Exim Ltd.
Trading
match 19
67
20.2
32.0%
+66%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-19T07:24:59.738Z
Management commentary snapshot
FY25 Total Income reached INR 68 crores, with EBITDA margin expanding to 39.65% and Net Profit margin at 26.02%. The company reported a current order book of INR 45 crores.
Management reported strong FY25 financial performance with significant margin expansion. Capacity expansion and diversification into solar glass are underway. However, the reliance on working capital for project execution and discounts, coupled with raw material price volatility, poses risks to sustained margin growth.
Growth engines
Capacity Expansion
Made significant strides in capacity expansion by investing INR 24 crores in our third manufacturing facilities equipped with state-of-the-art tempering technology.
Solar Glass Segment Foray
Equally excited about our foray into the solar glass segment, a strategic diversification aligned with global sustainability trend. The new range set up to launch in financial year 2026.
Market Penetration
Scaling our presence across India with plans to launch 15 new marketing offices enabling deeper market penetration, stronger brand visibility and faster customer response.
Value-Added Products
Focusing on premium segments like laminated and DGU glass, and jumbo-sized, soft-coated glass, which offer better margins and differentiate us.
Capacity and execution
Third Manufacturing Facility
Invested INR 24 crores in our third manufacturing facilities equipped with state-of-the-art tempering technology, enhancing production capacity.
Jumbo DGU Plant
Jumbo DGU plant has been installed.
Tailwinds
Government Promotion of Toughened Glass
Government of India promotes the use of toughened glass, making its usage compulsory in high-rise buildings and large projects.
High Domestic Demand
Demand in this entire segment and sector is very high. Supply by players is limited, indicating a very large and open market.
Cost Reduction from Imports
Imports of raw material from outside India have reduced costing by 8-10%, contributing to margin improvement.
Headwinds
Raw Material Price Volatility
Raw material prices change monthly, and hedging is not possible in the current market scenario.
Working Capital Intensity
The working capital cycle requires 100% advance payment to suppliers due to limited glass suppliers and no credit terms.
Risk radar
Raw Material Price Fluctuations
Inability to hedge against raw material price volatility, with prices changing monthly, potentially impacting margins.
Working Capital Management
High working capital requirement due to 100% advance payments to limited glass suppliers, which can limit the ability to take on larger projects.
Supplier Dependency
Timely delivery of glass from suppliers is critical; delays or non-availability can hamper project completion.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The earnings call focuses on H2 FY25 results and full-year FY25 numbers. No explicit H1 FY25 or Q4 FY24 numbers are provided for a meaningful QoQ comparison, making YoY the most appropriate basis for the reported full-year figures.
Sector KPIs management disclosed
Total Income
In financial year 2025, we deliver a total income of INR 68 crores.
EBITDA Margin
EBITDA margin expanding to 39.65% in financial year 2025.
Net Profit Margin
Net profit margin reaching 26.02% in financial year 2025.
Current Order Book
With INR 45 crores here in our current order book.
Management forward view
Revenue Growth Target
Confident to achieve 35 to 45% revenue CAGR over the next three years.
EBITDA Margin Target
Projected EBITDA margin 30% to 35% over the next three years.
Market Expansion Focus
Mainly focused on 'untouched markets' across North and South India, with plans to open 15-20 marketing offices, some with storage facilities.
Solar Glass Launch Timeline
Working on solar glass, with production expected to start shortly, though no exact date can be shared due to regulatory compliance.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue CAGR | FY25 Total Income INR 68 crores | Achievement of 35-45% revenue CAGR over the next three years, supported by capacity expansion and market penetration. |
| EBITDA Margin | 39.65% in FY25 | Sustaining or achieving the projected 30-35% EBITDA margin, considering potential impacts from raw material volatility and expansion costs. |
| Capacity Utilization | 40-45% (Unit 1), 50-55% (Unit 2) | Ramp-up towards optimal 70-75% utilization across all plants, indicating efficient use of new capacity. |
| Solar Glass Segment Contribution | Working on launch, no exact date | Timely launch and initial revenue contribution from the solar glass segment in FY26, validating diversification strategy. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 52nd percentile within Industrials. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Industrials: 52nd pctile, median 68 · SME: 70th pctile, median 64
Evidence depth
Financial-only
1 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 60.4%.
- ▸Promoter pledge is zero.
- ▸ROCE is 23%.
Trust risks
- ▸Operating cash flow is negative at ₹-8 Cr.
- ▸Promoter holding fell 3.6%.
- ▸ROCE trend is -4.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Agarwal Toughened Glass India Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Sep 2026 · Shareholders meeting 3 Sep - 17th AGM on 25 Sep 2026; annual report issued, auditor appointment and related party transactions proposed.
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.