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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹49 Cr | NDF | +6.5% |
| EBITDA | ₹14 Cr | +7.7% | +0.0% |
| Operating margin | 28.0% | -1200 bps | -400 bps |
| PAT | ₹9 Cr | NDF | -25.0% |
| PAT margin | 18.4% | -1496 bps | -772 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
55NeutralMACD −
Technical chart
AGARWALTUFdaily · 1Y · AUTO+49.2%Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 52.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 52 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 19% off 52W high · 74% 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.
Valuation & score drivers
U-Score 70 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 70 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 70.9%.
- Growth contributes 25/25 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 20/30; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 60.4%. Key concern: Operating cash flow is negative at ₹-8 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 52nd pctile, median 68 · SME: 70th pctile, median 64
1 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 11.50
- P/B
- 2.15
- EV/EBITDA
- 9.10
- Market Cap
- 248.00Cr
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
- 7.13
- Book Value
- 65.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -8.00 Cr
- EPS TTM
- 12.22
Shareholding
- Promoter Hold
- 60.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 65%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.