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India's largest automotive glass maker, also producing architectural glass, in partnership with Japan's AGC.
India's largest automotive glass maker, also producing architectural glass, in partnership with Japan's AGC.
Sells windshields and other auto glass to carmakers for fitting on new vehicles, and replacement glass through its own fitment centres under the Glass Xpert name. Float glass for buildings is a separate, more cyclical line tied to construction. The Labroo family and Japan's AGC are the main promoters.
In one line: India's auto and architectural glass major, akin to a regional Vitro.
Moat: narrow (scale, customer qualification, process know-how). Dominant auto-glass OEM qualification with Maruti Suzuki and other automakers, technology from AGC Japan.
Headquarters: New Delhi, India · Founded: 1984 · Employees: 8,124
Size Asahi India Glass (ASAHIINDIA.NS) is an India Consumer Discretionary company (Home Furnishings) with a market value of $2.79B, the 304th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,034 on 6 Nov 2026.
Performance Over six months the shares gained 22.4%, against -12.6% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 19.8% over the last twelve months (peer median +0.4%); the operating margin is 16.0% (peer median 6.2%).
Valuation It trades at 58.8× forward earnings against a peer median of 16.8× (2nd most expensive of 16).
Capital Return on invested capital runs 0.8 points below its cost of capital (11.7% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹56.1B | ₹49.3B | ₹45.7B | ₹43.4B | ₹40.2B |
| Revenue growth | — | +8% | +5% | +8% | — |
| Gross profit | ₹23.7B | ₹14.2B | ₹12.5B | ₹11.7B | ₹12.4B |
| EBITDA | ₹12.1B | ₹9.10B | ₹7.58B | ₹7.33B | ₹8.18B |
| Net income | ₹5.48B | ₹3.45B | ₹3.71B | ₹3.28B | ₹3.65B |
| Free cash flow | n/a | -₹3.68B | -₹6.76B | -₹3.84B | -₹278M |
| Capital expenditure | n/a | ₹6.66B | ₹12.7B | ₹9.01B | ₹3.25B |
| Total debt | ₹22.8B | ₹22.0B | ₹27.0B | ₹19.7B | ₹14.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Asahi India Glass ASAHIINDIA.NS | $2.79B | +22% | +20% | 16% | 58.8× | n/a |
| Fuyao Glass Industry 600660.SS | $21.0B | -5% | +5% | 22% | 16.2× | -3.2% |
| Borosil Renewables BORORENEW.NS | $628M | -29% | +11% | 26% | n/a | 12.7% |
| Xinyi Glass 0868.HK | $4.79B | -19% | -12% | 13% | 11.4× | 6.8% |
| Nippon Sheet Glass 5202.T | n/a | +4% | n/a | n/a | n/a | n/a |
| Compagnie de Saint-Gobain SGO.PA | $40.7B | -3% | -2% | 10% | 12.1× | 5.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ASAHIINDIA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.0% | -0.1% | 7th highest of 21 |
| 6-month return | +22.4% | -12.6% | 4th highest of 21 |
| Distance from 52-week high | -3.7% | -34.0% | 2nd highest of 21 |
| Revenue growth (TTM) | +19.8% | +0.4% | 3rd highest of 21 |
| Operating margin | 16.0% | 6.2% | 4th highest of 21 |
| Forward P/E | 58.8× | 16.8× | 2nd most expensive of 16 |
| ROIC minus cost of capital | -0.8 pp | -2.0 pp | 9th highest of 21 |
| EV / EBITDA | 23.5× | 9.0× | most expensive of 10 |
| Net debt / EBITDA | 1.6× | 1.0× | 6th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Asahi India Glass ASAHIINDIA.NS | India | $2.79B | +22% | +20% | 16% | 58.8× | n/a | n/a |
| Oppein Home 603833.SS | China | $2.88B | -32% | -27% | 5% | 16.8× | 6.1% | +3.2% |
| LIXIL 5938.T | Japan | $3.07B | +4% | +2% | 2% | 38.8× | 17.3% | +1.9% |
| Nien Made Enterprise 8464.TW | Taiwan | $3.08B | +1% | +4% | 35% | 13.3× | -8.3% | +4.2% |
| Patrick Industries PATK | United States | $2.53B | -17% | +2% | 6% | 16.8× | 9.3% | +9.7% |
| Gansu Golden Solar 300093.SZ | China | $2.42B | -9% | -9% | -152% | n/a | n/a | n/a |
| Zhuzhou Kibing 601636.SS | China | $2.22B | -21% | -4% | -8% | n/a | n/a | n/a |
| Jason Furniture (Hangzhou) 603816.SS | China | $3.57B | -10% | +1% | 9% | 13.3× | -2.2% | +9.7% |
| Higold 001221.SZ | China | $2.05B | -40% | +17% | 21% | 17.4× | -3.4% | +33.2% |
| Arhaus ARHS | United States | $2.01B | +118% | +5% | 7% | 26.2× | 28.4% | +22.1% |
| MotoMotion China 301061.SZ | China | $1.96B | -4% | -2% | 26% | 18.5× | -5.1% | +20.7% |
| A-Zenith Home Furnishings 603389.SS | China | $1.91B | -17% | +275% | -5% | n/a | n/a | n/a |
| WG Tech (JiangXi) 603773.SS | China | $1.87B | -20% | +2% | -8% | 222.4× | n/a | n/a |
| Forbo FORN.SW | Switzerland | $1.51B | +23% | -1% | 8% | 16.7× | 0.2% | -0.6% |
| Hyundai G.f 005440.KS | South Korea | $1.44B | -21% | -1% | 4% | 4.8× | -1.0% | +20.1% |
| MasterBrand MBC | United States | $1.37B | -12% | 0% | -1% | n/a | 19.4% | +2.1% |
| Okamura 7994.T | Japan | $1.35B | -14% | +3% | 7% | 9.5× | -6.7% | +6.1% |
| Ziel Home Furnishing Technology 301376.SZ | China | $1.32B | +32% | +21% | 6% | 18.2× | -7.0% | +17.0% |
| La-Z-Boy LZB | United States | $1.27B | -11% | 0% | 7% | 12.7× | 4.2% | +4.2% |
| Man Wah 1999.HK | Hong Kong | $1.20B | -45% | -3% | 14% | 7.9× | -6.5% | 0.0% |
| CSG 000012.SZ | China | $1.17B | -13% | -12% | -5% | n/a | n/a | n/a |