Asahi India Glass Ltd (ASAHIINDIA) Q2 FY27 Results Analysis: PAT Surges 196%, EBITDA Margin Expands 486 bps
Asahi India Glass Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,585.80 Cr (+37.75% YoY) and PAT growth of +195.81% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,585.80 Cr (+37.75% YoY) |
| PAT (Q2) | Rs. 167.28 Cr (+195.81% YoY) |
| EBITDA margin | 22.16% (+486 bps YoY) |
| EPS (Q2) | Rs. 6.56 (+195.50% YoY) |
Quarter Snapshot
Q2 FY27 delivered 37.75% revenue growth and 195.81% PAT growth, with EBITDA margin up 486 bps YoY to 22.16%. Float Glass is the emerging profit driver (+58.40% revenue, 22.56% margin vs 10.31% a year ago), aided by the Rs.34,000/MT MIP and the Soniyana F3 ramp-up, while the capex cycle completion is freeing cash flow. Watch items are the energy cost headwind (power & fuel +58.24% YoY) and the open DGTR CVD duty decision.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/demand | "Auto Glass revenue momentum at least sustaining Q1 FY27's +15.41%" on PV +30.7% | Auto gross revenue +30.80% YoY; consolidated revenue +37.75% | Played out |
| Float margin under MIP | "does the 21.47% Q1 margin hold" | 22.56% — held and improved | Played out |
| Soda ash | "steady cost tailwind, not a shock" | RM intensity flat at 26.14% of income | Played out |
| Gas/power | "rising energy cost — headwind" | Power & fuel +58.24% YoY, 15.97% of income — absorbed | Played out |
| Net margin sustainability | "whether the 11.47% standalone net margin holds" | 11.58% standalone; 10.55% consolidated | Played out |
| EBITDA–PAT divergence explanation | "roles of finance costs, depreciation, exceptionals" | Filing shows zero exceptionals; ETR normalised to 26.22% vs 17.54%; finance cost −24.92%; D&A +16.48% — no narrative given | Addressed by the numbers |
| Deleveraging pace | continue from Rs.2,058.67 Cr borrowings | Net debt Rs.1,852.81 Cr, D/E 0.512x — essentially flat | Partially |
| DGTR CVD duty notification; green-power % achieved | watch items | Not addressed in the filing — remains open for the call | Not observable |
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Management Guidance vs Delivery
| What management said | What happened | Verdict |
|---|---|---|
| Float investments (Soniyana/Roorkee) "expected to add to overall financial performance from next year" (FY27) | Float revenue +58.40% YoY, result margin 22.56% vs 10.31% — for the quarter | Confirmed |
| Transition "from capital expenditure to improving returns" | EBITDA margin 17.30%→22.16% YoY; finance cost −24.92%; FCF positive in H1 | Confirmed |
| MIP "cannot indefinitely withstand distorted competition" — pricing risk in float | Float margins strong under the new MIP; DGTR CVD final findings of 28 Sep 2026 not addressed in the filing | Too Early |
| Conditional 25–30% power unit-cost reduction | Power & fuel intensity up YoY (15.97% vs 13.82% of income) | Too Early |
Key Investment Insights
Key Positives
- Consolidated revenue grew 37.75% YoY to Rs.1,585.80 Cr, accelerating from ~15% growth in Q1 FY27
- EBITDA grew 76.42% YoY to Rs.351.42 Cr with margin up 486 bps YoY to 22.16%
- PAT attributable to owners grew 195.81% YoY to Rs.167.28 Cr; EPS rose to Rs.6.56 from Rs.2.22
- Float Glass revenue grew 58.40% YoY with segment margin of 22.56% vs 10.31% a year ago, confirming Soniyana F3 ramp-up contribution
- Automotive Glass revenue grew 30.80% YoY with segment result up 69.24%
- Finance costs fell 24.92% YoY to Rs.44.63 Cr as the capex cycle completes
- H1 FY27 FCF was positive at Rs.100.85 Cr (CFO Rs.298.30 Cr less capex Rs.197.45 Cr)
- Standalone net margin of 11.58% held above Q1's 11.47%
Risk Factors
- Power & fuel costs rose 58.24% YoY, rising 215 bps to 15.97% of income amid the September 2026 domestic gas price of US$9.00/MMBTU
- EBITDA margin declined 123 bps QoQ to 22.16% on revenue-mix effects
- Automotive Glass segment margin slipped 113 bps QoQ to 12.32% on the energy headwind
- Consolidated 'Others' (consumer glass) result fell 91.16% YoY to Rs.0.61 Cr
- Effective tax rate normalised to 26.22% vs 17.54% in Q2FY26, base-flattering the YoY PAT comparison
- Net debt rose Rs.39.45 Cr in H1 to Rs.1,852.81 Cr as capex ran ahead of FCF; CFO/EBITDA at 0.44x on working-capital absorption
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.