Sejal Glass Ltd

Balance sheet correction

• Corrigendum to Standalone Balance Sheet as at Sep 30, 2026 submitted to exchanges; rectifies a clerical error.
• The line items Other Current Assets and Current Tax Assets (Net) were interchanged; corrected presentation provided.
• Correct amounts: Other Current Assets 263.36 Lakhs; Current Tax Assets (Net) 54.28 Lakhs.
• No impact on total assets, equity and liabilities, or key financials; underlying records unchanged.
• Corrigendum dated Oct 15, 2026; read with the earlier unaudited results.

Meeting Details

• Date and time: Monday, October 19, 2026 at 03:30 P.M. IST.
• Type and mode: Earnings call; virtual dial-in.
• Organiser: Kirin Advisors for Sejal Glass Q2 & H1 FY27 Earnings Call.
• Key company participants: Management speakers include Promoter and Chief Financial Officer.
• Purpose: Discuss operational and financial performance for Q2 and H1 FY27 ended Sept 30, 2026.

Board action & audit status

• Board approved unaudited standalone and consolidated Q2 FY27 results.
• Limited Review Report issued; auditors expressed no material misstatement.

Revenue mix

• Standalone Q2 net sales India 4,064.40; Outside India 63.98; total 4,128.33 lakhs.

Consolidated revenue

• Consolidated Q2 net sales 13,809.27 lakhs.

Profitability

• Standalone PAT 1,428.05 lakhs; Consolidated PAT 2,230.68 lakhs.

Balance sheet (standalone)

• Total assets 24,426.93 lakhs; equity 10,727.57 lakhs.

Balance sheet (consolidated)

• Total assets 51,938.95 lakhs; equity 17,341.28 lakhs.

Subsidiaries & associates

• Associate: Sejal Glass Ventures LLP; foreign subsidiary: Sejal Glass & Glass Manufacturing Products LLC.

TV interview scheduled

• TV interview with founder on NDTV Profit scheduled Oct 14, 2026 at 1:30 PM.

Sejal Glass Ltd: Trading window closed from Oct 01, 2026 for unaudited quarterly and half-year results ended Sep 30, 2026; the trading window shall be opened 48 (Forty-Eight) hours after the said results are declared and disseminated to the Stock Exchanges.

Target Company

• Target Company: Sejal Glass Limited.

Disclosing Party

• Disclosing Party: Dilesh Roadlines Private Limited (not promoter group).

Transaction Type

• Disposal of 1,00,000 equity shares via open market bulk deal.

Pre-Transaction Holding

• Pre-Transaction Holding: 1,00,000 shares, 0.8772%.

Transaction Details

• Details: 1,00,000 equity shares disposed; 0.8772%; instrument: equity; mode: open market bulk deal.

Post-Transaction Holding

• Post-Transaction Holding: 0 shares, 0%.

Date(s) of Transaction

• Date of Transaction: 16 September 2026.

Share Capital Context

• Before: 1,00,000 shares (0.8772%); After: 0 shares (0%).

Interview recording

• Founder Amrut Gada's interview recorded Aug 25, 2026 at UAE subsidiary premises; no UPSI discussed.

Financial Performance

• India revenue rose 67.03% YoY to INR36.43 crores.
• UAE revenue INR81.52 crores, up 47.31% YoY.
• Consolidated EBITDA rose over 44% YoY to INR18 crores.
• Consolidated PAT grew over 63% YoY to INR7.22 crores.
• FY27 EBITDA margin to improve by around 1%.
• FY27 PAT margin targeted at nearly 9%.
• India order book around INR50 crores; UAE order book around AED70 million.

Operating Update

• UAE order book rose to about AED72 million; inflow of AED22-27 million.
• India orders exceeding INR50 crores secured; execution over next 6 months.
• Capacity utilization: Silvassa 77%, Taloja 55%, Erode 15%, UAE 71%.
• Third tempering line capex in UAE: AED15 million; commercial production in Q3.
• Total UAE tempering capacity about 24 lakh sq mtr per annum.
• Third line initial utilization 15-20%; existing lines to reach 75% by year-end.
• Capex funding: internal accruals; potential AED7 million long-term debt.
• Exports: UAE capacity ~90%; utilization ~95%; India exports to Cyprus/Israel; Africa being pursued.
• Working capital days: India 98, UAE 85.
• Debt: India total ~INR52 crores; working capital INR14 crores; term loan INR38 crores.
• Cash reserve minimal due to working-capital usage.
• Taxes: India no income tax due to carry-forward losses; UAE 9% corporate tax.

Capex and Projects

• UAE capex AED15 million covers third tempering line and fire-rated tech.
• Post-expansion capacity uplift to around INR75 crores revenue potential.
• India capex is modest, typically under INR1 crore.

Guidance and Outlook

• FY27 minimum revenue growth 25% with upside to 40%.
• FY27 PAT margin target around 9%.
• Q3 and Q4 expected efficiency gains; EBITDA/margins improve.
• FY28 YoY growth at least 25%; exact numbers not disclosed.

Q&A Highlights

• Railway and fire-safety verticals: current revenue ~1%; target 10% next year.
• Capex to be funded by internal accruals and modest debt.
• Architectural glass core; competition from multinationals unlikely in this niche.
• Export market diversification: UAE 90-95% capacity; Africa expansion planned.
• Existing lines to reach ~75% utilization by year-end; third line 15-20% initially.
• Top-15 clients contribute over 70% of India revenue; total ~200 regular clients.

Balance Sheet and Liquidity

• Debt in India ~INR52 crores; working-capital INR14 crores; term loan INR38 crores.
• Cash reserves minimal due to working-capital usage.
• India/UAE working-capital days: 98 and 85 respectively.
• Tax: India carry-forward losses negate current income tax; UAE 9% corporate tax.