Agarwal Float Glass India Limited

Sector n/a · NSE

₹84.95+₹1.10 (+1.31%)

DalalBaazaar Score

44 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by moderate debt load, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:48 pm

Understanding the Business

The 60-second version of Agarwal Float Glass India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

How does it make money?

Turns over ₹65 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Some evidence

ROCE of 17.5% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +35% while net margin moved -56% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+35%

Margin effect-56%

DalalBaazaar Score

44/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

46/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

35/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

21.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 16.4% to 7.4% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 26.9% to 17.5% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 1 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 82% over 3 years, from ₹9 Cr to ₹16 Cr.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 4.0x to 2.6x.
🟡Profit is decliningFinancial
Net profit is down 41% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 4.6 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 10.2% to 5.6%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 4.5x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Returns on shareholder capital are falling
ROE has dropped from 16.4% to 7.4%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 8% a year✓ 10.5% CAGR
Latest reported year was -9.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 4%✓ 5.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 4.5x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ 2.6x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹3 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 6 neutral · 3 weak

Market Cap

₹62 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

7.4%

Weak

Weak capital efficiency

ROCE

17.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.82x

Moderate

Moderate leverage

Revenue Growth (YoY)

-9.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

-52.1%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Gross Margin

10.0%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

2.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.63

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

25.9 / 29.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹48 Cr	₹79 Cr	₹72 Cr	₹65 Cr	+10.5%
EBITDA	₹5 Cr	₹2 Cr	₹6 Cr	₹4 Cr	-9.5%
EBITDA Margin	10.2%	2.0%	7.9%	5.6%	—
PAT (Net Profit)	₹2 Cr	₹0 Cr	₹3 Cr	₹1 Cr	-16.1%
EPS	₹8.88	₹0.27	—	—	—
ROE	16.4%	1.3%	16.6%	7.4%	—
ROCE	26.9%	8.6%	28.7%	17.5%	—
Total Debt	₹9 Cr	₹13 Cr	₹17 Cr	₹16 Cr	+22.2%
Free Cash Flow	-₹5 Cr	-₹1 Cr	-₹3 Cr	₹3 Cr	—

🟢 Revenue has grown at 10.5% a year over 3 years.

🔴 EBITDA has shrunk at 9.5% a year over 3 years.

🔴 EBITDA Margin has fallen from 10.2% to 5.6% over 3 years (-4.6 pts).

🔴 PAT (Net Profit) has shrunk at 16.1% a year over 3 years.

🔴 ROE has fallen from 16.4% to 7.4% over 3 years (-9.0 pts).

🔴 ROCE has fallen from 26.9% to 17.5% over 3 years (-9.3 pts).

🔴 Total Debt has grown at 22.2% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹5 Cr to ₹3 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹42 Cr

Total Liabilities

₹22 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹3 Cr

Capex

-₹0 Cr

Recent News

6 general

Compare with

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Compare PHOTOQUIP(I) with

Equitymaster, 10 Oct

Agarwal Float Glass India Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 31 Aug

LISTING CEREMONY OF AGARWAL FLOAT GLASS INDIA LIMITED

NSE India, 23 Feb

Watch Items

Revenue growth is negative (-9.7%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingValuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑