Saint-Gobain Sekurit India Limited

Consumer Cyclical — Auto Parts · NSE

₹110.00−₹0.78 (−0.70%)

DalalBaazaar Score

77 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

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

In simple words: Strong business and financial position, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

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

What does this company do?

Saint-Gobain Sekurit India Limited manufactures and sells laminated and tempered automotive glass in India. It also serves original equipment manufacturers, including 3-wheelers, and passenger and commercial vehicles, as well as replacement markets.

IndustryAuto Parts

SectorConsumer Cyclical

Employees94

Annual revenue₹237 Cr

How does it make money?

Turns over ₹237 Cr a year. Of every ₹100 of sales, about ₹19 reaches shareholders as profit, with ₹22 left at the operating level before interest, tax and depreciation. Each of its 94 employees supports ₹2.52 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.52 Cr

Who are its competitors?

The closest listed comparisons in its industry are BOSCH LIMITED, MARUTI SUZUKI INDIA LTD., TVS MOTOR COMPANY LTD, EICHER MOTORS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 24.1%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 18.8% against a peer median of 23.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE23.0%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +29% while net margin moved +23% 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+29%

Margin effect+23%

DalalBaazaar Score

77/ 100

Good

Weighted across six categories. Every point is explained below.

• P/E of 22.5x is within a normal band

Quality vs. Valuation

Company Quality

82/ 100

Excellent

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

Valuation

64/ 100

Fair

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.

Historical Valuation

Current P/E

22.5x

Sector Median

45.7x

median of 4 sector peers

🟢Against its sector it trades 51% below the peer median of 45.7x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

45.7x median of 4 peers · -51%

vs. generic bands

Fair

15x–35x

EV/EBITDA

18.9x

PEG

1.36

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 19.4% to 22.4% over 3 years.
Debt is being paid down
Total debt is down 78% over 3 years.
Return on capital is rising
ROCE has improved from 21.2% to 24.1%.
High return on capital employed
ROCE of 24.1% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Inventory building faster than salesFinancial
Inventory up 90% against revenue up 29% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 24.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 19.4% to 22.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 78% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 51% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

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

1EBITDA margin holds above 20%✓ 22.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 7% a year✓ 8.8% CAGR
Latest reported year was 10.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹30 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 21%✓ 24.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 10 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
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹1,002 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

22.5x

Fair

Fairly valued against the generic band

P/B Ratio

4.12x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹4.88

Profitable

Profitable on a per-share basis

ROE

18.8%

Strong

Strong capital efficiency

ROCE

24.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.53x

Low

Conservative leverage

Revenue Growth (YoY)

10.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-12.7%

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

₹30 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

15.1%

Good

Healthy core-business profitability

Net Margin

17.8%

Good

Strong bottom-line conversion

Current Ratio

6.32

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.14

Defensive

Steadier than the market

52W Range Position

25%

Mid-range

Technical Snapshot

RSI (14)

46.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹184 Cr	₹198 Cr	₹202 Cr	₹237 Cr	+8.8%
EBITDA	₹36 Cr	₹37 Cr	₹42 Cr	₹53 Cr	+14.0%
EBITDA Margin	19.4%	18.8%	20.6%	22.4%	—
PAT (Net Profit)	₹29 Cr	₹31 Cr	₹36 Cr	₹46 Cr	+16.6%
EPS	₹3.17	₹3.43	₹3.95	₹5.03	+16.6%
ROE	16.0%	15.7%	16.7%	18.8%	—
ROCE	21.2%	21.2%	21.6%	24.1%	—
Total Debt	₹6 Cr	₹1 Cr	₹0 Cr	₹1 Cr	-40.0%
Free Cash Flow	₹32 Cr	₹27 Cr	₹23 Cr	₹30 Cr	-1.5%

🟢 Revenue has grown at 8.8% a year over 3 years.

🟢 EBITDA has grown at 14.0% a year over 3 years.

🟢 EBITDA Margin has risen from 19.4% to 22.4% over 3 years (+2.9 pts).

🟢 PAT (Net Profit) has grown at 16.6% a year over 3 years.

🟢 EPS has grown at 16.6% a year over 3 years.

🟢 ROE has risen from 16.0% to 18.8% over 3 years (+2.9 pts).

🟢 ROCE has risen from 21.2% to 24.1% over 3 years (+2.9 pts).

🟢 Total Debt has shrunk at 40.0% a year over 3 years.

🟡 Free Cash Flow has been broadly flat over 3 years (-1.5% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹291 Cr

Total Liabilities

₹48 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹33 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

75.0%

Peer Comparison

Company	P/E	ROE
BOSCH LIMITED	56.9x	15.9%
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TVS MOTOR COMPANY LTD	56.8x	35.8%
EICHER MOTORS LTD	34.7x	23.0%

Recent News

2 mixed4 general

Saint-Gobain Sekurit India Ltd Valuation Shifts Signal Price Attractiveness Concerns

MarketsMojo, 18 Oct

Saint-Gobain Sekurit India Limited (SEKURITIND) Company Information

Simply Wall Street, 30 Aug

Saint-Gobain Sekurit closes trading window ahead of Q1FY27 results

scanx.trade, 16 JunResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Saint-Gobain Sekurit India Share Price Falls 0.04% After Q1 Results

Univest, 31 JulPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Top 56 Auto Ancillary Stocks In India For October 2026

Samco, 08 Oct

Saint-Gobain Sekurit India Ltd. Share Price Live Today

CNBC TV18, 03 Jan

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

MiddlingValuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑