# Glass & Glass Products — company-by-company sector analysis

> Glass & Glass Products: Asahi India Glass Ltd owns the largest revenue base; Sejal Glass Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Glass & Glass Products has outperformed NIFTY 500 by 24.1% over 52 weeks and 16.6% over 13 weeks. 5 of 6 covered companies beat NIFTY on Mansfield relative strength, while 3 of 6 beat the sector itself. Asahi India Glass Ltd leads with revenue of ₹4,990 crore, based on 6 of 6 comparable companies through Mar 2026.

### Is the Glass & Glass Products sector outperforming NIFTY 500?

Glass & Glass Products has outperformed NIFTY 500 by 24.1% over 52 weeks and 16.6% over 13 weeks. 5 of 6 covered companies beat NIFTY on Mansfield relative strength, while 3 of 6 beat the sector itself.

### Which Glass & Glass Products company is largest by revenue?

Asahi India Glass Ltd leads with revenue of ₹4,990 crore, based on 6 of 6 comparable companies through Mar 2026.

### Which Glass & Glass Products company is growing fastest?

Sejal Glass Ltd has the fastest current revenue growth at 62%, across 6 of 6 comparable companies.

### Which Glass & Glass Products company has the strongest 4-Factor Sector Score?

Saint-Gobain Sekurit India Ltd ranks first at 71.4/100 with 79% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Glass & Glass Products company reports the most CAPEX?

Borosil Scientific Ltd reports the largest latest CAPEX at ₹7 crore, with 1 of 6 companies comparable.

### Which Glass & Glass Products company has the least gross debt?

Saint-Gobain Sekurit India Ltd has the lowest comparable gross debt at ₹1 crore. Asahi India Glass Ltd has the highest at ₹2,198 crore.

### Which Glass & Glass Products company has the lowest comparable PEG?

Asahi India Glass Ltd has the lowest comparable Guarded PEG at 8.68, among 1 of 6 companies that pass the metric’s comparability rules.

### How much history does this Glass & Glass Products comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Glass & Glass Products has outperformed NIFTY 500 by 24.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 16.6%. 5 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Asahi India Glass Ltd is the strongest against the sector itself at +16.3%.

13-week sector return versus NIFTY 500: 17%
52-week sector return versus NIFTY 500: 24%
Stocks leading NIFTY: 5/6
Stocks leading sector: 3/6

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 6
Combined market value: ₹34.8K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Saint-Gobain Sekurit India Ltd (515043): 71/100 — Favorable setup; evidence 79%
   - Growth & earnings 21.5/35 | Capital efficiency 20.1/25 | Valuation 12.2/20 | Relative strength 17.6/20
   - Exact sum: 21.5 + 20.1 + 12.2 + 17.6 = 71.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Empire Industries Ltd (509525): 61/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 23.3/35 | Capital efficiency 13.5/25 | Valuation 14.0/20 | Relative strength 10.5/20
   - Exact sum: 23.3 + 13.5 + 14 + 10.5 = 61.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Borosil Renewables Ltd (BORORENEW): 60/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 24.2/35 | Capital efficiency 18.0/25 | Valuation 10.9/20 | Relative strength 6.7/20
   - Exact sum: 24.2 + 18 + 10.9 + 6.7 = 59.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -13.4% and the one-year return is -0.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Borosil Scientific Ltd (BOROSCI): 53/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 18.7/35 | Capital efficiency 15.4/25 | Valuation 9.1/20 | Relative strength 9.7/20
   - Exact sum: 18.7 + 15.4 + 9.1 + 9.7 = 52.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Sejal Glass Ltd (SEJALLTD): 51/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 21.1/35 | Capital efficiency 12.5/25 | Valuation 12.8/20 | Relative strength 4.2/20
   - Exact sum: 21.1 + 12.5 + 12.8 + 4.2 = 50.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Asahi India Glass Ltd (ASAHIINDIA): 36/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 11.3/35 | Capital efficiency 10.2/25 | Valuation 1.3/20 | Relative strength 12.8/20
   - Exact sum: 11.3 + 10.2 + 1.3 + 12.8 = 35.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Asahi India Glass Ltd is the scale leader at ₹4,990 crore, 209% ahead of Borosil Renewables Ltd. Sejal Glass Ltd's growth is 62% from a ₹397 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Asahi India Glass Ltd is the scale benchmark; Sejal Glass Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Asahi India Glass Ltd's growth falls below Sejal Glass Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Asahi India Glass Ltd · ₹4,990 crore | 209% versus #2 · Borosil Renewables Ltd | 7/8 recent comparable periods | 6/6 companies · 88 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Asahi India Glass Ltd (ASAHIINDIA): ₹5.0K Cr
2. Borosil Renewables Ltd (BORORENEW): ₹1.6K Cr
3. Empire Industries Ltd (509525): ₹731 Cr
4. Borosil Scientific Ltd (BOROSCI): ₹467 Cr
5. Sejal Glass Ltd (SEJALLTD): ₹397 Cr

### Revenue growth — fastest growers
1. Sejal Glass Ltd (SEJALLTD): 62%
2. Saint-Gobain Sekurit India Ltd (515043): 16%
3. Borosil Renewables Ltd (BORORENEW): 11%
4. Asahi India Glass Ltd (ASAHIINDIA): 8.6%
5. Empire Industries Ltd (509525): 8.0%

### 20-quarter Revenue history
- 509525: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹172 Cr | Mar 2023 ₹178 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹154 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹163 Cr | Dec 2024 ₹176 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹189 Cr | Mar 2026 ₹195 Cr | Jun 2026 —
- 515043: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹47 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹66 Cr | Jun 2026 —
- ASAHIINDIA: Sep 2021 ₹797 Cr | Dec 2021 ₹829 Cr | Mar 2022 ₹941 Cr | Jun 2022 ₹923 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- BORORENEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹246 Cr | Mar 2023 ₹309 Cr | Jun 2023 ₹354 Cr | Sep 2023 ₹402 Cr | Dec 2023 ₹330 Cr | Mar 2024 ₹283 Cr | Jun 2024 ₹371 Cr | Sep 2024 ₹373 Cr | Dec 2024 ₹361 Cr | Mar 2025 ₹374 Cr | Jun 2025 ₹347 Cr | Sep 2025 ₹379 Cr | Dec 2025 ₹390 Cr | Mar 2026 ₹440 Cr | Jun 2026 ₹406 Cr
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹88 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹104 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹143 Cr | Jun 2026 —
- SEJALLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹115 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 509525: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -11% | Mar 2024 -15% | Jun 2024 2.7% | Sep 2024 5.8% | Dec 2024 15% | Mar 2025 22% | Jun 2025 9.9% | Sep 2025 10% | Dec 2025 7.4% | Mar 2026 4.8% | Jun 2026 —
- 515043: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 -2.1% | Jun 2024 4.2% | Sep 2024 -3.7% | Dec 2024 1.9% | Mar 2025 17% | Jun 2025 10% | Sep 2025 15% | Dec 2025 17% | Mar 2026 22% | Jun 2026 —
- ASAHIINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 27% | Dec 2022 22% | Mar 2023 14% | Jun 2023 18% | Sep 2023 10% | Dec 2023 3.4% | Mar 2024 3.1% | Jun 2024 4.0% | Sep 2024 3.4% | Dec 2024 7.7% | Mar 2025 6.8% | Jun 2025 8.5% | Sep 2025 -0.6% | Dec 2025 12% | Mar 2026 15% | Jun 2026 —
- BORORENEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 34% | Mar 2024 -8.4% | Jun 2024 4.8% | Sep 2024 -7.2% | Dec 2024 9.4% | Mar 2025 32% | Jun 2025 -6.5% | Sep 2025 1.6% | Dec 2025 8.0% | Mar 2026 18% | Jun 2026 17%
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 18% | Sep 2024 12% | Dec 2024 1.0% | Mar 2025 11% | Jun 2025 -7.7% | Sep 2025 3.9% | Dec 2025 20% | Mar 2026 11% | Jun 2026 —
- SEJALLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 303% | Mar 2024 317% | Jun 2024 96% | Sep 2024 55% | Dec 2024 32% | Mar 2025 36% | Jun 2025 45% | Sep 2025 68% | Dec 2025 63% | Mar 2026 69% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Borosil Renewables Ltd leads both opm at 31% and margin change at +13 percentage points.

Investor read: Borosil Renewables Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Borosil Renewables Ltd · 31% | 40.9% versus #2 · Borosil Scientific Ltd | 6/8 recent comparable periods | 6/6 companies · 104 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Borosil Renewables Ltd (BORORENEW): 31%
2. Borosil Scientific Ltd (BOROSCI): 22%
3. Saint-Gobain Sekurit India Ltd (515043): 21%
4. Asahi India Glass Ltd (ASAHIINDIA): 21%
5. Empire Industries Ltd (509525): 17%

### Margin change — fastest expanders
1. Borosil Renewables Ltd (BORORENEW): +13.0 pp
2. Borosil Scientific Ltd (BOROSCI): +9.0 pp
3. Empire Industries Ltd (509525): +8.0 pp
4. Asahi India Glass Ltd (ASAHIINDIA): +4.0 pp
5. Saint-Gobain Sekurit India Ltd (515043): +2.0 pp

### 20-quarter OPM history
- 509525: Sep 2021 11% | Dec 2021 9.2% | Mar 2022 13% | Jun 2022 11% | Sep 2022 11% | Dec 2022 9.0% | Mar 2023 15% | Jun 2023 11% | Sep 2023 12% | Dec 2023 5.0% | Mar 2024 15% | Jun 2024 11% | Sep 2024 12% | Dec 2024 10% | Mar 2025 9.0% | Jun 2025 9.0% | Sep 2025 12% | Dec 2025 9.0% | Mar 2026 17% | Jun 2026 —
- 515043: Sep 2021 20% | Dec 2021 29% | Mar 2022 20% | Jun 2022 20% | Sep 2022 17% | Dec 2022 19% | Mar 2023 20% | Jun 2023 17% | Sep 2023 19% | Dec 2023 18% | Mar 2024 19% | Jun 2024 17% | Sep 2024 17% | Dec 2024 22% | Mar 2025 19% | Jun 2025 21% | Sep 2025 21% | Dec 2025 21% | Mar 2026 21% | Jun 2026 —
- ASAHIINDIA: Sep 2021 23% | Dec 2021 26% | Mar 2022 26% | Jun 2022 24% | Sep 2022 21% | Dec 2022 19% | Mar 2023 16% | Jun 2023 19% | Sep 2023 17% | Dec 2023 16% | Mar 2024 16% | Jun 2024 16% | Sep 2024 18% | Dec 2024 16% | Mar 2025 17% | Jun 2025 16% | Sep 2025 16% | Dec 2025 20% | Mar 2026 21% | Jun 2026 —
- BORORENEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 25% | Dec 2022 8.0% | Mar 2023 11% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 6.0% | Mar 2024 -9.0% | Jun 2024 6.0% | Sep 2024 8.0% | Dec 2024 -3.0% | Mar 2025 4.0% | Jun 2025 18% | Sep 2025 31% | Dec 2025 31% | Mar 2026 31% | Jun 2026 31%
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 21% | Jun 2023 7.0% | Sep 2023 10% | Dec 2023 12% | Mar 2024 16% | Jun 2024 9.0% | Sep 2024 15% | Dec 2024 10% | Mar 2025 13% | Jun 2025 5.0% | Sep 2025 8.0% | Dec 2025 14% | Mar 2026 22% | Jun 2026 —
- SEJALLTD: Sep 2021 -9.0% | Dec 2021 -8.3% | Mar 2022 — | Jun 2022 — | Sep 2022 5.4% | Dec 2022 9.3% | Mar 2023 0.0% | Jun 2023 9.0% | Sep 2023 14% | Dec 2023 13% | Mar 2024 11% | Jun 2024 13% | Sep 2024 14% | Dec 2024 15% | Mar 2025 14% | Jun 2025 15% | Sep 2025 16% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —

### 20-quarter Margin change history
- 509525: Sep 2021 −3.5 pp | Dec 2021 +3.2 pp | Mar 2022 +11.8 pp | Jun 2022 +2.3 pp | Sep 2022 −0.3 pp | Dec 2022 −0.2 pp | Mar 2023 +1.9 pp | Jun 2023 +0.0 pp | Sep 2023 +1.4 pp | Dec 2023 −4.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +5.0 pp | Mar 2025 −6.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 +8.0 pp | Jun 2026 —
- 515043: Sep 2021 +6.1 pp | Dec 2021 +6.8 pp | Mar 2022 −4.1 pp | Jun 2022 +0.7 pp | Sep 2022 −2.9 pp | Dec 2022 −10.1 pp | Mar 2023 −0.3 pp | Jun 2023 −2.7 pp | Sep 2023 +2.2 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.0 pp | Dec 2024 +4.0 pp | Mar 2025 0.0 pp | Jun 2025 +4.0 pp | Sep 2025 +4.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- ASAHIINDIA: Sep 2021 +4.3 pp | Dec 2021 +2.8 pp | Mar 2022 +3.4 pp | Jun 2022 +4.4 pp | Sep 2022 −2.2 pp | Dec 2022 −7.0 pp | Mar 2023 −9.7 pp | Jun 2023 −5.0 pp | Sep 2023 −4.2 pp | Dec 2023 −3.0 pp | Mar 2024 0.0 pp | Jun 2024 −3.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 +4.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- BORORENEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −21.3 pp | Sep 2023 −16.8 pp | Dec 2023 −2.0 pp | Mar 2024 −20.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 −9.0 pp | Mar 2025 +13.0 pp | Jun 2025 +12.0 pp | Sep 2025 +23.0 pp | Dec 2025 +34.0 pp | Mar 2026 +27.0 pp | Jun 2026 +13.0 pp
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −5.2 pp | Jun 2024 +2.0 pp | Sep 2024 +5.0 pp | Dec 2024 −2.0 pp | Mar 2025 −3.0 pp | Jun 2025 −4.0 pp | Sep 2025 −7.0 pp | Dec 2025 +4.0 pp | Mar 2026 +9.0 pp | Jun 2026 —
- SEJALLTD: Sep 2021 +186.1 pp | Dec 2021 +104.5 pp | Mar 2022 — | Jun 2022 — | Sep 2022 +14.4 pp | Dec 2022 +17.6 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +8.6 pp | Dec 2023 +3.7 pp | Mar 2024 +11.0 pp | Jun 2024 +4.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.0 pp | Mar 2025 +3.0 pp | Jun 2025 +2.0 pp | Sep 2025 +2.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Borosil Renewables Ltd leads with ₹418 crore of TTM profit, 21.2% above Asahi India Glass Ltd. Sejal Glass Ltd shows ≥100% on the scoring scale (180% uncapped) growth from a ₹28 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Borosil Renewables Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Borosil Renewables Ltd · ₹418 crore | 21.2% versus #2 · Asahi India Glass Ltd | 0/3 recent comparable periods | 6/6 companies · 88 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Borosil Renewables Ltd (BORORENEW): ₹418 Cr
2. Asahi India Glass Ltd (ASAHIINDIA): ₹345 Cr
3. Empire Industries Ltd (509525): ₹52 Cr
4. Saint-Gobain Sekurit India Ltd (515043): ₹46 Cr
5. Borosil Scientific Ltd (BOROSCI): ₹35 Cr

### Profit growth — fastest growers
1. Sejal Glass Ltd (SEJALLTD): 100%
2. Empire Industries Ltd (509525): 49%
3. Borosil Scientific Ltd (BOROSCI): 30%
4. Saint-Gobain Sekurit India Ltd (515043): 28%
5. Asahi India Glass Ltd (ASAHIINDIA): -6.5%

### 20-quarter Net profit history
- 509525: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- 515043: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- ASAHIINDIA: Sep 2021 ₹81 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹128 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹105 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- BORORENEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-53 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-30 Cr | Mar 2025 ₹-30 Cr | Jun 2025 ₹-203 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹169 Cr | Jun 2026 ₹87 Cr
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- SEJALLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹11 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 509525: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 25% | Mar 2024 -7.1% | Jun 2024 67% | Sep 2024 25% | Dec 2024 10% | Mar 2025 -69% | Jun 2025 0.0% | Sep 2025 20% | Dec 2025 0.0% | Mar 2026 375% | Jun 2026 —
- 515043: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 -13% | Jun 2024 14% | Sep 2024 -11% | Dec 2024 25% | Mar 2025 43% | Jun 2025 38% | Sep 2025 38% | Dec 2025 10% | Mar 2026 30% | Jun 2026 —
- ASAHIINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 206% | Sep 2022 30% | Dec 2022 -17% | Mar 2023 -47% | Jun 2023 -3.7% | Sep 2023 -18% | Dec 2023 -24% | Mar 2024 7.4% | Jun 2024 -25% | Sep 2024 10% | Dec 2024 67% | Mar 2025 26% | Jun 2025 -29% | Sep 2025 -39% | Dec 2025 -5.7% | Mar 2026 45% | Jun 2026 —
- BORORENEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -367% | Mar 2024 -630% | Jun 2024 — | Sep 2024 -143% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 67% | Sep 2024 80% | Dec 2024 -33% | Mar 2025 0.0% | Jun 2025 -180% | Sep 2025 -67% | Dec 2025 125% | Mar 2026 200% | Jun 2026 —
- SEJALLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 156% | Mar 2024 -100% | Jun 2024 — | Sep 2024 100% | Dec 2024 200% | Mar 2025 — | Jun 2025 300% | Sep 2025 300% | Dec 2025 67% | Mar 2026 175% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Borosil Scientific Ltd leads capex at ₹7 crore; the second comparison lacks enough current evidence.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Borosil Scientific Ltd · ₹7 crore | Not enough peers | Not enough history | 1/6 companies · 7 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Borosil Scientific Ltd (BOROSCI): ₹7 Cr

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history
- BOROSCI: Sep 2021 ₹2 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Borosil Scientific Ltd has the clearest covered balance-sheet capacity with ₹127 crore net cash and gross debt of ₹9 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Saint-Gobain Sekurit India Ltd · ₹1 crore | 88.9% versus #2 · Borosil Scientific Ltd | Not enough history | 6/6 companies · 69 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Saint-Gobain Sekurit India Ltd (515043): ₹1 Cr
2. Borosil Scientific Ltd (BOROSCI): ₹9 Cr
3. Borosil Renewables Ltd (BORORENEW): ₹162 Cr
4. Empire Industries Ltd (509525): ₹172 Cr
5. Sejal Glass Ltd (SEJALLTD): ₹202 Cr

### Net debt — lowest net debt
1. Borosil Scientific Ltd (BOROSCI): ₹-127 Cr
2. Sejal Glass Ltd (SEJALLTD): ₹187 Cr
3. Asahi India Glass Ltd (ASAHIINDIA): ₹2.0K Cr

### 20-quarter Gross debt history
- 509525: Sep 2021 — | Dec 2021 — | Mar 2022 ₹232 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹183 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹168 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹150 Cr | Jun 2025 — | Sep 2025 ₹182 Cr | Dec 2025 — | Mar 2026 ₹172 Cr | Jun 2026 —
- 515043: Sep 2021 — | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 —
- ASAHIINDIA: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- BORORENEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹421 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹576 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹252 Cr | Jun 2025 — | Sep 2025 ₹203 Cr | Dec 2025 — | Mar 2026 ₹162 Cr | Jun 2026 —
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹46 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹18 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- SEJALLTD: Sep 2021 ₹30 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹117 Cr | Mar 2024 ₹162 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹227 Cr | Mar 2026 ₹202 Cr | Jun 2026 —

### 20-quarter Net debt history
- ASAHIINDIA: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-5 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹13 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-105 Cr | Jun 2025 ₹-105 Cr | Sep 2025 ₹-107 Cr | Dec 2025 ₹-107 Cr | Mar 2026 ₹-127 Cr | Jun 2026 —
- SEJALLTD: Sep 2021 ₹29 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹159 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹176 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹219 Cr | Dec 2025 ₹219 Cr | Mar 2026 ₹187 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Borosil Renewables Ltd leads ROCE at 25.3%, 1.3 percentage points above Saint-Gobain Sekurit India Ltd. Borosil Renewables Ltd has the strongest latest improvement at +29 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Borosil Renewables Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Borosil Renewables Ltd · 25.3% | 5.4% versus #2 · Saint-Gobain Sekurit India Ltd | Not enough history | 6/6 companies · 45 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Borosil Renewables Ltd (BORORENEW): 25%
2. Saint-Gobain Sekurit India Ltd (515043): 24%
3. Sejal Glass Ltd (SEJALLTD): 19%
4. Empire Industries Ltd (509525): 18%
5. Borosil Scientific Ltd (BOROSCI): 12%

### ROCE change — fastest improvers
1. Borosil Renewables Ltd (BORORENEW): +29.0 pp
2. Empire Industries Ltd (509525): +4.0 pp
3. Saint-Gobain Sekurit India Ltd (515043): +4.0 pp
4. Borosil Scientific Ltd (BOROSCI): +1.3 pp
5. Sejal Glass Ltd (SEJALLTD): −0.6 pp

### 20-quarter ROCE history
- ASAHIINDIA: Sep 2021 20% | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 19% | Dec 2023 19% | Mar 2024 14% | Jun 2024 16% | Sep 2024 12% | Dec 2024 16% | Mar 2025 12% | Jun 2025 15% | Sep 2025 8.6% | Dec 2025 12% | Mar 2026 10% | Jun 2026 —
- BOROSCI: Sep 2021 — | Dec 2021 9.0% | Mar 2022 12% | Jun 2022 8.9% | Sep 2022 6.5% | Dec 2022 3.2% | Mar 2023 1.8% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.7% | Jun 2024 15% | Sep 2024 9.5% | Dec 2024 16% | Mar 2025 8.1% | Jun 2025 7.1% | Sep 2025 5.0% | Dec 2025 6.8% | Mar 2026 9.4% | Jun 2026 —
- SEJALLTD: Sep 2021 43% | Dec 2021 — | Mar 2022 -23% | Jun 2022 — | Sep 2022 6.5% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 5.3% | Dec 2023 14% | Mar 2024 9.1% | Jun 2024 20% | Sep 2024 12% | Dec 2024 15% | Mar 2025 15% | Jun 2025 19% | Sep 2025 14% | Dec 2025 21% | Mar 2026 14% | Jun 2026 —

### 20-quarter ROCE change history
- ASAHIINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.0 pp | Dec 2022 — | Mar 2023 −0.4 pp | Jun 2023 — | Sep 2023 −7.4 pp | Dec 2023 — | Mar 2024 −7.7 pp | Jun 2024 — | Sep 2024 −6.3 pp | Dec 2024 −3.0 pp | Mar 2025 −2.6 pp | Jun 2025 −1.4 pp | Sep 2025 −3.7 pp | Dec 2025 −4.7 pp | Mar 2026 −1.4 pp | Jun 2026 —
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −5.8 pp | Mar 2023 −9.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +5.9 pp | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +0.4 pp | Jun 2025 −7.7 pp | Sep 2025 −4.5 pp | Dec 2025 −8.7 pp | Mar 2026 +1.3 pp | Jun 2026 —
- SEJALLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −36.7 pp | Dec 2022 — | Mar 2023 +36.0 pp | Jun 2023 — | Sep 2023 −1.2 pp | Dec 2023 — | Mar 2024 −4.1 pp | Jun 2024 — | Sep 2024 +6.8 pp | Dec 2024 +1.2 pp | Mar 2025 +5.7 pp | Jun 2025 −0.4 pp | Sep 2025 +2.1 pp | Dec 2025 +6.1 pp | Mar 2026 −0.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Asahi India Glass Ltd has the lowest comparable Guarded PEG at 8.68×. Only 1 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Asahi India Glass Ltd · 8.68× | Not enough peers | 0/8 recent comparable periods | 1/6 companies · 6 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Asahi India Glass Ltd (ASAHIINDIA): 8.7

### P/E — lowest P/E
1. Empire Industries Ltd (509525): 11.8
2. Borosil Renewables Ltd (BORORENEW): 22.0
3. Sejal Glass Ltd (SEJALLTD): 29.2
4. Saint-Gobain Sekurit India Ltd (515043): 29.4
5. Borosil Scientific Ltd (BOROSCI): 33.6

### 20-quarter Guarded PEG history
- ASAHIINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 0.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.6 | Sep 2023 — | Dec 2023 — | Mar 2024 5.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.8 | Jun 2025 8.6 | Sep 2025 8.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 509525: Sep 2021 33.3 | Dec 2021 34.5 | Mar 2022 25.0 | Jun 2022 16.4 | Sep 2022 15.4 | Dec 2022 13.2 | Mar 2023 10.4 | Jun 2023 11.6 | Sep 2023 18.1 | Dec 2023 15.6 | Mar 2024 14.1 | Jun 2024 16.2 | Sep 2024 15.7 | Dec 2024 18.1 | Mar 2025 14.7 | Jun 2025 19.2 | Sep 2025 18.7 | Dec 2025 15.4 | Mar 2026 13.7 | Jun 2026 —
- 515043: Sep 2021 31.2 | Dec 2021 40.3 | Mar 2022 29.0 | Jun 2022 26.4 | Sep 2022 30.4 | Dec 2022 32.6 | Mar 2023 27.7 | Jun 2023 33.7 | Sep 2023 35.8 | Dec 2023 38.3 | Mar 2024 35.9 | Jun 2024 38.5 | Sep 2024 38.1 | Dec 2024 38.0 | Mar 2025 28.3 | Jun 2025 28.4 | Sep 2025 27.2 | Dec 2025 23.3 | Mar 2026 18.9 | Jun 2026 —
- ASAHIINDIA: Sep 2021 37.7 | Dec 2021 42.6 | Mar 2022 33.0 | Jun 2022 37.9 | Sep 2022 37.1 | Dec 2022 28.9 | Mar 2023 25.9 | Jun 2023 32.5 | Sep 2023 42.2 | Dec 2023 40.8 | Mar 2024 40.4 | Jun 2024 49.7 | Sep 2024 61.2 | Dec 2024 58.5 | Mar 2025 44.5 | Jun 2025 51.3 | Sep 2025 67.7 | Dec 2025 85.2 | Mar 2026 64.9 | Jun 2026 —
- BORORENEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 112.4 | Sep 2022 100.3 | Dec 2022 87.8 | Mar 2023 71.0 | Jun 2023 94.8 | Sep 2023 179.4 | Dec 2023 174.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 56.7 | Jun 2026 26.4
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 80.7 | Sep 2024 73.5 | Dec 2024 51.3 | Mar 2025 39.5 | Jun 2025 54.6 | Sep 2025 49.1 | Dec 2025 57.9 | Mar 2026 37.7 | Jun 2026 —
- SEJALLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -122.5 | Sep 2022 — | Dec 2022 -402.2 | Mar 2023 30.7 | Jun 2023 32.2 | Sep 2023 26.9 | Dec 2023 26.3 | Mar 2024 38.3 | Jun 2024 112.7 | Sep 2024 108.5 | Dec 2024 121.7 | Mar 2025 47.3 | Jun 2025 45.4 | Sep 2025 51.5 | Dec 2025 45.0 | Mar 2026 21.9 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Empire Industries Ltd leads both ev/ebitda at 6.5× and p/bv at 1.74×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Empire Industries Ltd · 6.5× | 49.6% versus #2 · Sejal Glass Ltd | 0/8 recent comparable periods | 6/6 companies · 94 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Empire Industries Ltd (509525): 6.5
2. Sejal Glass Ltd (SEJALLTD): 12.9
3. Saint-Gobain Sekurit India Ltd (515043): 13.3
4. Borosil Scientific Ltd (BOROSCI): 15.8
5. Borosil Renewables Ltd (BORORENEW): 18.8

### P/BV — lowest P/BV
1. Empire Industries Ltd (509525): 1.7
2. Borosil Scientific Ltd (BOROSCI): 3.1
3. Saint-Gobain Sekurit India Ltd (515043): 4.9
4. Borosil Renewables Ltd (BORORENEW): 5.4
5. Sejal Glass Ltd (SEJALLTD): 5.7

### 20-quarter EV/EBITDA history
- 509525: Sep 2021 10.8 | Dec 2021 10.2 | Mar 2022 9.1 | Jun 2022 8.7 | Sep 2022 7.6 | Dec 2022 6.9 | Mar 2023 6.1 | Jun 2023 6.3 | Sep 2023 8.1 | Dec 2023 7.0 | Mar 2024 6.8 | Jun 2024 8.0 | Sep 2024 8.0 | Dec 2024 9.3 | Mar 2025 7.7 | Jun 2025 8.9 | Sep 2025 7.9 | Dec 2025 7.2 | Mar 2026 6.5 | Jun 2026 —
- 515043: Sep 2021 19.0 | Dec 2021 25.7 | Mar 2022 19.1 | Jun 2022 17.8 | Sep 2022 20.7 | Dec 2022 22.0 | Mar 2023 18.4 | Jun 2023 22.7 | Sep 2023 23.9 | Dec 2023 25.8 | Mar 2024 24.3 | Jun 2024 25.8 | Sep 2024 25.5 | Dec 2024 25.7 | Mar 2025 19.2 | Jun 2025 19.9 | Sep 2025 19.2 | Dec 2025 16.4 | Mar 2026 13.3 | Jun 2026 —
- ASAHIINDIA: Sep 2021 16.2 | Dec 2021 18.4 | Mar 2022 14.9 | Jun 2022 18.4 | Sep 2022 18.4 | Dec 2022 14.9 | Mar 2023 13.5 | Jun 2023 15.7 | Sep 2023 20.3 | Dec 2023 19.6 | Mar 2024 19.1 | Jun 2024 23.3 | Sep 2024 27.9 | Dec 2024 27.1 | Mar 2025 21.7 | Jun 2025 24.5 | Sep 2025 31.4 | Dec 2025 34.2 | Mar 2026 26.2 | Jun 2026 —
- BORORENEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 66.5 | Sep 2022 54.7 | Dec 2022 48.0 | Mar 2023 38.8 | Jun 2023 41.2 | Sep 2023 40.2 | Dec 2023 43.3 | Mar 2024 50.4 | Jun 2024 90.6 | Sep 2024 102.4 | Dec 2024 123.3 | Mar 2025 151.8 | Jun 2025 80.4 | Sep 2025 104.9 | Dec 2025 35.2 | Mar 2026 16.0 | Jun 2026 18.8
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 37.5 | Sep 2024 34.2 | Dec 2024 23.9 | Mar 2025 18.0 | Jun 2025 24.3 | Sep 2025 21.0 | Dec 2025 21.4 | Mar 2026 15.8 | Jun 2026 —
- SEJALLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 343.6 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 55.9 | Dec 2023 37.2 | Mar 2024 33.6 | Jun 2024 24.8 | Sep 2024 22.7 | Dec 2024 28.4 | Mar 2025 16.6 | Jun 2025 18.6 | Sep 2025 22.1 | Dec 2025 24.0 | Mar 2026 12.9 | Jun 2026 —

### 20-quarter P/BV history
- 509525: Sep 2021 1.9 | Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 1.6 | Sep 2022 1.5 | Dec 2022 1.5 | Mar 2023 1.4 | Jun 2023 1.6 | Sep 2023 2.3 | Dec 2023 2.0 | Mar 2024 1.9 | Jun 2024 2.1 | Sep 2024 2.1 | Dec 2024 2.5 | Mar 2025 2.0 | Jun 2025 2.2 | Sep 2025 2.0 | Dec 2025 1.8 | Mar 2026 1.6 | Jun 2026 —
- 515043: Sep 2021 3.9 | Dec 2021 5.2 | Mar 2022 4.4 | Jun 2022 4.7 | Sep 2022 5.2 | Dec 2022 5.7 | Mar 2023 4.2 | Jun 2023 5.4 | Sep 2023 5.8 | Dec 2023 6.5 | Mar 2024 6.3 | Jun 2024 6.7 | Sep 2024 6.1 | Dec 2024 6.1 | Mar 2025 4.8 | Jun 2025 5.1 | Sep 2025 4.9 | Dec 2025 4.4 | Mar 2026 3.7 | Jun 2026 —
- ASAHIINDIA: Sep 2021 6.0 | Dec 2021 7.7 | Mar 2022 6.5 | Jun 2022 9.1 | Sep 2022 8.0 | Dec 2022 6.6 | Mar 2023 6.2 | Jun 2023 6.7 | Sep 2023 7.4 | Dec 2023 6.3 | Mar 2024 5.9 | Jun 2024 7.9 | Sep 2024 7.9 | Dec 2024 7.3 | Mar 2025 5.9 | Jun 2025 7.6 | Sep 2025 8.3 | Dec 2025 6.9 | Mar 2026 5.6 | Jun 2026 —
- BORORENEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.9 | Sep 2022 9.0 | Dec 2022 7.9 | Mar 2023 4.5 | Jun 2023 5.5 | Sep 2023 6.1 | Dec 2023 6.1 | Mar 2024 7.0 | Jun 2024 7.2 | Sep 2024 7.4 | Dec 2024 8.7 | Mar 2025 7.3 | Jun 2025 7.9 | Sep 2025 7.7 | Dec 2025 8.2 | Mar 2026 6.1 | Jun 2026 5.7
- BOROSCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.1 | Sep 2024 4.3 | Dec 2024 3.8 | Mar 2025 2.8 | Jun 2025 3.6 | Sep 2025 2.9 | Dec 2025 2.6 | Mar 2026 2.2 | Jun 2026 —
- SEJALLTD: Sep 2021 — | Dec 2021 0.0 | Mar 2022 0.5 | Jun 2022 -4.7 | Sep 2022 -5.3 | Dec 2022 45.5 | Mar 2023 -4.8 | Jun 2023 -4.5 | Sep 2023 16.2 | Dec 2023 8.9 | Mar 2024 13.8 | Jun 2024 12.8 | Sep 2024 14.1 | Dec 2024 19.1 | Mar 2025 10.9 | Jun 2025 17.1 | Sep 2025 18.9 | Dec 2025 15.9 | Mar 2026 9.2 | Jun 2026 —

## Market action

Sejal Glass Ltd has the strongest one-year price move in Glass & Glass Products at +56.2%. Saint-Gobain Sekurit India Ltd leads on Mansfield relative strength against NIFTY at +20.7%. 5 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Sejal Glass Ltd (SEJALLTD): 56%
2. Saint-Gobain Sekurit India Ltd (515043): 19%
3. Asahi India Glass Ltd (ASAHIINDIA): 5.5%
4. Borosil Renewables Ltd (BORORENEW): -0.7%
5. Empire Industries Ltd (509525): -8.3%

### Strongest relative strength versus NIFTY 500
1. Saint-Gobain Sekurit India Ltd (515043): 21%
2. Borosil Scientific Ltd (BOROSCI): 18%
3. Borosil Renewables Ltd (BORORENEW): 7.3%
4. Sejal Glass Ltd (SEJALLTD): 6.3%
5. Empire Industries Ltd (509525): 4.0%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Asahi India Glass Ltd (ASAHIINDIA) — market value ₹22.6K Cr; latest fundamentals Mar 2026
- Borosil Renewables Ltd (BORORENEW) — market value ₹8.2K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Borosil Scientific Ltd (BOROSCI) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Saint-Gobain Sekurit India Ltd (515043) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Sejal Glass Ltd (SEJALLTD) — market value ₹859 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Empire Industries Ltd (509525) — market value ₹610 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 1. Unverified: 4. Withheld: 1. Graded companies: 6.

2 of 6 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 6 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Borosil Renewables Ltd (BORORENEW) — its two data sources disagree by up to 57% on reported income across 15 comparable periods, so its derived ratios are withheld.

- WITHHELD | BORORENEW | Borosil Renewables Ltd | diff_gt_2pct | disagreement up to 56.59% over 15 comparable periods

- UNVERIFIED | BOROSCI | Borosil Scientific Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SEJALLTD | Sejal Glass Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Glass & Glass Products index?

The Nifty Glass & Glass Products index tracks India's listed Glass & Glass Products companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Glass & Glass Products sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Glass & Glass Products stocks in India?

Ranked by this page's four-factor score, Saint-Gobain Sekurit India Ltd places first among 6 listed Glass & Glass Products companies, followed by Empire Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Glass & Glass Products stocks are listed in India?

This comparison covers 6 listed Glass & Glass Products companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Glass & Glass Products company is the biggest?

Asahi India Glass Ltd is the largest, with trailing-twelve-month revenue of ₹4,990 crore, ahead of Borosil Renewables Ltd at ₹1,615 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

### Which Glass & Glass Products company is growing fastest?

Sejal Glass Ltd has the fastest revenue growth at 62% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Glass & Glass Products company has the best profit margins?

Borosil Renewables Ltd has the highest operating margin at 31%, from 6 of 6 comparable companies. Borosil Renewables Ltd shows the biggest recent improvement, at +13 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Glass & Glass Products company makes the most profit?

Borosil Renewables Ltd earns the most, at ₹418 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. Sejal Glass Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Glass & Glass Products company earns the highest return on capital?

Borosil Renewables Ltd leads on return on capital employed at 25.3%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Glass & Glass Products stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Asahi India Glass Ltd screens cheapest at 8.68×. Only 1 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Glass & Glass Products company has the strongest balance sheet?

Saint-Gobain Sekurit India Ltd carries the lowest comparable gross debt at ₹1 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Glass & Glass Products sector beating the market?

Glass & Glass Products has outperformed NIFTY 500 by 24.1% over the last 52 weeks and 16.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Glass & Glass Products stock has the strongest price momentum?

Saint-Gobain Sekurit India Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Glass & Glass Products company scores highest for research priority?

Saint-Gobain Sekurit India Ltd scores 71.4 out of 100 with 79% evidence confidence, from 21.5 points on growth and earnings, 20.1 on capital efficiency, 12.2 on valuation and 17.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Glass & Glass Products companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Glass & Glass Products sector?

The 6 Glass & Glass Products companies on this page carry ₹34,832 crore of combined market value. Asahi India Glass Ltd is the largest at ₹22,645 crore, about 65% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Glass & Glass Products sector's P/E ratio?

The median price-to-earnings ratio across the 6 Glass & Glass Products companies on this page is 29.4×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Glass & Glass Products sector performing?

5 of the 6 covered Glass & Glass Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 24.1% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/glass-glass-products