Saint-Gobain Sekurit India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Saint-Gobain Sekurit India Ltd trades at ₹122, in a confirmed uptrend and 11 weeks into that stage. That is +6.1% against its own 200-day average. It sits at 67% of a 52-week range of ₹97 to ₹134. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 8 straight weeks.

Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹122 it trades +6.1% versus its 200-day average and sits at 67% of its 52-week range (₹97–₹134).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +242% while the NIFTY 500 moved +277% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 8 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Saint-Gobain Sekurit India Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.

Our read, 19 July 2026. Debt-free auto-glass OEM supplier with accelerating FY26 earnings, but cycle-normalized valuation is fairly priced — a quality compounder to monitor for a de-rated entry.

From the numbers. The trailing PE is at the lowest decile of its 10-year history at 21.4x against a median of 36.1x. The cycle-normalized engine, however, classifies the stock as fairly priced rather than deeply discounted: operating…

From the price. Price stage 2, week 11 — above its 200-day line, relative strength falling.

From the research. Debt-free auto-glass OEM supplier with accelerating FY26 earnings, but cycle-normalized valuation is fairly priced — a quality compounder to monitor for a de-rated entry.

🚨 Where they disagree. The trailing PE is at the lowest decile of its 10-year history at 21.4x against a median of 36.1x. The cycle-normalized engine, however, classifies the stock as fairly priced rather than deeply discounted: operating margins at the 80th percentile of the 10-year distribution inflate the EPS denominator. The normalized PE of 23.8x sits at the 4th percentile — only three percentile points above the trailing reading — confirming the optical cheapness is almost entirely explained by peak-cycle margins. This is a mid-cycle compounder re-rating, not a depressed-margin trough that fits the strategy's core entry framework.

What is proven. Debt-free auto-glass OEM supplier with accelerating FY26 earnings, but cycle-normalized valuation is fairly priced — a quality compounder to monitor for a de-rated entry.

What is not proven yet. OPM falling to 15-17% for two consecutive quarters while revenue continues growing would create a genuine trough entry where the cycle-normalized engine flips from fairly priced to cheap. Alternatively, a BSE disclosure confirming a multi-year OEM supply contract or a greenfield capacity expansion with CWIP rising materially would provide evidence that the current 21%+ margin is a structural step-up rather than a cyclical peak.

🚨 What would change our mind. OPM falling to 15-17% for two consecutive quarters while revenue continues growing would create a genuine trough entry where the cycle-normalized engine flips from fairly priced to cheap. Alternatively, a BSE disclosure confirming a multi-year OEM supply contract or a greenfield capacity expansion with CWIP rising materially would provide evidence that the current 21%+ margin is a structural step-up rather than a cyclical peak.

Layer 1 read, 19 July 2026 — KEEP. Clean debt-free auto-glass compounder, but fairly-priced-at-peak-margin on a thin Bronze/synthetic timeline — a monitor, not a fresh trough. Sekurit is a debt-free, steadily-compounding OEM auto-glass supplier (FY26 revenue +16.6%, PAT +27.3%, ROCE 20% at the top of its band) whose PE looks cheap at the 1.4th percentile — but that percentile is distorted by an old bubble high, and margins are at the 80th percentile with the cycle-normalized engine reading FAIRLY_PRICED. The company's own thesis calls it 'a quality compounder to monitor for a de-rated entry', and this is a Bronze-tier synthetic/web-fallback timeline with no concall corroboration, so I cap it at P2. MoS is ELEVATED at -31.6% with only GDP-plus growth.

What would change Layer 1’s mind. If OPM falls to 15-17% for two consecutive quarters while revenue keeps growing (a genuine trough forming), OR a BSE disclosure confirms a multi-year OEM contract or greenfield capacity with CWIP rising, the fairly-priced-at-peak call flips to a real cheap-trough entry and this re-rates toward P1.

Layer 2 read, 19 July 2026 — BENCH. Saint-Gobain Sekurit is a real quality name — EPS 0.77->1.44, OPM 17->21, ROCE 24%, WC tightening to a 35-day cycle, zero debt with a French parent. But its low 16.7-percentile PE is a peak-margin artifact: OPM sits at the 85th-91st percentile (AT_PEAK) so normalized PAT falls ~15% and the margin of safety is 0%. The proven 'Peak Earnings Valuation Trap' model confirms exactly this, and with no external positive stream to supply a catalyst and no external negative to drop it, the canonical P2 outcome is to bench and wait for a better entry.

What would change Layer 2’s mind. An external positive that supplies the missing margin of safety or catalyst — a concall/order signal confirming these OPM levels are a new STRUCTURAL floor (not a cyclical peak), OR FII/DII entry breaking the zero-institutional-ownership limit — would flip BENCH to ADVANCE. A sequential OPM roll toward the ~18% mid-cycle would flip it toward DROP.

The test written in advance. Peak Margin Reversion — Peak Margin Reversion by the next result.

The test written in advance. Single-Segment Concentration — Single-Segment Concentration Indian passenger vehicle wholesale volumes declining year-on-year for more than two consecutive months. by the next result.

🚨 What the surface reading misses. The surface reading is: Q4 FY26 revenue acceleration — fastest quarterly year-on-year growth in the observed period The research reads it further: 22.8% revenue growth with 31% PAT growth confirms positive operating leverage is functioning. The margin expansion is incremental evidence of a structural cost-absorption effect as volumes scale.

🚨 What the surface reading misses. The surface reading is: 21% OPM — strong recent profitability The research reads it further: OPM at the 80th percentile of the 10-year distribution per the cycle-normalized engine. The GPM at 46% versus OPM at 21% implies approximately 25 percentage points of operating costs between gross and operating profit line — fixed overhead that benefits from volume absorption. The margin recovery from 16.8% in Q2 FY25 to 21% in Q1 FY26 onward is a sequential 4-point lift, consistent with volume-driven absorption rather than raw material tailwind alone (GPM also moved, ruling out a pure cost-input story).

Lever 1 · Operating leverage — BUILDING. Revenue growing 17-23% year-on-year translates into disproportionate profit growth of 27-31% as fixed-cost absorption improves. What proves it keeps working: OEM Demand and Operating Leverage. It stops working if Domestic passenger vehicle wholesale volumes decline more than 10% for two consecutive quarters, or soda ash and energy costs spike enough to absorb the operating leverage gains.

Sources: our stock research file (19 July 2026) · quarterly results through Jun 26. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Saint-Gobain Sekurit India Ltd reported ₹60.8 Cr of revenue in the Jun 26 quarter, +10.8% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at 5.6% a year. The last full year, FY26, came in at ₹243 Cr. The last four reported quarters add to ₹249 Cr.

FY26 revenue came in at ₹243 Cr (+16.8% on the year), capping 10 years at 5.6% compound. The latest quarter (Jun 26) printed ₹60.8 Cr, +10.8% year on year — the 7th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +16.7% growth against the decade's 5.6% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +16.7% over the last 4 quarters against +10.9%/yr over the last 8 — accelerating; TTM profit +13.7% vs +18.2%/yr — rolling over.

FY26-Q4. revenue ₹66 Cr and profit ₹13 Cr as reported.

FY27-Q1. revenue ₹61 Cr and profit ₹9 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Saint-Gobain Sekurit India Ltd's operating margin is 16.3% in the Jun 26 quarter, −4.9 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 22.0%. The current quarter sits inside that band.

Why this happened. FY26 revenue reached ₹243 Cr versus ₹208 Cr in FY25. Profit grew faster than revenue in both the full year and specifically in Q4 FY26, with EBITDA margins expanding 137 basis points to 22%. This positive operating leverage is consistent with automotive glass manufacturing — a largely fixed-cost production process where volume absorption directly improves margins.

The latest quarter's operating margin is 16.3%, −4.9 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0%–22.0%.

🚨 Why the margin moved: operating margin went −4.9 pp year on year while gross margin went −4.0 pp — the loss came mostly from the gross line: input costs and pricing.

FY26-Q4. revenue ₹66 Cr and profit ₹13 Cr as reported.

FY27-Q1. revenue ₹61 Cr and profit ₹9 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Saint-Gobain Sekurit India Ltd earned ₹9.3 Cr of net profit in the Jun 26 quarter, −12.8% year on year. Full-year FY26 profit was ₹46.0 Cr. That is 15.4% of the quarter's revenue. The same quarter a year earlier earned ₹10.7 Cr.

Jun 26 profit was ₹9.3 Cr, −12.8% year on year. On the full year, FY26 printed ₹46.0 Cr (+27.8%).

🚨 Why profit moved: revenue contributed +10.8% and the margin −4.9 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +14.9% vs revenue +16.7%. Profit and revenue are moving roughly in step.

FY26-Q4. revenue ₹66 Cr and profit ₹13 Cr as reported.

FY27-Q1. revenue ₹61 Cr and profit ₹9 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 81% of Saint-Gobain Sekurit India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹33.0 Cr of operating cash against ₹46.0 Cr of profit. After ₹4.0 Cr of capital spending, ₹29.0 Cr was left as free cash.

FY26: operating cash of ₹33.0 Cr against reported profit of ₹46.0 Cr, leaving free cash of ₹29.0 Cr after ₹4.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 81% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 81%: the cash cycle tightened 53 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Saint-Gobain Sekurit India Ltd's cash conversion cycle runs 30 days in FY26, down from 83 days in FY21. Capital spending ran ₹13.0 Cr over the last 3 years. At FY26 sales of ₹243 Cr each day of that cycle holds about ₹0.7 Cr, so roughly ₹20.0 Cr sits inside the business at any moment.

Why this happened. Per the company overview, the business is building partnerships with electric 3-wheeler OEMs and targeting the commercial vehicle market alongside its core passenger vehicle business. Production at Chakan has been automated. These are qualitative growth levers with no quantified volume data available to size the opportunity.

FY26: debtors at 52 days, inventory at 92 days — roughly 3.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 30 days, tighter than FY21's 83.

The full loop: cash goes out to suppliers and production on day 0; stock waits 92 days to sell; customers pay about 52 days after that; and suppliers themselves are paid at 114 days — netting out to the 30-day cycle.

In money terms: at FY26 sales of ₹243 Cr, each day of the cycle holds about ₹0.7 Cr — so the 30-day loop keeps roughly ₹20.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹13.0 Cr over the last 3 fiscal years against ₹11.0 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹2.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Saint-Gobain Sekurit India Ltd earns a ROCE of 24% in FY26. That is up from a trough of 1% in FY14. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 18.9% net margin on 0.84× asset turns.

FY26 ROCE is 24%, recovered from a FY14 trough of 1% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 18.9% net margin × 0.84× asset turns × 1.20× balance-sheet leverage ≈ 19.1% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Saint-Gobain Sekurit India Ltd carries ₹1.0 Cr of borrowings against ₹243 Cr of equity in FY26, a debt-to-equity of 0.00. Over 5 years borrowings went from ₹6.0 Cr to ₹1.0 Cr. Capital spending ran ₹13.0 Cr across the last 3 of those years.

FY26: borrowings of ₹1.0 Cr against equity of ₹243 Cr — a debt-to-equity of 0.00. Over 5 years borrowings went from ₹6.0 Cr to ₹1.0 Cr while capital spending ran ₹13.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Saint-Gobain Sekurit India Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.0 points over the same window, to 75.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −0.3 points over 8 quarters to 0.0%; Promoters: +0.0 points over 8 quarters to 75.0%.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Saint-Gobain Sekurit India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Saint-Gobain Sekurit India Ltd trades at 24.8× P/E, near the bottom of its own range — cheaper only 8% of the time. Its long-run median P/E is 34.6×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 24.8× is near the bottom of its own range — cheaper only 8% of the time, against a long-run median of 34.6× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +27.3% against a +12.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +14.9%/yr price move, ~+20.5%/yr came from earnings growth and ~−5.6 pp from the multiple (compressing); over 10y, of the +11.7%/yr price move, ~+20.1%/yr came from earnings growth and ~−8.4 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 27 August 2026 price, Saint-Gobain Sekurit India Ltd was paying for profit growth of about 14.2% a year. Today the market pays 24.8× P/E, the 8th percentile of its own 10-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is the whole of what a buyer is backing.

How to hold this number: it is a reading of one day's price, taken on 27 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Saint-Gobain Sekurit India Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE lifting at 24.0% — the per-curve reads carry the story. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

No sector-relative score — Saint-Gobain Sekurit India Ltd is not present in the sector comparison for Glass & Glass Products.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Frequently asked questions