ICICI Securities's research report on Asahi India
Asahi India Glass (AIS)’s Q4FY26 EBITDA was 9% above our estimate. Auto/architectural segment EBIT growth stood strong at ~1%/133% YoY, supported by a ramp-up of new float glass capacity. We believe the growing content for value-added products in the automotive segment and newer offerings/end-user vertical could drive healthy 10% EBIT CAGR over FY26–28E. We believe AIS’ continued focus on integrated value-added products and ramp-up of operations of the recently commissioned float glass facility could drive a healthy double-digit EBIT CAGR over FY26–28E. AIS announced further capex of INR 20bn towards float glass, coating and processing capacities.
Outlook
Maintain BUY with a revised TP of INR 1,050 (vs. INR 1,000 earlier), based on 22x EV/EBITDA on FY28E.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Asahi India_03062026_ICICI Securities