Buy Asahi India; target of Rs 1050: ICICI Securities

About this update from Asahi India Glass Limited

ICICI Securities's research report on Asahi IndiaAsahi 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.OutlookMaintain 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

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