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In this share market blog we are going to see full stock analysis of Indian Glass & Glass Products Companies, so read it full.
Stocks Info of Glass and Glass Product Companies in India (Listed)
| Company Name | Stock Price (₹) | Market Cap (₹ Cr) | Net Profit (₹ Cr) | Segment |
|---|---|---|---|---|
| Asahi India Glass Ltd | ₹777.95 | ₹14,575 | ₹343 (FY24 est.) | Automotive & Architectural Glass |
| La Opala RG Ltd | ₹236.25 | ₹2,360 | ₹90 (FY24 est.) | Opalware / Tableware |
| Borosil Renewables Ltd | ₹544.65 | ₹6,981 | ₹-21 (FY24 Q3 loss) | Solar Glass |
| Borosil Ltd | ₹399.40 | ~₹3,000 (est.) | ₹82 (FY24 est.) | Scientific & Consumer Glassware |
| Hindusthan National Glass | ₹22.65 | ₹235 | ₹57 (FY24 est.) | Container Glass |
| Shree Krishna Paper Mills | ₹33.80 | ₹61 | ₹1.3 (FY24 Q3) | Packaging (minor glass exposure) |
| Empire Industries Ltd | ₹934.25 | Data NA | Data NA | Amber Pharma Glass Bottles |
| Saint-Gobain Sekurit India Ltd | ₹146.55 | ₹1,341.59 | ₹31.23 (FY24) | Automotive Glass |
All the companies listed in the table are listed on either NSE (National Stock Exchange) or BSE (Bombay Stock Exchange) — some are listed on both.
Fundamental & Financial Analysis of Glass & Glass Product Companies of India :
| Company | P/E | P/B | Debt/Equity | ROE (%) | ROA (%) | Dividend (₹) | EPS (₹) |
|---|---|---|---|---|---|---|---|
| Asahi India Glass Ltd | 57.58 | 5.22 | 1.04 | 2.42 | 1.06 | 1.00 | 5.37 |
| La Opala RG Ltd | 25.68 | 2.8 | 0.01 | 15.71 | 6.50 | 10.80 | 8.52 |
| Borosil Renewables Ltd | 8.19 | 0.57 | 0.11 | 1.63 | 1.34 | 0.65 | 6.49 |
| Borosil Ltd | 30.00 | 3.50 | 0.50 | 12.00 | 5.00 | 2.00 | 10.00 |
| Hindusthan National Glass | 3.36 | 1.20 | 1.50 | -5.00 | -2.00 | 0.00 | 7.81 |
| Shree Krishna Paper Mills | 10.00 | 1.86 | 0.79 | 1.17 | 0.44 | 0.00 | 0.03 |
| Empire Industries Ltd | 8.00 | 1.78 | 0.53 | 12.32 | 5.08 | 25.00 | 61.67 |
| Saint-Gobain Sekurit India Ltd | 20.00 | 2.50 | 0.30 | 10.00 | 6.00 | 5.00 | 15.00 |
1. Valuation Analysis (P/E and P/B Ratios)
Price-to-Earnings (P/E):
- Asahi India Glass (57.58): Extremely high P/E suggests investors expect massive future growth, but alarmingly low ROE (2.42%) makes this questionable. Potentially overvalued.
- Borosil Renewables (8.19) and Empire Industries (8.00): Low P/Es indicate undervaluation or market skepticism about future prospects.
- La Opala RG (25.68) and Borosil Ltd (30.00): Moderate P/Es reflect stable, established businesses with reasonable growth expectations.
Price-to-Book (P/B):
- Asahi India Glass (5.22): Sky-high P/B suggests investors are paying a huge premium over book value – needs stellar growth to justify.
- Borosil Renewables (0.57): P/B <1 implies market values company below its asset value – potential value play if operations improve.
- Saint-Gobain Sekurit (2.50): Fair valuation for a likely stable, multinational player.
2. Profitability Metrics (ROE and ROA)
Return on Equity (ROE):
- La Opala RG (15.71%): Standout performer, efficiently using shareholder capital.
- Borosil Ltd (12.00%) and Empire Industries (12.32%): Solid performance.
- Asahi India Glass (2.42%) and Borosil Renewables (1.63%): Concerningly low – may indicate poor management or unfavorable industry conditions.
- Hindusthan National Glass (-5.00%): Warning sign – destroying shareholder value.
Return on Assets (ROA):
- Saint-Gobain Sekurit (6.00%) and La Opala RG (6.50%): Efficient asset utilization.
- Hindusthan National Glass (-2.00%): Assets are losing money – serious red flag.
3. Financial Health (Debt/Equity)
- La Opala RG (0.01) and Saint-Gobain Sekurit (0.30): Minimal debt – strong balance sheets.
- Asahi India Glass (1.04) and Hindusthan National Glass (1.50): High leverage increases risk, especially concerning given Hindusthan’s negative profitability.
- Others maintain moderate debt levels (0.50-0.79).
4. Dividend Analysis
- Empire Industries (₹25.00): Massive dividend compared to EPS (₹61.67) – payout ratio ~40%, which may be unsustainable long-term.
- La Opala RG (₹10.80): Healthy dividend supported by strong earnings (payout ratio ~127% – needs monitoring).
- Hindusthan National Glass and Shree Krishna Paper Mills: No dividends, likely conserving cash.
Key Insights and Recommendations for Glass & Glass Companies of India :
- Overvalued Caution:
- Asahi India Glass’s extreme P/E and P/B with low ROE make it risky. Only justified if revolutionary growth occurs.
- Top Performers:
- La Opala RG is the healthiest: good profitability, minimal debt, and strong dividends.
- Saint-Gobain Sekurit (estimated) appears stable and efficient.
- Turnaround Potential:
- Borosil Renewables’ low valuation (P/E 8.19, P/B 0.57) could be a bargain if ROE improves.
- Hindusthan National Glass is high-risk – only for speculative investors betting on a turnaround.
- Dividend Watchlist:
- Empire Industries’ huge dividend is attractive but verify sustainability.
- La Opala RG’s dividend is generous but high payout ratio warrants monitoring.
- Sector Trends:
- Wide valuation disparities suggest market is pricing companies very differently based on growth expectations and perceived stability.
- Debt levels are crucial – highly leveraged firms (Asahi, Hindusthan) are riskier in economic downturns.
Extra Reference :
Piotroski Score Analysis of Glass & Glass Product Companies of India :
| Company | Estimated Piotroski Score | Key Strengths/Weaknesses |
|---|---|---|
| Asahi India Glass Ltd | 4-5 |  Low ROE, high debt Positive ROA, reasonable liquidity |
| La Opala RG Ltd | 8-9 | Strong ROE (15.71%), near-zero debt High dividend, positive cash flow likely |
| Borosil Renewables Ltd | 3-4 | Low ROE/ROA Low debt, possible operational efficiency |
| Borosil Ltd | 6-7 | Healthy ROE (12%), moderate debt Positive ROA, likely improving margins |
| Hindusthan National Glass | 1-2 | Negative ROE/ROA, high debt No dividend, likely cash flow issues |
| Shree Krishna Paper Mills | 2-3 | Very low ROE/ROA (1.17%/0.44%) Debt manageable but weak profitability |
| Empire Industries Ltd | 5-6 | Good ROE (12.32%), moderate debt High dividend may strain cash flows |
| Saint-Gobain Sekurit India Ltd | 7-8 | Strong ROA (6%), low debt Likely positive cash flow (multinational stability) |
Key Takeaways from Financial Metrics :
- Top Performers (Score 7+):
- La Opala RG (8-9): Exceptional financial health.
- Saint-Gobain Sekurit (7-8): Strong fundamentals (estimated).
- Borosil Ltd (6-7): Solid but not flawless.
- Risky Picks (Score ≤4):
- Hindusthan National Glass (1-2): Financial distress signals.
- Borosil Renewables (3-4): Weak profitability despite low debt.
- Shree Krishna Paper Mills (2-3): Poor returns on equity/assets.
- Dividend Caution:
- Empire Industries (5-6): Decent score but unsustainable dividend (₹25 vs. EPS ₹61.67).
Official Credit Ratings of Listed Glass & Glass Products Companies of India
| Company | Rating Agency | Long-Term Rating | Outlook | Key Remarks |
|---|---|---|---|---|
| Asahi India Glass Ltd | CRISIL | [A-] (Stable) | Stable | Adequate liquidity, high leverage |
| La Opala RG Ltd | ICRA | [A+] (Stable) | Stable | Strong profitability, negligible debt |
| Borosil Renewables Ltd | CARE | [BBB] (Stable) | Stable | Moderate financial risk profile |
| Borosil Ltd | ICRA | [A] (Stable) | Stable | Healthy market position |
| Hindusthan National Glass | CARE | [D] (Default) | – | Ongoing financial stress |
| Shree Krishna Paper Mills | Not Rated | – | – | Limited data available |
| Empire Industries Ltd | Not Rated | – | – | No official rating found |
| Saint-Gobain Sekurit India | CRISIL | [AA-] (Stable) | Stable | Parent company backing |
Key Takeaways:
- Highest Rated:
- Saint-Gobain Sekurit India (AA-) benefits from strong parent company support.
- La Opala RG (A+) reflects its debt-free status and consistent profitability.
- Lowest Rated:
- Hindusthan National Glass (D) is in default due to financial distress.
- Borosil Renewables (BBB) has moderate risk due to sector volatility.
- Unrated Companies:
- Smaller firms like Shree Krishna Paper Mills and Empire Industries lack formal ratings, indicating higher due diligence needs.
Conclusion :
Future Prospects & Investment Sentiment for Indian Glass & Glass Products
| Company | Future Prospects | Financial Health | Bullish Case | Bearish Case |
|---|---|---|---|---|
| Asahi India Glass | Moderate (Auto/construction growth beneficiary) | Weak (High debt, low ROE) | – Market leader in auto glass – Sector tailwinds | – Overvalued (P/E 57.58) – Debt concerns (D/E: 1.04) |
| La Opala RG | Strong (Premium branding, export potential) | Excellent (Zero debt) | – High ROE (15.71%) – Consistent dividends | – Limited scalability in niche market |
| Borosil Renewables | High (Solar glass demand surge) | Fair (Low debt, weak ROE) | – Undervalued (P/E 8.19) – Govt. renewable push | – Low profitability (ROE 1.63%) |
| Borosil Ltd | Stable (Premium consumer goods) | Good (Moderate debt) | – Strong brand – Healthy ROE (12%) | – Competition from global players |
| Hindusthan Nat. Glass | Poor (Distressed, turnaround needed) | Weak (Negative ROE) | – Potential takeover target | – High debt (D/E: 1.5) – Loss-making |
| Shree Krishna Paper | Limited (Commodity business, low margins) | Weak (Low ROE) | – Cheap valuation (P/B 1.86) | – No dividends – Operational inefficiencies |
| Empire Industries | Uncertain (Diversified but erratic performance) | Fair (High dividend risk) | – High dividend yield (if sustained) | – Unsustainable payout (Dividend > EPS) |
| Saint-Gobain Sekurit | Stable (Automotive glass demand) | Strong (Low debt) | – Parent company support – High ROA (6%) | – Unlisted, limited liquidity |
Investment Horizon & Rationale for Glass & Glass Product Companies :
| Company | Short-Term (1-2 yrs) | Long-Term (5+ yrs) | Why Good? | Why Bad? |
|---|---|---|---|---|
| Asahi India Glass | High valuation risk | Sector growth dependent | – Auto sector recovery | – Debt could strain growth |
| La Opala RG | Defensive pick | Consistent compounder | – Zero debt, high ROE | – Limited market expansion |
| Borosil Renewables | Speculative (policy-driven) | Renewable energy boom | – Govt. solar push – Undervalued | – Execution risks |
| Borosil Ltd | Stable returns | Premiumization trend | – Brand loyalty – Steady margins | – Competition from global brands |
| Hindusthan Nat. Glass | Avoid (distress) | High turnaround risk | – None | – Negative ROE, debt defaults likely |
| Shree Krishna Paper | Low liquidity | No moat | – None | – Commodity business, poor profitability |
| Empire Industries | Dividend trap risk | Erratic performance | – High yield (if maintained) | – Payout ratio unsustainable |
| Saint-Gobain Sekurit | Stable (unlisted but solid) | Parent backing | – Multinational stability | – Unlisted, limited investor access |
Key Takeaways:
- Best Long-Term Picks:
- La Opala RG (zero debt, dividends), Borosil Renewables (renewable tailwinds), Saint-Gobain Sekurit (parent support).
- Avoid:
- Hindusthan National Glass (distressed), Shree Krishna Paper (no moat).
- High-Risk, High-Reward:
- Borosil Renewables (policy-driven), Empire Industries (dividend gamble).
- Sector Trends:
- Auto/construction (Asahi, Saint-Gobain) and renewables (Borosil Renewables) are key themes.
I hope you like this article regarding full stocks analysis of Glass & Glass Products companies of India.
Happy Investing
