AGARWALTUF
Agarwal Fortune India financials
- Market cap
- ₹269 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
Agarwal Toughene H2 FY25
What went well
- Achieved a total income of INR 68 crores in FY25.
- EBITDA margin expanded to 39.65% in FY25.
- Net profit margin reached 26.02% in FY25.
What to watch
- Gross margin pressure over the last two years due to sluggish raw material prices and falling glass prices.
- Working capital intensity due to 100% advance payment requirements to suppliers for projects.
What Agarwal Fortune India Limited does
Agarwal Toughened Glass India Limited (ATGIL) processes raw float glass sourced from manufacturers such as Saint-Gobain, Asahi India Glass and Gujarat Guardian into value-added safety glass products — toughened, laminated, double-glazed/insulated units (DGU/IGU), annealed, heat-soaked, frosted, tinted and reflective glass. Processing runs through cutting, edge-grinding, washing, tempering/heat-treatment, ceramic printing/coating, quenching and lamination. The company sells largely on a B2B basis to construction & real estate, automotive, hospitality, healthcare, retail/commercial, education and industrial customers across India, and holds authorized-processor/dealer certifications from glass majors including Saint-Gobain, Asahi India Glass and Gujarat Guardian.
Segments
- Toughened Glass
- DGU / Insulated Glass Units (IGU)
- Lamination Glass
- Manufacturing units
- 3 (Jaipur, Rajasthan)
- Unit 1 installed capacity
- 612,000 sq.m/yr toughened glass (57.34% utilisation) + 90,000 sq.m/yr IGU (47.73% utilisation)
- Unit 2 installed capacity
- 10,80,000 sq.m/yr toughened glass + 90,000 sq.m/yr IGU (46.57% utilisation)
- Clients served
- 7,000+
- Projects delivered
- 4,000+
- Industries served
- 7
Guidance record · Q4 FY25
what the last two calls moved 5 tracked 0 delivered 0 missed 5 open- Revenue CAGR open said Q4 FY25 Promised: 35 to 45% revenue CAGR over the next three years Q4 FY25: Guidance initiated
All 5 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 48.5%, net profit down 18.2% against the same quarter last year.
| Line item | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 22 | 0 | 33 | 2 +88% | 46 +109% | 1 +75% | 49 +48% |
| EBITDA | -0 | 7 | 0 | 13 | 0 +900% | 14 +100% | 0 −29% | 14 +8% |
| Net profit | 0 | 5 | 0 | 11 | 0 +50% | 12 +140% | 0 −75% | 9 −18% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +1.2% 1Y
1Y: ₹148.05 on 10 Sept 2025 → ₹149.8. High ₹167.25 (24 Sept 2025), low ₹83.2 (2 Apr 2026).
Financials, as filed
Revenue grew 264.5% a year over 2 years, FY24 to FY26. Operating margin widened to 28.7%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹7 Cr | ₹57 Cr | ₹98 Cr |
| Operating profit | ₹-0 Cr | ₹20 Cr | ₹28 Cr |
| Operating margin | -0.7% | 35.5% | 28.7% |
| Interest | ₹0 Cr | ₹2 Cr | ₹1 Cr |
| Depreciation | ₹0 Cr | ₹2 Cr | ₹2 Cr |
| Net profit | ₹0 Cr | ₹16 Cr | ₹21 Cr |
| Net margin | 1.2% | 28.4% | 21.5% |
| Cash from operations | ₹11 Cr | ₹15 Cr | ₹-8 Cr |
| Free cash flow | ₹6 Cr | ₹1 Cr | ₹-14 Cr |
| ROCE | 35.0% | 24.0% | 23.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹12 Cr | ₹18 Cr | ₹18 Cr |
| Reserves | ₹1 Cr | ₹2 Cr | ₹3 Cr | ₹5 Cr | ₹89 Cr | ₹98 Cr |
| Borrowings | ₹23 Cr | ₹26 Cr | ₹29 Cr | ₹29 Cr | ₹21 Cr | ₹25 Cr |
| Other liabilities | ₹6 Cr | ₹3 Cr | ₹4 Cr | ₹6 Cr | ₹7 Cr | ₹8 Cr |
| Total liabilities | ₹35 Cr | ₹36 Cr | ₹41 Cr | ₹52 Cr | ₹135 Cr | ₹148 Cr |
| Fixed assets | ₹14 Cr | ₹17 Cr | ₹16 Cr | ₹15 Cr | ₹24 Cr | ₹23 Cr |
| Capital work in progress | ₹5 Cr | ₹0 Cr | ₹2 Cr | ₹7 Cr | ₹10 Cr | ₹13 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹17 Cr | ₹19 Cr | ₹23 Cr | ₹30 Cr | ₹100 Cr | ₹112 Cr |
| Total assets | ₹35 Cr | ₹36 Cr | ₹41 Cr | ₹52 Cr | ₹135 Cr | ₹148 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jul 2026
Since Mar 2025, the public added +8.67 pp while promoters trimmed −3.55 pp. The shareholder count grew 5% to 1,031.
- Promoters
- 60.4%
- FIIs
- 0.1%
- DIIs
- 4.4%
- Public
- 35.1%
Since Mar 2025
- Public +8.67 pp
- Promoters −3.55 pp
- DIIs −2.86 pp
How it drifted, 6 quarters
Over this window the public went from 24.9% to 35.1% — +10.2 pp.
Ownership split by quarter, oldest first. Dec '24: Promoters 63.9%, FIIs 3.8%, DIIs 7.4%, Public 24.9%.Mar '25: Promoters 63.9%, FIIs 2.4%, DIIs 7.2%, Public 26.4%.Sep '25: Promoters 63.9%, FIIs 1.8%, DIIs 5.8%, Public 28.5%.Dec '25: Promoters 63.9%, FIIs 1.5%, DIIs 5.8%, Public 28.8%.Mar '26: Promoters 64.2%, FIIs 1.1%, DIIs 5.8%, Public 28.9%.Jul '26: Promoters 60.4%, FIIs 0.1%, DIIs 4.4%, Public 35.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Goodflow Securities Private Limited newly disclosed 1.54% held
- Amit R Agarwal newly disclosed 1.40% held
- Palak Agarwal +0.17 pp 1.02% held
The same filing shows 9 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of Agarwal Fortune India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sharda Agarwal | 23.26% | −1.63 pp |
| Mahesh Kumar Agarwal | 18.06% | −1.08 pp |
| Anita Agarwal | 8.86% | −0.83 pp |
| Sharda Devi Agarwal | 4.67% | unchanged |
| Uma Shankar Agarwal | 2.29% | −0.22 pp |
| Mayur Agarwal | 2.21% | −0.21 pp |
| L7 Hitech Private Limited | 2.02% | −0.49 pp |
| Benani Capital- Benani Capital Scheme 1 AIF | 1.87% | −0.17 pp |
| Vpk Global Ventures Fund - Vpk Global Ventures Fun VC / PE | 1.60% | −1.58 pp |
| Goodflow Securities Private Limited | 1.54% | newly disclosed |
| Amit R Agarwal | 1.40% | newly disclosed |
| Ajaykumar Natavarlal Sangani | 1.09% | −0.12 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Agarwal Fortune India Limited
Guides on how to read this kind of business and the numbers that matter.