Glass Wall Systems (India) Earnings Call Transcript: Key Takeaways
H1 FY27 revenue ₹239 Cr (+16%), EBITDA ₹60 Cr (+22%), 25.3% margin, ₹957 Cr order book. Growth is flattered by ₹14 Cr freight pass-through; export fell 14%.
- Call
- Guides 20% growth
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H1 FY27 revenue ₹239 Cr (+16%), EBITDA ₹60 Cr (+22%), 25.3% margin, ₹957 Cr order book. Growth is flattered by ₹14 Cr freight pass-through; export fell 14%.
H1 FY27 revenue ₹90.9 Cr (+146%), PAT ₹13.9 Cr (+130%), EBITDA margin 22.3%. Growth driven by polymer price spike, freight pass-through and low-cost inventory.
H1 FY27 revenue Rs 15,747 Lakh (+26.1% YoY), EBITDA Rs 2,358 Lakh (+39.3%), PAT Rs 1,176 Lakh (+32.9%). EBITDA margin 14.93%, up 140 bps. Growth driven by PVC and WPC profiles.
Q2 revenue +3% to ₹255.8 Cr; EBITDA +27%, margin 16% (13%) on mix and cost cuts. H1 revenue -3%, negative operating cash flow, inventory elevated.
Q2FY27 Total Income ₹2,917Mn (+44%), EBITDA ₹736Mn (25.2% margin), PAT ₹494Mn (+58%). H1 PAT ₹1,234Mn (+90%). Highest-ever Q2 and H1.
H1FY27 consolidated revenue ₹2,552mn (+19%), EBITDA ₹227mn at 9% margin (-222bps), PAT ₹76mn. Strategy: HCV push, ₹3,000mn Stellantis order, FY30 ₹900–1,000 crore aspiration.
Record Q2 revenue ₹187.8 Cr (+31.6%), but H1 PAT up only 6.6% as depreciation, finance cost and lost treasury income absorbed margin gains. Operating cash flow negative ₹45.8 Cr; cash inflow promised from Q4 without firm numbers.
H1 FY27 revenue ₹18.35 Cr (+129.3% YoY), PAT ₹3.71 Cr (+101.8%), EBITDA margin 38.2%. Strategy centres on custom multi-operation tooling, regrinding and IPO-funded capacity expansion.
Q2 FY27 revenue Rs 7,199 Mn (+72.6% YoY), EBITDA Rs 879 Mn (12.2% margin), PAT Rs 479 Mn (+79.7% YoY). FY27 revenue growth guidance raised to 60%+ from 40%+.
H1 FY27 consolidated total income ₹39,511L (+28.7% YoY), EBITDA ₹2,135L (+22.1%), PAT ₹673L (+14.9%). Q2 total income +32.6%, EBITDA +24.5%. EBITDA margin ~5.4%.
Volumes grew, but management avoided revenue guidance, booked a ~₹10 Cr notional forex loss, and dropped forward hedging. A ₹41 Cr asset outlay went unexplained.
Revenue ₹182 Cr (+25.3%) and EBITDA margin 19.2%, with growth shown as ramp-up potential. Bocaro is pre-ramp, and other income includes a one-off asset-sale gain. Management reiterated the 70–75% revenue CAGR to FY28 but refused short-term revenue guidance.
H1 FY27 standalone revenue fell about 6% YoY to ₹151 Cr, while management claims combined growth and a ₹612 Cr order book up about 39%. The Amazon acquisition still awaits NCLT approval.
Q2 FY27 revenue ₹1,250 Cr (+49% YoY) and EBITDA ₹67 Cr (+130%), margin 5.4%. Growth is acquisition-heavy: STIAC consolidated, LSG from August. Foundit still burning; net debt ₹126 Cr; interest cost doubled.
Q2 FY27 consolidated revenue ₹580.9 Cr, +52.5% YoY, but ALCU fixed costs compressed EBITDA per tonne sequentially; ALCU volumes still unproven.
Q2 revenue ₹94 Cr (+31%) and PAT ₹11 Cr (+26%) look strong, but the 16.76% EBITDA margin sits below management's own 17–19% target. Growth is volume-led, and working capital answers were muddled.
Consolidated Q2FY27 revenue up 29.8% YoY to ₹177.8Cr, EBITDA ₹15.7Cr (8.8% margin), PAT ₹2.5Cr; H1 revenue ₹334.2Cr. Order wins ₹429Cr; EV ramp; no numeric guidance.
Q2 revenue rose 7.1% to ₹429.5 Cr, EBITDA rose 10% and PAT rose 8.2%. Freight costs hit volumes, and margin recovery is deferred to FY28.
Apollo Cash disbursals ramped sharply with almost no paid marketing; cumulative ₹65+ Cr over 1.6 lakh loans. No Q2 P&L figures were disclosed, and guidance stayed qualitative.
H1 FY27 revenue ₹291.93 Cr (+38%), EBITDA ₹55.73 Cr (19.1% margin), PAT ₹37.72 Cr (+32%). Results are H2-weighted, and the ₹700 Cr+ FY27 target depends on a ₹600 Cr order book converting in the second half.
Standalone revenue grew 25% in Q2, but EBITDA margin fell to 9.1% from 14.4% and consolidated PAT fell about 70%. Management blames unrecovered price escalation and delayed NOPL funding.
Q2 FY27: consolidated income up 13.8% to ₹2,746 Cr; PAT ₹48 Cr (vs ₹32 Cr) on RAC volume +32%. Margins pressured by commodity and currency costs; management defers recovery to Q3-Q4 without quantified guidance.
Q2 FY27 revenue ₹54.86 bn, +23% YoY, mainly price-led; adj. EBITDA +32% to ₹8.57 bn. Calcination volumes fell and Cement margins were negative.
Record ₹200.9 Cr consolidated revenue (+23.6%) masks freight-hit margins and a cut in FY27 revenue target to ₹850 Cr from ₹900 Cr. EBITDA grew only 9%; H1 PAT rose just 2.4%.
Q3 (quarter ended 30 Sep 2026): revenue ₹54.86bn (+23% YoY), adj. EBITDA ₹8.57bn (+32%), adj. PAT ₹2.04bn (+77%). Adj. EBITDA margin fell to 15.6% from 19.2% in Q2.
Q2 FY27 consolidated revenue ₹151.8 Cr, EBITDA ₹37.5 Cr (24.7% margin), PAT ₹19.0 Cr. Profit flattered by a one-time HPCL crude sale (~₹57.8 Cr) and a smaller inventory write-down.
International USD revenue was near-flat (+1% QoQ, +0.9% YoY, cc +0.1%) despite resilience rhetoric. Domestic gross contribution rose 19.3% YoY. Margins remain near 15%, well below the 18-20% aspiration.
H1 FY27 revenue rose 6% to ₹242.5 Cr on 28% volume growth, but falling CRGO prices capped it. Sequential margins improved. Management cut FY27 growth guidance to 30–35% from 45–50%, blaming oil supply disruption.
Q2 income up 11% to ₹821 Cr; EBITDA up 41% to ₹202 Cr at 25% margin. Bliss GVS closed 28 Sep, so only three days are consolidated. Management avoided quantifying Bliss and M&A.
Q2 FY27 revenue flat at INR 96.2 Cr (-1.4% YoY); PAT INR 1.0 Cr vs 2.3 Cr; EBITDA margin 10.8%. Strategy: in-house manufacturing, new brand monetisation, store expansion.