Agarwal Toughened Glass India
Book Building issueSMENSE₹62.64 Cr issue
+25.00%
Listing gain over issue price
Issue size
₹62.64 Cr
1 lot at cut-off
₹1,29,600
Lot size
1,200shares
Open
28 Nov 2024
Close
02 Dec 2024
Allotment
03 Dec 2024
Listing
05 Dec 2024
Listing performance
Issue price
₹108
Listed at
₹135
Listing-day close
₹141.75
Latest price
₹149.75
Close on 23 Oct 2026
Listing gain
+25.00%
Return since issue
+38.66%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Nov 2024 – 02 Dec 2024
- Listing date
- 05 Dec 2024
- Face value
- ₹10 per share
- Issue price
- ₹108 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹62.64 Cr
- Market cap at offer price
- ₹191 Cr
- Promoter holding
- 95.16% → 63.94% pre-issue → post-issue
- ISIN
- INE0P8X01016
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Cumulative Capital Pvt.Ltd.
- Registered office
- F-2264, RIICO Industrial Area, Ramchandrapura, Sitapur (Ext.), Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 16,50,000 | — | — |
| Market maker | 2,97,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹108
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,29,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,59,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,07,200 |
| B-HNI (min) | 8 | 9,600 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
16,50,000
Anchor portion
₹17.82 Cr
at ₹108 per share
Valuation and performance
Valuation at offer price
₹108 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.31 | 5.14 |
| P/E (×) | 14.77 | 21.01 |
| Price to book (×) | 6.15 | — |
| Market cap | — | ₹191 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 21.77%
- ROCE
- 19.78%
- Debt / equity
- 1.47
- PAT margin
- 20.37%
- NAV per share
- ₹17.56
- Price to book
- 6.15
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Agarwal Toughened Glass India
Agarwal Toughened Glass India Limited, incorporated on October 30, 2009, is engaged in the business of manufacturing toughened glasses. The company operates two manufacturing units in Jaipur, Rajasthan—Unit-I operational since FY 2016 and Unit-II since FY 2023. The company generates revenue from the manufacture and sale of toughened glass products serving diverse end-use segments. Currently, the company operates both units on a single-shift basis and plans to transition to multiple shifts following expansion. The company funds operations through bank finance, unsecured loans, owned funds, and internal accruals.
Company Analysis
from RHPAgarwal Toughened Glass India Limited manufactures toughened glass for construction, automotive, and specialty applications in India.
Agarwal Toughened Glass India Limited, incorporated on October 30, 2009, is engaged in the business of manufacturing toughened glasses. The company operates two manufacturing units in Jaipur, Rajasthan—Unit-I operational since FY 2016 and Unit-II since FY 2023. The company generates revenue from the manufacture and sale of toughened glass products serving diverse end-use segments. Currently, the company operates both units on a single-shift basis and plans to transition to multiple shifts following expansion. The company funds operations through bank finance, unsecured loans, owned funds, and internal accruals.
Objects of the Issue
- Purchase of machinery at existing manufacturing unit ₹966.81 lakhs p.82
- Repayment of certain borrowings ₹600.00 lakhs p.82
- To meet incremental working capital requirements ₹2,500.00 lakhs p.82
- General corporate purposes up to 25% of gross proceeds (amount not specified as [●]) p.82
- Funding capex for expansion of manufacturing capacity p.116
Issue Structure
- Total Issue
- 57,99,600 Equity Shares aggregating up to ₹[●] lakhs
- Fresh Issue
- 57,99,600 Equity Shares of ₹10/- each at an Issue Price of ₹[●] per Equity Share
- Price Band
- ₹[●] to ₹[●] per Equity Share
- Lot Size
- Minimum application size to be finalized
- Face Value
- ₹10/- per Equity Share
Business Model
The company manufactures toughened glass products. The business model is predominantly project-based, requiring procurement of raw materials (float glass) for entire project requirements and utilization over project periods typically ranging from 8 to 12 months. Revenue is generated from the sale of toughened glass products to customers across various sectors.
Business Segments
Manufacturing and sale of toughened glass products for construction, automotive, and specialty applications. The company operates two manufacturing units in Jaipur, Rajasthan.
Toughened or tempered glass is a type of safety glass processed by controlled thermal treatments to increase its strength. The glass undergoes controlled thermal treatment where regular glass is exposed to high heat and then rapidly cooled by a blast of air. It is 4-5 times stronger than clear glass, can withstand massive differences in temperature, and breaks into small cube-like pieces reducing risk of injury. Used in façades, curtain walls, railings, shower doors, doors and table tops.
Insulated glass combines two or more glass panes that are spaced apart and sealed with a sealant to appear as a single unit. Also known as Double Glazed Unit or Hermetically Sealed Unit or Vacuum Glass, these glasses are designed to improve thermal performance and reduce energy costs and act as a good insulator, reduce sound transmission, prevent condensation of dew, and offer energy conservation. Used for façade and partitions, for reducing noise.
Laminated glass is a type of safety glass that holds together when shattered. It is constructed by two or more glass panes bonded together with interlayers of polyvinyl butyral (PVB) or ionomers between them. The interlayer keeps the layers of glass bonded even when broken, and its high strength prevents the glass from breaking up into large sharp pieces. Used for architectural applications, skylight glazing and automobile windshields, for sound insulation and UV radiation protection.
Safety glass processed through controlled thermal treatment to increase strength, used in various demanding applications including passenger vehicle windows, shower doors, architectural glass doors, refrigerator trays, mobile screen protectors, and bulletproof glass
Safety glass constructed by sandwiching polyvinyl butyral (PVB) layer between pairs of glasses, bonded with interlayers and treated for safety and security purposes, used in doors, facades, staircases, balustrades and partitions
Two or more glass panes spaced apart and sealed with sealant to appear as single unit, used for insulation and energy efficiency in buildings
SWOT Analysis
Strengths
- • Diversified product portfolio with steady growth history(p.31)
- • ISO 9001-2015 certified manufacturing facilities(p.43)
- • Long-term relationships with customers despite purchase order model(p.28)
- • Saint-Gobain technical partnership for efficiency improvement(p.30)
- • Experience and expertise in management and operations(p.44)
- • Established operational units with available infrastructure(p.83)
- • Strong financial performance with improving profitability(p.98)
- • Improving debt management and capital structure(p.98)
- • Established strong brand presence in Indian toughened glass market(p.114)
- • Promoters bring deep expertise and strategic management in glass industry(p.114)
- • Long-standing customer relationships driving repeat business and loyalty(p.114)
- • Stringent quality control standards and ISO 9001:2015 certification(p.114)
- • Strong risk management system aligned with ISO certification requirements(p.115)
- • Diversified product portfolio across toughened, laminated and DGU glasses(p.115)
- • State-of-the-art manufacturing infrastructure with modern automated equipment(p.125)
- • Established manufacturing facilities with advanced processing capabilities(p.217)
- • ISO 9001:2015 certification demonstrating quality management standards(p.214)
- • Strong product portfolio across multiple glass types and applications(p.214)
- • Improved profitability with significant PAT margin expansion(p.220)
- • Strategic focus on high-margin project-based business model(p.217)
- • Enhanced manufacturing efficiency through vendor management(p.217)
Weaknesses
- • High customer concentration risk—top 10 customers represent 40.46% of revenue(p.29)
- • High supplier concentration—top 10 suppliers account for 99.33% of expenses(p.30)
- • No long-term contracts with customers or suppliers(p.30)
- • History of delayed and erroneous statutory filings with ROC(p.34)
- • Significant delays in payment of GST and EPF statutory dues in past(p.41)
- • Personal guarantees by promoters/directors on loan facilities(p.35)
- • Unsecured loans can be recalled at any time by lenders(p.39)
- • Conflict of interest with group companies in same business(p.35)
- • Heavy reliance on key managerial personnel and senior management(p.43)
- • Over-dependence on key management personnel(p.44)
- • High financial leverage and debt burden(p.87)
- • Inventory management challenges(p.45)
- • Dependence on customer orders and payment(p.45)
- • Risk of employee misconduct impacting operations(p.47)
- • Labour-intensive operations vulnerable to disruptions(p.47)
- • High dependence on few major customers for revenue(p.116)
- • Very high supplier concentration with top supplier representing 56.35% of purchases(p.116)
- • Significant geographic concentration with Rajasthan accounting for 81.84% of sales(p.115)
- • Low to moderate capacity utilization across both manufacturing units(p.133)
- • Production highly dependent on customer-specific orders with limited production planning certainty(p.133)
- • High working capital requirements due to need to maintain substantial inventory(p.134)
- • High dependence on few suppliers(p.221)
- • Significant financial leverage with high debt-to-equity ratio(p.224)
- • Concentrated customer base limiting revenue diversification(p.221)
- • Low cash reserves relative to operational needs(p.178)
- • High borrowing costs impacting profitability(p.220)
- • Directors' personal guarantees on company borrowings creating personal liability exposure(p.209)
- • Minimal tax and regulatory compliance exposure(p.225)
- • No SEBI or stock exchange disciplinary action(p.225)
- • No litigation by promoters or directors(p.226)
Opportunities
- • Float glass market growth—forecast to reach US$ 32,780 million by 2028 at 5.2% CAGR(p.22)
- • Toughened glass expected to be among fastest growing building materials in India(p.22)
- • Planned machinery addition to expand advanced production capacity(p.32)
- • Wide application range in residential and commercial sectors(p.22)
- • Diversification potential through additional applications(p.22)
- • Capacity expansion through new machinery installation(p.83)
- • Transition to multi-shift operations for efficiency(p.89)
- • Geographic expansion into tier 2 and tier 3 cities(p.89)
- • Benefits of public listing(p.82)
- • High growth potential in Indian float glass market expected to grow at 7.5% CAGR(p.110)
- • Significant under-penetration with India's per capita glass consumption at 2.5 kg vs 7-10 kg in developed countries(p.110)
- • Expected 10-12% volume growth in float glass demand this fiscal year(p.110)
- • Planned expansion of capacity by 65% across the industry with investments of INR 7,200-7,500 crore(p.110)
- • Strong government policy support including anti-dumping duties and quality standards(p.112)
- • Rising demand driven by urbanization, infrastructure development and preference for premium products(p.110)
- • Favorable Government capex allocation with 37.4% increase in capital expenditure for 2023-24(p.108)
- • India positioned as fastest-growing major economy expected to be top 3 economic power in 10-15 years(p.107)
- • Strong partnership with Saint-Gobain through Propel Project Participation Agreement effective January 2024(p.137)
- • Plan to add additional advanced production lines to boost laminated glass capacity(p.116)
- • Growth in real estate and construction sector demand(p.220)
- • Expansion into high-margin product categories(p.217)
- • Increased utilization of expanded manufacturing capacity at Unit II(p.217)
- • Diversification into value-added glass products like DGU and laminated glass(p.217)
- • Expansion of project-based business model across infrastructure and commercial sectors(p.214)
- • SME platform listing pathway with migration potential(p.232)
- • Compulsory market making support for three years(p.246)
- • Clear regulatory pathway with positive track record(p.233)
Threats
- • Demand dependent on end-use customer product success(p.30)
- • Geographic concentration risk in Rajasthan with exposure to local disruptions(p.31)
- • Raw material price volatility and supply chain risks(p.30)
- • Significant power requirements with exposure to tariff increases(p.44)
- • Hazardous manufacturing processes with occupational safety risks(p.31)
- • Regulatory quality and quantity standards compliance requirements(p.43)
- • Dependence on third-party transportation without formal contracts(p.36)
- • Leasehold premises without ownership security(p.37)
- • Restrictive covenants in debt financing agreements limit operational flexibility(p.40)
- • Intense competition from larger established players(p.46)
- • Regulatory and legal uncertainty(p.50)
- • Dependence on Indian economic conditions(p.51)
- • Foreign exchange and currency fluctuation risks(p.49)
- • Natural disasters and external calamities(p.52)
- • Political instability and economic policy changes(p.51)
- • Terrorist attacks and civil unrest(p.52)
- • Highly competitive and fragmented Indian glass industry with organized and unorganized players(p.135)
- • Direct competition from major players on quality, cost, delivery and technical capability(p.135)
- • Vulnerability to raw material supply disruptions and price fluctuations from float glass manufacturers(p.137)
- • Global float glass market growth only at 5.2% CAGR vs India's 7.5%, indicating slower global demand(p.109)
- • Manufacturing costs dependent on electricity availability, power outages could disrupt operations(p.136)
- • Regulatory compliance requirements across environmental, health, safety and labor laws(p.135)
- • Quality Control Order requirements mandate BIS stamp for imported float glass creating compliance burden(p.112)
- • Europe's float glass market faces headwinds from Russia-Ukraine war affecting energy-intensive products(p.111)
- • Possibility of economic slowdown among India's trade partners impacting merchandise exports(p.107)
- • Raw material price volatility impacting margins(p.221)
- • Competitive market conditions in glass manufacturing(p.222)
- • Economic cyclicality affecting construction and real estate demand(p.214)
- • Currency fluctuation risks(p.214)
- • Regulatory and policy changes affecting operations(p.214)
- • Debt covenant restrictions limiting operational flexibility(p.212)
- • Outstanding dues to creditors remain elevated(p.228)
- • Pending dishonor of cheque cases in consumer collections(p.225)
- • Regulatory compliance burden on licensing(p.231)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anita Agarwal | Promoter | 14.42% | 9.69% |
| Mahesh Kumar Agarwal | Promoter | 28.49% | 19.14% |
| Uma Shankar Agarwal | Promoter | 3.73% | 2.51% |
| Sharda Agarwal | Promoter | 37.05% | 24.89% |
| Sharda Devi Sanwarmal Agarwal | Promoter Group | 6.95% | 4.67% |
| Mayur Agarwal | Promoter Group | 3.26% | 2.19% |
| Palak Agarwal | Promoter Group | 1.26% | 0.85% |
| Anita Agarwal | Promoter | — | — |
| Mahesh Kumar Agarwal | Promoter | — | — |
| Uma Shankar Agarwal | Promoter | — | — |
| Anita Agarwal | Promoter | 14.42% | — |
| Mahesh Kumar Agarwal | Promoter | 28.49% | — |
| Uma Shankar Agarwal | Promoter | 3.73% | — |
| Sharda Agarwal | Promoter | 37.05% | — |
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Agarwal Toughened Glass India IPO FAQs
What is the lot size of Agarwal Toughened Glass India IPO?
The minimum lot size of Agarwal Toughened Glass India IPO is 1,200 shares. One lot costs ₹1,29,600 at the cut-off price.
When does Agarwal Toughened Glass India IPO open and close?
Agarwal Toughened Glass India IPO opened for subscription on 28 Nov 2024 and closed on 02 Dec 2024.
What is the listing date of Agarwal Toughened Glass India IPO?
Agarwal Toughened Glass India IPO listed on 05 Dec 2024.