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Asahi India Glass Limited (ASAHIINDIA) Fair Value & Analysis

Consumer Cyclical · IN · Market cap ₹230B (≈ $2.4B) · ISIN INE439A01020

What is Asahi India Glass Limited really worth?

AI Asahi India Glass Limited ASAHIINDIA · NSE
Price₹955.90
Fair Value₹226.57
Upside−76.3%
Quality45/100

Below-average quality, and trading another 322% above our fair value of ₹226.57.

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Risks

!Expensive Growth (revenue 5y +15.2 %/yr)
!Thin margins · 6.9% net margin
!Low debt · negative free cash flow
!Trails peers (5/13)
!Moderate moat 51/100
!Weak on dividend: 4 out of 100

For context

·0.21% dividend yield
Evidence: High Range ₹158.60 – ₹294.54

Fair value as of: Aug 13, 2026

From 16 valuation models · updated 22 days ago

Share price +3.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹294.54). The favourable scenario is already priced in.
  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹158.60 to ₹294.54) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

₹1,066 ₹305.98 Fair Value ₹226.57 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹305.98 – ₹1,066 · fair‑value band ₹158.60 – ₹294.54 · the ₹955.90 price screens above the ₹226.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Asahi India Glass Limited (ASAHIINDIA) currently trades at ₹955.90, while our model-based Fair Value estimate is ₹226.57, implying the stock looks roughly 321.9% overvalued today. The Quality Score stands at 45/100 (below-average quality), in the Consumer Cyclical sector. Bull case: the Multiples group reads highest at a median of ₹229.87 per share, and 0 of the 16 models we run sit above the ₹955.90 price. Bear case: the Dividend Discount group reads lowest at ₹32.81, and 16 of the 16 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Asahi India Glass Limited generated revenue of ₹49.9B at a net margin of 6.9%. Revenue grew 14.8% year over year. It earns a return on equity of 10.5%. Net debt stands at ₹19.5B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹158.60 (bear case) to ₹294.54 (bull case); at ₹955.90, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 30% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −38% fair-value upside, at −76%, ASAHIINDIA screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹5.09 per share, which is 2.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (₹32.81 to ₹395.66). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income best evidence ₹132.89 ₹145.55 ₹214.97 76
EPV ₹152.31 ₹188.28 ₹220.25 74
ROIC Compounder ₹152.31 ₹218.93 ₹318.86 70
All 16 models by family
Earnings-Based
Graham-Dodd ₹91.95 ₹347.18 ₹469.83 64
Lynch FV ₹84.05 ₹120.07 ₹156.09 61
PEG = 1.0 ₹84.05 ₹120.07 ₹156.09 57
EPV ₹152.31 ₹188.28 ₹220.25 74
Dividend Discount
Gordon GGM ₹18.35 ₹40.05 ₹67.39 65
DDM Multi-Stage ₹18.35 ₹32.81 ₹41.74 66
Multiples
P/E Multiple ₹223.10 ₹297.47 ₹371.84 63
P/S Multiple ₹172.40 ₹229.87 ₹287.33 58
P/B Multiple ₹172.40 ₹229.87 ₹287.33 55
EV/EBIT ₹283.87 ₹395.66 ₹507.45 66
EV/EBITDA ₹272.79 ₹380.88 ₹488.97 67
EV/Revenue ₹110.17 ₹179.45 ₹248.73 53
Asset-Based
NCAV (Graham) ₹77.12 ₹103.34 ₹154.24 54
Economic Profit
Residual Income best evidence ₹132.89 ₹145.55 ₹214.97 76
ROIC Compounder ₹152.31 ₹218.93 ₹318.86 70
Growth Earnings
Growth-Adj P/E ₹158.60 ₹226.57 ₹294.54 67

Widest divergence: Multiples (₹229.87) versus Dividend Discount (₹32.81). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 69.1
P/S ratio 4.85 P/E × margin
EPS (TTM) ₹13.84 price ÷ EPS = P/E 69.1
Dividend yield 0.2% payout 14.5%
Net margin 7.0% FY2026
Return on equity 10.5% TTM
More key figures
Profitability
Return on assets (EBIT) 36.8% avg 5y
Operating margin 15.7% TTM
Growth
Revenue (TTM) ₹49.9B TTM
Revenue growth (YoY) +14.8% 3y avg +6.9%
EPS growth (YoY) +36.9%
Balance sheet & cash flow
Free cash flow −₹1.6B FY2026
Net debt ₹19.5B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 46 · Market factors (momentum, volatility) 63

Profitability 48
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 28
Earnings quality: real cash, not paper profit
Fin. Strength 58
Balance sheet, leverage, solvency risk
Investment 13
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 59
Distance to the 52-week high (market factor)
Net Issuance 64
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Asahi India Glass Limited, together with its subsidiaries, manufactures and sells glass products in India and internationally. It operates through two segments, Automotive Glass and Float Glass.

Full company description

Asahi India Glass Limited, together with its subsidiaries, manufactures and sells glass products in India and internationally. It operates through two segments, Automotive Glass and Float Glass. The company offers automotive glass products, including laminated glass for car windscreens; tempered glass for sidelites, backlites, and car windscreens; sunroof; sub-assemblies; value-added glass products; and white goods. It also provides architectural glass products comprising annealed, decorative, float, processed, fire-resistant, energy-efficient, window, and designer glass products, as well as coated glass products for exteriors and interiors. In addition, the company offers consumer glass products for doors, windows, staircases, balustrades, canopies, and infinity pools; and industrial glass products for consumer durables, and construction and farm equipment. Further, it provides automotive glass repair and replacement services, as well as sunroof glass replacement services; and professional car care services comprising battery check and replacement, car detailing and headlight restoration, wiper blade and replacement, and car care product services. The company serves the automotive sector comprising auto manufacturers OEMs, after market, and car owners; building and construction segment consisting of influencers, developers, fabricators/processors, and government/industrial; consumer and trader sector, such as residential, commercial, and dealers and distributors; and industrial sector, including white goods OEMs, and construction and farm equipment. It exports its products. Asahi India Glass Limited was incorporated in 1984 and is based in Gurugram, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Asahi India Glass Limited reported revenue of ₹49.1B in FY2026 versus ₹31.7B in FY2022, a compound +11.5%/yr. Reported net income was ₹3.4B in FY2026, compounding 0.0%/yr from FY2022.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹49.1B
Latest YoY
+6.8%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.9%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.2%
Avg. revenue growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.6%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+17.1% (16.9 + 0.2)
Revenue +11.5%/yr
FY22 ₹31.7B
FY23 ₹40.2B
FY24 ₹43.4B
FY25 ₹45.9B
FY26 ₹49.1B
Net income 0.0%/yr
FY22 ₹3.4B
FY23 ₹3.6B
FY24 ₹3.3B
FY25 ₹3.7B
FY26 ₹3.4B
Character of growth · EPS growth decomposed (2015-2026) +15.7 % p.a.
Revenue per share +8.4 %

of which total revenue +8.5 % · buybacks/dilution −0.1 %

EBIT margin −3.2 %
Tax rate +1.3 %
Residual (interest, one-offs) +9.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

ASAHIINDIA screens 322% overvalued. Compare with O'Reilly Automotive, Inc →

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Cite: Fair Value Calculator (2026). "Asahi India Glass Limited Fair Value". https://www.fairvalue-calculator.com/stock/ASAHIINDIA

Peer Group

Auto Parts · 640 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 45 · Below median
Fair Value upside −76% · Bottom 25%
Return on equity (TTM) 10% · Above median
Return on assets 5% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 16% · Top 25%
Revenue growth 15% · Above median
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.40× · Higher than 75% of peers

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 69.1× · Pricier than 75% of peers
P/B 5.85× · Pricier than 75% of peers
P/S (TTM) 4.61× · Pricier than 75% of peers
EV/EBITDA 26.5× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 14
FUTURE74 · sector 21
PAST42 · sector 28
HEALTH80 · sector 95
DIVIDEND4 · sector 32

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Auto Parts stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
O'Reilly Automotive, Inc ORLY $88.50 $47.50 −46%
AutoZone, Inc AZO $2,932 $2,287 −22%
Hyundai Mobis Co 012330 450,500 KRW 643,909 KRW +43%
Fuyao Glass Industry Group 600660 ¥57.67 ¥84.47 +46%
Samvardhana Motherson International Limited MOTHERSON ₹165.30 ₹80.63 −51%
Magna International Inc MGA $65.57 $68.17 +4%
Genuine Parts Company GPC $137.51 $58.07 −58%
Bosch Limited BOSCHLTD ₹48,700 ₹11,534 −76%
Ningbo Tuopu Group 601689 ¥45.82 ¥28.28 −38%
Bharat Forge Limited BHARATFORG ₹2,063 ₹393.20 −81%

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Frequently asked questions

Is Asahi India Glass Limited (ASAHIINDIA) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹226.57 versus a price of ₹955.90, about −76% upside (overvalued).
What is the fair value of ASAHIINDIA?
Our model-based fair value for Asahi India Glass Limited is ₹226.57 (as of Aug 13, 2026), built from audited fundamentals. The current price: ₹955.90.
What is the quality score of ASAHIINDIA?
Asahi India Glass Limited has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Asahi India Glass Limited (ASAHIINDIA)?
Asahi India Glass Limited reported trailing-twelve-month revenue of about ₹49.9B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of ASAHIINDIA?
The net profit margin of Asahi India Glass Limited is about 6.9%, meaning it keeps roughly 6.9% of revenue as net income. Based on the latest reported figures.
Does Asahi India Glass Limited pay a dividend?
Asahi India Glass Limited currently shows a dividend yield of about 0.21% relative to its recent price (as of Aug 13, 2026).
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