Agarwal Toughened Glass gets NSE nod for warrant conversion listing

Agarwal Toughened Glass India Limited has secured in-principle approval from the National Stock Exchange of India Limited (NSE) to list equity shares arising from the conversion of warrants. The approval covers 17,46,000 equity shares and 46,80,000 equity shares of ₹10 each to be allotted upon the conversion of warrants issued on a preferential basis. This development follows the company's earlier announcement of a fund-raising initiative approved by shareholders on May 6, 2026.

The NSE granted the approval subject to specific conditions, including the filing of a listing application immediately after allotment and compliance with statutory guidelines from authorities such as SEBI, RBI, and MCA. The exchange emphasized that the company must adhere to all applicable regulations, including the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, and the Companies Act, 2013, at the time of listing.

Compliance and Monitoring Conditions

The exchange advised the company to strengthen internal controls to monitor trades executed by the proposed allottees to prevent non-compliances under Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations. Specifically, the company must obtain an undertaking from allottees confirming they will not engage in intra-day trading or sell the company's scrip until the allotment date.

The responsibility to verify this compliance rests solely on the issuer company. The NSE warned that any observed non-compliance post-undertaking could impact the listing of these shares. The exchange also reserved the right to withdraw the in-principle approval if the submitted information is found to be incomplete, incorrect, or misleading.

Allotment Details

The preferential issue is directed at the promoter group, including Mahesh Kumar Agarwal, Sharda Agarwal, Sharda Devi Agarwal, and Palak Agarwal. The total maximum aggregate amount for the issuance of equity shares and warrants is ₹36,73,22,000.

Sr. No	Particulars	Maximum No. of Equity Shares to be Allotted	Maximum Aggregate Amount (in ₹)	Maximum number of Warrants to be allotted	Maximum Aggregate Amount (in ₹)
1.	Mahesh Kumar Agarwal – Promoter	1,08,000	1,17,72,000	8,40,000	9,15,60,000
2.	Sharda Agarwal - Promoter	96,000	1,04,64,000	7,62,000	8,30,58,000
3.	Sharda Devi Agarwal - Promoter Group	78,000	85,02,000	4,50,000	4,90,50,000
4.	Palak Agarwal - Promoter Group	48,000	52,32,000	3,60,000	3,92,40,000

Anita Agarwal, Managing Director of Agarwal Toughened Glass India Limited, signed the disclosure regarding the receipt of the in-principle approval on June 19, 2026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.45%	+8.38%	+18.99%	+11.89%	+12.03%	-1.45%

Agarwal Toughened Glass India Limited reported a 42.3% rise in net profit to ₹2,159.75 lakh for the financial year ended March 31, 2026, compared to ₹1,517.20 lakh in the previous year. Total revenue for the period surged 71.7% to ₹10,006.27 lakh, up from ₹5,830.28 lakh in FY25, primarily driven by a 71.6% increase in revenue from operations to ₹9,492.39 lakh. The board approved the audited standalone financial results in a meeting held on May 28, 2026.

The company’s total expenses for FY26 stood at ₹7,038.95 lakh, a significant increase from ₹3,980.61 lakh in the prior year, largely due to higher costs of material consumed and employee benefits. Profit before tax for the year rose 60.4% to ₹2,967.32 lakh. Earnings per share (EPS) for the year increased to ₹12.22 from ₹8.58 in the previous year.

Financial Performance

The statement of assets and liabilities as of March 31, 2026, showed total assets increasing to ₹14,845.41 lakh from ₹13,238.10 lakh a year earlier. Shareholders' funds grew to ₹11,582.66 lakh, driven by an increase in reserves and surplus to ₹9,815.20 lakh. Current assets rose to ₹11,119.62 lakh, while inventories and trade receivables saw substantial increases to ₹2,940.60 lakh and ₹3,454.35 lakh, respectively.

Metric	FY26 (₹ in Lakhs)	FY25 (₹ in Lakhs)
Total Revenue	10,006.27	5,830.28
Net Profit	2,159.75	1,517.20
Total Expenses	7,038.95	3,980.61
Profit Before Tax	2,967.32	1,849.67
Earnings Per Share	12.22	8.58

IPO Fund Utilization

The company provided a certificate regarding the utilization of proceeds from its Initial Public Offering (IPO), which aggregated ₹6,263.56 lakh. As of March 31, 2026, the company had utilized ₹5,165.12 lakh of the total proceeds, leaving a balance of ₹398.45 lakh. The funds were allocated towards machinery purchase, repayment of borrowings, working capital requirements, and general corporate purposes.

M/s Jethani & Associates, Chartered Accountants, issued an unmodified opinion on the audited financial results. The cash flow statement indicated a net decrease in cash and cash equivalents of ₹2,322.60 lakh during the year, with closing balances standing at ₹1,064.59 lakh.