Asahi India Glass has reported its third quarter consolidated financial results, showing a net profit of ₹995 million compared to ₹1.05 billion in the same quarter of the previous year. This represents a year-on-year decline of 5.2% in the company's consolidated net profit performance.

Financial Performance Overview

The automotive glass manufacturer's quarterly results indicate a moderation in profitability during the third quarter. The company's consolidated net profit stood at ₹995 million, reflecting the operational performance during the reporting period.

Year-on-Year Comparison

The comparison with the previous year's corresponding quarter shows that Asahi India Glass experienced a decrease in its consolidated net profit. The company recorded ₹1.05 billion in net profit during the third quarter of the previous financial year, making the current quarter's performance lower by approximately ₹55 million.

The automotive glass industry has been navigating various market dynamics, and these results reflect the company's performance within that context. The year-on-year decline in consolidated net profit indicates the challenges faced during the quarter under review.

Asahi India Glass Limited has submitted its quarterly monitoring agency report for the period ended December 31, 2025, detailing the utilization of proceeds from its ₹1000.00 crore Qualified Institutions Placement (QIP). The report, mandated under Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrates complete adherence to the stated objectives of the fund raising.

QIP Issue Details and Structure

The QIP was conducted as a private placement of equity shares from September 15, 2025, to September 18, 2025, raising ₹1000.00 crore. CARE Ratings Limited serves as the monitoring agency for tracking the deployment of these proceeds.

Fund Utilization During Q3FY26

The monitoring agency report confirms that during Q3FY26, the company utilized ₹748.64 crore across the three stated objectives, completing the deployment of all QIP proceeds.

Debt Repayment Activities

The largest portion of the proceeds, ₹691.25 crore during Q3FY26, was deployed for term loan repayments to multiple financial institutions. The company completed repayments to:

• Bajaj Finserv
• Shinhan Bank
• Bank of Bahrain
• Bank of Baroda
• Central Bank
• Citi Bank

This completed the total debt repayment objective of ₹750.00 crore as outlined in the placement document.

General Corporate Purposes Deployment

For general corporate purposes, the company utilized ₹53.60 crore during Q3FY26, primarily for vendor payments. Notably, ₹49.89 crore of this amount was used to repay working capital demand loans (WCDL) from HDFC Bank that were originally borrowed for vendor payments.

The monitoring agency noted that an additional ₹3.70 crore from the issue expenses category was reallocated to general corporate purposes, as the actual issue expenses of ₹4.40 crore were lower than the projected ₹8.10 crore. This reallocation remained within the 25% limit for general corporate purposes as specified in the placement document.

Regulatory Compliance and Monitoring

CARE Ratings Limited confirmed no deviations from the objects stated in the offer document. The monitoring agency verified that:

• All utilization aligned with disclosures in the placement document
• No material deviations requiring shareholder approval occurred
• All government and statutory approvals related to the objectives were obtained
• No unfavorable events affected the viability of the stated objects

The report was prepared based on chartered accountant certificates from VSSA & Associates dated January 20, 2026, bank statements, and management undertakings, ensuring comprehensive verification of fund deployment.

Completion Status

The company has successfully completed all three objectives of the QIP within the targeted fiscal year 2026, with no delays reported in implementation. The monitoring agency confirmed that the total utilization under general corporate purposes did not exceed the 25% limit of issue proceeds, maintaining compliance with regulatory requirements.