Sejal Glass Limited conducted its quarterly earnings conference call on February 18, 2026, to discuss the company's operational and financial performance for Q3 and nine months ended December 31, 2025. The call was hosted by Kirin Advisors with participation from Mr. Amrut Gada, Promoter, and Mr. Chandresh Rambhia, Chief Financial Officer.

Financial Performance Overview

For the nine months ended December 31, 2025, the company delivered strong financial results across key metrics:

Capital Raising Activities

During the quarter ended December 31, 2025, Sejal Glass completed significant fundraising activities to strengthen its financial position:

The company received listing permission for the equity shares from both Bombay Stock Exchange and National Stock Exchange.

Business Operations and Market Position

Sejal Glass operates as a manufacturer of high-quality architectural glass solutions, serving diverse end-user industries including residential and commercial real estate, public infrastructure, industrial plants, hospitals, financial institutions, and data centers. The company maintains state-of-the-art manufacturing facilities in India and the UAE, supported by over 150 supply chain partners and a client base exceeding 500 customers.

The company's product portfolio encompasses:

• Toughened glass
• Laminated safety glass
• Insulated glass units
• Digital printed glass
• Decorative and specialty glasses

Capacity Utilization and Expansion

Management provided detailed insights into current capacity utilization across different product lines and locations:

Strategic Initiatives and Future Products

The company is advancing several strategic initiatives to enhance its product portfolio:

• Fire-rated glass production: Expected to commence in Q1 of next financial year through technology partnership with a Spanish provider
• Bulletproof glass: Testing completed, market approach underway
• Digital printing: Production already started at the acquired Glasstech facility in Talaja

Management expects these high-value products to contribute meaningfully to profitability from Q3 of the next financial year.

Market Outlook and Growth Prospects

The company remains optimistic about industry tailwinds, citing robust demand across multiple segments. Management highlighted strong activity in residential real estate, commercial leasing, data centers, and infrastructure projects. The shift toward energy efficiency and sustainable construction continues to drive demand for double glazed and solar control glass solutions.

For the current financial year, management expects consolidated revenue to reach approximately INR 400 crores, with minimum 25% growth targeted for the following year. The company is targeting EBITDA margins of 18% going forward, with potential for further improvement as capacity utilization increases at newly acquired units.

Sejal Glass Limited issued a clarification on February 17, 2026, regarding corrected financial results after discovering errors in its previously submitted condensed standalone interim special purpose audited financial results for the period ended December 31, 2025.

Error Discovery and Correction

The company identified significant discrepancies in its balance sheet that required immediate correction:

The error resulted in a mismatch between total assets and total liabilities in the originally submitted balance sheet. Company Secretary Ashwin S. Shetty confirmed the corrective actions taken to ensure compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Corrected Financial Performance

The corrected financial results show the company reported a net loss of Rs 226.51 lakhs for the nine months ended December 31, 2025, compared to a profit of Rs 399.90 lakhs for the full year ended March 31, 2025.

Despite revenue growth of 26.12%, expenses increased significantly by 37.25%, leading to the net loss. Major expense components included cost of materials consumed at Rs 4,839.38 lakhs, employee benefit expenses of Rs 1,063.83 lakhs, and finance costs of Rs 892.99 lakhs.

Corrected Balance Sheet Position

The corrected balance sheet shows total assets of Rs 24,299.57 lakhs as of December 31, 2025, compared to Rs 11,862.21 lakhs as of March 31, 2025:

Auditor Opinion and Compliance

Gokhale & Sathe, Chartered Accountants, issued an unqualified audit opinion on the corrected financial results on February 16, 2026. The auditors confirmed that the condensed standalone interim special purpose financial results give a true and fair view in conformity with Indian Accounting Standard 34 and other applicable accounting principles.

The corrected financial results were prepared specifically for regulatory compliance with Foreign Exchange Management (Overseas Investment) Rules, 2022, to meet net worth conditions for the company's overseas investment in UAE subsidiary Sejal Glass & Glass Manufacturing Products LLC.

Earnings Per Share Impact

The financial performance significantly impacted earnings per share, with basic EPS at Rs (2.23) for the nine-month period compared to Rs 3.96 for the full year ended March 31, 2025. Diluted EPS stood at Rs (2.22) for the current period.