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Company with 74% market share in India

Asahi India Glass Ltd (AIS) is India’s leading integrated glass and windows solutions company and a dominant player both in the automotive and the building & construction segments. Company’s product solutions spanning the entire breadth of automotive, building & construction, and consumer glass, are designed to deliver aesthetics and functional benefits.


Current market price on the date of publishing this report-: 606 Rs


Incorporated in 1984 as Indian Auto Safety Glasses, Company was promoted as a Joint Venture by Maruti Udyog, Asahi Glass Company, Japan and B M Labroo and Associates. 

Asahi Glass Company, Japan, provided the technical assistance to the Company.

AIS Auto Glass is the largest manufacturer of world class automotive safety glass in India and is one of the largest auto glass makers in Asia. Its customers include Maruti Udyog, Hyundai Motors, Tata Motors, Toyota, Mahindra & Mahindra, Honda, General Motors Ford India, Hindustan Motors, Fiat India, Volvo, Eicher and Piaggio. Its manufacturing facilities are located at Rewari in Haryana and Chennai in Tamilnadu.

Later AIS transformed itself from a glass manufacturer to a complete glass solutions provider, offering a comprehensive range of products and solutions for home, offices, automotive, large and small buildings. 

Today, It is a leading integrated glass solutions provider, offering a wide range of products across Automotive, Architectural and Consumer Glass segments. The Company is engaged in the business of manufacturing of Auto Glass, Float Glass and other value added Glasses.

Also Asahi India Glass has the unique distinction of being the only Indian glass company that has been conferred the prestigious Deming Application Prize in 2007. The Deming Prize certifies the outstanding performance improvements achieved by AIS through the application of Total Quality Management (TQM).

Company commenced successful commercial supplies to new models like MSIL’s Baleno, Celerio, TKML’s new Camry, Kia Carens, Mahindra XUV7OO & Bolero Neo, Skoda Octavia & Kushaq, VW’s Taigun, and MG’s Astor. 

Business / Products

Automotive Glass

Company has over the period created a robust portfolio of product innovations and offerings as per the evolving needs of global OEMs in India. AIS has best-in-class SEQCDDM with in-house Design & Development and tooling capabilities. 

Manufacturers of passenger and commercial vehicles (trucks and buses), railways, metros, tractors, and off-highway vehicles use AIS Auto Glass. Laminated windshields, tempered glass for sidelites and backlites, and value-added items such as solar control, dark green glass, acoustic, defogger glasses, and heated & rain-sensor windshields are also available.

With a 77% market share, AIS Auto Glass products and solutions can be seen on India’s best vehicles across the automotive segments

Product range 

  • Laminated Windshields 
  • Tempered Glass for Sidelites and
  • Defogger Glass 
  • Glass Antenna 
  • Encapsulated Glass 
  • Plug in Window 
  • Solar Control Glass 
  • IR Cut Glass 
  • UV Cut Glass 
  • Dark Green UV Cut Glass 
  • Rain Sensor Windshield 
  • Wiper Heated Windshield 
  • Glass with assembly 
  • Privacy Glass 
  • Acoustic Windshield 
  • IR Cut and Acoustic Windshield 
  • Sliding window for Buses and Trucks 
  • Thinner Glazing (2+1.8mm, 2+1.6mm,
    2.8 mm) 
  • Bullet Resistant Glass (BR6 Level 3) 
  • Removed Sunveil Green Glass 
  • IGU for Metro and Railways 
  • Head Up Display W/S

New launches 

  • Maruti Suzuki Baleno 
  • Maruti Suzuki Celerio 
  • Toyota Camry 
  • Kia Carens 
  • Mahindra XUV 700 
  • Mahindra Bolero Neo 
  • Skoda Octavia SK381 
  • Skoda Kushaq 
  • Volkswagen Taigun 
  • MG Astor 
  • Force Gurkha

Architectural Glass

AIS provides a diverse variety of high-quality architectural glass designed to change building exteriors and interiors. AIS’s portfolio of high-performance and value-added glass products for indoor and exterior applications addresses issues such as energy efficiency, safety and security, privacy, acoustics, and aesthetics.

AIS offers outstanding glass processing capabilities, allowing it to meet the demands and expectations of modern consumers, architects, builders, consultants, fabricators, and interior designers. AIS is constantly innovating and expanding its portfolio of complete glass solutions, which includes clear and coloured glass, heat reflective, frosted and back painted glass, high-performance glass, processed glass, and mirrors – all of which are meant to revolutionise the way you perceive and use glass.

It’s architectural glass SBU has a multi-domain strategic position in the Company’s integrated business delivery chain. 

Product range includes

Float Glass -: This includes Clear Float Glass and Heat Absorbing Glass 

Energy-efficient Glass – This is for Buildings that are sustainable 

Super Speciality Glass – For Ideas beyond the ordinary 

Value-added Glass – For Unique Interior and Exterior Ideas 

AIS Windows – For Beautiful Ambience 

Designer Glass – For Interiors with an artistic touch

Consumer Glass

Consumer Glass SBU includes the automotive customer front facing business of Windshield Experts (WE) and the architectural glass services business of AIS Windows & Glasxperts (GX). Its associates, namely, AIS Distribution Services Limited (ADSL) and AIS Adhesives Limited (AIA) are engaged in after-market distribution of automotive safety glass and sealants respectively, to hundreds of dealers & retailers across India. 

Company has presence across 100+ cities and partnered up with 135+ dealers & workshops. 

AIS Windows offers a comprehensive range of high-performance window and door solutions in aluminium, and uPVC profiles. These are available in a range of customisable options and are designed primarily for use in homes, offices, and apartments. AIS Windows offers end-to-end 360-degree solutions viz. design, consultation, glass and frame selection, and installation. AIS Windows offers the perfect combination of material (uPVC & aluminium) with the best-in-glass product and hardware fittings. 

Innovative Products

AIS Regal Select 

AIS Regal Select windows are a brilliant symphony of functionality and aesthetics. AIS Regal Select is one of a kind fenestration solution in aluminum that enables to choose from a range of high-performance glass for floor to ceiling settings allowing panoramic views and ample natural light to enter home. 

AIS Glyde 

AIS Glyde is the only zero threshold, lift and slide Aluminum door system available and made in India with technical expertise from Savio, Italy. It features advanced technology that enables frames as high as 4m*, weighing up to 400 kgs, with upto 20% wider vistas. 

During the year 

Company commissioned an online CVD coater in our Taloja float plant to enhance its offerings of coated glass. The initial market response to the new range of CVD coatings from Taloja has been extremely encouraging .

In a significant development, company’s first batch of advanced toolings has been supplied to AGC’s plants in USA and Japan. Company is expecting to expand this niche as an export opportunity for AIS. 



For the year ended March 22

  • AIS’s consolidated revenue increased by 29.80% to Rs 3,189.73 crores in FY 2021-22, as compared to Rs 2,457.48 crores achieved in FY 2020-21. 
  • Net profit before tax grew by 149.30% to Rs 510.71 crores in FY 2021-22 from Rs 204.86 crores achieved in FY 2020-21. 
  • Net profit after tax increased by 159.09% to Rs 344.78 crores in FY 2021-22 from Rs 133.07 crores achieved in FY 2020-21. 
  • Operating profit (before interest and depreciation) stood at Rs 779.97 crores in FY 2021-22, as against Rs 470.87 crores in FY 2020-21. 
  • Earnings per share was Rs 14.18 in FY 2021-22, as against Rs 5.47 in FY 2020-21.
  • Company achieved a net debt reduction of Rs. 325.72 crores during FY 2021-22 and our overall current net debt of Rs. 1,203.10 crores comprises of a healthy mix of long and short-term debt.


  • Net Sales at Rs 922.53 crore in June 2022 up 52.78% from Rs. 603.84 crore in June 2021.
  • Quarterly Net Profit at Rs. 106.90 crore in June 2022 up 202.49% from Rs. 35.34 crore in June 2021.
  • EBITDA stands at Rs. 224.32 crore in June 2022 up 87.43% from Rs. 119.68 crore in June 2021.
  • Asahi India EPS has increased to Rs. 4.40 in June 2022 from Rs. 1.45 in June 2021.


Company is currently working on the expansion of phase 2 of its Patan plant. 

Company has already announced its 3rd float line and work has commenced on the same. This new float line will be state-of-the-art advanced technology from AGC Europe and will primarily allow AIS to localize raw glass to be used in automotive applications 

Company continues to invest in Design and Development for numerous new technologies and products, tooling, fabrication, localization skills, and low-cost automation.

Work on solar glass production is underway in collaboration with Vishakha Group, and the project is planned to be completed by Q1 of next year.

Sectorial Outlook

India, the world’s fourth largest automotive market, has seen consistent growth across sectors in FY 2021-22, demonstrating strong underlying demand and customers’ preference for personal vehicles over public transportation. Domestic output of Passenger Vehicles increased by 19.22% during FY 2021-22, while Commercial Vehicles increased by 28.90%. The segments Medium & Heavy Commercial Vehicles and Light Commercial Vehicles climbed by 50.17% and 20.21%, respectively.

Automotive glass is used to shield vehicles from UV radiation, wind, dust, and rain. It is used in the production of windshields and windows. It is deployed in most autos across categories to improve passenger safety because it can withstand tremendous temperatures without cracking. Technological breakthroughs in the automotive sector, as well as continual improvements in vehicle design, have prompted market participants to introduce innovative glass products for car makers. With demand increasing across vehicle segments despite commodity price hikes, many automakers are eager to embrace new technologies, particularly in the electric mobility arena, which is projected to see a flurry of launches in both four- and two-wheeler categories in the next year.

According to a research provided by the Indian Real Estate Industry, the real estate sector will contribute 13% of India’s GDP by 2025. By 2040, the market is estimated to rise by  Rs. 65,000 crores.

Real estate sector has witnessed a massive growth in FY 2021-22, with a significant increase in residential and commercial real estate investments. The real estate sector has leapfrogged in numerous ways due to the various measures taken by the government. The commercial real estate sector is on the path of gradual recovery in the post- Covid times . The glass sector has demonstrated extraordinary resilience and has quickly recovered from the setback caused by the Pandemic. Growth in the residential, commercial, and government sectors, a long-awaited price correction, favourable government measures, the net-zero campaign, industrial consolidation, and technical revolution are propelling the industry to new heights.

Please note 15-20% ideas can fail. Even we do not know which company would perform and which one wont. Therefore significantly high or over exposure to any particular stock in specific would not be a good idea. Users are requested to follow a balanced portfolio approach.


Asahi India Glass Ltd is India’s leading integrated glass and windows solutions company and a dominant player both in the automotive and the building & construction segments. Company offers a wide range of products across Automotive, Architectural and Consumer Glass segments as well as other value added products. Furthermore Asahi India Glass has the unique distinction of being the only Indian glass company that has been conferred the prestigious Deming Application Prize in 2007. With 74% share in the car segment in India, AIS Auto Glass is the preferred choice of manufacturers of passenger vehicle segment. Recently Company launched a new-age experience centre in Gurugram. This makes AIS the first glass company in India to create a 360-degree, multisensory and interactive experience centre that provides customers a deeper insight into products and solutions before their purchase. Thus being a dominant market player in Glass segment and automobile industry expected to grow significantly higher in the coming period, Asahi India Glass is worth exploring for long term.

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