Sejal Glass Limited Stock Analysis

Revenue from operations grew to Rs. 7,948 Lakhs in just nine months, already exceeding the full-year FY2025 revenue of Rs. 6,301.69 Lakhs, implying annualized revenue growth of approximately 68% YoY. / Total equity nearly tripled from Rs. 3,078.39 Lakhs to Rs. 10,628.33 Lakhs, with Other Equity rising from Rs. 2,068.39 Lakhs to Rs. 9,488.33 Lakhs, suggesting a significant capital raise that has substantially improved net worth. / Cash and cash equivalents surged dramatically from Rs. 95.51 Lakhs to Rs. 3,361.26 Lakhs, providing near-term liquidity headroom and reducing immediate default risk. / Other income of Rs. 960.64 Lakhs for the nine-month period (vs Rs. 754.47 Lakhs for the full prior year) indicates meaningful non-operating income streams, potentially from investments or asset monetization. / The company received an unqualified audit opinion from Gokhale & Sathe, and auditors did not raise any going concern flag, providing a baseline level of assurance on reported figures.

The company swung to a net loss of Rs. 226.51 Lakhs in nine months vs a full-year profit of Rs. 399.90 Lakhs in FY2025, with EPS deteriorating sharply to -Rs. 2.23 (basic) from +Rs. 3.96, signaling a fundamental breakdown in profitability. / Total borrowings (current + non-current) stand at Rs. 6,750.10 Lakhs, and new lease liabilities of Rs. 2,477.93 Lakhs have been added, bringing total debt-like obligations to over Rs. 9,228 Lakhs against equity of Rs. 10,628.33 Lakhs — a leverage ratio that leaves limited margin for error. / Finance costs alone reached Rs. 892.99 Lakhs for nine months, already 25.3% higher than the full-year FY2025 finance cost of Rs. 712.54 Lakhs, indicating debt servicing is consuming an increasingly large share of operating cash flows. / Depreciation and amortization expense surged to Rs. 504.30 Lakhs for nine months vs Rs. 100.48 Lakhs for the full prior year — a 5x increase — suggesting aggressive capitalization of assets whose return on investment has yet to materialize in operating profits. / A filing error requiring next-day correction of balance sheet figures, attributed to an 'Excel formula error,' raises concerns about the robustness of internal financial controls and reporting governance for a listed entity. / These financial results are explicitly prepared as a special-purpose document for FEMA overseas investment compliance and 'are not comparable with previous year audited financial results' — limiting analytical rigor and investor transparency.

Revenue from operations grew 26.1% to Rs 7,948 lakhs in 9M FY2026 from Rs 6,301.69 lakhs in FY2025, demonstrating topline momentum / Other equity surged from Rs 2,068.39 lakhs to Rs 9,488.33 lakhs, indicating successful capital raise of approximately Rs 7,420 lakhs strengthening the balance sheet / Trade receivables increased 80.5% to Rs 3,404.29 lakhs from Rs 1,886.84 lakhs, consistent with revenue growth trajectory / Cash and cash equivalents improved dramatically to Rs 3,361.26 lakhs from Rs 95.51 lakhs, providing substantial liquidity buffer post-capital raise / Inventories increased 139% to Rs 788.52 lakhs from Rs 329.33 lakhs, suggesting preparation for higher production/sales volumes

Company swung to a net loss of Rs 226.51 lakhs in 9M FY2026 versus profit of Rs 399.90 lakhs in FY2025, a deterioration of Rs 626.41 lakhs despite revenue growth / Finance costs increased 25.4% to Rs 892.99 lakhs from Rs 712.54 lakhs, indicating rising debt servicing burden even as interest rates moderate / Depreciation and amortization exploded 361% to Rs 504.30 lakhs from Rs 109.48 lakhs, suggesting aggressive capital deployment with uncertain returns given the loss-making position / Employee benefit expenses surged 56.5% to Rs 1,063.83 lakhs versus 679.80 lakhs, growing far faster than revenue at 26%, indicating operational inefficiency or organizational bloat / Earnings per share collapsed from Rs 3.96 to negative Rs 2.23, representing severe dilution and negative profitability despite equity capital raise / Board approved limits up to Rs 200 crore for loans/guarantees/investments under Section 186, signaling potential for significant further capital deployment into overseas subsidiary with unclear ROI given current losses