Agarwal Toughened Glass India Limited IPO

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Agarwal Toughened Glass India Limited specializes in manufacturing toughened glass by processing float glass into value-added products. The company offers a wide variety of toughened glass with different thicknesses and sizes, meeting stringent quality standards set by the Bureau of Indian Standards (BIS) and certified under ISO 9001:2015.

Product Offerings:

The company produces various types of glass, including:
i. Toughened Glass: Used for its safety and strength.
ii. Laminated Glass: Offers added durability and security.
iii. Frosted Glass: Provides aesthetic appeal and privacy.
iv. Tinted and Reflecting Glass: Used for decorative and heat-control purposes.
v. Clear Glass: For transparent and functional applications.
vi. Double-Glazed Toughened Glass: For thermal insulation and soundproofing.

These products cater to a diverse set of applications, such as:
i. Architectural glass doors and tables.
ii. Dividers for residential and commercial apartments, hospitals, airports, and shopping malls.
iii. Shower doors, refrigerator trays, cookware, and mobile screen protectors.
iv. Bulletproof glass for specialized uses.

Market and Distribution

The company exclusively operates within the Indian market, catering to sectors such as:
i. Construction and Real Estate        ii. Automotive Industry                 iii. Industrial Sector

Its customer base includes office buildings, hotels, institutions, banks, insurance firms, shopping centers, and diplomatic residences. Orders are sourced through: Direct Client Interactions and an Experienced Sales and Marketing Team specializing in the glass industry.

Conclusion

Agarwal Toughened Glass India Limited is a recognized name in India’s toughened glass manufacturing sector. Its focus on quality, customer satisfaction, and a diversified product portfolio has positioned it as a reliable supplier for various industries. The company continues to grow by leveraging its expertise, catering to India’s increasing demand for high-quality, value-added glass products.

Objects of the Agarwal Toughened Glass India Limited IPO:

The Net Proceeds from the Issue are proposed to be utilized by the Company for the following objectives: i. Purchase machinery at the existing manufacturing unit; ii. Repayment of certain Borrowings; iii. To meet incremental working capital requirements; and iv. General Corporate Expenses.
DRHP of Agarwal Toughened Glass India Limited IPO
RHP of Agarwal Toughened Glass India Limited IPO

Agarwal Toughened Glass India Limited IPO Details:

Open Date: Nov 28 2024
Close Date: Dec 02 2024
Total Shares: 5,799,600
Face Value: ₹ 10 Per Equity Share
Issue Size: 62.64 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 105 - 108 Per Equity Share
Listing At: NSE Emerge
Listing Date: Dec 05 2024

Promoters And Management:

Anita Agarwal, 47, is a Promoter, Chairman, and Managing Director of the Company. She holds a bachelor's degree in arts from the University of Rajasthan and is the proprietor of M/s. Agarwal Foods and Beverages. With over a decade of experience in the glass industry, she joined the Company on September 28, 2022, and became Managing Director on March 6, 2023. Anita oversees operations, strategy, manufacturing, relations, HR, and organizational culture, playing a pivotal role in the Company's growth. Mahesh Kumar Agarwal, 47, is a Promoter and Executive Director of the Company. A commerce graduate from Ranchi University, he also serves as Director at Agarwal Float Glass India Limited and Managing Director at Agarwal Fortune India Limited. With over 30 years of experience in leasing, investing, and securities trading, and 15 years in the glass industry, he has been associated with the Company since its inception. Uma Shankar Agarwal, 50, is a Promoter and Non-Executive Director of the Company. A commerce graduate from Ranchi University, he oversees customer relations and procurement. With over 15 years of experience in the glass industry, he has been associated with the Company since its inception. He also serves as Chairman and Managing Director of Agarwal Float Glass India Limited.

Financials of Agarwal Toughened Glass India Limited IPO:

(In Cr.)
Particulars 30th Sep 2024 FY 2023-24 FY 2022-23 FY 2021-22
Revenue 22.28 38.32 39.95 33.40
EBITDA 6.98 13.71 4.74  3.59
EBITDA Margin 31.32% 35.78% 11.86% 10.75%
PAT 4.53 8.68 0.96 0.50
PAT Margins 20.33% 22.65% 2.40% 1.50%
CFOA(OCF) 4.10 6.95 2.20 (0.99)
Cash Conversion Ratio (OCF/EBITDA) 58.74% 50.70% 46.41% Negative

Comparison With Peers:

Companies Revenue EBITDA PAT D/E Ratio MCap P/E
Aggarwal Toughened Glass India Ltd.         (FY 2024) 38.32 Cr. 13.71 Cr. (35.78%) 8.68 Cr. (22.65%) 1.79 190.89 Cr. 22
Sejal Glass Limited (TTM) 211 Cr. 27 Cr. (12.79%) 5 Cr. (2.49%) 5.25 539 Cr. 104
Borosil Limited(TTM) 1,022 Cr. 146 Cr. (14.29%) 70 Cr. (6.85%) 0.13 5,416 Cr. 77.40

Recommendation on Agarwal Toughened Glass India Limited IPO:

Review and Recommendation of Agarwal Toughened Glass India Ltd IPO by team IZ is 3/10.

Lead Manager of Agarwal Toughened Glass India Limited IPO:

  1. Cumulative Capital Private Limited

Registrar of Agarwal Toughened Glass India Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Agarwal Toughened Glass India Limited F-2264, RIICO Industrial Area, Ramchandrapura, Sitapur (Ext.), Jaipur – 302 022 Phone: +91 723 004 3212 Email: cs_complianceofficer@agarwaltuff.com Website: http://www.agarwaltuff.com/

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