Saint-Gobain Sekurit India Ltd (SEKURITIND)
🎯 Key Takeaways
- Saint-Gobain Sekurit India Ltd operates in the niche glass and glazing segment within construction materials, maintaining a dominant promoter stake and zero debt. The company exhibits characteristics of a mature cash cow with stable margins and strong returns, though growth has plateaued over the past year (+1.
- Revenue declined 8.2% QoQ to ₹61 in Q1FY27.
- ⚠️ Overreliance on the construction sector exposes the company to cyclical downturns, particularly in residential and commercial real estate. Margin sust
📖 The Story
Saint-Gobain Sekurit India Ltd operates in the niche glass and glazing segment within construction materials, maintaining a dominant promoter stake and zero debt. The company exhibits characteristics of a mature cash cow with stable margins and strong returns, though growth has plateaued over the past year (+1.72% 1Y return).
📰 What's Happening
Management has consistently highlighted operational efficiency and margin discipline in recent quarters, with no major capex announcements or strategic shifts disclosed in the latest filings. The company secured new project orders in Q1FY27, primarily in residential and commercial infrastructure segments, though specific order values were not quantified. No management changes or M&A activity were reported in the latest regulatory submissions.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 60 | 62 | 66 | 61 |
| Operating Profit | 12 | 12 | 13 | 9 |
| OPM % | 19.5% | 19.4% | 20.3% | 15.1% |
| Net Profit | 11 | 11 | 13 | 9 |
| EPS | ₹1.18 | ₹1.23 | ₹1.44 | ₹1.03 |
Revenue has shown modest sequential stability around ₹60-66 crore over the last four quarters, with operating margins holding firm near 19-20% despite macro headwinds. Profitability remains resilient, with net profit and EPS tracking closely with operating performance, indicating effective cost control and no significant margin erosion in recent periods.
🔮 Management Outlook & What's Next
Management has not provided formal forward guidance in the latest earnings commentary, instead emphasizing continued focus on operational excellence and market positioning in the architectural glass segment. No new growth targets or revenue projections were outlined in the recent filings.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 91 | 91 | 91 | 91 |
| Reserves | 105 | 125 | 128 | 152 |
| Borrowings | 0 | 0 | 1 | 0 |
| Total Liabilities | 226 | 253 | 265 | 291 |
| Fixed Assets | 18 | 18 | 18 | 18 |
| Investments | 117 | 144 | 173 | 200 |
| Total Assets | 226 | 253 | 265 | 291 |
The balance sheet remains exceptionally strong with zero net debt and growing equity reserves, reflecting a conservative capital structure. Total assets have risen steadily, suggesting ongoing investment in operational capacity without reliance on external financing.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +33 |
| Investing | -17 |
| Financing | -18 |
| Net Cash Flow | -2 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 75.0% | 75.0% | 75.0% | 75.0% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 21.7% | 21.7% | 21.8% | 21.9% |
| # Shareholders | 40,629 | 39,932 | 39,331 | 38,662 |
Promoter holding remains stable at 75%, with no signs of dilution or stake sales. Retail investor base has slightly contracted in recent quarters, while the number of shareholder accounts remains highly fragmented (38,662+), indicating broad retail participation without institutional interest.
⚖️ Peer Comparison — Glass & Glass Products
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ASAHIINDIA | 24,250 | 55.4 | 13.0% | 11.2% | 0.52 |
| BORORENEW | 7,053 | 18.3 | 28.9% | 29.3% | 0.11 |
| BOROLTD | 2,938 | 41.9 | 11.5% | 8.7% | 0.10 |
| LAOPALA | 1,926 | 20.7 | 15.2% | 11.3% | 0.01 |
| BOROSCI | 1,097 | 25.4 | 12.9% | 10.7% | 0.03 |
| SEKURITIND | 1,049 | 23.6 | 23.9% | 18.3% | 0.00 |
| SEJALLTD | 819 | 24.8 | 19.8% | 23.8% | 1.11 |
| HALDYNGL | 753 | 25.4 | 14.9% | 13.8% | 0.59 |
| BANARBEADS | 75 | 40.3 | 5.7% | 3.3% | 0.36 |
| 530765 | 7 | 107.8 | 5.6% | 3.3% | 1.43 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
Overreliance on the construction sector exposes the company to cyclical downturns, particularly in residential and commercial real estate. Margin sustainability is at risk if input costs or pricing pressures emerge, given the absence of scale advantages or pricing power in a fragmented market.
🧠 Analyst's Read
The company maintains financial resilience and operational stability but operates in a stagnant growth phase with limited upside catalysts. Investors should monitor sector-specific demand trends and any shift in management's strategic priorities to break out of its current performance plateau.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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