Glen IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹261 cr
- Stock P/E
- 15.8peers 16.4
- Book value
- ₹58
- Price to book
- 1.87
- EV / operating profit
- -
- Market cap to sales
- 1.28
- ROCE · FY26
- 13.7%
- ROE · FY26
- 16.7%
- ROE, 3-year average
- 25.8%
- Operating margin · FY26
- 18.2%peers 8.3%
- Sales growth, 3 years
- 20.9%
- Profit growth, 3 years
- 154.6%
- Debt to equity
- 0.87peers 0.84
- Borrowings
- ₹121 cr
- Interest cover
- 3.3×
- Cash from business / op. profit
- 16%
- Debtor days
- 68
- Pledged
- 0.00%
- Promoter holding
- 73.31%
- Change in promoter holding
- +0.31 pts
- Shareholders
- 1,118
- 52-week high / low
- ₹134 / ₹58
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Glen Industries share price chart
Close on 6 Nov 2026 · -0.26% on the day · Vol 25,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -3.8%
- 3 months
- -4.7%
- 6 months
- +46.7%
- 1 year
- +43.1%
- Traded a day, 20 days
- ₹0.23 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +22% | -8% |
| 3 years, a year | +21% | +155% |
| Latest half, H2 FY26 | +24% | -18% |
About Glen Industries: business, products and customers
Glen Industries makes thin plastic food boxes for takeaway and sweet shops, and paper and plant based drinking straws for juice and dairy makers, selling across India and abroad. Its shares trade on BSE SME.
Glen Industries, set up in Kolkata in 2007 as a stationery maker, turned to food packaging in 2019. At its one plant at Dhulagarh in Howrah it moulds polypropylene food containers, sauce cups and lids, which made about 82.7% of FY26 revenue, and makes PLA straws (from corn starch or sugarcane) and paper straws, many of them the U-shaped straws stuck on juice and dairy cartons. It supplies more than 300 distributors in India, to drink makers such as Parle, Dabur and Coca-Cola bottlers, and to about 40 regular buyers in some 30 countries.
The way it works shapes the numbers. It buys resin, about 85% of it imported and mostly from the Middle East, and passes price changes to customers about every month, so revenue rises and falls with polymer prices while its rupee margin per kg stays much the same and the percentage margin looks lower when resin is dear; management says the FY26 dip in exports came from lower prices, not lower volumes. PLA straws earn a higher margin than containers, so the FY26 margin fell when the company passed on cheaper PLA to buyers, and straw demand peaks in summer, which management says keeps their yearly capacity use near 35% at most.
Read more about the business
The company also keeps more than three months of raw material plus finished stock, which ties up cash. The money from its July 2025 IPO is going into a new plant that roughly triples food container capacity and adds thermoformed containers and paper cups; the offer document placed it at Purba Bardhaman, while the FY26 annual report describes a new facility in Howrah. Management says delays in building plan approvals moved the start to September 2026.
The offer document names Rajshree Polypack as its one listed peer. The Chairman describes three kinds of rivals: local moulders, regional makers, and only three or four national players that also export, few of whom hold food safety certifications such as FSSC 22000 and HACCP. Glen first sold containers made by Ostern Private Limited, then a group company, and bought Ostern's container division in 2021.
From the offer document (December 2024), the FY25 and FY26 annual reports, the May 2026 investor presentation and the May 2026 earnings call.
Read the deeper study ↓In its favour
- Sales have grown fast: 21% a year over three years.
- The promoters own a large part of the company: 73.31%.
To watch
- Start of commercial production at the new plant from September 2026, with all lines due by December 2026 (earnings call, May 2026, p.6).
- The turnover target of about ₹500 cr, which the May 2026 call put at FY28 and the FY26 annual report at FY29 (earnings call, May 2026, p.12; annual report FY26, p.69).
- Inventory and cash from operations after the raw material build up of early 2026; two GST cases, with demands the offer document put at ₹2.1 cr, are stayed by the court (earnings call, May 2026, p.20; annual report FY26, p.69 and p.85; offer document, p.299).
- The change of auditor: joint statutory auditor S N Guha & Co resigned as its peer review certificate was not renewed by ICAI, and the board appointed Tosniwal & Associates on 21 May 2026, for approval at the August 2026 AGM (annual report FY26, p.5 and p.25).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Glen Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Glen Industries half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 84 | 87 | 95.56 | 107.57 |
| Expenses | 66 | 64 | 76.38 | 89.57 |
| Operating profit | 18 | 23 | 19.18 | 18 |
| OPM | 21.0% | 26.0% | 20.1% | 17.0% |
| Interest | 4 | 6 | 4.82 | 5 |
| Depreciation | 4 | 4 | 4.24 | 4 |
| Profit before tax | 11 | 13 | 11.13 | 10.60 |
| Net profit | 8 | 10 | 8.30 | 8.20 |
Glen Industries profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 92 | 115 | 140 | 166 | 203.13 |
| Expenses | 81 | 99 | 115 | 126 | 166.09 |
| Operating profit | 11 | 16 | 25 | 40 | 37.03 |
| OPM | 12.0% | 14.0% | 18.0% | 24.0% | 18.2% |
| Other income | 3 | -2 | 0 | 1 | 2.03 |
| Interest | 4 | 6 | 7 | 9 | 9.35 |
| Depreciation | 5 | 6 | 6 | 7 | 7.99 |
| Exceptional and other items | · | 1 | -1 | -1 | · |
| Profit before tax | 5 | 3 | 11 | 24 | 21.72 |
| Tax rate | 20.0% | 66.7% | 18.2% | 25.0% | 24.0% |
| Net profit | 4 | 1 | 9 | 18 | 16.50 |
| EPS ₹ | 35.62 | 14.42 | 82.46 | 10.37 | 6.86 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY23) comes from tax charged on a small or negative profit, as reported.
Glen Industries profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 12.0% | 14.0% | 18.0% | 24.0% | 18.2% |
| Tax rate | 20.0% | 66.7% | 18.2% | 25.0% | 24.0% |
| ROCE | · | 8.5% | 14.2% | 20.2% | 13.7% |
| ROE | · | 4.0% | 24.7% | 36.0% | 16.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Glen Industries debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Glen Industries balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 18 | 32 |
| Reserves | 17 | 31 | 40 | 41 | 107 |
| Net worth | 18 | 32 | 41 | 59 | 139 |
| Borrowings | 77 | 86 | 94 | 133 | 121 |
| Other liabilities | 21 | 19 | 26 | 22 | 31 |
| Total liabilities | 116 | 137 | 161 | 214 | 291 |
| Fixed assets | 55 | 73 | 81 | 108 | 108 |
| Capital work in progress | 1 | 0 | 0 | 1 | 12 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 60 | 64 | 80 | 105 | 171 |
Glen Industries cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -14 | 11 | 14 | 6 | 6 |
| Cash from investing | -22 | -15 | -13 | -35 | -18 |
| Cash from financing | 34 | 4 | -2 | 30 | 11 |
| Net cash flow | -2 | 0 | -1 | 1 | -1 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 61 | 52 | 69 | 68 | 68 |
| Inventory days | 192 | 192 | 184 | 252 | 240 |
| Days payable | 34 | 42 | 51 | 25 | 41 |
| Cash conversion cycle | 219 | 202 | 203 | 294 | 267 |
| Working capital days | 6 | -6 | 4 | 4 | 25 |
Glen Industries peers and competitors
Listed SME companies in the same industryBy sales, Glen Industries is number 48 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Aeron Composite | 148 | 17.0 | 222 | 8.7 | 8.7% | 0.53 |
| Vama Wovenfab | - | - | 214 | 12 | 8.0% | 0.86 |
| Shakti Polytarp | 96 | 9.6 | 208 | 10 | 9.0% | 2.61 |
| Shri Kanha Stainless | 33 | 3.7 | 206 | 8.7 | 8.6% | 0.91 |
| Glen Industries | 261 | 15.8 | 203 | 16.5 | 18.2% | 0.87 |
| Shree Tirupati Balajee FIBC | 282 | 99.0 | 203 | 2.9 | 7.3% | 1.08 |
| Shubhshree Biofuels Energy | 179 | 17.0 | 202 | 10.5 | 7.4% | 0.32 |
| Shree TNB Polymers | 115 | 16.4 | 198 | 7 | 10.0% | 0.82 |
| Quality Foils (India) | 14 | 9.6 | 184 | 1.5 | 4.7% | 2.08 |
| Gabriel Pet Straps | 63 | 12.6 | 183 | 5 | 2.4% | 0.05 |
| Munish Forge | 205 | 20.3 | 183 | 10.1 | 11.7% | 0.44 |
| Median of the 10 others | 115 | 16.4 | 202 | 8.7 | 8.3% | 0.84 |
Glen Industries shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Glen Industries shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 73.00% | 73.31% |
| Foreign investors (FIIs) | 0.22% | - |
| Indian institutions (DIIs) | 9.05% | - |
| Number of shareholders | 1,196 | 1,118 |
Glen Industries study: the business from its own documents
Read from 5 of the company's own documentsGlen Industries key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹203.1 cr
- Up about 19% on FY25; profit after tax slipped to ₹16.5 cr from ₹18.2 cr as the margin narrowed.Annual report FY26, p.68
- Food containers
- About 82.7%
- Share of FY26 revenue; PLA and paper straws made about 17.2% and mould design work the rest.Earnings call, May 2026, p.3
- Container capacity in use
- 77.74%
- FY26 use of 7,986 tonnes a year of container capacity, up from 71.45% in FY24; the straw lines ran at 28.33% (PLA) and 34.13% (paper).Investor presentation, May 2026, p.20
- New plant capacity
- 21,095 tonnes
- Planned food container capacity a year, against 7,986 tonnes now, plus 7,696 tonnes of paper cups.Investor presentation, May 2026, p.21
- New plant cost
- ₹130 cr to ₹133 cr
- Up from about ₹100 cr on a weaker rupee, a bigger building and 29 moulding machines instead of 20; the Chairman says the extra will come from internal funds.Earnings call, May 2026, p.9, p.10 and p.16
Show 5 more facts
- Exports
- 27.37%
- Share of FY26 revenue, ₹55.6 cr against ₹57.1 cr in FY25.Investor presentation, May 2026, p.23
- Largest customer
- 5% to 6%
- No single customer is above this share of total sales, the Chairman says; four or five buyers give 50% to 60% of exports.Earnings call, May 2026, p.13 and p.15
- Imported raw material
- About 85%
- Share of resin normally imported, mostly from Abu Dhabi; in May 2026 the company held more than three months of raw material.Earnings call, May 2026, p.20 and p.21
- Cash from operations
- ₹5.8 cr
- In FY26, against profit of ₹16.5 cr, as inventory grew to ₹78.4 cr.Annual report FY26, p.68 and p.69
- IPO raised
- ₹63.0 cr
- 64,96,800 new shares at ₹97 allotted in July 2025; the shares listed on BSE SME on 15 July 2025.Annual report FY26, p.87; investor presentation, May 2026, p.11; our arithmetic
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says the new plant will begin commercial production from September 2026, with all lines running by December 2026, and that the added capacity could bring ₹100 cr to ₹125 cr of revenue in FY27. The Chairman says the existing plant can support about ₹200 cr to ₹215 cr of sales and the new one about ₹300 cr more, with an EBITDA margin of 18% to 19%, all worked out on resin prices from before the West Asia war. On the May 2026 call the Chairman put the target of more than ₹500 cr of turnover and more than ₹90 cr of EBITDA at FY28; the FY26 annual report gives about ₹500 cr by FY29.
| What management said | When | What happened |
|---|---|---|
| EBITDA margin of 18% to 19% over the long run | May 2026 call, repeating earlier calls | About 19% in FY26, down from 24% in FY25 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Glen earns a steady conversion margin on plastic and paper it moulds into food boxes and straws, and passes the cost of its raw material on to buyers.
Its weak spots are cash tied up in stock, reliance on imported resin, and a new plant that is late and costs more than first planned.
AverageCan it set its own prices?It passes resin price changes on every month and says buyers accept them, but it earns a conversion margin rather than setting prices freely.
AverageHow strong is it against rivals?Its food safety certifications and national reach put it among a small group, but many local and regional moulders make the same kinds of boxes.
StrongWho are its customers?Sales are spread over hundreds of distributors, large drink makers and dozens of export buyers, with no single customer large.
WatchDoes it need a lot of money?Yes. It holds months of imported stock and is building a plant that costs well over half a year's sales, so profit turns into little cash.
AverageCan it keep finding new work?The container line is near full and export buyers are asking for products from the new plant, but there is no order book and straw demand is capped by the season.
AverageDo good and bad years swing a lot?Sales have risen every year, but profit has moved with raw material prices and the straw season.
Who runs Glen Industries?
Promoters, directors and officers; tap a name for the background
LALalit AgrawalPromoter, Chairman and Whole-Time Director
Bachelor of Engineering (Hons) in Mechanical Engineering from BITS Pilani and M.Tech in Industrial Management from IIT Kharagpur; over four decades in plastics, textiles, writing instruments and project management. President of the Indian Plastics Federation 2023 to 25 and on the Plastindia Foundation managing committee since 2024; a director since 2017. The offer document states Lalit Agrawal is the father of Nikhil Agrawal and Niyati Seksaria. Held 87,26,610 shares at March 2025. The offer document shows ₹7.2 cr of loans from Lalit Agrawal to the company outstanding at June 2024; Lalit Agrawal and Nikhil Agrawal are directors of the subsidiary Glen Realty, from which the company has taken a loan.
Offer document, p.25, p.134 and p.135; annual report FY25, p.22; annual report FY26, p.52 and p.87LALata AgrawalPromoter
Bachelor's and Master's degrees in Arts from Agra University and 12 years in human resources; holds no directorships. The offer document lists Lata Agrawal as the spouse of Lalit Agrawal.
Offer document, p.143 and p.146NANikhil AgrawalPromoter and Managing Director
Bachelor of Engineering in communication systems from Lancaster University, UK; began in the company's marketing department and took on production planning, purchase, human resources and exports, with 13 years in Indian and overseas trade. A director since 2017 and Managing Director for five years from 16 September 2024. Held 34,42,024 shares at March 2025. The offer document shows ₹1.5 cr of loans from Nikhil Agrawal to the company outstanding at June 2024.
Offer document, p.25, p.133 and p.135; annual report FY26, p.29NSNiyati SeksariaPromoter and Whole-Time Director
B.Com from the University of Calcutta with 12 years in branding, marketing and sales promotion. A director since 2020 and Whole-Time Director for five years from 16 September 2024.
Offer document, p.133 and p.135CRChirag RibiawalaChief Financial Officer
B.Com from the University of Calcutta and a chartered accountant, with over four years in finance and accounts at the time of the offer document; CFO since 16 September 2024.
Offer document, p.141 and p.142SSShikha SurekaCompany Secretary and Compliance Officer
Member of the Institute of Company Secretaries of India; in the role since 16 September 2024.
Offer document, p.142PSPrashant SinghaniaIndependent Director
Former Indian Railway Traffic Service officer with eight years in the Ministry of Railways; a chartered accountant, company secretary and cost accountant; founder of Audaz Infratech LLP and head of East India Consultants. On the board since September 2024.
Offer document, p.133 to 135CSChandan SenguptaIndependent Director
Master's in management studies from BITS Pilani and a postgraduate qualification in general management from IIM Calcutta; over two decades marketing polymer products, earlier with Haldia Petrochemicals. On the board since September 2024.
Offer document, p.134 and p.135MBManoj BaidIndependent Director
Chartered accountant and company secretary with ten years at HDFC Bank in corporate banking. On the board since September 2024.
Offer document, p.134 and p.135Glen Industries latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹108 cr (+24%), net profit ₹8.2 cr (-18%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 73.00% to 73.31%.
Glen Industries announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdateCompliances- Certificate under Reg.74(5) of SEBI (DP) Regulations,2018PDF ↗
- Company UpdateAnnouncement Under Regulation 30(LODR)-Business UpdatePDF ↗
- Company Updateschedule of meeting with Analyst/InvestorsPDF ↗
- Insider Trading / SASTIntimation about Closure of Trading Window pursuant to the provisions of SEBI (Prohibition of Insider Trading ) Regulations 2015 for the Half year ended SeptemPDF ↗
Glen Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Glen Industries share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Glen Industries' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,39,58,170 shares).
- !The FY26 results imply 3,20,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹82.46) and FY25 (₹10.37) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Glen Industries
What does Glen Industries do?
Glen Industries makes thin plastic food boxes for takeaway and sweet shops, and paper and plant based drinking straws for juice and dairy makers, selling across India and abroad. Its shares trade on BSE SME.
What is the share price of Glen Industries?
₹109 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Glen Industries?
₹261 cr at the close on 6 Nov 2026, on 2,39,58,170 shares.
What is the P/E of Glen Industries?
15.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Glen Industries' revenue and profit?
Revenue ₹203 cr and profit after tax ₹17 cr in FY26.
Who are the promoters of Glen Industries?
Lalit Agrawal, Lata Agrawal, Nikhil Agrawal, Niyati Seksaria; promoters held 73.31% at 31 March 2026.
What is Glen Industries' website?
www.glen-india.com
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Built from 2 annual reports, 1 offer document, 1 earnings call transcript, 1 investor presentation, 4 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.