Asahi India Glass Ltd Management Discussions

Since foundation in 1984, Asahi India Glass Ltd. (AIS) has transformed Indias glass sector and today it delivers fully integrated solutions that span the entire value chain, from raw material sourcing, through processing and fabrication to installation across automotive, architectural and consumer segments. By forecasting market trends and aligning its manufacturing footprint with emerging demands, AIS has created a connected value chain capable of delivering customized glass systems that evolve alongside customer requirements.

Aligned with national priorities like Atmanirbhar Bharat and Viksit Bharat, AIS is advancing sustainable development through strategic investments in modern, state-of-the-art facilities across India. These efforts have reduced reliance on imports, strengthened domestic manufacturing, and enhanced supply chain resilience, reinforcing the broader Indian manufacturing ecosystem.

In the automotive sector, AIS continued to lead by aligning with trends in vehicle premiumization and intelligent mobility. Its diverse portfolio includes laminated acoustic windshields, UV-blocking and IR-reflective glass, ADAS-ready glazing, smart-tinted sunroofs, HUD-compatible panels, tempered glass for sides and rear, heated and encapsulated assemblies, rain sensor-compatible windshields, and privacy-tinted solutions. AIS also developed thinner, lighter panels that improve insulation and noise reduction. These are ideal for electric and connected vehicles and contribute to greater energy efficiency.

On the architectural front, AIS is redefining light and thermal management in buildings. Its high-performance glass offerings include Low-E coatings, solar-control and hydrophobic surfaces, and self-cleaning treatments that reduce maintenance. Electrochromic and photochromatic technologies enable fa?ades to adjust opacity in real time. This enhances occupant comfort, supports green building certifications, and delivers dynamic, energy-efficient design. Innovation drives AISs evolution. Its in-house R&D teams continuously advance surface coatings, digital-printing techniques, and multifunctional glass that blend performance, aesthetics, and sustainability. Efforts focus on eco-friendly formulations and processes tailored to Indias climate and aligned with technological progress.

AIS has deepened its sustainability commitment by expanding recycled cullet usage, lowering energy intensity, and introducing green hydrogen in new lines. Collaborations on circular economy initiatives, such as photovoltaic-glass recycling, reflect its drive toward a low-carbon future and industry leadership.

By increasing local raw material sourcing and achieving greater vertical integration, AIS has built a resilient, self-reliant supply chain. Together, these efforts in innovation, sustainability, and integrated operations position AIS as a key enabler of Indias economic growth and self-reliance.

Macro-Economic Overview

Global Economy

In CY 2024, the global economy grew by 3.3%, reflecting relative stability despite ongoing headwinds. Entering CY 2025, policy priorities shifted sharply as geopolitical tensions rose and economic strains mounted. Major economies adjusted fiscal and monetary frameworks and introduced new trade measures that reshaped international dynamics.

In the glass manufacturing sector, demand remained stable but uneven across regions. Developed markets saw modest growth due to subdued construction and tight credit, while emerging economies experienced stronger momentum driven by urbanization and infrastructure development. Rising energy costs and stricter environmental norms pressure d margins and accelerated efficiency investments.

Sustainability emerged as a key trend, with rising demand for high performance glass driven by green building norms and emissions regulations. Manufacturers responded by upgrading technologies, using more recycled cullet, and exploring advanced materials to manage costs and gain market share.

In CY 2024, the global economy grew by 3.3%, demonstrating resilience despite persistent headwinds. Entering CY 2025, trade tensions escalated as the U.S. announced tariffs on key imports, intensifying pressure on the global trading environment. Policy priorities shifted sharply amid escalating geopolitical frictions and mounting economic strains. In response, major economies recalibrated fiscal and monetary policies and introduced new trade measures that reshaped international dynamics.

U.S. tariffs on key imports triggered reciprocal actions, pushing global tariff to multi-decade highs. These barriers lowered global GDP forecasts by 0.5–1.0%, while higher input costs and supply chain disruptions challenged pricing and volume assumptions.Unpredictable policy shifts undermined conventional forecasting models. Economists expanded scenario-planning frameworks to accommodate a broader range of outcomes.

Headline inflation declined more slowly than expected. After peaking in early CY 2024, global consumer-price inflation eased to 5.1% by December. Projections now point to 4.3% in CY 2025 and 3.6% in CY 2026, reflecting elevated inflation in advanced economies partly offset by milder pressures in emerging markets. Companies that have invested in sustainable technologies and agile supply-chain strategies were best positioned to navigate this challenging, opportunity-rich environment.

Growth in advanced economies is expected to stay subdued, with global projections indicating a modest 1.4% expansion in 2025. The U.S. may grow at 1.8%, while the Eurozone is likely to trail at 0.8%. Emerging markets and developing economies (EMDEs) are projected to slow to 3.7% in 2025, with a slight rebound to 3.9% in 2026. Countries most affected by recent trade actions, especially China, are seeing notable downward revisions in growth forecasts.

In contrast, several emerging markets—particularly India, Southeast Asia, and parts of Africa and Latin America—are set to outperform the global average. This momentum is fuelled by strong domestic demand, infrastructure investment, and favourable demographics. Additionally, growing investments in renewables, electric vehicles, green buildings, and carbon capture are expected to accelerate, creating new opportunities and reshaping global supply chains.

Outlook

Despite its current challenges, the global economy faced a unique opportunity to build resilience and pursue a more sustainable path. Stressed economies demonstrated that, with coordinated policies and proactive reforms, recovery was within reach. Stable, transparent trade; timely debt resolution; and efforts to correct structural imbalances could have fostered a more balanced, inclusive rebound. Credible fiscal plans, clear monetary guidance and targeted macroprudential measures would have helped restore financial stability and safeguard long-term growth. Navigating the road ahead required international cooperation, coherent strategies and committed leadership. By aligning on shared objectives, the global economy could have regained momentum, rebuilt bu_ers and unlocked new prospects for prosperity across regions.

Indian Economy

Indias economic performance in FY 2024–25 stands out as a bright spot amid global uncertainty, marked by rising trade tensions and persistent geopolitical risks. With GDP growth at 6.5%, India remains the worlds fastest-growing major economy, underscoring its resilience in navigating external headwinds. Growth was driven by a strong pipeline of government-led infrastructure projects and sustained momentum in finance, real estate, and construction. Rural demand also strengthened, supported by targeted financial inclusion initiatives and robust agricultural output.

As of June 2025, the Reserve Bank of India adopted a more accommodative stance, reducing the repo rate by a cumulative 50 basis points to 5.50%. These calibrated cuts aim to balance inflation control with the need to boost credit growth and capital formation. Retail inflation eased to 3.16% in April 2025—the lowest in nearly six years—remaining below the RBIs 4% target for the third consecutive month, driven by softer food prices. While core inflation remains sticky, the overall easing gives the RBI room to continue supporting growth through policy.

Indias domestic fundamentals remain strong. Prudent fiscal management, sustained infrastructure spending, and effective welfare schemes have provided a buffer against global shocks. Labor markets are improving, lifting household incomes and consumption. The BFSI sector has also shown robust growth, aided by stable credit expansion and improved asset quality, further reinforcing economic stability.

These developments reflect Indias ability to maintain its growth trajectory and macroeconomic stability, even in a challenging global environment.

As of FY 2024-25, Indias Current Account Deficit (CAD) improved significantly, narrowing to 1.5% of GDP in Q3 from 2.2% a year earlier. This was driven by lower global oil prices, recovering exports—especially in pharmaceuticals, electronics, and software—and strong remittance inflows crossing $100 billion. (Source: RBI Report, March 2025)

Indias capital markets reached new highs, with total market capitalisation crossing _450 lakh crore ($5.4 trillion) as of 31st March 2025. The BSE Sensex and NSE Nifty 50 contributed _300 lakh crore ($3.6 trillion) and _150 lakh crore (~$1.8 trillion), respectively. Foreign Institutional Investors (FIIs) infused $15 billion during the year, reflecting strong global confidence. The Union Budget FY 2025–26 reafirmed focus on growth with fiscal prudence. Capital expenditure was raised to _11.21 lakh crore (~3.1% of GDP), supporting infrastructure, rural development, and private investment. The fiscal deficit was targeted lower at 4.9%.

Consumption revival remained a priority, backed by enhanced rural allocations, higher Direct Benefit Transfers (DBTs), and tax reliefs under the new regime—set to boost disposable income, especially in rural and middle-income segments.

Indias external sector showed resilience, with overall exports growing nearly 6% YoY, led by services exports, reinforcing its leadership in the global services trade.

To g e t h e r, r i s i n g co nsu m p t i o n , infrastructure investments, strong trade performance, and policy tailwinds have created a solid platform for sustained economic growth. Indias ability to steer through global volatility while advancing domestic reforms underscores its growing resilience and long-term potential.

Outlook

Indias economic outlook for FY 2025–26 remains positive, with GDP growth projected between 6.5% and 6.8%. Supported by solid domestic fundamentals and targeted policies, a revival in private capital expenditure and improved consumption will drive momentum. Strategic initiatives such as Make in India, digital infrastructure investments and PLI ( Production-Linked-Incentive) schemes will bolster manufacturing, while robust rural recovery via financial inclusion will fuel demand across sectors.

Indias youthful population represents a major demographic dividend, providing a sizeable workforce and expanding consumer base. This advantage, combined with accelerating technology adoption and sectoral innovation, will enhance productivity and competitiveness. Active engagement in global trade agreements and partnerships is opening new export markets and attracting foreign investment.

With inflation subdued and the RBI maintaining an accommodative monetary stance, the macroeconomic environment looks stable. Large-scale infrastructure projects, favorable demographics and rising investor confidence will underpin long-term growth despite global volatility.

Against this backdrop, Indias glass industry is set to thrive. Robust real-estate and infrastructure activity will sustain demand for architectural glass, while automotive and EV segments will drive specialized requirements. Government incentives for clean-energy projects and Make in India reforms will support local manufacturing capacity expansion. Meanwhile, the global appetite for specialty and technical glass will enhance export prospects.

The sector will consolidate around technology and sustainability. Smart-glass innovations, energy-efficient solutions and automated production processes will meet end-user expectations. By aligning with national growth drivers and sustainability goals, Indias glass industry is poised for dynamic expansion in FY 2025–26.

Industry and Business Overview

Automotive Glass

Industry Structure and Development

The Indian automobile industry stands as one of the largest and most dynamic sectors in the country, playing a crucial role in driving economic growth, technological advancement, and employment generation. Encompassing a wide range of segments including passenger vehicles, commercial vehicles, two-wheelers, three-wheelers, and tractors, the industry directly and indirectly supports millions of livelihoods and contributes significantly to the nations GDP.

In recent years, the industry has witnessed robust development, fueled by factors such as rising consumer aspirations, rapid urbanization, and favorable government policies that promote manufacturing, innovation, and sustainability. As a result, India has emerged as a key player on the global automotive stage, attracting both domestic and international investments while becoming a preferred hub for automotive production and exports.

In FY 2024–25, the industry continued on its growth trajectory with domestic sales increasing by 7.3%, supported by healthy demand, infrastructure investments, and supportive policy frameworks. Indias automobile exports surged by 19.2% in FY 2024–25, reflecting strong global demand and the growing traction of ‘Made in India vehicles. During the year, over 5.3 million vehicles were exported, with two-wheelers, passenger cars, and commercial vehicles witnessing robust growth. African nations, South Asia, and Latin America emerged as key destinations, reafirming Indias rising stature as a global manufacturing and mobility hub. This growth also underscores the success of the Governments Make in India and Production-Linked Incentive (PLI) initiatives, which continue to boost competitiveness, localisation, and innovation in the auto sector. The sectors performance was strengthened by sound macroeconomic policies, positive market sentiment, and sustained government spending on infrastructure. Additionally, reforms in personal income tax announced in the Union Budget 2025–26, along with two consecutive rate cuts by Reserve Bank of India, enhanced consumer purchasing power and improved vehicle financing accessibility.

Indias automobile industry is undergoing a strong transformation, led by a rapid shift towards electric mobility—especially in three-wheelers and compact passenger vehicles. Backed by a 2030 EV adoption target, supportive policies, rising awareness, and expanding charging infrastructure, the segment is poised for sustained growth. However, challenges such as infrastructure gaps, high taxation, regulatory complexities, and skilled labour shortages persist. Commercial vehicle demand remains buoyant, driven by infrastructure investments, replacement cycles, and growth in core sectors like coal, steel, and cement. With a positive policy environment and steady capex push, the industry outlook remains optimistic, anchored in innovation, technology adoption, and global best practices.

Automotive glass, a critical safety and comfort component, is gaining traction with the rise of EVs and premium vehicles. Valued at USD 908.1 million in 2024, the Indian automotive glass market is projected to grow to USD 1,374.6 million by 2033 at a CAGR of 4.48% (IMARC Group). The demand is fuelled by rising vehicle ownership, preference for advanced features, and growing use of solar control, acoustic, and HUD-compatible glass. Smart glass technologies—such as thermochromic, electrochromic, and SPD glass—are reshaping the segment by offering dynamic shading, improved cabin comfort, and energy efficiency. As lightweight, eco-friendly vehicles gain prominence, the need for high-performance glass solutions is rising. Backed by R&D investments, localisation, and global collaborations, automotive glass is emerging as a vital enabler of innovation, safety, and sustainability in Indias evolving mobility landscape.

Performance

AIS has cemented its leadership position in Indias automotive glass industry, commanding 75% market share in 51 passenger car segments. AIS Auto Glass remained the preferred partner for leading vehicle manufacturers in passenger cars, commercial vehicles, trucks, buses, railways, metros, tractors and off-highway applications by consistently delivering advanced, safety-focused glazing solutions. In FY 2024–25, AIS Auto Glass SBU achieved a strong revenue increase of 13.02%, rising to Rs. 2,989.72 crores from Rs. 2,645.27 crores in the prior year. Operating profit grew by 14.27% to Rs. 360.33 crores, up from Rs. 315.34 crores in FY 2023–24. These results have reflected AISs strong commitment to innovation, stringent quality standards and the trust of its customers, further reinforcing its position at the forefront of automotive glass.

AIS remains well positioned to capitalise on emerging opportunities, address evolving safety and sustainability standards and drive sustained growth in Indias dynamic automotive glass market.

Key Achievements

• Maruti Suzuki India Ltd: Certificate of Application for Superior Performance in Area of Sustainability and Best Overall Performance

• Ashok Leyland: Supplier SAMRAT 25 Competition Regional-Level 1st Runner-Up Award; Platinum Award in Quality Performance; Supplier SAMRAT Competition National-Level Runner-Up Award

• KIA Motors: Appreciation Award

• TI Montra: Best Supplier Award for Quality Performance & Customer Support

• Whirlpool India Ltd.: QCC Competition Runner-Up Award

• Honda Cars India Ltd.: National-Level KAIZEN Competition 2024–25

Road Ahead

The Indian automobile industry is on a clear trajectory of sustained, dynamic expansion, underpinned by structural reforms, cutting-edge technologies and shifting consumer tastes. As the worlds third-largest vehicle market, India is rapidly emerging as a crucible for mobility innovation, both for domestic drivers and for exports.

A defining driver of this growth is the pivot to electric vehicles. Generous incentives under FAME II, combined with progressive state-level EV policies, have ignited investment across the entire value chain—from battery manufacturing to charging infrastructure. As charging networks multiply and battery costs decline, EV adoption is accelerating beyond metro cores into tier II and tier III cities.

At the same time, rising disposable incomes and rapid urbanization continue to fuel demand across every segment. While entry-level two-wheelers continue to serve first-time mobility needs, it is the four-wheeler segment that increasingly drives aspirations and long-term value for Indian consumers. With rising incomes, evolving lifestyles, and growing demand for safety and comfort, four-wheelers have become the preferred choice for personal mobility, particularly in urban and semi-urban markets. On the commercial side, stronger freight volumes—driven by renewed infrastructure spend, surging e-commerce and a rebound in mining and construction—are lifting demand for trucks and buses alike.

Still, the industry must navigate headwinds. Elevated input costs, intermittent supplychain disruptions and the full rollout of BS-VI Stage II emissions standards pose near-term pressures. The shortage of skilled technicians and engineers adds another layer of complexity.

Yet Indias long-term outlook remains robust. A vast manufacturing ecosystem, a deepening talent pool, and a policy framework that rewards innovation and localisation all point to continued resilience. Looking forward, the next wave of growth will be defined by digitalization—connected-car platforms, over-the-air updates and advanced driver-assistance systems—as well as by alternative fuels, circular-economy models and sustainability commitments.

Together, these forces position India not only as a powerhouse of vehicle production, but as a global hub for future-ready mobility solutions.

Architectural Glass

Industry Structure and Development

Indias real estate sector has emerged as a powerful catalyst of socio-economic transformation. Once informal and fragmented, the industry has evolved significantly—driven by urban migration, rising demand for housing and commercial infrastructure, and the expansion of industrial corridors. Strategic government interventions—ranging from regulatory reforms to initiatives boosting transparency and investor confidence—have further strengthened the sectors foundation. In CY 2025, the Indian real estate market is estimated at USD 332.85 billion and is projected to reach USD 985.80 billion by CY 2030, growing at a robust CAGR of 24.25%. Rapid urbanisation, with the urban population expected to hit 40% by 2030, is fuelling demand for residential, commercial, and infrastructure developments across metros and emerging cities. The sectors ability to respond with agility will be critical to supporting Indias broader growth ambitions.

The commercial real estate segment has been a major growth engine, long dominated by the IT sector but now witnessing strong leasing from BFSI, engineering, manufacturing, e-commerce, and co-working operators. High absorption and low vacancy rates continue to reflect healthy demand. Simultaneously, commercial real estate has gained traction among investors, supported by reforms like RERA and the introduction of REITs, which have improved transparency, liquidity, and institutional participation. Office properties, in particular, have become a preferred asset class for HNIs and global private equity players seeking attractive rental yields and long-term value appreciation.

Urban lifestyle shifts, including compact living and multi-generational households, are reshaping work patterns and accelerating demand for flexible office spaces. Co-working models are increasingly popular, offering cost-e_ective, scalable solutions suited for startups, SMEs, and large corporates operating in a hybrid work environment.

As urbanisation deepens and investor confidence grows, the real estate sectors innovation and responsiveness will be vital in shaping Indias future cities, boosting employment, and reinforcing its role as a cornerstone of the countrys economic progress.

In this evolving landscape, architectural glass has emerged as a key enabler of modern infrastructure and sustainable construction. With its unique blend of transparency, strength, and durability, it not only enhances structural aesthetics but also allows abundant natural light, improving energy efficiency and occupant well-being. Engineered to endure diverse weather conditions, architectural glass maintains its structural integrity and visual appeal over time. Unlike many conventional materials, it resists fading and aging, making it a preferred choice for both contemporary developments and renovation projects.

According to Knight Frank India , the country will need an estimated investment of USD 2.2 trillion in infrastructure to achieve its goal of becoming a USD 7 trillion economy by 2030. The Government approved 12 more projects across 6 major corridors, bringing the total to 44 industrial nodes under the National Industrial Corridor Development Programme. Simultaneously, through the PMAY-Us Global Housing Technology Challenge, 54 cutting-edge construction technologies have been shortlisted globally, with six Light House Projects already built and plans underway to scale these innovations under PMAY-U 2.0. This drive towards sustainable, smart development parallels Indias rapid push for green cities and energy-e_cient infrastructure.

Reffecting these trends, the architectural glass market is expected to grow and propelled by rising demand for low-E and double-glazed solutions. As urbanization deepens and sustainability goals intensify, high-performance architectural glass stands to play a central role in shaping Indias modern and resilient built environment.

Performance

AISs Architectural Glass SBU delivered a strong performance in FY 2024–25, driven by a significant increase in the proportion of value-added products within total segment sales. This shift towards premium, customer-centric solutions highlights the divisions commitment to innovation and underscores its ability to meet evolving design and performance requirements. During the year, the division secured a domestic market share of 13%, reflecting its enhanced competitiveness and growing footprint in key end-use segments. The Strategic Business Unit recorded revenues of _1,266.55 crore in FY 2024–25, compared to _1,492.26 crore in the previous year. Operating profit stood at _200.82 crore, against _264.17 crore in FY 2023–24, reflecting the impact of recalibrated market prices and fluctuating raw material costs. Despite these headwinds, AIS remained focused on value creation, operational efficiency, and product diversification, laying a strong foundation for sustainable growth and long-term profitability in the architectural glass segment.

India faces a huge threat of dumping of low quality float glass from Chinese Companies in the ASEAN region. The Domestic Industry has requested for Governments intervention to address this issue.

Road Ahead

The demand for architectural glass in India is being propelled by evolving regulations, progressive design trends and heightened environmental awareness. Stricter building codes around safety, energy efficiency and acoustic control have shifted preference toward engineered glazing solutions. At the same time, contemporary architects are embracing expansive glazed fa?ades to maximize natural light—fueling uptake of high-performance glass that balances transparency, comfort and thermal control. Advances in manufacturing now enable glass with superior insulation, noise reduction, and aesthetics. The market is shifting from basic float glass to premium options, driven by suppliers educating stakeholders on how slightly higher costs yield significant benefits in energy savings, comfort, and maintenance.

Looking ahead, government initiatives in urban infrastructure and sustainable construction will underpin continued growth in architectural glass. The accelerating focus on green buildings and eco-friendly materials will further reinforce demand for energy-e_cient, responsibly sourced glazing. AIS is making relentless efforts to achieve this transformation with its guiding mantra of delivering "Quality of Japan at Cost of India" (QJCI), ensuring world-class standards at globally competitive prices. To capitalize on this opportunity, the industry must tackle structural challenges such as securing raw-material supply chains and managing rising energy expenses. With sustained investment in innovation, stakeholder education, and operational excellence, Indias architectural glass sector is poised to deepen its domestic leadership and emerge as a global benchmark.

Consumer Glass

AIS continues to lead the industry with cutting-edge innovation and an unwavering focus on customer experience. The company operates a first-of-its-kind, state-of-the-art Experience Centres in Delhi and Bengaluru, Indias only fully immersive, 360-degree, multisensory, and interactive glass showcase. This unique space enables customers to engage with AISs full suite of glass solutions in a tangible and experiential way, helping them make informed decisions with confidence.

AIS Windows offers a versatile portfolio of high-performance glass and window systems engineered for modern living. These solutions are designed to deliver superior benefits such as noise reduction, energy efficiency, burglar resistance, and protection from pollution. Every product is crafted with precision and installed by trained professionals to ensure long-term durability and maximum customer value.

AIS Glasxperts provides premium, end-to-end glass, customized window, and door solutions tailored to diverse architectural and interior needs. The offerings focus on key performance areas including safety, security, energy conservation, and acoustic comfort. With a wide selection of designs from bay and sliding windows to elegant sliding glass doors, Glasxperts delivers customized solutions and seamless execution through its full-service model, ensuring a hassle-free and satisfying customer experience.

AIS Windshield Experts stands as Indias largest automotive glass repair and replacement company. Backed by an extensive network of service centers and mobile vans, the brand delivers quick, reliable, and convenient services across the country. Certified to ISO 9001:2015 standards, AIS Windshield Experts is the only player in India offering a one-year warranty on both workmanship and materials, reafirming its commitment to quality, safety, and customers peace of mind.

Quality awards

In our journey of excellence, this year in the 59th ACMA Excellence Awards & 10th Technology summit 2025, we were awarded with:

- "Gold Award" Corporate Level - Excellence in New Product Design & Development and Localization

- Certificate of Merit – Progressive in Excellence in Safety Management for our best practices implemented in AIS Patan Plant.

- AIS received the esteemed CII CIO Excellence Award, celebrating its impactful digital transformation initiatives and commitment to organizational innovation.

Total Quality Management (TQM)

During FY 2024-25, AIS further strengthened its Total Quality Management framework by integrating improvement tools from the Toyota Production System, Total Productive Maintenance and Six Sigma across both Automotive and Architectural business units. Under three core themes—deep analysis, Kobetsu Kaizen and PDCA cycles—the Company completed over 150 new PDCA initiatives and, since its Deming Prize recognition, has driven nearly 1,700 improvement themes, reflecting active participation from every Strategic Business Unit.

In the Automotive division, a revised methodology for enhancing operator efficiency was launched under the guidance of the Deputy Managing Director. This initiative delivered a productivity uplift of more than 10 percent in sub-assembly operations, and plans are in place to extend the program across additional areas. Employee involvement remained a priority: Quality-control (QC) circles, Jishu Hozen (autonomous maintenance) teams and cross-functional task forces collectively achieved over 80 percent participation across all plants.

To further foster a culture of continuous improvement, AIS hosted internal QC circle competitions at every facility and encouraged teams to compete externally. Eighteen QCC teams represented AIS at the National-Level QCC Convention, showcasing a rich pipeline of employee-led Kaizen and suggestion-scheme projects. Complementing these efforts, the Company invested in workforce capability through a comprehensive training agenda—both in-house and at external centers, including Lean Manufacturing modules and the Maruti Production System curriculum delivered via AISs own MACE learning platform.

By embedding these structured improvement methodologies, AIS not only elevated operational performance but also strengthened its organizational culture of innovation. The progress achieved during FY 2024–25 laid a robust foundation for future excellence, ensuring that both Automotive and Architectural divisions remain agile, efficient and equipped to meet evolving customer expectations.

Information and Digital Technology (IDT)

AIS Information and Digital Technology (IDT) serves as a pivotal corporate function, collaborating closely with various business units, corporate departments, and external partners to strategically guide the Groups digital initiatives.

IDT actively engages in business transformation projects, leveraging enterprise architecture principles and best practices to implement cutting-edge digital technologies. Through these initiatives, IDT aims to cultivate a robust Digital Business Ecosystem, fostering innovation, improving operational efficiency, and delivering sustainable value across the organization.

Mobility Solutions:	Advanced Analytics:
Enhancing workforce productivity and customer engagement through mobile platforms.	Utilizing big data analytics to drive informed decision-making and uncover actionable insights.
Industrial Internet of Things (IIoT):	Artificial Intelligence (AI):
Integrating interconnected sensors and devices to optimize industrial processes and operational efficiency .	Deploying AI and machine learning algorithms to automate processes and foster innovation.

Human Resources

AIS believes that people are the cornerstone of organizational excellence. The Company has fostered a workplace culture that is participative, collaborative, and employee-centric, one that promotes a strong sense of ownership and belonging among its workforce.

The Company takes pride in maintaining a diverse and inclusive environment, free from discrimination based on nationality, gender, religion, marital status, caste, or creed. The Companys human resource policies are thoughtfully crafted to ensure fairness, equity, and respect, while encouraging continuous learning and development.

The Companys people practices are anchored in key principles such as merit-based recruitment, comprehensive training and skill enhancement, and a robust rewards and recognition system. Emphasis is placed on developing employee capabilities and sustaining motivation through structured learning pathways, upskilling programs, and knowledge-sharing initiatives. These efforts have helped build a harmonious, engaged, and high-performing organizational culture. As of March 31, 2025, the Companys total employee strength stood at [ ], reflecting its continued growth and the vibrancy of its workforce.

Recognitions

Gold Award – SKOCH Group (2024): AIS won for "HR Digitisation by Implementing HRMS," reflecting the successful rollout of a uni_ed Human Resource Management System that streamlined recruitment, onboarding, performance management, learning and payroll.

Certificate of Appreciation – Maruti Suzuki (2024–25): Honoured for superior sustainability performance, recognising AISs ESG-driven initiatives in energy efficiency, resource management and green practices across the workplace.

Risk Management

The Company acknowledges the evolving nature of the business environment and the potential impact of industry uncertainties. In response, it has established a comprehensive and integrated risk management framework that forms a core component of its operating model. This framework is structured around a clear understanding of strategic objectives, policy directives, prudential norms, proactive mitigation measures, and structured reporting protocols. Through this systematic approach, the Company is able to anticipate and address risks effectively. By embedding risk awareness into decision-making processes and operational planning, the Company enhances its resilience and agility. This enables it to navigate challenges with confidence while remaining firmly committed to excellence, continuity, and sustainable long-term growth.

The Company continually identifies the strategic operational risk along with targeted mitigation measures.

Internal Controls

The Company has established robust and comprehensive internal control systems that are effectively integrated across all processes, units, and functions. These controls are supported by clearly defined policies and procedures designed to ensure the efficient management of day-to-day operations. Structured to align with the scale and complexity of the Companys activities, the internal control framework is regularly reviewed to assess its adequacy and effectiveness. This includes ongoing evaluation of risk management practices, governance mechanisms, and operational processes. The system is managed and monitored by a team of qualified professionals, ensuring strong oversight and compliance across the organization.

Outlook

The Indian glass industry has been on a steady growth trajectory, fueled by increasing urbanization and rising demand from the construction, automotive, and consumer sectors. However, the industry also contends with challenges such as the growing use of alternative materials, volatility in raw material costs, and the imperative to adopt environmentally sustainable practices.

The Indian glass industry is on a strong growth trajectory, fueled by rising demand across key sectors such as construction, automotive, pharmaceuticals, consumer goods, solar, and renewable energy. In this dynamic environment, AIS must continue to strengthen its focus on innovation, operational excellence, and sustainability-led growth. By proactively addressing emerging challenges and embracing future-ready strategies, the Company is well-positioned to reinforce its leadership and deliver sustained value creation. With the right investments in advanced technology and green manufacturing, India has the potential to become a global hub for specialty and high-performance glass by 2030.

Overall, the Indian glass industry is projected to grow at a healthy pace over the next few years supported by industrial growth, rising consumer demand and supportive policy framework contributing Indias vision to become Atmanirbhar Bharat and Viksit Bharat.

Cautionary Statement

This chapter contains forward-looking statements, which may be identified by their use of words like ‘plan, ‘expect, ‘will, ‘anticipate, ‘belief, ‘intend, ‘project, ‘estimate, or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the Companys strategy for growth, product development, market position, expenditures and financial results are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The Companys actual results, performances or achievements could, thus differ materially from those projected in any such forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, based on any subsequent developments, information or events. The Company has sourced the industry information from the publicly available sources and has not verified that information independently.