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Sejal Glass Limited is primary into the business of value addition of glass & glass products. The Company has its Processing factory in Vapi, Silvassa. In FY 2018-19, the Company underwent a Corporate Insolvency Resolution Process (CIRP), and pursuant to CIRP the majority of equity stake and control was acquired by M/s. Dilesh Roadlines Private Limited along with Mr. Surji Chheda & Mrs. Chhaya Chheda in March 2021. The order approving the Resolution Plan was passed on March 26, 2021 by the Hon ble NCLT, Mumbai bench. Further vide Order dated June 07, 2021, the Honble NCLT, Mumbai bench, passed a rectification Order, thereby rectifying certain errors and omissions which had crept in the Order dated March 26, 2021. Subsequent to the said acquisition, the new management has taken various steps to stabilise the factory operations.


Macroeconomic Conditions:

The International Monetary Fund (IMF) has in its latest report projected global growth at 3.6 per cent in 2022 and 2023, 0.8 and 0.2 per cent lower than in its January 2022 forecast, respectively. "The downgrade largely reflects the wars direct impacts on Russia and Ukraine and global spillovers".

China, which registered a growth rate of 8.1 per cent in 2021, had been projected to grow at 4.4 per cent in 2022 and by 5.1 per cent in 2023. The US has been estimated to grow at 3.7 per cent in 2022 against 5.7 per cent in 2021. Its projection for 2023 has been downgraded to 2.3 per cent, according to the IMF report. (Sources : PTI Washington)

Domestic Economic Scenario:

The International Monetary Fund (IMF) projected a "fairly robust" growth of 8.2 per cent for India in 2022, making it the fastest-growing major economy in the world, almost twice faster than Chinas 4.4 per cent. However, by 2023, India is estimated to grow at 6.9 per cent. The downgrade in the 2023 growth projection for India

is partly reflective of the war in Ukraine that has resulted in high energy and food prices, slowing down the growth momentum. (Sources: PTI Washington)

Global Flat Glass Industry Trends And Drivers:

The thriving construction industry is the key factor driving the growth of the market. Furthermore, the increasing infrastructural expenditure on the construction of eco-friendly green buildings, which aid in minimizing carbon emissions into the environment, is also driving the flat glass market growth. Flat glass is widely used in photovoltaic modules, e-glass structures and solar panels due to the rising need for clean energy across the globe. It is gradually replacing the traditionally materials like bricks, stone and wood. Insulated flat glass is transparent and recyclable, which reduces pollution and enhances the comfort for the inhabitants of the building.

The flourishing automotive industry is another factor contributing to the market growth. The automobile manufacturers are increasingly employing tempered glass due to its shatterproof properties that can prevent severe injuries and possible life threats in case of accidents. Other factors such as the implementation of nanotechnology to produce lightweight glazing glass and solar control panels coupled with the increasing urbanization and rising disposable incomes are further creating a positive outlook for the market. (Sources : IMARC Press release)

Indian Flat Glass Industry Trends and Drivers:

The Indian flat glass market was valued at over USD 3 billion in 2021. The market is projected to register a more than 7.9% CAGR during the forecast period (2022-2027).

Due to COVID-19, India entered a complete lockdown scenario in late March, and the economic activities started resuming slowly in a step-by-step manner from early August 2020. The outbreak of COVID-19 affected the domestic construction, industrial, and manufacturing activities during 2020, due to which the country recorded a GDP of -10.3% in 2020, 9.5% in 2021 and estimated 8.7% in 2022. The growth is expected to pick up pace in the latter part of the forecast period.

Over the medium term, the major factors driving the markets growth are increasing demand from the construction industry, where glasses are used in windows, facades, doors, interior partitions, balustrades, shop fronts, and railings for stairs and balconies, among other building parts. Moreover, the growing demand for electronic displays and the increasing demand for consumer electronics, such as televisions, smart phones, tablets, laptops, wearables, and other devices, are also driving the market growth.

The Real Estate Sector demand showed good revival sign during the year under review aided by implementation of State funded infrastructural projects.

Your Company predominantly operates in the value addition glass processing business catering to real estate sector majorly. Your Companys product categories broadly consist of Tempering, Insulating, Heat Soak & Lamination of Glass. All the key product line/s is fragmented and is shared by several players. Over the last few years or so many players both big and small have been entering as well as exiting the value added glass business & the churn is still going on. While the uncertainty caused by the Covid-19 pandemic existed among the people throughout the last year, the demand in Real Estate Sector has been encouraging this year as developers were focussed on completion of the project after a stoppage in work of about more than a year in the initial period of COVID 19 Pandemic.


The global real GDP growth is projected to slow down this year. The period of above-trend global growth is over. Tighter financial conditions, policy uncertainty, market volatility and event risk are all hurting business sentiment and investment. However, the Russia- Ukraine war headwinds are not sufficiently forceful to anticipate that the global economy will fall into recession this year or next.

Domestic Outlook :

The Indian flat glass market valued at over USD 3 billion in 2021. The market is projected to register a more than 7.9% CAGR during the forecast period (2022-2027).Gradual rise in investments is expected with continuation of ongoing projects.

India is likely to remain a preferred destination for foreign direct investment (FDI) with consistent improvements in Ease of Doing Business (EoDB) ranking.


• The construction sector has witnessed a consistent revival in the past few years (barring the COVID 19 period), mainly supported by government spending on infrastructure. The construction sector is likely to maintain its current momentum with gradual rise in investment.

• Factors such as the increasing production of vehicles in the country and the growing demand for automotive glass amongst the vehicle manufacturers is anticipated to contribute to the growth of the market in the coming years.

• Additionally, factors such as the increasing construction industry in the nation, backed by the favourable government initiatives to promote the sector, along with the rising preference for renewable energy are projected to expand the market growth in the coming years.

• Governments decision to levy antidumping duty on imported glass has also allowed a level playing field to the domestic players.


• While there are vast opportunities in the Domestic Market, threats can continue in the form of unorganized sector and irrational discounting by small players, which may also have some impact on gross margin.


In financial year 2021-22, the Company focused on stabilizing operations and streamlining raw material sourcing& inventory management, enabling best performance in the past few years. Through better financial prudence in working capital and credit management, the Company saw significant improvement in the quarter on quarter business performance during the year.

During the year under review, consequent upon the Successful Resolution Applicants acquiring the business, a new management was appointed on May 17, 2021. In accordance with the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the new management has on best effort basis and considering the complexity of the operations, including challenges in implementing the Resolution Plan, put in place a framework of risk management to identify and mitigate risks to the strategic objectives of the Company.


Your Company has necessary Internal Control Systems in place which is commensurate with the size, scale, and complexity of its operations. Your Company is continuously making improvements in internal control systems keeping in view the increasing level of activities. Independent team of Internal Auditors are carrying out internal audits and advising the management on strengthening of internal control systems. The reports are periodically discussed internally. Significant audit observations and corrective actions thereon are presented to the Audit Committee.


The industrial relations at the factory remained by and large cordial during the year. The direct employment strength stood at 90 as compared to 76 in the previous year.