Sejal Glass Limited (NSE: SEJALLTD) Q2 2025 Earnings Call dated Oct. 28, 2024
Corporate Participants:
Amrut S. Gada — Promoter and Founder
Chandresh Ramji Rambhia — Chief Financial Officer
Analysts:
Preeti Bhardwaj — Analyst
Sakhi Bansal — Individual Investor
Praharsh Rai — Analyst
Chirag Jain — Analyst
Rohit Bahirwani — Analyst
Karan — Individual Investor
Dipanshu — Analyst
Aditi Roy — Analyst
Tara Kaur — Analyst
Rachana Sharma — Analyst
Rohit Ohri — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to Q2 FY ’25 result conference call of Sejal Glass Limited, conference call hosted by Kirin Advisors. [Operator Instructions]
I now hand the conference over to Ms. Preeti from Kirin Advisors. Please go ahead, ma’am.
Preeti Bhardwaj — Analyst
Good afternoon. Thank you. On behalf of Kirin Advisors, I welcome you all to the conference call of Sejal Glass Limited. From the management team, we have Mr. Amrut Gada, Promoter of the Company; Mr. Chandresh Rambhia, CFO.
Now, I hand over the call to Mr. Amrut Gada. Over to you, sir.
Amrut S. Gada — Promoter and Founder
Thank you. Good afternoon, everyone. Thank you for joining today’s conference call for Sejal Limited. I would like to start by providing a brief overview of our company and the progress we have made recently. Sejal Glass Limited is a key player in India’s architectural glass industry, recognized for delivering high-quality products such as toughened glass, laminated glass, insulated glass, ceramic glass and decorative glasses. We serve a wide range of sectors, including architecture and interior design, both domestically and internationally. Post our exit from the NCLT, we have refocused and strengthened our market position with continued support from previous management and guidance of our new leadership. We are now well positioned for the future growth.
Both of our plants located at Ras Al-Khaimah, UAE, and Silvassa, India are well occupied with the European standard technology, significantly enhance our production capacity and opens new opportunity in India and UAE and other MENA region, Africa and Europe. Currently, our Ras Al-Khaimah facility is operating around 62% capacity average and Silvassa at 55% capacity average of all the product. We see a significant potential to increase this as the demand in the region grows, especially with the large infrastructure projects in countries like UAE, Saudi Arabia and Qatar. The UAE acquisition has allowed us to diversify our geographic presence and better serve the growing demand for architectural glass products in this market. The same is followed in India as infrastructure is growing also and the real estate sector is growing, and particularly in all the metro cities like Mumbai, Hyderabad, Bangalore, Delhi, followed by the two tier cities.
Looking at the industry, the global tempered glass market is expected to grow at CAGR of 8% through 2030. The growth is driven by the increasing demand for high-performance glass in applications such as construction, automotive and consumer electronics. Our core products, including laminated glass and insulating glass, are well aligned with these trends. We are also expanding our offering into new areas such as bullet proof glass, which is currently in the testing phase at our UAE plant, and within one month or at next up to December, we will be in the market with the product.
From a financial standpoint, we have focused on improving capacity utilization and maintaining a strict control over cost. Our partnership with leading supplier ensures the quality of our raw material and timely supply to — enabling us to meet the highest international standards. Our end user use customers, including well-known names in real estate developers and other sectors, which demonstrates the trust placed in our product.
Quarter two and half year for the FY ’25 financial performance, in Q2, on the consolidated basis, Sejal Glass has demonstrated the financial performance, showcasing both growth and operational efficiency. For H1 F ‘Y25, the Company’s total revenue stood at INR114.95 crores, reflecting the consistent year-over-year growth as we continue to execute our strategic initiatives. EBITDA for the half year reached to INR16.04 crore, representing a 73% increase, with an EBITDA margin expansion of 15 basis points, now standing at 13.96%. Net profit for H1 FY ’25 surged with 92.44%, totaling to INR3.85 crore, reflecting the positive impact of both domestic and international operations. Earnings per share also improved significantly to INR3.77.
For Q2 FY ’25, total income was INR61.88 crore, while EBITDA stood at INR8.67 crores, representing a year-over-year growth of 55.03%. EBITDA margin for the quarter was 14%. Net profit for the quarter was INR2.45 crore, a substantial increase of 123.79%, with an EPS of INR2.40. These strong financial results are a testament of the strategic initiatives and operational discipline maintained across our global operations.
Revenue bifurcations and the market performance: Sejal glass Limited’s revenue is well diversified between domestic and international markets. Domestic sales contribute approximately 26.14% of overall revenue, and while international sales, driven primarily by our UAE operation, account for about 73.86% for Q2. In the UAE, our current order book stands to AED40 million with the order coming from the UAE and other GCC countries, including Africa. In India, we have a project worth of around INR25 crore that will be executed over the next five, six months, and we are currently seeing daily booking of around INR25 lakh to INR30 lakhs per day. Based on the current order inflow and the strong demand outlook, we reiterate our revenue guidance for FY ’25, targeting around — will be INR260 crores to INR280 crores with around quarter three INR68 crores to INR72 crore and quarter four will be around INR80 crores expected from India and around INR200 crores from the UAE. We expect EBITDA margin improvement in the current quarter around 1%.
We are participating in upcoming ACETECH exhibitions to be held in Mumbai from 14th to 17th November 2024, which is Asia’s leading architecture, building material and design B2B and B2C exhibition. This will enhance our brand visibility and customer reach as it has the highest footfall of architects, interior designers, facade consultants, who are the specifier of the product, and also users like builders and developers.
Looking ahead, we are optimistic about the future. Our UAE facility is expected to play a major role in our growth with a potential generation of INR300 crore at a full capacity. We remain committed to expanding our product portfolio and geographical reach and continuing to meet the growing demand for innovating glass solutions. As we move forward, our focus will remain on operational efficiency, customer satisfaction and sustainable growth.
Thank you for your continued support. I now open the floor for any questions you may have. Hello, the floor is open.
Questions and Answers:
Operator
Thank you very much. [Operator Instructions] The first question is from the line of Sakhi Bansal [Phonetic], is an individual investor. Please go ahead.
Sakhi Bansal
Hello? Yes. Am I audible?
Amrut S. Gada
Yes, you are audible.
Sakhi Bansal
Yes. Just a follow-up question from the last con call. I think in the previous con call, you had mentioned that we are planning to do some acquisition for inorganic growth domestically since the real estate market is in flavor right now. So, what is the current status of that?
Amrut S. Gada
See, on the acquisition side, we are in the final negotiation. So, there is a certain difference in the valuations. So, we are working on the different structure. Maybe within a month, we will have a positive answer on that.
Sakhi Bansal
Okay. So, have we shortlisted few of the players? Or…
Amrut S. Gada
Yes, we have shortlisted and the negotiation is going on.
Sakhi Bansal
Okay, fine. And I think you have also mentioned that the lamination and the other value products will be under the phase of commercialization in August 2024. So, is it live? Or what is the current status?
Amrut S. Gada
See, on the — particularly on the bulletproof, right now, we started seeding the market, approaching the customer. At the same time, at UAE, our center is ready for the — going to the defense, UA defense for first round of testing. And most probably, by November-end, we will get the result from UAE, and then it will go to Netherlands for the further testing. And by December-end, that test will be completed. And most probably in January, we will be in the market with the new bullet required [Phonetic] product in the market. Right now, we have started pitching the market, the old product, which was — came during the acquisition. So, we started now seeding the market and going in the market with the product.
Sakhi Bansal
Okay, fine. And I think in the previous — when we started this financial year, you have guided for a top line of INR280 crores to INR300 crore. Now, we have revised our guideline to INR260 crore-plus in this financial year. So…
Amrut S. Gada
It will be around INR265 crore to INR280 crore. We are hopeful to reach INR280 crore. But maybe you know during — because of that Gulf War that — what was going on, maybe in GCC countries, we will have a little bit of impact. But most probably, as on — with the order book positions, we are hopeful to get the same guidance, but because of certain project delay or the slowdown, there will be the dispatch delay.
Sakhi Bansal
So, do you see any impact on the next financial year also?
Amrut S. Gada
No, not such.
Sakhi Bansal
So, what will be the future guidance of next financial year, 2025?
Amrut S. Gada
Next financial year guidance, we will provide you in the — after the third quarter because we are working on that.
Sakhi Bansal
So, in next quarter, we are planning to achieve INR65 crore to INR70 crore.
Amrut S. Gada
Yes.
Sakhi Bansal
And I think [Technical Issues] financial year, and in March, INR80 crore.
Amrut S. Gada
Yes, March, INR80 crore.
Sakhi Bansal
So, will there be any margin expansion also we are looking?
Amrut S. Gada
No, this amount is without expansion or a little bit of wear and tear in the equipment, nothing much more.
Sakhi Bansal
No, I’m just asking that whether there will be some margin improvement because if we are increasing our top line…
Amrut S. Gada
Margin, there will be little improvement on EBITDA, maybe in the range of 1% to 2%.
Sakhi Bansal
Okay. That’s it from my side, and congratulations on the good set of numbers. Thank you.
Amrut S. Gada
Thank you.
Operator
Thank you. The next question is from the line of Rohit from Vijit Global Securities Private Limited. Please go ahead, sir. As there’s no response from the current participant, we move forward. The next question is from the line of Praharsh from Arjav Partners. Please go ahead, sir.
Praharsh Rai
Am I audible?
Amrut S. Gada
Yes, welcome.
Praharsh Rai
Congratulations on a good set of numbers, sir. So I just wanted to know the order status of the railway glass, which we have to start providing.
Amrut S. Gada
On the railway, the tender — we have started already bidding the tender and just we are waiting that maybe in this October-end or the first or second week of November, we will have a order in hand.
Praharsh Rai
What kind of order inflow do we expect from the railway, sir, in this financial year and next financial year?
Amrut S. Gada
This year, it will be around INR50 lakhs to INR60 lakhs, glasses — window glasses.
Praharsh Rai
INR50 lakhs to INR60 lakhs for the entire financial year?
Amrut S. Gada
No, per month. Gradually, it will increase.
Praharsh Rai
Per month. Okay. Thank you.
Operator
[Operator Instructions] The next question is from the line of Chirag Jain. Please go ahead.
Chirag Jain
Yes. Hi, sir. Thanks for the opportunity. Sir, I had a couple of questions. The first is on the Indian acquisition. So, given that we have some lower margins on the Indian business side and we are looking to further enter into the Indian market, so how are you planning to something like increase on that?
Amrut S. Gada
We are working on the more value-added product and mixed product portfolio. Here there is a certain product, which we are entering into the big projects, where these kinds of products are getting used, where we have a little bit of good margin and volume.
Chirag Jain
So, it would be much in the — much more volumes with higher margins. Am I right?
Amrut S. Gada
Yes.
Chirag Jain
Got it. So, which products are we looking to enter into? Because major products are already covered by us, so which product would be new?
Amrut S. Gada
In insulation [Phonetic], there is also value addition, and in lamination also, there is a value addition. The product name remains the same, but the value addition increases on that.
Chirag Jain
Got it. Sir, next was on the reaching the market leader. So, do we plan to become the market leader in India, as well as UAE? So, how are you planning on that part?
Amrut S. Gada
See, as far as the UAE is concerned, we are amongst the top 1 to 5 range. And as far as the volume is concerned and as far as infrastructure is concerned, we are the top in UAE. Second, as far as profitability is concerned, maybe within one or three in UAE, as far as EBITDA level is concerned. And number two, in India, we are in 1 to 10 series as on today. And gradually, I think, with next five to six quarters, we will be in one to three position in India.
Chirag Jain
Got it. Sir, also the trade receivables have been increasing on the quarter-on-quarter side, which you have mentioned before. But you also mentioned that you are looking to gradually reduce it. So, when can we see something — or it [Phonetic] tapering off?
Amrut S. Gada
See, in this, the debtors what is mentioned in the balance sheet is without the LC discounting. We have around 30% to 35% sales in UAE with the LC. And LC, we are getting the discount. So, actually, the debtors — because we are showing debtors and debt is created in the bank liability. So, we are working on both to more and more secure credits, number one. Number two, also, we are working on the recourse factoring where the factoring can be done. And third, also in India, we are also working on the advance and LC system. So, the system and the process for enhanced working capital cycle is on for the debtors also and for the inventory also.
Chirag Jain
So, what’s the cost of the discounting?
Amrut S. Gada
8%,
Chirag Jain
8% annualized?
Amrut S. Gada
Yes.
Chirag Jain
Got it. Thank you, sir. I would get back in the queue. All the best of — and for the good set of numbers.
Operator
Thank you. [Operator Instructions] The next question is from the line of Rohit from Vijit Global Securities Private Limited. Please go ahead, sir.
Rohit Bahirwani
Thank you for giving me the opportunity, and congratulations for a good set of numbers. Just wanted to know the outlook on the India operations. If I look at the stand-alone results, so the top line is around INR31 crores in India operations and margins are somewhere around 7% to 8%. So, what kind of demand the Company is expecting and how much margins can we expand for India operations?
Amrut S. Gada
See, India operation now next [Technical Issues] would be INR42 crore to INR45 crore and EBITDA level of around 14% to 15%.
Rohit Bahirwani
For this year sir?
Amrut S. Gada
Yes. No, this next six months.
Rohit Bahirwani
Next six months, INR40 crore, INR45 crore top line at 14%?
Amrut S. Gada
Yes.
Rohit Bahirwani
Okay. Just a quick suggestion from our end. If you can start providing the investor presentation from next quarter onwards, it will be great for investors like us.
Amrut S. Gada
Okay.
Rohit Bahirwani
Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Aditi Roy from Patel Advisors. Please go ahead. As there’s no response from the current participant, we move forward. The next question is from the line of Chirag. Please go ahead.
Chirag Jain
[Technical Issues] the opportunity. So, next question I had was on the UAE side. So, is there any spare land available in the UAE side?
Amrut S. Gada
Yes. We have — total land size is 20 acre. And out of that, right now, we are utilizing one-fourth of that. So, total construction area, we are using around 2.5 lakhs, plus staff colony.
Chirag Jain
So, as we would be reaching peak utilization by the year-end, so have we planned any capex for that?
Amrut S. Gada
Yes. You can just send us your detail, so we will organize your visit.
Chirag Jain
Sir, I was mentioning that do we have any plans for the capex on the UAE side?
Amrut S. Gada
Right now, no. We are planning — we will plan in the next quarter that what kind of expansion is required in UAE looking to the demand. But as on today, we have not planned yet.
Chirag Jain
Okay. Understood. Because we would be reaching peak utilization by the year-end. That’s why — was my question.
Amrut S. Gada
Yes, I got your point. But we are working on that. Yet we are not ready to announce. We are working on that. We are working on the market size also, what kind of new product is required. And also, we are approaching the European and USA market also. So, that market will open us for the — open the new demand, and accordingly, we will expand.
Chirag Jain
Got it. Sir, is there any other listed company that the current promoter group has? On the glass side, my question was on.
Amrut S. Gada
No, we don’t have any other listed company.
Chirag Jain
Okay. Got it. Thank you.
Operator
Thank you. The next question is from the line of Karan [Phonetic], is an individual investor. Please go ahead.
Karan
Hello?
Amrut S. Gada
Yes.
Karan
Sir, my question is — first of all, thank you for the opportunity. Sir, my question is, what is your long-term vision for Sejal Glass? How do you see yourselves as a company maybe three or four years down the line?
Amrut S. Gada
It’s a good question. Long-term vision is to be a multinational company in manufacturing high-quality architectural glass globally.
Karan
Okay. And sir, are we planning to enter new applications? Yes, please go ahead, sir.
Amrut S. Gada
And for this reason, the first step, we have acquired in UAE, and from UAE, we are around — servicing around 12 to 15 countries. And by end of the year, that will increase to 20 countries. And also, we are expanding in India gradually, product portfolio. And that will also give us the export opportunity in nearby countries, SAARC countries particularly. Third, in future, after two or three quarters, we will also see any other opportunity in Europe or USA market also. And also, we will have a full portfolio of the glass and will also plan, if the market permits and everything goes well, in the green energy like manufacturing of the solar glass.
Karan
Okay. Sir, when you basically operate in so many countries, there are a lot of moving parts, a lot of things which are not under your control because of the socioeconomic — political, socioeconomic situations. So, how do you plan to basically address that risk?
Amrut S. Gada
So, that’s — as part of the risk management, we every quarter see the economic conditions, political conditions, particularly real estate market conditions, growth on the national real estate housing policy, government’s policy on the housing. Same way, in a GCC countries, there’s countries who are on a very aggressive mode of the growth like Saudi right now growing, particularly Dubai is growing. Abu Dhabi is also in the competition. Ras Al-Khaimah is making the world’s largest casino city, Marjan. So we are — this is from the market side. Secondly, we are also keeping the watch globally what kind of upgradations in the technology is happening. Third, what kind of leadership pipeline and human resource or the management capabilities required with the growth. It includes the production, includes the marketing, includes the finance, includes the legal, includes the marketing. So, every quarter, we assess ourselves. Also, we keep watch on the competitors’ movement, what kind of expansion comes with what technology, what is their succession planning, what is their team, what is the capability of the human resource, and of course, the financial planning. So, this way, we assess our risk position every quarter.
Karan
Got it. And sir, lastly, my question is how — now you just spoke about the same thing, but I would like if you could give me a detailed answer, how do you see your competition? Is the competition increasing or is it at the same level? How is it?
Amrut S. Gada
See, we enjoy the competition because competition gives us always motivation to improve on the quality, improving the profitability, do the research for the product, giving the good services to the customer. So, there is a competition and there will be competition. We are facing two types of competition. One is organized player and one is semi-organized player. And our company is equipped [Phonetic] to fight with both the competition.
Karan
Sure, sir. And sir, lastly, you also said that you are planning — we may plan for newer applications like solar modules going forward, right?
Amrut S. Gada
No, we will not — right now, we are thinking of going in the solar module. Maybe in future, we will go for the solar glass manufacturing.
Karan
Okay, sir. And sir, any other applications you are looking at apart from solar glass manufacturing?
Amrut S. Gada
Automobile applications.
Karan
Great, sir. Thank you, sir. Thank you. And sir, congratulations on great set of numbers. Thank you, sir.
Operator
Thank you. The next question is from the line of Dipanshu [Phonetic] from Sattva Ventures. Please go ahead, sir.
Dipanshu
Good afternoon. First of all, congratulations on a great set of numbers what you have given at this time. I think we have reached INR261 [Phonetic] crores. Sir, just in your guidance, so there are two questions. One, I wanted to understand on the revenue guidance and business side, amd second part is on the new acquisition side. So, on the first part, on this revenue guidance, it seems like you have improved upon your guidance for the India market when you are saying that you are doing INR40 crores, INR45 crores in the second half. So, with the capacity — with the kind of capacity constraint, etc., so how are we going to achieve it?
Amrut S. Gada
See, we have right now order book position of around INR25 crore, plus average — including these order book positions, we are booking every day INR25 lakhs to INR30 lakhs per day. So, that INR25 crores booking, plus we have ongoing orders from the different, different customers. We have around 250 customers. So, we are trying to increase our portfolio in the customers’ portfolio. Like for example, one customer, we — our total supply is 20% of their requirement. So, gradually, we are increasing that requirement to 25% to 30%. And also, we are approaching other developers also, other markets, Pune, Nashik, that market also. So, that is giving us the clear guidance for next three months, next six months.
Dipanshu
Understood, sir. So with this kind of…
Amrut S. Gada
Adding new customers also.
Dipanshu
With this kind of improvement in the India business side, still we are saying that we would be around INR68 crores to INR72 crores in the next quarter on a consolidated basis. So, do we see some real slowdown happening in the UAE market because of year end and this war, etc.?
Amrut S. Gada
No, we don’t see any slowdown as on today. But yes, because of certain order, which is in the pipeline, maybe some of the project can get delayed for three to four months, which will impact our supply. That’s all.
Dipanshu
Understood, sir. So second part, coming on the acquisition side, so what is the kind of size, which we are looking at the acquisition? Because already, we are at a INR16 crore INR17 crore kind of finance cost. So just trying to shed some picture over here that because now our 100% India utilization will also happen, so what is the mechanism, how we are looking at this, and how much probability is that we will be able to complete this in this financial year?
Amrut S. Gada
See, first of all, once the acquisition process deal is going to close, that time, exactly we will also work on the funding structure. So the debt-equity, plus for the equity, what is the structure. So it will be planned properly. And right now, structure, we are already very vigilant on that, that INR16 crores is the interest cost and the debt-equity ratio is also very high. So we are also working on that. Particularly once our deal is closed, that time we will definitely work out this equity structure, so how do you go with the proper equity structure so that there is no pressure of the debt.
Dipanshu
And what is the probability that we will be able to reach to this acquisition in this financial year? Are you 60%, 70%, 80% kind of sure? Or is it still 50%-50% or below that?
Amrut S. Gada
Yes, we are above 90% sure.
Dipanshu
Okay, understood, sir. Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Aditi Roy [Phonetic] from Patel Advisors [Phonetic]. Please go ahead.
Aditi Roy
Congratulations, sir.
Amrut S. Gada
Thank you.
Aditi Roy
My question is, what is our current capacity and capacity utilization?
Amrut S. Gada
Current capacity utilization, at average, UAE, we are at 62%, and in India, at 55% at the consol portfolio of the product.
Aditi Roy
Okay, sir. And my next question is, what is our dealer network and future plans to expand the same?
Amrut S. Gada
Sorry?
Aditi Roy
What is our dealer network and future plans to expand the same?
Amrut S. Gada
For the sales?
Aditi Roy
Same.
Amrut S. Gada
Sorry, I didn’t get your question.
Aditi Roy
Sir, what is our dealer network and future plans to expand the same?
Amrut S. Gada
See, we don’t have the dealer network. We are — our 90% sale is B2B and 10% is B2C. We have the industrial sale, and we have the sales through the fabricator or from the architect to the developer. And for the retail, we have a dealer network of around 40, 50 small-size shopkeepers, who give us time to time orders.
Aditi Roy
Okay, sir. And sir, my last question is, how many clients approximate do we serve and any client addition in last four months of FY ’25?
Amrut S. Gada
Yes, right now, including UAE and India, we are mostly servicing about 400. And by end of FY ’25, we will be servicing around 500 customers total.
Aditi Roy
Okay, sir. That’s it from my side, and thank you, sir.
Operator
Thank you. [Operator Instructions] The next question is from the line of Tara Kaur from VY Capital. Please go ahead.
Tara Kaur
Hello?
Amrut S. Gada
Yes,
Tara Kaur
Sir, congratulations on a great set of numbers. My question is that we have reported a strong growth of 170% [Phonetic] in Q2 FY ’25.
Amrut S. Gada
[Speech Overlap] your voice.
Tara Kaur
Hello?
Amrut S. Gada
Yes. You are not audible.
Tara Kaur
Can you hear me?
Amrut S. Gada
Yes.
Tara Kaur
Yes. Sir, my question is that we have reported a strong growth of 170% [Phonetic] in the bottom line in the quarter two. So what are our growth drivers and how sustainable would it be going forward in coming one, two years?
Amrut S. Gada
Our growth drivers are the real estate segment, which is growing at very good pace, and the strong network of architecture and facade consultants, as well as the hold in our market due to our quality product supply. And we are very confident to retain the same, and we’ll add up more clientele in our list so that we will achieve a sustainable growth.
Tara Kaur
Okay. And my next question is that what will be our guidance for the next quarter and year in top line and bottom line?
Amrut S. Gada
We had already discussed on that. This year, the total turnover what we are expecting is in the range of INR260 crore to INR280 crores on a consolidated basis with average EBITDA of 14% to 15%.
Tara Kaur
Okay, sir. Thank you so much.
Operator
Thank you. The next question is from the line of Rachana Sharma [Phonetic] from HNI [Phonetic]. Please go ahead.
Rachana Sharma
Hello, sir. My question is, any overseas regional diversification seen in H1 FY ’25 or planned in H2 FY ’25?
Amrut S. Gada
No other foreign expansion. Only we are focusing more on utilization of the capacity in UAE market — UAE plant. Hello?
Rachana Sharma
Okay. And sir, my next question is, please elaborate more on our acquisition of high-tech [Phonetic] manufacturing facility in Ras Al-Khaimah, UAE, price consideration, stake acquisition, capacity of the company, current capacity utilization and FY ’24 revenue and profit of the company.
Amrut S. Gada
One minute. Hello?
Rachana Sharma
Hello?
Amrut S. Gada
Hello?
Rachana Sharma
Yes, sir. Am I audible?
Chandresh Ramji Rambhia
Yes. See, the UAE acquisition has already been completed. The total investment of the group is around INR100 crores, and the capacity what we have over there right now is in the three products, actually the insulated glass, laminated glass and the toughened glass. The toughened capacity is around 21 lakh square meters per annum and the IG glass is 6 lakh square meters per annum. And the laminated glass, which we started only in October, it is 150,000 square meters per annum.
Rachana Sharma
Okay, sir. Thank you so much.
Operator
Thank you. [Operator Instructions] The next question is from the line of Rohit from Progressive Shares. Please go ahead.
Rohit Ohri
A couple of questions from my side. Am I audible?
Amrut S. Gada
Yes.
Rohit Ohri
Yes. The first one a bit on the seasonality. If you can take us through the seasonality during the year in the domestic market, as well as the international market or Middle Eastern market?
Chandresh Ramji Rambhia
Yes, seasonality-wise, as such in India, the seasons are — generally the rainy seasons are slowdown seasons, which is in the months of June to August or mid-September. As far as the seasonality in UAE market, mainly in the region like from Feb or March, where the heat wave is there, where the expansion activities are slowed down over there.
Rohit Ohri
Okay. Sir, so with the season probably favoring you, do you think that you are still a little bit conservative in your top line of maybe INR280 crores or so? Are you still conservative with that? Or is there scope to get more numbers?
Chandresh Ramji Rambhia
We have given conservative figures only.
Rohit Ohri
Okay. Makes sense. So, you did mention that there are certain opportunities that you see in the automobile application. So, if you can take us through what sort of addressable market do you see for SGL? And if you have done some scribbling on the paper pad, then if you would like to share that with us?
Amrut S. Gada
We are still working on it. We have not yet finalized anything on that and still doing our own research.
Rohit Ohri
Okay. So, when we see — or when we talk about solar industry as an opportunity for us, are you looking at some pyrolytic kind of business or are you looking at some solar control glass? Or is it absolutely totally different manufacturing of the panels for the solar industry?
Amrut S. Gada
That is a completely different product, solar glass manufacturing, which falls under the float glass manufacturing process, so there will be — thinner glass to be produced for the solar panel.
Rohit Ohri
Okay. And sir, any anything that you can share on the R&D or maybe the spends or maybe what sort of opportunity size or addressable market you see in this domain?
Amrut S. Gada
We have not yet started anything on that because we are firstly focusing on architectural glass manufacturing where we want to be leader in this segment, and we have disclosed our vision that we want to be a multinational company in the architectural glass.
Rohit Ohri
Okay, sir. So I understand that there are certain tenders which are in bidding process for the Railways. Maybe you are probably working towards Vande Bharat trains, which is a bigger opportunity for us. But if you can take us through any other areas or key areas that you intend to focus on about from — maybe in future from solar or maybe from the Indian Railways, any other new products that you’re working for or something that you’d like to share with the audience?
Amrut S. Gada
So, right now, we are working on this project for supply in the Railway and Vande Bharat also, where we are already getting registration of vendor list, and our product gets approved over there. So, that itself is a huge supply chain. Apart from that, we are doing internal our own research for enhancing our product portfolio within the segments like IG or laminate. And then, we had already discussed about the bulletproof, which is under pipeline. So, these are a couple of things which will drive our next year financials on top line and on the bottom line.
Rohit Ohri
Okay. Sir, my last question is related to the projects which are recently completed and the projects which you probably must have won in the last two, three months or maybe six months ago, if you’d like to share those projects with us?
Amrut S. Gada
We will share you the list of — the project list. We have completed around 10, 15 projects combined together. So we will share you the total list.
Rohit Ohri
Okay. So, one request to kindly upload the presentation — investor presentation so that we get more information related to the relevant current present working of SGL. In addition to that, if you can just tweak a little bit on the website, which is slightly outdated, that will be great and it will be a good thing for long-term shareholders like us. Thank you, sir. Thanks for the opportunity.
Amrut S. Gada
Okay.
Operator
Thank you very much. The next question is from the line of Sakhi Bansal, is an individual investor. Please go ahead, sir.
Sakhi Bansal
Hello?
Amrut S. Gada
Yes.
Sakhi Bansal
Yes, thank you for the opportunity again. So I am associated with the Company, I think since last two syears. I’ve seen the phase of transition, how we have converted into — loss-making company to profit-making company right now and based in UAE. So I have never seen any advertisement or anything in UAE currently, and we are increasing our order book from AED25 million to AED40 million right now. So, is there any marketing team you guys are having there? Or how you are getting the orders in UAE? Can you provide some information on that?
Amrut S. Gada
See, we have our sales and marketing team, particularly sales team in UAE, which is around the size of six people, led by the Head of the sales, who has a very good network amongst the developer, architect, facade consultant and the fabricator in UAE, particularly in Dubai, Sharjah, Abu Dhabi, Bahrain and then Qatar also. And we have acquired the Burhani Glass and also the brand. So there, their whole customer portfolio is with us. And particularly, we were streamlining the operations, so we are not much on the media or the social media. But within a month’s time, we are now coming with the whole market campaigns, and the part of we are — first time, we are — now, after 10 years, we are participating in ACETECH exhibition in India.
Sakhi Bansal
Okay, fine.
Amrut S. Gada
In India also, we have the five-people team for this marketing.
Sakhi Bansal
Okay. That’s good. And my second query is that I think I’m participating in the conference call since the first meeting call of Sejal Glass itself. So I’ve seen that many investors are requesting for PowerPoint presentation or PPT to get more into the Company and get a bit deeper knowledge. But still the request is not fulfilled. So, what is the reason behind that? Because since last many calls, people are asking about this.
Amrut S. Gada
No, there is no such reason. It is, after understanding lots of questions from all the investor community, now, for example, there is — today, questions we received is on risk management and competition. So, now what we are doing, we are already under the preparations, but we are adding certain two or three more — and we are collating everything. And mostly, on the second week of November, the presentation will be ready and our IR agency will distribute to all investors, and we will also put in the website.
Sakhi Bansal
Okay, fine. I think one year back, I visited your Ras Al-Khaimah facility. I have seen there is one more glass factory, Emirates Glass factory, if I remember correctly. It’s into that vicinity only. So, is it a competitor providing the same glass products? Or what is the sales, or any information about that company you have?
Amrut S. Gada
No, we don’t have any information. From Emirate Glass, we buy the raw glass.
Sakhi Bansal
Okay. And I want to visit your Ras Al-Khaimah facility. Can you tell me the process of the same?
Amrut S. Gada
Yes, you can contact our agency, Kirin agency, and they will give us the details, so we will organize the same.
Sakhi Bansal
Okay. Thank you. Thank you very much.
Operator
Ladies and gentlemen, that was the last question. I now hand the conference over to Ms. Preeti Bhardwaj for closing comments.
Preeti Bhardwaj
Thank you, everyone, for joining the conference call of Sejal Glass Limited. If you have any queries, you can write us at research@kirinadvisors.com. Once again, thank you, everyone, for joining the conference call. Thank you.
Amrut S. Gada
Thank you, everyone.
Chandresh Ramji Rambhia
Thank you.
Operator
[Operator Closing Remarks]