Sejal Glass Limited (NSE: SEJALLTD) Q4 2025 Earnings Call dated May. 21, 2025
Corporate Participants:
Amrut Gada — Promoter
Chandresh Ramji Rambhia — Chief Financial Officer
Analysts:
Chanley — Analyst
Rohit Bahirwani — Analyst
Unidentified Participant
Pranav Gandhi — Analyst
Anupam Jain — Analyst
Sreeram Ramdas — Analyst
Shanki Bansal — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q4 FY ’25 Results Conference Call of Glast Limited hosted by Advisors Private Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star lens zero on your phone. Please note that this conference is being recorded. I now hand the conference over to Channy ma’am. Thank you and over to you, ma’am.
Chanley — Analyst
Thank you. On behalf of Advisors, I welcome you all to the conference call of Limited. From the management team, we have Mr Amrod Gana, promoter of the company and Mr Chandresh Rambia, CFO. Now I hand over the call to Mr Amrud. Over to you, sir.
Amrut Gada — Promoter
Thank you. Good evening, ladies and gentlemen. I extend warm welcome to each one of you who has joined us today for Class Limited’s earnings call, where I will be sharing an overview of our performance for the Q4 FY ’25 and year-end FY ’25. Before I move into specific fix of our result, allow me to briefly introduce our company and journey we are on. At Glass, I take immense pride in the work we do as one of the leading player in the architecture glass industry. Our product range includes high-performance solutions such as, laminated, insulated, cinematic and decorative Glass, serving diverse application in both exterior and interior architecture. Our business focused on providing high-quality glass solutions for various applications, including the constructions of commercial buildings, residential properties and industrial infrastructure. During FY ’25, we made significant strides in expanding our business, both in India and internationally. Before I brief on the performance of the company for the Q4 FY ’25 and year-end FY ’25, I am pleased to announce about our recent acquisition of Architectural glass Business of Clastic Industries Private Limited due to Business Transfer dated 10th April 2025. The acquisition includes a manufacturing unit in Taloja, Maharashtra and Amil Nadu, along with the associated assets such as plant and machinery, technical know-how, brand, goodwill, customer and vendor relationship and employee a long-term and long-term lease of the factory premises. This acquisition makes strategic leap forward in expanding our domestic manufacturing footprint and enhancing our capability in high-value architectural glass products. It enables us to scale rapidly by leveraging existing infrastructure and relationship, improved delivery timelines and cater to a wider geographic market across India. With the additional of, Maharashtra and Hiro Tamil Naru who are existing unit, we now operate four manufacturing facilities, including UA. This expanded footprint not only increased our total installed capacity, but also allow us to better serve regional demand, reduce lead times and optimize logistics. Post this acquisition, we will have now four manufacturing units, including UAE. Internationally, our UAE subsidiary, glass and glass manufacturing product LLC has expanded its business by commencing facade manufacturing facility in May ’25. The facade division is spread 40,000 square feet of land at Russell Kema UAE, Well occupied with state-of-the-art machinery to manufacture unitized and panels, aluminum windows, doors and other facade component this will positions us an integrated player in the region offering end-to-end facade and glass solution, it also opens up new revenue stream from commercial residential and institutional projects in the DCC and beyond. Now I would like to brief our operational performance for the quarter and year past FY ’25. Just one more hello we would like to give the brief on the performance. The UE plant, which is operated at 66% in insulated glass, 17% in laminated glass and was at 53% in capacity terms. Plant operated at 29% in IG Glass, 71% in laminated glass and 60% in tough and glass against our capacity. We see ample room to scale further as market demand strengthens. The growing momentum in infrastructure development in the GCC region and the real-estate sector. And India continues to create a strong runway for growth and we are well-placed to capture these opportunities. Now turning to our financial performance. On a consolidated basis, our quarter-four ’25 revenue stood at INR67.9 crore, marking a strong growth of 35.19% compared to the same quarter of last year. Our EBITDA rose to INR9.84 crore, up by 68.31% year-on-year, driven by operational efficiency and better product mix. We are happy to report that our net profit for the quarter jumped to INR3.78 crore, reflecting a significant 1080.86% increase on year-on-year, while our EPS rose to 3.75%, up from 0.31% in-quarter four of FY ’24. Our EBITDA margin improved to 14.49% and net profit margin stood at 5.57%, highlighting the results of our ongoing cost and process optimization efforts. For the full-year FY ’25, our consolidated revenue grew by 48.70% to INR244.95 crore. EBITDA increased by 65.85% to INR35.34 crore and net profit surged by 230.93% to INR11.03 crores. EPS for the year stood at INR10.85, representing a growth of over 232%. On a standalone basis, we are equally pleased with our performance. Revenue reached INR70.56 crore. EBITDA came at INR12.22 crore with a growth of 73.64%. On a net profit, it stood at INR4 crore with a significant growth of 6%, 89% compared to the previous year. These results reflect the disciplined execution of our strategy and our focus on strengthening our fundamentals. As we look-ahead, we remain confident in the industry outlook and our ability to capitalize on emerging opportunities. With urban development, infrastructure expansions and rising architectural aspirations are fueling demand for our high-quality glass solutions. Before we conclude, we would like to sincerely thank our incredible team, loyal customers, committed partners and value-added shareholders for their continued support and belief in the glass. Together, we have laid a strong foundation and we remain excited about the road ahead. With that, now we are open for the question-and-answer to be. Thank you once again for your time and participation. Now we invite the investors to for their questions.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, I would also like to announce that the call is scheduled for one-hour. The first question is from the line of Rohit Bahirwani from Vijit Global Securities Private Limited. Please go-ahead.
Rohit Bahirwani
Yeah. Thank you for giving me the opportunity. First of all, I would like to congratulate the management for a good set of numbers for this quarter and overall year FY ’25. My first question is, what is the capacity at Industries and at how much utilization level the company is operating as on today?
Amrut Gada
Yeah. The Glass tech what we acquired, there total two plants, one is Taloja and one is in Europe. Overall, the toughening capacity is 15.6 lakhs per annum with IG line — two IG line having X square meter capacity of 1.35 lakhs per annum. They are operating at — we are in fact operating at 35% of the capacity
Rohit Bahirwani
You’re operating at 35%, is that correct?
Amrut Gada
Correct.
Rohit Bahirwani
And it had a turnover of around 63 CR for last year. So assuming you are working at 35%, it is fair to assume that Glastec Industries can do a top-line of 200 CR from existing capacities.
Amrut Gada
Total capacities, yes, it will reach INR200 crores.
Rohit Bahirwani
Okay. Okay, got it. And any plans to improve margins there? What is the profitability status of Glastec Industries?
Amrut Gada
And sir, Glastech, we are not making the profits are underutilized.
Rohit Bahirwani
Okay. Okay. And any guidance by when can it turn profitable in the future? Any order book, any sort of confirm orders there?
Amrut Gada
Profitable from the second-quarter.
Rohit Bahirwani
Sorry, your voice is not clear.
Amrut Gada
So we will be expecting a profit from the second-quarter onwards of this financial year.
Chandresh Ramji Rambhia
Yes, yes.
Amrut Gada
Okay. Okay, got it. I’ll join back-in the queue. Thank you.
Operator
Thank you very much. The next question is from the line of Jignesh from Jeeva Capital. Please go-ahead.
Unidentified Participant
Yeah. Thanks for the opportunity. So broadly to understand with all these four facilities, what — and with the kind of utilization we are seeing, what kind of revenues can we expect in ’26, ’27, any broad number?
Amrut Gada
’26, 27 will be more than INR400 crores.
Unidentified Participant
FY ’27 will be INR400 crores.
Amrut Gada
Yes,
Unidentified Participant
And FY ’26?
Amrut Gada
Sorry, I’m saying for ’25, ’26, it will be INR400 plus.
Unidentified Participant
Okay. Okay. Okay, ’26, it will be 400 plus out of it our own facilities will contribute around 350 for all our own facilities now.
Amrut Gada
We had acquired all it.
Unidentified Participant
Okay. And sir, in the finance
Unidentified Participant
Cost, interest cost, is it also reflecting the money taken from the promoters?
Amrut Gada
It includes both. Money taken from promoters as well as the bankers.
Unidentified Participant
Okay. So when that money has to be returned to promoters.
Amrut Gada
Promoters are in the long-term nature.
Unidentified Participant
Okay. So no repayment coming in next one or two years.
Amrut Gada
It depends on the cash flows, free liquid cash flows after mitigating all our liabilities towards the bankers and interest, then we can start paying them.
Unidentified Participant
Oh. Thank you.
Operator
Thank you very much. Participants who wish to ask questions may press star and one at this time. The next question is from the line of Pranav Gandhi from Lotus Wealth. Please go-ahead.,
Pranav Gandhi
Good afternoon, sir. Congratulations on the number. I would like to have — I would like to ask few questions. Could you just tell us the revenue that we are generating with the?
Amrut Gada
Bulletproof as of now, it has not started yet. So till what time — until what quarter are we expecting the revenue coming from the because in the last Q2, it is difficult to say as of now, because it is still under the testing and testing mode.
Pranav Gandhi
Okay. And also another question is what is the accumulated losses as of now?
Amrut Gada
In Glass Limited, the accumulated losses are more than INR150 crores in terms of income tax.
Pranav Gandhi
Thank you. Okay. Thank you so much.
Operator
Thank you very much. The next question is from the line of Anupam Jain from Indira Securities. Please go-ahead.
Anupam Jain
Thanks for the opportunity, sir. One question that I had is what will be the margin from the Glastic Limited as it scale-ups and what will be the optimal margin that we should aim for?
Amrut Gada
Say the complete operation will be under Limited. We have not taken over the company. So it is the addition of the assets and capacities in the Limited. So the margin what we are operating, the EBITDA will be maintained or it will be slightly improved, which we are expecting that minimum 15% of EBITDA will be generated from all these three plants together. And from this plant, what will be the EBITDA? And when will be blended — when will be that breakeven you said it will be in first-quarter only.
Anupam Jain
But what will be the trajectory, how will you ramp-up the capacity? So currently, it is at 35%, I think so it will ramp-up slowly. So I’m just thinking how will it go from one year two year for us will be the full ramp-up, optimum ramp-up.
Amrut Gada
Yeah. So from the second-quarter onwards, the capacity ramp-up will start. So already we have some orders in-hand over there, which we are trying to fulfill it and the margin at the year-end will be in the range of 15% on EBITDA.
Anupam Jain
Okay. And the blended margin of the INR400 crore guidance that you have given, that will also be on 15% basis, completely?
Amrut Gada
Correct. Yes.
Anupam Jain
Okay. And what will be the interest cost from promoters that you have taken and from the bank that you have taken the loan?
Amrut Gada
So the bank are in the range of 9% to 10% and the promoters are at the rate of 9%
Anupam Jain
And bullet proof facility, not sure when will it come in.
Amrut Gada
Yeah, because it is under still testing mode and so we are.
Anupam Jain
Okay. Thank you
Operator
Thank you very much. Before I take the next question, I would like to announce that participants who wish to ask a question may press star in one at this time. The next question is from the line of Shriram Swim Green Portfolio. Please go-ahead.
Sreeram Ramdas
Alongside the, we were also talking about supplying the block into railways. So any update on that? What’s happening, testing, anything of that sort?
Amrut Gada
Railway, the product has been already been approved, but we are waiting for some LPOs to come in the orders to come.
Sreeram Ramdas
Okay, okay. And sir at the move. Okay. We are already tendering into that, but the orders yet to come. So we had supplied only very small quantity. So the big orders are yet not been assigned to us. Okay. Okay. Sir, this debt has increased drastically. It’s around INR160 crores INR150 crores. So how much in that is the promoter that is infused? What part of the debt?
Amrut Gada
You say the total debt from the bank is around INR4042 crores long-term debt.
Sreeram Ramdas
Okay. So around INR60 crores INR70 crores should be from promoter long-term?
Amrut Gada
Yes.
Sreeram Ramdas
Okay. Okay. Sir sir, last question. Last year, at this time, we were thinking somewhere INR300 crores, we’ll achieve INR220 from India at 220 from UE and another 80 from India. So what went wrong? Yeah, what was wrong there?
Amrut Gada
So India, we closed at INR63 crore, what we were expecting to be on INR70 crores. So around 10% we can say were down by in India. There were a couple of reasons. One was the glass price was reduced by the — so the raw-material prices were reduced, which has been directly impacted on the top-line, but the same price has been coated or passed on to the customers. So in terms of percentage, if you see that revenue remains same in terms of margins and everything, but in absolute number, it will go down because of the raw-material prices go down. Okay.
Sreeram Ramdas
Understood, sir. And sir, throughout last year, what capacity utilization were we operating and in Q4, how much was it? Capacity utilization?
Amrut Gada
Specifically only Q4?
Sreeram Ramdas
And Q4 and throughout the year, Q4 versus throughout the year, what is your capacity utilization?
Amrut Gada
So Q4 in India and laminate, we were at 81%.
Sreeram Ramdas
Okay.
Amrut Gada
Which was highest in terms of all the other 3/4. And so on a — the IG side, I mean that is insulated glass, we were at 25%, which was a little bit lower compared to quarter one and two, but more than quarter three. Now on a tempering, which is in the same range of 65%,
Sreeram Ramdas
Okay. Okay, sir, that’s good to hear. And UAE.
Amrut Gada
UAE the overall percentage in terms of glass, it was in the range of 58% and the highest production is from the IG glass, which is our selling product, it’s 73%, which is slightly more than quarter two and three by around 4% to 5%. So, and laminate has started only from the quarter three onwards. So gradually we are ramping-up over there in laminate. So it is around 38% in-quarter four as compared to 30% of quarter three.
Sreeram Ramdas
Okay. Okay. That’s very good to hear, sir. Sir, last question from my side. How will this — the new acquisition — the business transfer that we’re doing with the Tamil Nad and Maharashtra facility, what exactly are we taking in our books? Is it just the plant and and are we giving rent to that former company? Can you explain the process, if you don’t mind?
Amrut Gada
And actually the business transfer is towards the machinery, know-how, goodwill, their customers and the supply-chain agreements, whatever. So innovations of contracts also transferred to this. So entire unit per se comes to us except for the liabilities or the company takeover. The land and building were not taken as an acquisition, but we had taken on a long-term lease.
Sreeram Ramdas
Okay. Okay. Understood. And sir, if you don’t mind sharing what are we paying for the gent?
Amrut Gada
As of now that first four year, there will be a complete moratorium, no payouts for that. Later on the rent will start, which will be around INR1 crore per month.
Sreeram Ramdas
Okay, amazing. Okay. Thank you so much, sir. Thank you so much.
Operator
Thank you. Thank you very much. The next question is from the line of Shanki Bansal from an Individual investor. Please go-ahead.
Shanki Bansal
Hello.
Amrut Gada
Yes. Thank you for opportunity. Yeah. As we have seen in the announcement, the company is now doing a capex of INR4 million towards the facade manufacturing in UAE plants. Can you please provide some color on the same? What is the strategy behind that? Because
Shanki Bansal
I believe there is a related-party of, which is doing the manufacturing. So you guys already have a very good experience in that. So what will be the total turnover in facade manufacturing we are looking in next one or two years.
Amrut Gada
In the facade manufacturing, the basically the division which is added in UAE plant, so it is adjacent to the same factory. So we had built a capacity of 1 lakh square meter of panel manufacturing and.
Shanki Bansal
Okay. So you guys have order with order the facade manufacturing or it’s just started this move?
Amrut Gada
It is a strategic move considering the demand which will be a UAE GCC market and some of the export potentials what we see from US and now
Shanki Bansal
Okay. And do we have any fair idea that we will manufacturing vertical, what will be the operating margins?
Amrut Gada
So operating margins will be in the range of 20%.
Shanki Bansal
Okay. And regarding the acquisition, it was written in the announcement that the purchase — total purchase consideration is. So how this deal will be structured and what will be the debt-equity ratio in this acquisition?
Amrut Gada
So the debt-equity what we are seeing for funding this project is 50-50%, 50% equity, 50% is from the debt, which we had tied-up with the bank and the one tranche has been already been released. So this also there are some deferred payment also there in this INR34 crore.
Shanki Bansal
Okay.
Amrut Gada
So whatever the upfront payment was required is paid-off.
Shanki Bansal
Okay. And one last question. Actually I think this is the second time where we have dropped the QYP, which we had recently, I think it was not successful. So what is the reason behind that?
Amrut Gada
But actually the reason behind was the market fall. So the pricing, what was decided was at INR610, which was as per the formulation of last 10 days average price. And below that we cannot issue as per the. And secondly, the BSE NSE permissions, which due to this market crash and all that, they were not able to give it on-time.
Shanki Bansal
Understood. So are we planning to do again some QIP in near-future?
Amrut Gada
Yes.
Shanki Bansal
Okay. And this is a humble request. Actually, we are asking the PowerPoint presentation before initiating the con-call. So that will be very helpful.
Amrut Gada
Yeah, we are already on that.
Shanki Bansal
Thank you. Thank you and best of luck.
Amrut Gada
Thank you.
Operator
Thank you very much. The next question is from the line of Ganraj Kothari, an Individual Investor. Please go-ahead. MR. Ganraj, please proceed please go-ahead with your question thank you. We’ll move to the next question. Before we move to the next question, I would like to remind participants to join the question-and-answer queue, please press star in one. The next question is from the line of Rohit Bahirwani from Vijit Global Securities Private Limited. Please go-ahead.
Rohit Bahirwani
Yeah. I had one question related to your recent announcement, which you have filed with the stock exchange yesterday. Company has invested around INR9 in expanding its product offerings with adding a new line-of-business called manufacturing. Could you please explain what is the revenue potential from this new line that we have added?
Amrut Gada
So facade manufacturing, we had built a capacity of 1 lakh square meter of unitized or semi utilized panel manufacturing.
Rohit Bahirwani
Okay. And what could be the potential from this vertical in the coming years?
Amrut Gada
And also we are working on two models, either to manufacture the panels and tools sell independently or to get some job work for only manufacturing of the panel where we will be charging only manufacturing process cost. So we are still working on it. So it is early to say on that.
Rohit Bahirwani
Okay. Okay. And one final question. It’s the glass consumption or the glass sale will be automatically will be increased by this facility because the — it will give the facility to the customer that the glass and the manufacturing of panels are ending loss. Okay. Okay, sir. Got it. And just one final question, if you could share any order book separately for India division and the UAE location, any order book that company has?
Amrut Gada
We’ll start sharing after Q1?
Rohit Bahirwani
Okay, sir. Okay. That’s it from my side. Thank you.
Operator
Thank you very much. The next question is from the line of from Ventures Private Limited. Please go-ahead.
Unidentified Participant
Yes, hello. Good evening, sir. Yeah. So sir, my question is regarding the — what is the revenue capacity of the entity which you acquired in India the top-line.
Amrut Gada
Top-line on a full capacity, it can generate up to INR200 crore.
Unidentified Participant
Okay, okay. So to reach full capacity, what is the timeline we’re looking at two years sorry.
Amrut Gada
It will go quarter-on-quarter, we will ramp-up the capacity utilization. To reach on a full capacity, it will take around two years
Unidentified Participant
In two years, okay. And sir, like you already guided FY ’26, we can be around INR400 crores of revenue. So post that, what kind of growth where we can expect from the company? Like long-term, I’m saying in general, we are not exact present that on an average
Amrut Gada
If you see our last quarter-on-quarter performance, more than 20% growth is already there’s two acquisitions and the — even the adding the facade division in UAE. So definitely will be more than 25% growth year-on-year. Okay. And we can maintain 12% to 15% kind of operating margin. It slightly improves, but minimum we will maintain that 15% EBITDA. So where-is the capacity utilization will increase and the fixed-cost remains same, so the margin will be improved.
Unidentified Participant
Okay. Okay, sir. So, sir, any challenges or anything you’re seeing in the glass manufacturing in this space in Dubai in a slowdown or in India new things as such other industry, sir?
Amrut Gada
As of now, no challenges in terms of the glass manufacturing or architectural glass business?
Unidentified Participant
Okay, okay. So sir, and my last question regarding the need for capital. So what do you think any timeline where you’ll be needing more capital, you need to raise more capital or take that, etc., any timeline for that? Any idea?
Amrut Gada
Capital as such, see, the capex what we had planned has already been done through debt and things. And working capital we had already tied-up with the bank for this two units or so. So now the two — we will have some, yes, the equity raising, but that will take around three to six months timeline.
Unidentified Participant
Okay.
Amrut Gada
It will improve hello.
Unidentified Participant
Yes. Yes, sir. You’re saying three to six months after that, I couldn’t hear.
Amrut Gada
Yes, yes. We will be looking for some equity. Okay, sir. So that equity will be using — we deployed into the business again after will be — it will be mix of some repayment of some debt and usage of the business expansion.
Unidentified Participant
Okay. Okay, sir. I understood, sir. Thank you so much, sir.
Operator
Thank you very much. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. Thank you. The next question is from the line of Dipanshu from Satwa Ventures. Please go-ahead.
Unidentified Participant
Hi, sir. First of all, congratulations. Very good results from our company. As wanted to understand, in the UAE entity, we have done a total about INR174 crore INR175 crores in the current financial year. How much are we thinking for FY ’26, especially on the UAE entity? Only for UAE?
Chandresh Ramji Rambhia
Yes. So we will be able around 235 crore,
Unidentified Participant
INR235 crore. And what is the total say on the capacity, how much we can do at full capacity in UAE sir?
Chandresh Ramji Rambhia
In UAE we can do around INR350 crore,
Unidentified Participant
INR350 crores
Chandresh Ramji Rambhia
On a full capacity.
Unidentified Participant
And this including the new capex, what you are doing for the new product, you are including that in this INR350 crores or new product and the product in the UA capacity, you were including that when you are giving this number of, say, INR50 crores, you will
Chandresh Ramji Rambhia
Include everything.
Unidentified Participant
Okay, understood, sir. Sir, you mentioned that there has been a drop-in the realization because of the raw-material coming down. So can you just give some rough amount, how much was the decline in realization on a quarter-on-quarter basis?
Chandresh Ramji Rambhia
Somewhere 8% price reduction in the glass.
Unidentified Participant
And had we had to pass-on the entire 8% to our customers also?
Amrut Gada
Yes,
Chandresh Ramji Rambhia
Because it is very much linked to the glass prices.
Unidentified Participant
Okay, understood, sir. So we don’t have in general scope to improve our margin from reduction of the raw materials.
Chandresh Ramji Rambhia
That’s correct.
Unidentified Participant
Okay, okay. Okay. Sir, wanted to double-check on the TED parts what you mentioned, what is the short-term debt, what is the long-term debt?
Chandresh Ramji Rambhia
See the short-term debt and long-term debts, as mentioned in our balance sheet, majority debt is from the promoter fundings and some portion is from the bank. So bank is around INR40 crores. They start from promoter. And on a short-term debt, it is only working capital, which is around INR10 crores.
Unidentified Participant
So the — so the number what you are mentioning that includes the Hanglastic acquisition because it is as of 31st of March.
Chandresh Ramji Rambhia
So after this large is not including the acquisition because that has happened in the April.
Unidentified Participant
Okay. So including the glass tech, what should be the total interest cost what we have to service on a quarterly basis to both promoters and banks put together?
Amrut Gada
And also the — after this acquisition? Yes.
Unidentified Participant
So the — after acquisition, our finance cost on a standalone basis or standalone and consolidated both if you can give it there?
Chandresh Ramji Rambhia
So on a consolidated basis, it will be around INR4.5 crore per quarter. So INR4.5 would be quite low, sir, because almost that will translate to about INR16 crores, INR18 crores. So that is INR18 crores — INR18 crores is the kind of amount on an annual basis..
Unidentified Participant
Okay. And this is a new plant what we have acquired this tech. So the INR63 crores kind of revenue, what they did in the last year and you mentioned that they didn’t make any profit out of that. So what was the reason that there was no profitability
Amrut Gada
Over there because they were not operating on a full capacity or an optimum capacity.
Unidentified Participant
Okay. Okay. And do we think that from second-quarter at INR15 crores to INR20 crore kind of quarterly run-rate, we would be able to generate operating profit over there?
Amrut Gada
Yes, second-quarter onwards, we will be able to generate operating profit.
Unidentified Participant
So are you taking some cost-reduction in — or some planning over there, so how will be able to achieve this?
Chandresh Ramji Rambhia
It will be a couple of things. One is ramping-up the capacity utilization. And secondly, two control cost.
Unidentified Participant
Okay, okay. Understood. Sir, last question. I’m taking all the four plants put together, what you mentioned, UAE can do a INR350 crores kind of revenue. Our old India plant can do about INR100 crores, INR80 crore to INR100 crores is what our understanding was. And this new can do about INR200 crores. So about INR600 crores to INR650 crore is the total maximum what we can achieve from these four plants as of now. Is the understanding right?
Amrut Gada
INR600 crore-plus revenue we can generate from all this plant?
Unidentified Participant
Okay, thank you. Thank you for giving me.
Operator
Thank you very much. The next question is from the line of Ganraj Kothari, an Individual Investor. Please go-ahead.
Unidentified Participant
Hello sir. I’m audible.
Operator
Yes, sir.
Unidentified Participant
Thank you. Thanks for the opportunity. So I have a couple of questions. I’ll start with first. Are there any plans to ramp-up capacity utilization over the next quarter?
Amrut Gada
Yeah, we had already addressed that quarter-on-quarter we will be increasing the capacity utilization.
Unidentified Participant
Okay, okay. My second question is, can you elaborate how the product mix and evolve in Q4 and FY ’25 and its impact on the margin?
Amrut Gada
So the product mix, what we are dealing with is IG Glass. We are increasing IG glass sale-in India and the laminate glass. And in UAE, we are already using the — or the product mix, which is IG and laminate. So IG capacity is already increasing quarter-on-quarter and laminate as we started from the quarter three of FY ’25, which is already in the range of 35% capacity utilization, which will increase quarter-on-quarter.
And apart from that, after this acquisition in India, we will be having a digital printed glass also, which is at present, we are not manufacturing in India from our existing units. This will also add-up something in terms of value-added?
Unidentified Participant
Okay. I have last question. So how is the demand environment shaping up in the architectural glass segment, both in India and overseas?
Amrut Gada
So demand is increasing because of the strong real-estate and the infrastructure developments both in GCC, UAE or in India as well. So this will definitely increase the demand for architecture in.
Unidentified Participant
Okay. Okay. Thank you. That’s all from my side.
Operator
Thank you very much. The next question is from the line of Haresh Hinducha from SBI Securities Limited. Please go-ahead.
Unidentified Participant
Thanks for an opportunity. Sir, just a broad question. After this acquisition and expansion and everything and also a commencement of bulletproof class, can you tell me the total turnover you are expecting from all these combined after maximum capacity utilization as well as all the other things?
Amrut Gada
As we said that this will be —
Unidentified Participant
No revenue because, but that was not included breadproof glass, right?
Chanley
No, INR600 crore-plus will be revenue, which we can expect from the full capacity utilization
Unidentified Participant
. It includes bulletproof plus also,
Amrut Gada
600 crores because see bullet grow — bullet proof, the consumption may not be very-high, but it will be a high value-added product with a good margin. Right and so then in that case that 15% is — don’t you — so you are guiding a little bit lower or are you a conservative? We are on a conservative side, we are saying.
Unidentified Participant
Okay. And sir, what is the QIP size you are expecting?
Amrut Gada
See, this last what we were expecting to raise around INR25 crore from —
Unidentified Participant
Okay. Okay. Okay. Could not complete this in a similar range, we will see depend on the market scenario and the near-future. And what is — what are you expecting as far as the turnover ratio is concerned, export to domestic after all this?
Amrut Gada
The total turnover, it will be more or less 50-50 after this 50-50.
Unidentified Participant
Yes. Sure. Okay. And is there any difference in the margin in domestic and export market?
Amrut Gada
No, more or less same. Export to a certain extent, we can get better pricing.
Unidentified Participant
Yeah, okay. Okay. Okay. Okay. Thank you, sir, and all the best. Thank you very much.
Amrut Gada
Yeah. Thank you, sir. Thank you.
Operator
Thank you very much. Participants who wish to ask questions may press star in one at this time. As there are no further questions from the participants, I now hand the conference over to ma’am for closing comments. Please go-ahead, ma’am.
Chandresh Ramji Rambhia
Thank you. Thank you everyone for joining the conference call of Limited. If you have any queries, you can write to us at research at at. Once again, thank you for joining the conference. Thank you,, sir. Thank you,.
Amrut Gada
Thank you very much.
Operator
Thank you . Thank you very much. On behalf of Kirin Advisors Private Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.