💰 Financial Performance

Revenue Growth by Segment

Total operating income grew 3.72% YoY to INR 2,552.35 Cr in FY24 from INR 2,460.88 Cr in FY23. Segment-specific revenue splits are not disclosed, but the company operates primarily in the container glass segment.

Geographic Revenue Split

The company has a pan-India presence with 7 manufacturing units spread across the country. Specific regional revenue percentages are not disclosed.

Profitability Margins

The company achieved a Net Profit margin of 6.40% (INR 163.37 Cr) in FY24, a significant recovery from a Net Loss margin of -9.48% (INR -233.32 Cr) in FY23.

EBITDA Margin

EBITDA (PBILDT) margin was 11.37% (INR 290.27 Cr) in FY24, improving from a negative margin of -4.46% (INR -109.68 Cr) in FY23 due to cost reduction and fuel switching strategies.

Capital Expenditure

Historical and planned CAPEX values are not explicitly disclosed, though the company noted asset deterioration in plants and the need for regular preventive and predictive maintenance.

Credit Rating & Borrowing

The company is rated CARE D (Default) due to ongoing delays in debt servicing. It has been granted a moratorium from paying off debts until the approval of the resolution plan.

⚙️ Operational Drivers

Raw Materials

Key raw materials include fuel (natural gas/oil) and glass-making minerals. Fuel switching is a primary strategy to manage energy costs, which are a significant portion of manufacturing expenses.

Import Sources

Not specifically disclosed in available documents.

Key Suppliers

Not specifically disclosed in available documents.

Capacity Expansion

Current installed capacity is 15,69,500 TPA (tonne per annum) across 7 units. Planned expansion details are not disclosed, but a resolution plan involving an INR 874 Cr equity infusion is underway.

Raw Material Costs

Raw material and energy costs are managed through fuel switching and lean manufacturing. Specific YoY cost change percentages for raw materials are not disclosed.

Manufacturing Efficiency

Efficiency is driven by lean manufacturing and an improved product mix. Capacity utilization percentages are not explicitly disclosed.

Logistics & Distribution

Not specifically disclosed in available documents.

📈 Strategic Growth

Expected Growth Rate

24.41%

Growth Strategy

Growth will be achieved through the implementation of the NCLT-approved resolution plan by Independent Sugar Corporation Limited (INSCO), involving an INR 874 Cr preferential equity issue. The strategy focuses on high-growth segments like craft beer (24.41% CAGR) and premium alcoholic beverages.

Products & Services

Container glass for alcoholic beverages (beer, liquor), food products, and other consumer goods.

Brand Portfolio

Hindusthan National Glass (HNG) is a B2B manufacturer; its customers include major brands like Heineken, United Breweries, AB Inbev (Budweiser, Hoegaarden, Corona), and Bira 91.

New Products/Services

Not specifically disclosed, but the company is focusing on an 'efficient product mix' to maintain margins.

Market Expansion

Market expansion is targeted through the budding craft beer industry in India, which is projected to grow at a CAGR of 24.41% through 2032.

Market Share & Ranking

HNG is an established manufacturer with over six decades of market presence and a pan-India footprint.

Strategic Alliances

The company is being acquired by Independent Sugar Corporation Limited (INSCO) under a resolution plan approved by NCLT.

🌍 External Factors

Industry Trends

The Indian beer market is growing at 12-13% YoY, with craft beer expanding at a 24.41% CAGR. Premiumization is a key trend, with 58% of AB Inbev's business coming from high-end products.

Competitive Landscape

Competes in the consumer glass segment, supplying major alcoholic beverage and food processing companies.

Competitive Moat

Moat includes a 60-year track record, established pan-India manufacturing presence, and a massive 1.57 million TPA capacity, which are difficult for new entrants to replicate.

Macro Economic Sensitivity

Highly sensitive to global energy prices and inflation, as furnace operations are fuel-intensive.

Consumer Behavior

Shifts toward craft beer and premium alcoholic drinks are driving demand for specialized glass containers.

Geopolitical Risks

Geopolitical tensions in the Middle East and Eastern Europe impact oil prices and supply chain stability, increasing input costs.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Insolvency and Bankruptcy Code (IBC) 2016. The company is undergoing delisting w.e.f. September 22, 2025, pursuant to the NCLT-approved resolution plan.

Environmental Compliance

Not specifically disclosed in available documents.

Taxation Policy Impact

Taxes on beer are nearly ten times higher than spirits in some states, which impacts the growth rate of the company's primary customer segment.

Legal Contingencies

The company was admitted for Corporate Insolvency Resolution Process (CIRP) on October 21, 2021. The NCLT Kolkata Bench approved the resolution plan on August 14, 2025.

⚠️ Risk Analysis

Key Uncertainties

Key risks include the successful implementation of the resolution plan, negative net worth due to past losses, and potential for further operational accidents like the Sinnar plant fire.

Geographic Concentration Risk

Pan-India presence with 7 units reduces regional concentration risk.

Third Party Dependencies

Dependent on fuel suppliers for furnace operations; fuel switching is used to manage this dependency.

Technology Obsolescence Risk

Asset deterioration in plants requires continuous maintenance to prevent efficiency losses.

Credit & Counterparty Risk

The company itself is a credit risk, currently rated CARE D with stressed liquidity.