Saint-Gobain Sekurit Share Price: Target 2026 to 2030, Valuation, Risks

Saint-Gobain Sekurit share price today

Anyone typing saint-gobain sekurit share price into a search box is looking at one of the quieter corners of India’s automotive supply chain: a windshield processor owned by a French industrial group, listed only on the BSE, and small enough that a single customer’s production schedule can move a full year of reported profit. The investment question is unusually narrow for a stock in this sector. The returns are already good. What is in doubt is how much growth the current price is asking for.

At the 10 September 2026 research cut-off, Screener showed a price of ₹113, market capitalisation of about ₹1,033 crore and trailing EPS of ₹4.88. That works out to roughly 23.2 times trailing earnings and 4.25 times a book value of ₹26.7 per share. The 52-week range was ₹80 to ₹140, which puts the price about 19% below its 12-month high.

One practical note before the numbers. This is a BSE-only listing, and the public market-data feed for the code 515043 is stale, so the live quote box on this page is switched off. Every price and range figure quoted here was read from Screener.in on 10 September 2026 and does not update after publication.

What Saint-Gobain Sekurit actually does

Saint-Gobain Sekurit India Ltd was incorporated in 1973 and manufactures and sells automotive glass. It is a subsidiary of Compagnie de Saint-Gobain of Paris, and it sits inside the Mobility division of the group’s High Performance Solutions business, specialising in the processing of glass into automotive windshields. Its customers are vehicle manufacturers and the automotive replacement market.

Layer of the business	What it means in practice	Economic characteristic
Glass processing	Converting flat glass into finished windshields	Capital equipment plus process know-how
OEM supply	Fitment on new vehicles built by auto manufacturers	Volumes track customer production schedules
Aftermarket / replacement	Glass replaced during a vehicle’s life	Less cyclical, follows the installed vehicle base
Group affiliation	Access to Saint-Gobain technology and standards	Specification support without an R&D budget of its own

That structure explains both the strength and the ceiling. A processor inside a global glass group inherits specifications, quality systems and customer approvals that a standalone company of this size could not build. It also means the listed entity is a link in someone else’s chain rather than the owner of the end demand. Gale’s own flag on this name is that the Paris parent runs larger unlisted glass operations in India alongside the listed company, so this ticker is not the whole of the group’s Indian glass presence.

The twelve-year record: a cycle, then a step up

The long record is not a smooth compounding story. Sales were ₹133 crore in FY15, drifted through the second half of the last decade, and fell to ₹105 crore in FY21. Profit was negligible in FY16. What has changed is the period since: sales have risen every year from FY21 to FY26, and operating margin has settled in a band the company had never sustained before.

Financial year	Sales	Operating margin	Net profit	EPS
FY19	₹160 Cr	16%	₹16 Cr	₹1.76
FY20	₹135 Cr	14%	₹13 Cr	₹1.47
FY21	₹105 Cr	15%	₹11 Cr	₹1.25
FY22	₹151 Cr	22%	₹48 Cr	₹5.23
FY23	₹186 Cr	19%	₹29 Cr	₹3.17
FY24	₹201 Cr	18%	₹31 Cr	₹3.43
FY25	₹208 Cr	19%	₹36 Cr	₹3.95
FY26	₹243 Cr	21%	₹46 Cr	₹5.03
TTM	₹249 Cr	20%	₹44 Cr	₹4.88

Two details deserve to be read carefully. First, FY22’s ₹48 crore of net profit includes a one-off; the EPS of ₹5.23 in that year gave way to ₹3.17 the next, and the FY22 peak has still not been exceeded on a reported basis — FY26 net profit of ₹46 crore and trailing profit of ₹44 crore both sit below FY22’s ₹48 crore. Second, the same softness shows against FY26 itself: the trailing twelve months are below the FY26 column on profit, EPS and margin alike. Sales are still creeping up, but the last four reported quarters have not extended FY26’s earnings peak.

Why the five-year growth rate flatters the business

Screener’s headline growth table is the single most misleading thing about this stock, and it is misleading for an honest reason: the five-year window starts in the FY21 trough.

Horizon	Sales CAGR	Profit CAGR	Share price CAGR	ROE
10 years	6%	11%	11%	13%
5 years	18%	36%	12%	15%
3 years	9%	20%	-3%	16%
TTM / latest	17%	14%	-4%	18%

A 36% five-year profit CAGR measured from a depressed base is arithmetic, not a forecast. The ten-year profit CAGR of 11% and the three-year sales CAGR of 9% are the more sober framing, and the TTM profit growth of 14% sits a little above both. Any scenario that assumes the five-year rate continues is assuming the recovery repeats itself, which it cannot: the trough it started from is gone.

The share price series says the market has already worked this out. Over three years the price CAGR is -3% and over one year it is -4%, while earnings rose. That combination is a de-rating, not an earnings disappointment.

Balance sheet: almost no debt, reserves compounding

The balance sheet is the least ambiguous part of the case. Equity capital has been unchanged at ₹91 crore throughout the period, so there has been no dilution. Reserves were negative ₹11 crore in FY15 and stood at ₹152 crore in FY26. Borrowings have never exceeded ₹6 crore across FY15 to FY26 and were ₹1 crore at FY26, giving a debt-to-equity ratio of 0.01.

Balance-sheet item	FY21	FY24	FY26	Reading
Equity capital	₹91 Cr	₹91 Cr	₹91 Cr	No shares issued across the period
Reserves	₹50 Cr	₹108 Cr	₹152 Cr	Retained profit is building book value
Borrowings	₹6 Cr	₹1 Cr	₹1 Cr	Effectively an unlevered company
Total assets	₹171 Cr	₹226 Cr	₹291 Cr	Asset base grew with the sales recovery

With face value at ₹10 and equity capital of ₹91 crore, the share count is about 9.1 crore. Equity capital plus FY26 reserves comes to ₹243 crore of net worth, which reconciles with the ₹26.7 book value per share. A company earning 24% ROCE with a debt-to-equity ratio of 0.01 is generating those returns on its own capital rather than on borrowed money, which is the version of a high return on capital worth having. If the distinction between debt-funded and equity-funded returns is unfamiliar, the debt-to-equity ratio guide sets it out.

Returns, payout and what shareholders receive

Return on equity was 17.8% at the cut-off, up from a 10-year average of 13% and a 5-year average of 15%. ROCE was 24.0% against a five-year average of 20.21%, and the operating margin was 19.9%. Those are respectable numbers for a component processor, and they have improved rather than decayed. The return on equity guide explains why the gap between ROE and ROCE here is small: there is barely any leverage to open one up.

Financial year	Dividend payout ratio
FY16 to FY20	0%
FY21	80%
FY22	57%
FY23	47%
FY24	58%
FY25	51%
FY26	40%

The payout history splits cleanly in two. Nothing was paid for five straight years while reserves were being rebuilt from a negative position; since FY21 a substantial share of profit has been distributed, though the ratio has fallen each year since FY24 as earnings grew faster than the dividend. The trailing dividend yield at the cut-off was 2.20%, which is unusual for an auto-component name and puts the stock in a different bucket from most of its sector peers. Readers weighing income against growth may want the dividend-stock guide alongside this.

What moves the Saint-Gobain Sekurit share price

Three things, in roughly this order. The first is Indian vehicle production, because a windshield is fitted when a vehicle is built; the OEM order book is the demand signal, not consumer sentiment about cars. The second is the mix between original-equipment supply and replacement demand, since the replacement market follows the installed base rather than the production cycle and behaves differently in a downturn. The third is the multiple itself, which has done more to the share price over the last three years than earnings have.

Investors buying today are buying at a lower multiple than three years ago, but they are also buying into whatever caused the market to lower it.

Valuation at the research cut-off

Valuation measure	10 September 2026 reading	Interpretation
Price	₹113	Screener close, a fixed research input
Market capitalisation	₹1,033 Cr	Micro-cap; liquidity and disclosure depth both matter
Trailing EPS	₹4.88	Screener TTM, slightly below FY26’s ₹5.03
P/E	23.16×	Price divided by trailing EPS
Book value per share	₹26.7	Implies price-to-book of 4.25×
EV/EBITDA	16.8×	Little debt, so this stays close to the equity view
PEG	1.19	Screener’s own growth input, not ours
ROE / ROCE	17.80% / 24.00%	Earned without leverage
Dividend yield	2.20%	A real part of the total return here

Twenty-three times earnings for a business compounding profit in the low-to-mid teens is neither cheap nor stretched. It is a price that requires the FY26 margin to hold and the sales trend to continue. The P/E ratio guide covers why a multiple like this says more about expectations than about value.

Ownership and the BSE-only listing

Holder	Stake at the cut-off
Promoters	75.00%
Foreign institutions	0.00%
Public	24.98%
Promoter shares pledged	0%

Promoter holding sits at the 75% regulatory ceiling with nothing pledged, which is the ownership profile of a controlled MNC subsidiary rather than a widely held company. The residual after promoters and public is not broken out in the data captured on 10 September 2026. Foreign institutional holding is nil, and the free float is under a quarter of a ₹1,033 crore company.

The listing itself is a structural feature, not a detail. The company trades on the BSE only, under scrip code 515043, with no NSE listing. For a small free float on a single exchange, the practical consequences are wider spreads, thinner depth and a price that can move on modest order flow.

Valuation framework: what the multiple has to earn

The scenario model starts with TTM EPS of ₹4.88. For each year it applies EPS_TTM × (1 + growth)^(year − 2026 + 112/365) × exit P/E, then rounds the result to the nearest ₹5. The 112/365 factor represents the fraction of the first forecast year remaining from 10 September to 31 December. Dividends are excluded from the grid even though the yield is a material part of the return here.

Scenario	Annual EPS growth	Exit P/E	Business interpretation
Bear	6%	15×	Vehicle production flattens, the FY26 margin gain gives back, growth settles below the 10-year profit CAGR of 11%, and the multiple de-rates to 15× from today’s 23.2×
Base	11%	21×	Sales keep growing near the three-year trend, operating margin holds around 20%, and the rating stays close to today’s 23.2×
Bull	16%	27×	Value per windshield and plant utilisation both rise, TTM-style growth persists, and the market pays a modest premium to the current multiple

The growth rates are deliberately anchored below the 36% five-year profit CAGR and around the 9% three-year sales CAGR and 14% TTM profit growth. The multiples run from clearly below the current rating to modestly above it. A framework that paired the recovery-era growth rate with permanent multiple expansion would just be restating an old boom twice. The method behind this arithmetic is set out in full in how to value a stock; these are scenarios, not probability-weighted forecasts.

Saint-Gobain Sekurit share price target 2026 to 2030

The grid above is generated only from the three disclosed inputs: trailing EPS, an annual growth rate and an exit multiple. It does not model a change in vehicle-production volumes, a customer loss or win, a capacity addition at the plant, a dividend or buyback, a change in the group’s Indian structure, or any one-off item of the kind that inflated FY22. It also assumes the share count stays where it has been for twelve years. Each of those should be revisited after the next set of results rather than carried forward unchanged.

Risks that can break the picture

The scale risk is the obvious one. A windshield processor supplies vehicle manufacturers platform by platform, and the loss or delay of one of them can move a year of a ₹249 crore revenue base in a way it could not at a larger supplier. The FY20-to-FY21 stretch, when sales fell from ₹135 crore to ₹105 crore, shows what a production downturn does to this income statement.

The second risk is margin. Operating margin has ranged from 13% to 22% over twelve years and is only two years into holding around 20%. Glass processing consumes energy and raw glass; neither input price is under the company’s control, and a component supplier’s ability to pass costs through to a vehicle manufacturer is limited by contract and negotiating position.

The third is the structure itself. The listed entity does not own the group’s whole Indian glass presence, the free float is under 25%, foreign institutional ownership is zero, and the single-exchange listing keeps the stock outside most institutional screens. None of that is a governance concern on the evidence here, with zero pledged shares and no dilution in twelve years, but it does mean the shareholder register is unlikely to re-rate the stock on its own.

Finally, the earnings base is not accelerating. TTM profit of ₹44 crore sits below FY26’s ₹46 crore, TTM EPS is below FY26 EPS, and the TTM operating margin is a point below FY26’s. If that is the start of a plateau rather than a pause, the base-case growth rate above is the one that has to move.

What would change the picture

The constructive evidence would be sales pushing clearly past the ₹249 crore trailing figure with operating margin holding at or above 20%, ROCE staying near 24% while the asset base grows, and profit exceeding the FY26 ₹46 crore mark without a one-off. A payout ratio stabilising rather than continuing to fall would suggest management sees the dividend as a permanent part of the return.

It weakens if the trailing-twelve-month softness extends, if margin slips back toward the mid-teens level that prevailed before FY22, if the asset base grows faster than sales, or if a customer platform is lost. The general method for reading each fresh result against these markers is in the fundamental analysis guide.

Monitoring scorecard

Question	Constructive evidence	Warning sign
Is the sales recovery still running?	Revenue above the ₹249 Cr trailing base	Sales flat or falling for two periods
Is the margin structural?	Operating margin holds around 20%	Drift back toward the pre-FY22 mid-teens
Are returns intact?	ROCE near 24% as assets grow	Total assets rise while ROCE falls
Is growth clean?	Profit above ₹46 Cr without one-offs	Another exceptional item flattering EPS
Is the balance sheet unchanged?	Borrowings near nil, share count at 9.1 crore	New debt or an equity issue
Is the dividend policy stable?	Payout ratio steadies	Payout keeps falling with no reinvestment story

What the numbers leave unresolved

The measurable case is straightforward. This is an unlevered, cash-generative processor with 24% ROCE, 17.8% ROE, a 2.2% dividend yield, no pledged promoter shares and no dilution since at least FY15, trading at 23.2 times trailing earnings after a three-year period in which the price fell while profit rose.

What the data cannot settle is whether FY26 is a new operating level or a good year. Twelve years of history contain one previous profit spike that did not hold, a five-year growth rate distorted by a trough, and a trailing period that has slipped fractionally below the FY26 peak. The next two or three results, read for margin and for sales against the ₹249 crore trailing base, decide which of the scenario columns is the right one to be reading.

FAQ

What is Saint-Gobain Sekurit’s share price target for 2026?

The 2026 row of the scenario grid applies the trailing EPS of ₹4.88, one of the three growth rates and one of the three exit multiples, adjusted for the 112 out of 365 days left in the year from the 10 September cut-off. It is a range of arithmetic outcomes under stated assumptions, not a forecast or a recommendation.

What is Saint-Gobain Sekurit’s share price target for 2030?

The 2030 row compounds the same trailing EPS forward for roughly four and a third years at each scenario’s growth rate and applies that scenario’s exit multiple. The further out the row, the more the outcome depends on the growth assumption rather than the multiple, so it should be read as a sensitivity exercise rather than a price expectation.

What does Saint-Gobain Sekurit do?

It manufactures and sells automotive glass, specialising in processing glass into windshields for vehicle manufacturers and the automotive replacement market. The company was incorporated in 1973 and operates within the Mobility division of Saint-Gobain’s High Performance Solutions business.

Who are the promoters of Saint-Gobain Sekurit?

The promoter is Compagnie de Saint-Gobain of Paris, which holds 75.00% of the equity, the regulatory maximum for a listed Indian company. None of those shares are pledged, foreign institutional holding is nil, and the public holds 24.98%.

What is the ROCE of Saint-Gobain Sekurit?

Return on capital employed was 24.0% at the 10 September 2026 cut-off, against a five-year average of 20.21%. Because borrowings are ₹1 crore against ₹243 crore of net worth, that return is earned on equity rather than on leverage, which is why ROE of 17.8% sits reasonably close to it.

On which exchange is Saint-Gobain Sekurit listed and what is its BSE code?

It trades on the BSE only, under scrip code 515043, with no NSE listing. That single-exchange structure, alongside a free float below 25%, is why the stock sees wider spreads and thinner depth than a ₹1,033 crore market capitalisation might otherwise suggest.

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• P/E ratio: formula and meaning
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• Fundamental analysis of stocks

Sources and methodology

• Saint-Gobain Sekurit India on Screener.in
• Saint-Gobain Sekurit India company website
• Saint-Gobain Sekurit India investor information
• Saint-Gobain Sekurit India company summary, IIFL Capital

Every financial figure in this article was captured on 10 September 2026. Price, 52-week range, market capitalisation, trailing EPS, book value, P/E, PEG, EV/EBITDA, dividend yield, ROE, ROCE, operating margin, the FY15-to-FY26 annual series, the balance-sheet series, the payout history and the shareholding split all come from Screener.in. There is no Yahoo Finance input for this article: the feed for the BSE-only code 515043 is stale, which is why the live quote widget is suppressed and why the price is a fixed research input rather than a moving number. The business description comes from Screener’s company profile and the company’s own website.

Analytical judgment begins after that. The choice of growth rates and exit multiples in the scenario table, the argument that the five-year profit CAGR is distorted by the FY21 trough, the reading of the three-year price CAGR as a de-rating, and the risk and monitoring sections are our interpretation of the captured data, not reported figures.

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This article is research and education, not personalised investment advice or a recommendation to transact. Gale is not a SEBI-registered investment adviser. The scenarios are illustrations, not guarantees. Verify current exchange filings, liquidity, corporate actions and suitability, and consult a registered adviser before acting.