PGP GLASS CEYLON PLC (GLAS.SL) – 1Q FY27 Earnings Review | Bartleet Religare Securities Stronger Earnings, Steady Demand and Capacity Gains Underpin GLAS’s FY27 Outlook 📊 1Q FY27 Performance GLAS reported a solid 1Q FY27, with EPS increasing 19.0% YoY to LKR 1.24, supported by 10.8% revenue growth and an improved product mix. Gross margin increased to 35.9%, while EBIT margin improved to 28.2%. 🔥 Furnace Repair Unlocks Capacity The cold repair of the aging furnace has eased previous capacity constraints, providing greater headroom to capture export demand and improve utilization of GLAS’s 300MT-per-day capacity. 📦 Healthy Order Book Supports Volume Outlook Despite tariff pressures, elevated energy costs and global supply chain disruptions, the company’s order book remains steady, with firm demand from premium customers providing healthy visibility on future volumes. 🌎 Export Mix Supports Higher Margins Growing exports of coloured bottles to premium markets such as the USA and Australia are supporting a richer product mix and higher margins, strengthening our outlook for export-led growth. 🎯 Valuation & Recommendation TP: LKR 61.70 (+7.7%) | HOLD Current Price: LKR 57.30 | FY27E EPS: LKR 5.26 | Forward PER: 10.9x ⚠️ Key Risks: Rising energy & raw material costs | Export market competition | Geopolitical & supply chain disruptions