BOROLTD - Borosil
📢 Recent Corporate Announcements
Borosil Limited has announced a disruption in production at its Jaipur, Rajasthan facilities due to restricted LPG supply from Oil Marketing Companies. The supply crunch is attributed to a force majeure situation arising from geopolitical conflicts in the Middle East. Currently, the Borosilicate Glass Furnace for Pressware has been temporarily suspended, while the Opal Glass Furnaces are operating at reduced capacities. The company is actively coordinating with authorities to restore fuel supply and is currently evaluating the total financial impact of this disruption.
- Temporary suspension of production at the Borosilicate Glass Furnace for Pressware Products in Jaipur.
- Opal Glass Furnaces at the Jaipur facility are currently operating at lower capacities.
- Disruption caused by force majeure event affecting LPG supply from Oil Marketing Companies (OMCs).
- Company is evaluating the quantum of loss and coordinating with government authorities for supply restoration.
Borosil Limited has approved a total capital expenditure of Rs 92 crores for two major expansion projects funded through internal accruals. The company will establish a new manufacturing facility in Bharuch, Gujarat, with an investment of Rs 42 crores, expected to start production by December 2026. Additionally, the Jaipur plant's borosilicate glass furnace capacity will be increased from 25 TPD to 32 TPD with a Rs 50 crore investment by January 2028. These moves aim to address high market demand and improve operational efficiency by removing production bottlenecks.
- New manufacturing facility at Bharuch, Gujarat, with an estimated investment of Rs 42 crores.
- Expansion of Jaipur plant capacity from 25 TPD to 32 TPD, representing a 28% increase.
- Total capital expenditure of Rs 92 crores to be entirely funded via internal accruals.
- Bharuch plant commercial production targeted for December 2026; Jaipur expansion for January 2028.
- Jaipur expansion includes a 3rd forming line to improve furnace utilization and lower production costs.
Borosil Limited has announced its participation in the Investec Promoter & Founder Conference scheduled for March 09, 2026, in Mumbai. The company's management representatives will engage in both group and one-on-one meetings starting from 10:00 a.m. at the Trident, BKC. This interaction is part of the company's regular engagement with institutional investors and analysts. The company has explicitly stated that no unpublished price-sensitive information will be shared during these discussions.
- Participation in the Investec Promoter & Founder Conference on March 09, 2026.
- Meetings will be conducted in both group and one-on-one formats starting at 10:00 a.m.
- The event is a physical meeting located at Trident, BKC, Mumbai.
- Company confirms that no unpublished price-sensitive information (UPSI) will be disclosed.
Borosil Limited reported a steady 9M FY26 performance with consolidated revenue growing 9% YoY to ₹912 crores, driven by a strong 21% growth in the glassware segment. While Operating EBITDA rose 3.4% to ₹145 crores, margins slightly contracted to 16.2% from 17% due to challenges in the non-glassware segment caused by BIS compliance requirements. The company is aggressively addressing supply chain issues by setting up a ₹65 crore domestic manufacturing facility for steel bottles and a ₹75 crore solar plant to reduce power costs. Despite regulatory headwinds in the bottle category, the shift from plastic to glass remains a structural tailwind for the core business.
- Consolidated revenue for 9M FY26 reached ₹912 crores, marking a 9% YoY growth despite an early Diwali impacting Q3 comparability.
- Glassware segment outperformed with 21% growth (₹231 crores), benefiting from a consumer shift from plastic to borosilicate glass.
- Investing ₹65 crores in a new Rajasthan facility for BIS-compliant steel bottles with a 4 million unit annual capacity.
- Commissioning a ₹75 crore, 20 MWp solar plant this month to cover 65% of the company's total power requirements.
- Maintains a healthy balance sheet with a net cash position of ₹13 crores and robust operating cash flows of ₹130 crores.
Borosil Limited has officially released the audio recording of its earnings conference call held on February 6, 2026. The call addressed the company's unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can access the recording on the company's website to hear management's detailed commentary on business performance.
- Audio recording of the Q3 FY26 earnings call is now available for public access.
- The call covered financial performance for the quarter and nine months ended December 31, 2025.
- Filing made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Recording is hosted on the company's official investor relations portal.
Borosil Limited reported a marginal 0.2% YoY increase in revenue to ₹338.7 Cr for Q3 FY26, while 9M FY26 revenue grew by 8.9% to ₹911.8 Cr. Reported EBITDA and PAT saw significant YoY declines of 21.8% and 32.5% respectively, primarily due to a high base effect from a ₹13.5 Cr one-time asset sale profit in Q3 FY25. Segmentally, Glassware and Opalware showed resilience with 10.8% and 6.3% growth, though Non-Glassware declined by 10.9%. The company maintains a strong market position with 84 TPD Opalware capacity and India's first 25 TPD Borosilicate glass facility.
- Q3 FY26 Revenue from operations stood at ₹338.7 Cr, a slight 0.2% increase YoY.
- 9M FY26 PAT grew by 1.6% to ₹64.1 Cr compared to ₹63.1 Cr in 9M FY25.
- Glassware segment revenue increased 10.8% YoY to ₹82.2 Cr in Q3 FY26.
- Non-Glassware segment faced a 10.9% YoY decline in Q3 FY26 revenue to ₹132.0 Cr.
- Company maintains a healthy balance sheet with a low net debt of ₹12.8 Cr as of December 2025.
Borosil Limited reported a weak set of numbers for Q3 FY26, with consolidated net profit declining 32.5% YoY to ₹23.95 crore. Revenue from operations remained nearly flat at ₹338.75 crore compared to ₹338.10 crore in the previous year's corresponding quarter. Profitability was further dampened by a one-time exceptional expense of ₹4.05 crore related to the implementation of new Labour Codes. While the nine-month revenue shows a growth of 8.8%, the bottom line remains stagnant, indicating significant margin pressure.
- Consolidated Net Profit fell 32.5% YoY to ₹2,395.14 lakhs in Q3 FY26.
- Revenue from operations was stagnant at ₹33,874.68 lakhs compared to ₹33,810.29 lakhs YoY.
- Recognized a one-time exceptional charge of ₹404.82 lakhs due to new Government Labour Codes.
- 9M FY26 Revenue grew 8.8% to ₹91,179.65 lakhs, while 9M PAT remained flat at ₹6,407.54 lakhs.
- Consolidated Basic EPS for the quarter decreased to ₹2.00 from ₹2.97 in Q3 FY25.
Borosil Limited reported a stagnant revenue performance for Q3 FY26, with consolidated revenue from operations at ₹338.75 crore compared to ₹338.10 crore in the previous year. Consolidated Net Profit witnessed a sharp decline of 32.5% YoY, falling to ₹23.95 crore from ₹35.48 crore, largely due to increased procurement costs and a one-time exceptional charge. The company recognized an exceptional expense of ₹4.05 crore related to the implementation of new Labour Codes. While revenue was flat YoY, the company managed a slight sequential (QoQ) improvement in net profit from ₹22.71 crore in Q2 FY26.
- Consolidated Revenue from Operations remained nearly flat at ₹338.75 crore vs ₹338.10 crore YoY.
- Net Profit for the quarter fell 32.5% YoY to ₹23.95 crore, down from ₹35.48 crore.
- Recognized a one-time exceptional expense of ₹404.82 lakhs due to the consolidation of Indian Labour Codes.
- Purchases of stock-in-trade rose significantly to ₹120.64 crore from ₹89.19 crore in the year-ago period.
- Basic EPS for the quarter declined to ₹2.00 from ₹2.97 in Q3 FY25.
Borosil Limited has scheduled its earnings conference call for Friday, February 6, 2026, at 4:00 PM IST to discuss financial results for the quarter and nine months ended December 31, 2025. The call will feature top management including the MD & CEO, CFO, and Head of Investor Relations. This is a standard regulatory disclosure to provide transparency on the company's recent financial performance. Investors can access the call via universal dial-in numbers or a Diamond Pass registration.
- Earnings call scheduled for February 6, 2026, at 16:00 hrs IST
- Focus on financial performance for Q3 and 9M ended December 31, 2025
- Management representation includes MD & CEO Shreevar Kheruka and CFO Anand Sultania
- Universal access numbers provided: +91 22 6280 1144 and +91 22 7115 8045
Borosil Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The certificate, issued by Registrar and Transfer Agent MUFG Intime India Pvt. Ltd., confirms that all securities received for dematerialization were processed within the mandated timelines. It verifies that physical share certificates were mutilated and cancelled after verification, and the depositories' names were updated in the register of members. This is a standard regulatory filing ensuring the integrity of the company's shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Issued by MUFG Intime India Pvt. Ltd. (formerly Link Intime India Private Limited).
- Confirms that dematerialized securities are listed on the relevant stock exchanges.
- Verification that physical certificates were mutilated and cancelled as per SEBI norms.
Borosil Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is ahead of the upcoming board meeting to consider unaudited financial results for the quarter and nine months ending December 31, 2025. The trading window will reopen 48 hours after the financial results are officially declared.
- Trading window for designated persons to close from January 1, 2026.
- Closure pertains to the review of unaudited standalone and consolidated financial results for Q3 FY26.
- Window will remain closed until 48 hours after the declaration of financial results.
- The specific date for the Board meeting to approve results will be announced separately.
Borosil Limited has appointed Mr. Bhaunik Shah as the Interim Company Secretary and Compliance Officer, effective December 24, 2025. Mr. Shah, who has been with the company since April 2024, brings approximately 16 years of experience in corporate governance and regulatory compliance. He has also been designated as a Key Managerial Personnel (KMP) and is authorized to make disclosures to stock exchanges. This appointment ensures continuity in the company's secretarial and regulatory functions following the recommendation of the Nomination and Remuneration Committee.
- Mr. Bhaunik Shah appointed as Interim Company Secretary and Compliance Officer effective December 24, 2025
- Mr. Shah possesses approximately 16 years of experience in secretarial and regulatory compliance functions
- Designated as a Key Managerial Personnel (KMP) and part of Senior Management Personnel
- Authorized as one of four KMPs to make disclosures of material events to stock exchanges
- The appointment was recommended by the Nomination and Remuneration Committee and approved by the Board
Borosil Limited has appointed Mr. Bhaunik Shah as the Interim Company Secretary and Compliance Officer, effective December 24, 2025. Mr. Shah, who has been with the company since April 2024, brings approximately 16 years of experience in corporate governance and regulatory compliance. This appointment fills a Key Managerial Personnel (KMP) role, ensuring continuity in regulatory disclosures and statutory obligations. The Board of Directors approved this interim arrangement during a brief 10-minute meeting held on the same day.
- Mr. Bhaunik Shah appointed as Interim Company Secretary and Compliance Officer effective December 24, 2025
- Mr. Shah possesses approximately 16 years of experience in managing company secretarial and regulatory functions
- The appointee has been associated with Borosil Limited since April 2024 and is an Associate Member of ICSI
- Mr. Shah is now authorized as a Key Managerial Personnel (KMP) for making disclosures to Stock Exchanges
Borosil Limited has approved the allotment of 1,530 equity shares following the exercise of options under its Employee Stock Option Scheme 2020. The shares were issued at an exercise price of Rs. 202.50 per share, which includes a premium of Rs. 201.50. This allotment increases the company's total paid-up equity share capital to 11,95,82,129 shares. The dilution resulting from this specific allotment is negligible and part of standard employee compensation practices.
- Allotment of 1,530 equity shares of face value Re. 1 each
- Exercise price fixed at Rs. 202.50 per share
- Total paid-up equity capital increased to Rs. 11,95,82,129
- Shares allotted under the 'Borosil Limited – Employee Stock Option Scheme 2020'
ICRA has reaffirmed the credit ratings for Borosil Limited's facilities. The long-term fund-based cash credit rating remains at [ICRA]AA- (Stable) for ₹2.00 crore. The long-term/short-term fund-based rating is reaffirmed at [ICRA]AA- (Stable) / [ICRA]A1+ for ₹135.00 crore. The short-term non-fund based facilities are reaffirmed at [ICRA]A1+ for ₹1.20 crore. Investors should note the reaffirmed ratings reflect ICRA's assessment of Borosil's creditworthiness.
- Long-term Fund-based Cash Credit reaffirmed at [ICRA]AA- (Stable) for ₹2.00 crore
- Long-term/Short-term Fund-based rating reaffirmed at [ICRA]AA- (Stable) / [ICRA]A1+ for ₹135.00 crore
- Short-term Non-fund based rating reaffirmed at [ICRA]A1+ for ₹1.20 crore
- Long-term Fund based Term Loans reaffirmed at [ICRA]AA- (Stable) for ₹100.00 crore
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 14.7% YoY to INR 573.0 Cr in H1 FY26 from INR 499.5 Cr. The consumer ware business is the primary driver, contributing 73% of total revenues. The Scientific and Industrial Products (SIP) segment was demerged, previously contributing ~28-32% of sales.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains an extensive domestic distribution footprint across General Trade, Modern Trade, and E-commerce.
Profitability Margins
PAT margin improved significantly as PAT rose 45.3% YoY to INR 40.1 Cr in H1 FY26 from INR 27.6 Cr. Gross margins in the non-glassware segment are currently under pressure due to the transition from imported products to domestic manufacturing.
EBITDA Margin
Historical OPBDIT/OI was 12.8% in H1 FY24. Recent profitability is supported by a INR 5.2 Cr decline in finance costs due to debt repayment and a INR 7.2 Cr one-time stamp duty provision reversal.
Capital Expenditure
Planned CAPEX of INR 65 Cr for three double-wall stainless steel lines. Historical CAPEX of ~INR 470 Cr was spent between FY23-FY25 for opal ware capacity, a borosilicate furnace, and a solar power plant.
Credit Rating & Borrowing
ICRA maintains a stable outlook with a downgrade trigger if Total Debt/OPBDITA exceeds 1.5x on a sustained basis. Net debt stood at a negligible INR 4.5 Cr as of September 30, 2025, following a INR 150 Cr QIP in June 2024.
Operational Drivers
Raw Materials
Key materials include borosilicate glass, opal ware materials, and stainless steel for the Hydra range. Specific percentage of total cost per material is not disclosed.
Import Sources
Transitioning from 'made abroad' (overseas vendors) to 'Made in India' to comply with BIS standards and reduce import dependence.
Key Suppliers
Not disclosed in available documents; however, the company is developing a domestic vendor ecosystem for stainless steel products.
Capacity Expansion
Current capacity includes a 25 TPD Borosilicate plant and 84 TPD Opalware capacity. Expansion includes two double-wall lines by Q4 FY26 and a third by Q1 FY27.
Raw Material Costs
Gross margins in non-glassware are pressured because the nascent Indian vendor ecosystem is currently less efficient than overseas vendors with 20-30 years of experience.
Manufacturing Efficiency
Implementing cost control initiatives to enhance operating efficiency; advertising and sales promotion expenses were held steady at INR 38.1 Cr in H1 FY26.
Logistics & Distribution
Not disclosed as a specific percentage, but the company utilizes an extensive network including General Trade, Modern Trade, E-commerce, B2B, CSD, and CPC.
Strategic Growth
Expected Growth Rate
14.70%
Growth Strategy
Growth is driven by doubling opal ware capacity, backward integration in borosilicate glass, and expanding the Hydra range to tap into the INR 2,000+ Cr insulated bottle market. The company is also shifting to 'Made in India' to ensure BIS compliance and supply chain resilience.
Products & Services
Microwavable kitchenware, glass tumblers, Larah opalware dinner sets, Hydra stainless steel bottles, and small kitchen appliances.
Brand Portfolio
Borosil, Larah (Opalware), and Hydra (Hydration range).
New Products/Services
Expansion of the Hydra range and small kitchen appliances; the new double-wall stainless steel lines will contribute to revenue starting Q4 FY26.
Market Expansion
Focusing on the 'India Consumption Play' by targeting the rising urban middle class and the shift from plastic to glass/steel for health and sustainability.
Market Share & Ranking
Ranked #1 in the Opalware segment under the Larah brand.
Strategic Alliances
Borosil Renewables pays a royalty (INR 3.8 Cr in recent period) to Borosil Limited for the use of the 'Borosil' brand.
External Factors
Industry Trends
The industry is seeing a structural shift from plastic to glass and steel due to health awareness. The market for insulated steel bottles is estimated at over INR 2,000 Cr and is growing rapidly.
Competitive Landscape
Key competitors include Milton (entering Opalware) and various organized and unorganized players in the kitchenware and appliance segments.
Competitive Moat
Strong brand recall built over decades and a massive distribution network of 1,500+ SKUs create high entry barriers. Backward integration in manufacturing provides a cost advantage over pure importers.
Macro Economic Sensitivity
Highly sensitive to Private Final Consumption Expenditure (PFCE) and rising disposable incomes, which drive demand for premium kitchenware.
Consumer Behavior
Shift toward 'premium yet affordable' products and increased discretionary spending on lifestyle and home improvement.
Geopolitical Risks
Trade barriers or import restrictions on glassware and steel products from overseas (specifically China/Asia) are being mitigated by the 'Make in India' strategy.
Regulatory & Governance
Industry Regulations
Mandatory BIS (Bureau of Indian Standards) compliance for stainless steel products and kitchen appliances is a critical regulatory factor affecting sourcing and manufacturing.
Environmental Compliance
The company is on a 'transformational journey' to address ESG opportunities and aims to disclose quantifiable short-to-medium term targets.
Taxation Policy Impact
Not disclosed; however, the company recorded a one-time INR 7.2 Cr reversal of stamp duty provisions related to the demerger.
Legal Contingencies
The NCLT approved the demerger of the SIP business into Borosil Scientific Limited on November 2, 2023. No other major pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
The transition to domestic manufacturing may cause short-term margin contraction (impact not quantified) if local vendor efficiency does not improve quickly.
Geographic Concentration Risk
Primarily focused on the Indian domestic market; specific regional concentration within India is not disclosed.
Third Party Dependencies
High dependency on third-party vendors for the non-glassware segment, which the company is mitigating by setting up its own double-wall production lines.
Technology Obsolescence Risk
Risk is low in core glassware but moderate in small kitchen appliances where technological features and energy efficiency are evolving.
Credit & Counterparty Risk
Receivables quality is generally supported by a well-entrenched distributor network and a diverse customer base.