BOROSCI - Borosil Scienti.
📢 Recent Corporate Announcements
Borosil Scientific Limited (BOROSCI) released its Q3 and 9M FY26 investor presentation, outlining a medium-term growth strategy targeting a 12-14% revenue CAGR. While standalone EBITDA showed growth, consolidated profitability was weighed down by lower sales in the Goel Scientific subsidiary and exceptional expenses totaling approximately ₹8.53 crore. These one-time costs included a ₹6.61 crore Voluntary Retirement Scheme (VRS) settlement and a ₹1.92 crore provision for new labor codes. The company continues to dominate the laboratory glassware market with a 33% share and is pivoting towards higher-margin lab equipment and process sciences.
- Targeting 12-14% Revenue CAGR by expanding LabQuest and Process Sciences verticals.
- Recognized ₹8.53 crore in exceptional items related to VRS at the Ambad plant and new labor code provisions.
- Process Systems segment impacted by a ₹3.75 crore revenue reversal in Q3FY26 and deferred high-value orders.
- Maintains a 33% market share in the ₹490 crore Indian laboratory glassware market.
- Pharmaceutical sector remains the largest customer base, contributing 58.27% of revenue.
Borosil Scientific Limited has approved the grant of 6,700 stock options to eligible employees under its Employee Stock Option Scheme. The options are priced at Rs. 95 per share, which represents approximately a 10% discount to the market price on the National Stock Exchange. The vesting of these options will occur over a four-year period, with 25% vesting each year. This move is a routine measure aimed at employee retention and aligning staff interests with long-term shareholder value.
- Grant of 6,700 stock options to eligible employees approved by the NRC.
- Exercise price set at Rs. 95 per share, a ~10% discount to the previous closing price.
- Vesting schedule follows a 4-year period with 25% vesting annually.
- Exercise period is 5 years from the date of vesting for each respective tranche.
- Each option entitles the holder to one equity share of Re. 1/- face value.
Borosil Scientific Limited (BOROSCI) reported a strong performance for the quarter ended December 31, 2025, with revenue from operations growing 14.4% YoY to ₹107.12 crore. Net profit (PAT) saw a significant jump of 52.8% YoY to ₹10.21 crore, despite an exceptional charge of ₹1.92 crore related to new labour code provisions. The Scientific Laboratory segment remains the primary profit engine, while the Glassware segment, though still loss-making, showed improvement in its operating performance compared to the previous year. Overall, Profit Before Tax (before exceptional items) grew by 71.8% YoY, indicating strong operational leverage.
- Revenue from operations increased 14.4% YoY to ₹10,712.04 lakhs from ₹9,364.84 lakhs.
- Net Profit (PAT) grew 52.8% YoY to ₹1,021.07 lakhs compared to ₹668.42 lakhs in the same quarter last year.
- Scientific Laboratory segment revenue rose to ₹7,316.63 lakhs with a healthy segment profit of ₹2,192.64 lakhs.
- Glassware segment reported a reduced loss of ₹309.05 lakhs versus a loss of ₹515.83 lakhs YoY.
- Recognized an exceptional item of ₹191.51 lakhs during the quarter due to the impact of new Government Labour Codes.
Borosil Scientific Limited reported a robust standalone performance for the quarter ended December 31, 2025, with revenue from operations increasing 14.4% YoY to ₹107.12 crore. Net profit for the quarter surged by 52.8% YoY to ₹10.21 crore, up from ₹6.68 crore in the previous year's corresponding quarter. The results were achieved despite an exceptional expense of ₹1.92 crore related to the implementation of new Labour Codes. The Scientific segment continues to be the dominant revenue contributor, showing steady growth.
- Standalone Revenue from Operations grew 14.4% YoY to ₹10,712.04 lakhs.
- Standalone Net Profit increased 52.8% YoY to ₹1,021.07 lakhs from ₹668.42 lakhs.
- Scientific segment revenue rose to ₹7,316.63 lakhs, contributing approximately 68% of total revenue.
- Exceptional charge of ₹191.51 lakhs recorded in Q3 due to the new unified framework of Labour Codes.
- Basic and Diluted EPS improved significantly to ₹1.15 from ₹0.75 YoY.
Borosil Scientific Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The report, issued by registrar MUFG Intime India Private Limited, covers the period from October 1, 2025, to December 31, 2025. It confirms that all securities of the company are currently held in dematerialized form. The registrar specifically noted that zero Demat or Remat requests were received during this three-month period.
- Compliance certificate filed for the quarter ended December 31, 2025
- Registrar MUFG Intime India confirmed zero Demat and Remat requests during the quarter
- Confirmation that 100% of the company's securities are in dematerialized form
- Filing submitted to NSE and BSE on January 5, 2026, as per regulatory timelines
Borosil Scientific Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI's Prohibition of Insider Trading Regulations. This closure is ahead of the declaration of the unaudited financial results for the quarter and nine-month period ending December 31, 2025. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be communicated separately.
- Trading window closure begins on January 1, 2026, for all designated persons.
- Closure is related to the financial results for the quarter and nine months ending December 31, 2025.
- The window will reopen 48 hours after the official announcement of the financial results.
- The board meeting date for the results declaration is yet to be notified.
Borosil Scientific Limited's credit ratings have been reaffirmed by CARE Ratings. The long-term bank facilities, reduced from ₹2.10 crores to ₹0.53 crores, are rated CARE A+; Stable. Long-term/Short-term bank facilities, enhanced from ₹97.90 crores to ₹99.47 crores, are rated CARE A+; Stable / CARE A1+. These ratings indicate CARE's opinion on the company's ability to meet its financial obligations.
- Long-term bank facilities reduced to ₹0.53 crores from ₹2.10 crores
- Long-term/Short-term bank facilities enhanced to ₹99.47 crores from ₹97.90 crores
- Long-term bank facilities rated CARE A+; Stable
- Long-term/Short-term bank facilities rated CARE A+; Stable / CARE A1+
Financial Performance
Revenue Growth by Segment
Scientific - Laboratory Glass & equipment and Process System segment revenue for H1 FY26 was INR 134.06 Cr, a decrease of 5.37% YoY from INR 141.66 Cr. Glassware segment revenue for H1 FY26 was INR 66.15 Cr, an increase of 3.65% YoY from INR 63.82 Cr. Standalone turnover for FY25 was INR 392.49 Cr, up 10.11% YoY from INR 356.46 Cr.
Geographic Revenue Split
Domestic sales contribute approximately 85% of total revenue, while export markets account for approximately 15% of total revenue, providing a natural hedge against foreign exchange fluctuations.
Profitability Margins
EBITDA margin for FY25 was 16.8%, improving from 15.9% in FY24. Consolidated Profit Before Tax for H1 FY26 was INR 1.05 Cr, significantly impacted by an exceptional labor settlement cost of INR 6.61 Cr, compared to INR 19.43 Cr in H1 FY25. Return on Net Worth improved from 6.48% to 6.71% in FY25.
EBITDA Margin
EBITDA margin stood at 16.8% in FY25, a 90 basis point improvement over FY24's 15.9%, driven by operational efficiencies and improved inventory turnover.
Capital Expenditure
The company has planned a capital expenditure of approximately INR 40 Cr for FY26, which is expected to be entirely funded through internal accruals and available liquid surplus. Fixed assets as of March 31, 2025, were INR 97.77 Cr.
Credit Rating & Borrowing
The company maintains a strong credit rating with low leverage. Interest coverage ratio improved by 115.87% to 63.16x in FY25 due to decreased finance costs. Average utilization of fund-based working capital limits was modest at approximately 23% for the 12 months ended August 2025.
Operational Drivers
Raw Materials
Specific raw materials include glass tubing and various chemicals for scientific glass production. Cost of materials consumed for H1 FY26 (Consolidated) was INR 72.78 Cr, representing 35.8% of total revenue.
Import Sources
Not explicitly disclosed, but the company's 15% export revenue and exposure to foreign exchange fluctuations imply significant international sourcing or global pricing sensitivity.
Capacity Expansion
Planned expansion is supported by an INR 40 Cr capex budget for FY26 to meet growing demand in pharmaceutical and medical research segments. Current fixed assets are valued at INR 97.77 Cr.
Raw Material Costs
Raw material costs (Cost of Materials Consumed) were INR 143.54 Cr for FY25, representing 32.7% of consolidated revenue. Profitability remains vulnerable to raw-material price volatility.
Manufacturing Efficiency
Inventory turnover ratio improved by 16.13% to 4.45x in FY25 from 3.83x in FY24, indicating enhanced manufacturing and supply chain efficiency.
Strategic Growth
Expected Growth Rate
10.10%
Growth Strategy
Growth will be achieved through the launch of new products under the 'LabQuest' brand for lab instrumentation, leveraging deep expertise in pharmaceutical packaging, and expanding presence in export markets which currently contribute 15% of revenue.
Products & Services
Laboratory glassware, lab instrumentation (LabQuest), process systems, and pharmaceutical packaging solutions.
Brand Portfolio
Borosil, LabQuest.
New Products/Services
New product launches in the LabQuest lab instrumentation line are expected to be a primary driver for future revenue growth.
Market Expansion
The company is targeting geographic expansion through its export network, which currently serves diverse scientific needs globally.
External Factors
Industry Trends
The industry is seeing growth in pharmaceutical and medical research segments. Regulatory frameworks are frequently revised, requiring constant operational adjustments and proactive compliance planning.
Competitive Landscape
The company competes in a global market serving diverse scientific needs across industries, requiring constant innovation in lab instrumentation.
Competitive Moat
Moat is built on the strong 'Borosil' brand legacy, specialized expertise in pharmaceutical-grade glass, and a robust global distribution network. These are sustainable due to high switching costs in regulated pharma environments.
Macro Economic Sensitivity
Sensitive to GDP trends, geopolitical events, and domestic regulations which impact demand and compliance burdens.
Consumer Behavior
Demand is driven by the increasing research and development needs of the pharmaceutical and medical sectors.
Geopolitical Risks
Geopolitical instability or adverse policy changes may impact demand, costs, and stock valuation.
Regulatory & Governance
Industry Regulations
Operations are subject to evolving regulatory frameworks and manufacturing standards for pharmaceutical packaging and laboratory equipment.
Taxation Policy Impact
Current tax liabilities stood at INR 0.86 Cr as of September 30, 2025.
Legal Contingencies
The company recorded an exceptional expenditure of INR 6.61 Cr in H1 FY26 related to a settlement with workers represented by a trade union under the Trade Union's Act, 1926.
Risk Analysis
Key Uncertainties
Key risks include raw material price volatility (35.8% of revenue) and foreign exchange fluctuations (15% of revenue) without a formal hedging policy.
Geographic Concentration Risk
85% of revenue is concentrated in the domestic Indian market.
Technology Obsolescence Risk
The lab instrumentation segment (LabQuest) faces risks of technology obsolescence, requiring continuous R&D and new product launches.
Credit & Counterparty Risk
Debtors turnover was 6.75x in FY25. The company reversed a provision for doubtful advances of INR 0.05 Cr in H1 FY26, indicating stable receivables quality.