Borosil Limited has informed the Exchange about Transcript
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Borosil Limited reported FY26 revenue of INR1,195.9 crores (up 8% YoY) but EBITDA margin declined to 15.1% from 16.3% due to Hydra segment headwinds from BIS Quality Control Order implementation and a 2.5x increase in gas costs (from INR20 crores to INR50 crores) due to the West Asia crisis. Q4 margins were particularly weak at 11.5% vs 14.2% in Q4 FY25. The company faces ongoing dumping pressure from China in borosilicate glass. Key expansion projects include vacuum-insulated flask manufacturing (commercial production from Q1 FY27), a INR75 crore solar plant expected to save INR28 crores annually, and INR110 crore total capex in FY27. The MD maintained medium-term targets of 15-20% revenue growth and ~20% EBITDA margin, though acknowledged near-term challenges.
Margins face short-term pressure from gas costs and Hydra ramp-up, but management's medium-term guidance of 20% EBITDA and 15-20% revenue growth signals confidence. Capex on manufacturing capacity and solar could improve cost efficiency and compliance outlook in FY27 onwards. Anti-dumping petition against Chinese imports (decision in 6-9 months) could be a significant catalyst if approved.