Transcript of Earnings Call is enclosed

Borosil Limited reported FY26 revenue of INR1,195.9 crores (up 8% YoY) but flat EBITDA at INR176.7 crores with margins declining to 15.1% from 16.3%. Q4 margins were particularly weak at 11.5% vs 14.2% YoY. The main headwinds were Hydra category supply disruptions from BIS QCO implementation and a 2.5x increase in gas costs (from INR20 crores to INR50 crores) due to the West Asia crisis. The company announced INR110 crores capex for FY27, including a vacuum-insulated flask manufacturing facility (first 2 lines to start Q1 FY27) and a 20MW solar plant that will provide INR28 crores annual savings. Management maintained its 15-20% revenue growth target and medium-term EBITDA margin goal of 20%. Anti-dumping duty application for borosilicate glass against China is under investigation with a 6-9 month timeline.