NSE: BOROLTD · BSE: 543212
BOROSIL LIMITED
Makes consumer glassware, opalware kitchen products and laboratory scientific glassware, with Consumerware contributing the bulk of revenue. In the period ended 30 September 2023, Consumerware was 80.3% of segment revenue at ₹411.211 crore (₹44.5509 crore EBIT) and Scientificware was 19.7% at ₹100.7014 crore (₹17.8734 crore EBIT). For FY26, the company reported full-year revenue of ₹1,195.9 crore (+8% YoY), with category-level breakdown showing glassware at ₹295.5 crore (+17.3% YoY), opalware under the Larah brand at ₹411.9 crore (+7.3% YoY), and non-glassware at ₹463.7 crore (+2.4% YoY). The Consumerware business sells bottles, jars, storage containers, dinnerware and similar items to households through retail; Scientificware supplies borosilicate glass lab equipment (beakers, flasks, test tubes) to research, education and industrial buyers. Manufacturing runs on LPG-fired furnaces in Jaipur, with operations including India's largest opalware capacity at 84 TPD and a 25 TPD borosilicate glass furnace. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Consumerware (80%), Scientificware (20%), Investments (0%). Consumer durables houseware brand with in-house glass and opalware manufacturing; exposure to LPG gas price volatility
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 840 | 1,027 | 942 | 1,108 | 1,196 |
| EBITDA (ex other income) | 132 | 136 | 133 | 170 | 165 |
| margin % | 15.8 | 13.2 | 14.1 | 15.4 | 13.8 |
| Owners' profit | 84 | 90 | 66 | 74 | 75 |
| EPS, as reported (₹) | 7.34 | 7.86 | 5.75 | 6.28 | 6.24 |
| ROE % · ROCE % | 10.9 · 15.2 | 10.3 · 12.6 | 11.4 · 13.9 | 9.2 · 13.2 | 8.4 · 10.6 |
| Debt / equity (x) | 0.00 | 0.11 | 0.27 | 0.10 | 0.15 |
| Cash from operations | 77 | 64 | 48 | (19) | 119 |
| Capex | (88) | (268) | (175) | (98) | (138) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 274 | 338 | 270 | 233 | 340 | 339 | 284 | 254 |
| Profit before tax | 26 | 48 | 17 | 23 | 30 | 32 | 15 | 17 |
| Net profit | 18 | 35 | 11 | 17 | 23 | 24 | 11 | 13 |
| EPS (₹) | 1.53 | 2.97 | 0.93 | 1.46 | 1.90 | 2.00 | 0.89 | 1.07 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CELLO WORLD LIMITED | 7,444 | 24.1 | 2.76 | 14.2 | 12.3 | 16.1 | — | 22.2 |
| HAWKINS COOKERS LTD | 4,002 | 30.5 | 8.99 | — | 29.5 | 37.2 | — | 15.8 |
| BOROSIL LIMITED ◆ | 2,882 | 41.1 | 3.25 | 15.5 | 8.4 | 9.9 | 15.4 | 16.2 |
| ALL TIME PLASTICS LIMITED | 1,277 | 35.3 | 2.08 | 13.7 | 5.8 | 6.9 | — | 16.7 |
| Maruti Interior Products Limit | 213 | 3.5 | — | — | — | 21.6 | — | — |
| Inflame Appliances Limited | 172 | 74.1 | — | — | — | 10.0 | — | — |
| GOTHI PLASCON (INDIA) LTD. | 39 | 16.9 | 3.55 | — | 16.6 | 16.4 | — | 63.6 |
| Riddhi Display Equipments Limi | 26 | 4.6 | — | — | — | 14.3 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.1 | 30.5 | 7 of 9 | 25% |
| P/B | 3.3 | 3.0 | 4 of 6 | 40% |
| ROCE | 9.9 | 14.3 | 7 of 9 | 25% |
| ROE | 8.4 | 10.3 | 4 of 6 | 40% |
| Debt / Equity | 0.1 | 0.1 | 5 of 6 | 20% |
| EBITDA margin | 16.2 | 16.4 | 4 of 6 | 40% |
| Revenue growth | 9.0 | 9.0 | 4 of 7 | 50% |
| Profit growth | (26.5) | (7.8) | 5 of 6 | 20% |
| Market cap | 2882 | 213 | 3 of 9 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Borosil to hold Q2 FY27 results call on November 2, 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Borosil board to consider Q2 FY27 results on Oct 29, 2026 | results | low | — | — |
| 5 Oct 2026 · Routine compliance certificate for share dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Borosil closes trading window ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · DGTR recommends anti-dumping duty on Chinese glassware imports | regulatory legal | high | — | — |
| 25 Sept 2026 · Borosil AGM 2026 results: All 9 resolutions passed; 250cr fundraise cleared | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Borosil AGM 2026: All 9 resolutions passed including Rs 250 cr fund raise | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Borosil AGM held; resolutions include Rs 250 cr fund raise, ESOP changes | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Borosil delays third double-wall line production to January 2027 | capex operations | high | — | — |
| 22 Sept 2026 · Borosil shifts Rs 42 cr Bharuch plant capex to subsidiary BSL | capex operations | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.