Borosil Q2 FY27 results: net profit up 40.5% to ₹31.91 crore, revenue up 8.6%

How did Borosil perform in Q2 FY27?

Borosil reported consolidated revenue of ₹369.80 crore in Q2 FY27, up 8.6% from ₹340.36 crore in Q2 FY26 and 45.8% from ₹253.59 crore in Q1 FY27. Total income was ₹371.56 crore, up 7.4% year on year and 42.8% sequentially. On the standalone basis, revenue was ₹372.34 crore and profit for the period was ₹32.23 crore.

Consolidated EBITDA rose to ₹69.24 crore from ₹48.30 crore a year earlier and ₹34.45 crore in the previous quarter. The EBITDA margin increased to 18.7% from 14.2% in Q2 FY26 and 13.6% in Q1 FY27. Profit before tax was ₹42.85 crore, up 40.6% year on year and 145.7% sequentially, while net profit was ₹31.91 crore, up 40.5% and 149.3%, respectively. Basic EPS was ₹2.67, compared with ₹1.90 and ₹1.07.

What changed in Borosil's costs and profit?

Total expenses rose to ₹328.71 crore in Q2 FY26 comparison from ₹315.60 crore in Q2 FY26, an increase of ₹13.11 crore or 4.2%. Cost of materials was higher by ₹18.34 crore at ₹38.78 crore, employee cost by ₹3.24 crore at ₹33.33 crore, finance costs by ₹2.16 crore at ₹3.64 crore, depreciation by ₹2.45 crore at ₹24.51 crore and other expenses by ₹10.97 crore at ₹127.10 crore.

Other income fell by ₹3.96 crore to ₹1.75 crore from ₹5.71 crore in the year-ago quarter. There was no exceptional item in either Q2 FY27 or Q2 FY26. Tax expense rose by ₹3.17 crore to ₹10.93 crore from ₹7.76 crore, while EBITDA rose by ₹20.94 crore to ₹69.24 crore and profit before tax increased by ₹12.38 crore to ₹42.85 crore.

Management identified pricing, premium mix, operational efficiency and captive solar as contributors to margin gains. It also said West Asia-driven LPG, raw-material and packaging inflation may require further pricing, while high-temperature facility ramp-up costs and partial opalware price recovery constrained margins.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue was ₹627.42 crore, up 9.5% from ₹573.05 crore in H1 FY26. Total income rose 7.3% to ₹631.80 crore from ₹588.58 crore, while profit before tax increased 11.8% to ₹60.28 crore from ₹53.94 crore.

PAT for H1 FY27 was ₹44.72 crore, up 11.5% from ₹40.12 crore, and basic EPS rose 11.3% to ₹3.74 from ₹3.36. The first-half results therefore showed higher revenue, profit before tax, PAT and EPS than the corresponding period a year earlier.

What do the balance sheet and cash flow show?

At 30 September 2026, consolidated total assets were ₹1,397.77 crore, compared with ₹1,281.74 crore at 31 March 2026. Total equity rose to ₹932.85 crore from ₹886.92 crore, while borrowings increased to ₹162.76 crore from ₹136.41 crore. Cash and cash equivalents fell to ₹1.96 crore from ₹2.84 crore. Inventories were ₹429.40 crore, trade receivables ₹148.02 crore and trade payables ₹91.74 crore.

H1 FY27 operating cash flow was negative ₹2.89 crore, compared with ₹50.13 crore in H1 FY26. Investing cash flow was negative ₹15.19 crore against negative ₹34.91 crore, financing cash flow was ₹17.20 crore against negative ₹15.42 crore, and capital expenditure was ₹35.97 crore against ₹26.51 crore.

How has Borosil done over the last 8 quarters?

Revenue and profit recovered in Q2 FY27 after weaker results in the preceding quarters. Revenue reached ₹369.80 crore, the highest level in the eight-quarter series, while net profit was ₹31.91 crore, above the ₹35.48 crore peak recorded in Q3 FY25? No: net profit was below ₹35.48 crore, but above the ₹10.59 crore low in Q4 FY26.

The EBITDA margin rose to 18.7% in Q2 FY27 from 13.6% in Q1 FY27, the highest margin in the eight-quarter series and above the 10.6% trough in Q4 FY26. Revenue rose year on year in each of the last eight quarters. The latest quarter reversed the sequential fall in revenue and profit seen from Q3 FY26 through Q1 FY27.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 29 October 2026. The same-day filing also stated that the Nomination and Remuneration Committee approved a grant of 7,23,200 employee stock options under the Borosil Limited Employee Stock Option Scheme 2020.

Each option carries the right to apply for one equity share of ₹1 each. The filing said the options were granted at ₹192.8 per option, a 20% discount to the market price, with 33% vesting on the first anniversary, 33% on the second anniversary and 34% on the third anniversary. The exercise period will expire five years from the applicable vesting date. No dividend or fund-raising matter was disclosed in the same-day filings.

What did Borosil's management say?

Management reiterated a 15-20% long-term revenue CAGR and said current growth momentum and EBITDA margin levels were expected to be sustained, although it did not provide numerical H2 FY27 revenue, margin or capex ranges. It said the third double-wall line was expected to commence in January 2027, after slipping from December because of port congestion.

CEO Rudra Sharma said the DGTR had recommended a five-year anti-dumping duty on Chinese borosilicate glassware, subject to notification by the Ministry of Finance. He said Borosil did not compete on price but was known for quality and differentiated products. Management also cited broad-based non-glassware and appliance demand, DTC stores, omnichannel reach and premiumisation as priorities.

How did Borosil shares react?

After the filing appeared after market hours, Borosil was up 0.5% after five minutes, down 0.2% after 15 minutes and up 5.1% after 30 minutes. The stock closed 20.0% higher on the reaction day from its pre-results close. By the next day's close, it was up 35.3% from that same pre-results close.

On the reaction day, the Houseware industry median fell 0.5%, so Borosil's move was 20.4 percentage points above the industry. By the next day's close, the industry median was up 1.4% and Borosil was 33.9 percentage points above it. Earlier reaction-day moves included falls of 2.6% on 19 May 2026, 2.2% on 5 February 2026 and 0.7% on 7 November 2025.