Borosil Ltd (BOROLTD)

Construction Materials · Glass & Glass Products · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹242.8 ↓ 29.05% (1Y)

🎯 Key Takeaways

Borosil Ltd is in a strategic reinvestment phase, transitioning from mature growth to scaling high-margin segments like glassware and solar-powered manufacturing. Management is actively investing in capacity expansion and renewable energy to drive medium-term margin and ROCE improvement, despite near-term EBITDA pressure from input costs and category-specific headwinds.
Revenue declined 10.7% QoQ to ₹254 in Q1FY27.
⚠️ Margin recovery depends on successful implementation of price hikes and solar savings, which are contingent on execution and market acceptance.

Market Cap

₹2,904

P/E Ratio

41.4

P/B Ratio

3.59

ROE

8.7%

ROCE

11.5%

Debt/Equity

0.10

Promoter

64.7%

✨ Ask AI About BOROLTD 📊 Interactive Charts

📖 The Story

Borosil Ltd is in a strategic reinvestment phase, transitioning from mature growth to scaling high-margin segments like glassware and solar-powered manufacturing. Management is actively investing in capacity expansion and renewable energy to drive medium-term margin and ROCE improvement, despite near-term EBITDA pressure from input costs and category-specific headwinds.

📰 What's Happening

In Q1 FY27, Borosil reported 9% YoY revenue growth to INR 253.6 crores, driven by 16.8% growth in glassware and 9.8% in larahOpalware, though EBITDA margin declined to 14.6% due to input cost inflation and adverse Hydra category impact. Management highlighted INR 125-150 crores of capex for glassware expansion, including new plants in Bharuch (Q3 FY27) and Jaipur (Q4 FY28), alongside solar capacity additions of 20MW to reach 61% renewable share. Net debt stands at INR 99 crores, with plans for additional solar projects and store openings in Gurugram, Pune, and Jaipur. Price hikes of 5-7% are expected to realize in Q2 onward to offset cost pressures. The company also appointed four senior managerial personnel in July 2026 to strengthen operational and governance leadership ahead of growth initiatives.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	233	340	339	284	254
Operating Profit	15	26	31	9	13
OPM %	6.6%	7.7%	9.2%	3.2%	5.0%
Net Profit	17	23	24	11	13
EPS	₹1.46	₹1.90	₹2.00	₹0.89	₹1.07

Revenue trends show a clear peak and contraction: Q3 FY26 revenue of INR 340 crores declined from Q2 FY26 INR 339 crores, and further dropped to INR 284 crores in Q3 FY26 before stabilizing at INR 254 crores in Q1 FY27. This downward trajectory in quarterly revenue aligns with management's acknowledgment of supply chain pressures in the Hydra segment and margin compression from input cost inflation. Despite the recent YoY growth in Q1 FY27, the sequential decline suggests ongoing normalization post-pandemic highs. The company's EBITDA margin has trended downward from 11.5% in Q1 FY26 to 14.6% in Q1 FY27, but management expects recovery to 18-20% by FY27 through pricing and solar savings, indicating a deliberate investment phase rather than structural decline.

🔮 Management Outlook & What's Next

Management targets an 18-20% EBITDA margin for FY27, driven by pricing actions (5-7% hikes expected from Q2 onward), solar savings of INR 27-28 crores, and operational efficiencies from new capacity. They also aim to achieve a medium-term ROCE of 20-24% through strategic capex in glassware expansion and renewable energy infrastructure. The Board approved a ₹250 crore fund raise, underscoring commitment to growth investments. Management cites premiumization, urbanization, and digital retail adoption as key growth drivers, with the consumerware market projected to grow at 10.7% CAGR to $498.7 billion by FY 2029-30.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	12	12	12	12
Reserves	746	796	839	875
Borrowings	96	78	80	148
Total Liabilities	1,181	1,131	1,179	1,282
Fixed Assets	569	582	560	531
Investments	75	50	61	83
Total Assets	1,181	1,131	1,179	1,282

The balance sheet reflects a deliberate capital allocation strategy focused on growth and sustainability. Total assets rose to INR 1,282 crores as of March 2026 from INR 1,179 crores a year earlier, driven by investments in new manufacturing facilities and solar infrastructure. Borrowings increased to INR 148 crores from INR 80 crores, indicating active financing of expansion projects, though net debt remains low at INR 99 crores. Equity and reserves remain stable at INR 12 and INR 875 crores respectively, suggesting no dilution. The company maintains strong liquidity with a current ratio of 2.27 and reaffirmed AA- credit ratings, supporting its ability to raise capital at favorable terms for strategic initiatives.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-19
Investing	-41
Financing	+56
Net Cash Flow	-4

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	64.6%	64.6%	64.7%	64.7%
FII	0.4%	0.3%	0.3%	0.3%
DII	6.1%	6.1%	6.2%	6.2%
Public	21.8%	21.9%	21.7%	21.7%
# Shareholders	74,290	73,900	74,127	73,935

Institutional investor activity shows modest accumulation: FII holding rose slightly from 0.34% in Q4 FY26 to 0.35% in Q1 FY27, while DII increased from 6.18% to 6.2%. Promoter holding remains stable around 64.6%, with no significant changes in pledging or sales. The number of public shareholders has gradually increased from 73,900 to 74,290 over recent quarters, indicating retail investor confidence. No insider selling or large-scale exits are evident, and the stable shareholding pattern suggests confidence in long-term strategy despite short-term margin pressures.

⚖️ Peer Comparison — Glass & Glass Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ASAHIINDIA	24,244	55.4	13.0%	11.2%	0.52
BORORENEW	6,992	18.2	28.9%	29.3%	0.11
BOROLTD	2,904	41.4	11.5%	8.7%	0.10
LAOPALA	1,923	20.6	15.2%	11.3%	0.01
BOROSCI	1,128	26.1	12.9%	10.7%	0.03
SEKURITIND	1,061	23.9	23.9%	18.3%	0.00
SEJALLTD	778	23.5	19.8%	23.8%	1.11
HALDYNGL	742	25.0	14.6%	12.7%	0.48
BANARBEADS	78	41.9	5.7%	3.3%	0.36
530765	7	107.8	5.6%	3.3%	1.43

🔗 Peer Stock Analyses

ASAHIINDIA BORORENEW LAOPALA BOROSCI SEKURITIND

⚠️ Risk Factors

1. Margin recovery depends on successful implementation of price hikes and solar savings, which are contingent on execution and market acceptance. 2. Hydra segment performance remains a vulnerability due to supply chain pressures and category-specific headwinds, with no immediate resolution disclosed. 3. Capex intensity is rising with new plant launches in Bharuch and Jaipur, increasing execution and operational risk. 4. Despite reaffirmed credit ratings, net debt has increased to INR 99 crores, which could constrain financial flexibility if macro conditions deteriorate or expansion targets are not met on schedule.

📋 Recent Filings

🧠 Analyst's Read

Borosil is executing a clear strategic pivot toward high-growth, high-margin segments with disciplined capital allocation, but near-term margin pressure and execution risks in expansion initiatives require close monitoring. Investors should watch for timely realization of pricing actions, progress on solar savings, and execution of new plant ramp-ups as key catalysts for EBITDA and ROCE improvement.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on BOROLTD

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when BOROLTD files new disclosures

Track BOROLTD filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track BOROLTD — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd