Borosil Scientific Ltd (BOROSCI)

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

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

₹126.85 ↓ 8.01% (1Y)

🎯 Key Takeaways

Borosil Scientific Ltd is a mid-sized player in the glass and construction materials sector, currently operating in a mature phase with signs of operational stabilization after a period of volatility. The company has demonstrated consistent profitability and low leverage, but recent quarterly performance shows mixed trends, with revenue and margins fluctuating significantly across quarters.
Revenue declined 25.4% QoQ to ₹107 in Q1FY27.
⚠️ High revenue and margin volatility across quarters, with no clear seasonal or structural explanation, raises concerns about demand stability or pricin

Market Cap

₹1,128

P/E Ratio

26.1

P/B Ratio

2.79

ROE

10.7%

ROCE

12.9%

Debt/Equity

0.03

Promoter

68.3%

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📖 The Story

Borosil Scientific Ltd is a mid-sized player in the glass and construction materials sector, currently operating in a mature phase with signs of operational stabilization after a period of volatility. The company has demonstrated consistent profitability and low leverage, but recent quarterly performance shows mixed trends, with revenue and margins fluctuating significantly across quarters. Management has maintained a stable leadership structure, recently reappointing the CEO and expanding employee incentives through ESOPs, while making minor adjustments to share capital. Institutional ownership remains low, and promoter holding is stable but not increasing, suggesting limited insider confidence in near-term growth catalysts.

📰 What's Happening

In May 2026, the company approved its audited FY2026 financial results, reporting consolidated revenue of ₹46,734.15 crores and net profit of ₹3,458.12 crores, up from prior periods, driven by operational scale and cost management despite exceptional items like a voluntary retirement scheme. The re-appointment of Vinayak Patankar as Whole-time Director & CEO for three years effective December 2026 ensures leadership continuity. Additionally, in August 2026, 4,475 shares were allotted under the ESOP scheme, modestly increasing share capital to ₹8,89,51,525, and 18,700 new stock options were granted at a 10% discount to market price to support talent retention. The 35th AGM is scheduled for September 2026, where shareholder voting and report distribution will take place.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	107	121	143	107
Operating Profit	3	12	27	4
OPM %	3.0%	10.2%	19.1%	3.3%
Net Profit	3	9	27	4
EPS	₹0.32	₹0.98	₹3.06	₹0.49

Quarterly financials reveal a sharp decline in revenue and margins from December 2025 (₹121 crores revenue, 10.2% OPM, ₹9 crores net profit) to June 2026 (₹107 crores revenue, 3.3% OPM, ₹4 crores net profit), indicating margin compression and possible demand softness or pricing pressure. However, this follows a peak in March 2026 with ₹143 crores revenue and 19.1% OPM, suggesting high seasonality or project-based fluctuations. The FY2026 consolidated results show strong annual profitability, but the sequential drop raises concerns about sustainability. Management has not explicitly linked these trends to specific initiatives in filings, but the consistent presence of exceptional items and restructuring costs suggests ongoing operational adjustments.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the available filings beyond reaffirming leadership continuity and routine governance updates. While the re-appointment of the CEO signals confidence in long-term strategy, there is no disclosed revenue target, margin objective, or capital allocation framework in the recent disclosures. The absence of strategic commentary on growth drivers or market outlook limits visibility into near-term expectations, making it difficult to assess whether management anticipates a recovery in margins or revenue momentum.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	9	9	9	9
Reserves	382	395	396	432
Borrowings	18	14	9	9
Total Liabilities	490	509	502	549
Fixed Assets	117	188	118	122
Investments	6	105	108	122
Total Assets	490	509	502	549

The balance sheet remains extremely conservative, with total assets of ₹549 crores as of March 2026, nearly all funded by equity and minimal reserves growth. Borrowings are negligible (₹9 crores), and equity has remained flat at ₹9 crores despite strong net profits, indicating no reinvestment or capital return activity. Reserves increased slightly from ₹396 to ₹432 crores, suggesting retained earnings are being accumulated but not deployed. This implies a capital-light, low-debt strategy, but also raises questions about capital efficiency and whether the company is under-investing in growth or preserving cash for uncertain times.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+120
Investing	-115
Financing	-3
Net Cash Flow	+1

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	67.8%	67.8%	68.1%	68.3%
FII	0.1%	0.1%	0.1%	0.2%
DII	0.1%	0.2%	0.3%	0.3%
Public	23.1%	23.1%	22.9%	22.5%
# Shareholders	57,586	56,297	55,319	53,712

Promoter holding has remained stable around 67.8–68.27% over the past year, indicating no aggressive buying or selling by insiders. FII ownership is minimal (0.07–0.23%) and DII ownership is low (0.1–0.27%), with both showing slight declines in proportion over time, suggesting limited institutional interest. The growing number of public shareholders (from 53k to 57k) reflects retail participation but not concentrated ownership. There are no signs of institutional accumulation, and no promoter pledging is reported, but the lack of investor interest may reflect skepticism about growth prospects despite solid profitability.

⚖️ 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 BOROLTD LAOPALA SEKURITIND

⚠️ Risk Factors

1. High revenue and margin volatility across quarters, with no clear seasonal or structural explanation, raises concerns about demand stability or pricing power. 2. Management has not articulated a clear growth strategy or margin improvement roadmap despite strong annual profits, leaving execution risks unaddressed. 3. Low institutional ownership and absence of analyst coverage may limit market confidence and liquidity. 4. The company’s capital structure is extremely conservative, but the lack of reinvestment or shareholder returns suggests potential undercapitalization or strategic caution that could hinder long-term competitiveness.

📋 Recent Filings

🧠 Analyst's Read

Borosil Scientific appears to be a stable, profitable company with strong governance and low leverage, but its recent quarterly performance has deteriorated, and management provides little clarity on future trajectory. Without clearer catalysts or strategic direction, the stock may remain range-bound, making it a passive holding rather than a compelling investment case.

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

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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.

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