BOROLTD

Borosil share price & financials

Price
₹231.25
Market cap
₹3.1k Cr
Sector
Consumer Durables
Calls analysed
7
Latest concall · Q1 FY27 · call held 19 Aug 2026

Borosil Q1 FY27

Revenue ₹253.6 cr +9%Operating EBITDA ₹35.9 cr −11%EBITDA Margin 14.6% Profit After Tax ₹12.8 cr −26%

What went well

  • Consolidated revenue grew 9% YoY to INR253.6 crores in Q1 FY27, up from INR232.7 crores.
  • Glassware segment achieved 16.8% YoY growth, with revenues reaching INR65.6 crores.
  • Larah Opalware segment reported 9.8% growth, with sales of INR83.6 crores.

What to watch

  • EBITDA margin declined to 14.6% in Q1 FY27 from 17.8% in Q1 FY26.
  • Input cost inflation (fuel, packaging) due to West Asia conflict had an approximate INR10 crores impact.
Read the full call →

What Borosil does

Borosil Limited manufactures and markets glass and glass-adjacent consumer products for Indian kitchens and homes: borosilicate glassware (cook-serve-store items, jugs, storage jars, glass containers, lunch boxes) under the Borosil brand, opal-glass dinnerware and storage under the Larah brand, and non-glass items such as insulated steel flasks/bottles (Hydra range), stainless-steel and non-stick cookware, gas stoves and small domestic appliances. It runs its own opal-glass and borosilicate-glass melting furnaces and is adding a dedicated vacuum-insulated steel-flask manufacturing line and a new glassware plant to widen the non-glass portfolio. Products are sold through general trade, modern trade, e-commerce, institutional/CSD channels and exports.

Segments

  • Glassware
  • Opalware (Larah)
  • Non-Glassware / Domestic Appliances
Retail outlet presence
24,000+
SKUs offered
18,000+
Distributor network
~250 distributors
Country presence
26 countries
Opal glass manufacturing furnaces
2 furnaces, 84 TPD installed capacity
Borosilicate glass manufacturing furnace
1 furnace (Jaipur), 25 TPD installed capacity
Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 2 delivered 4 missed 11 open
  • Stainless Steel Flask Capex & Capacity delivered said Q4 FY25 Promised: INR 40cr capex, ~100cr revenue Q1 FY27: Commercial production for the first 2 lines was declared on June 30, 2026, meeting the delayed deadline. The third line is still expected in Q2 FY27.
  • Ad Spend as % of Sales went quiet said Q3 FY25 Promised: down to 6% over next 2-3 years Q1 FY27: No update provided on ad spend as a percentage of sales.
  • Medium-term Revenue CAGR at risk said Q3 FY25 Promised: 15% to 20% medium-term CAGR Q1 FY27: Q1 revenue growth was 9% YoY, still significantly below the 15-20% target range. The long-term guidance was not explicitly reiterated this quarter.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 10.3%, net profit down 17.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue274 338 270 233 340 +24%339 +0%286 +6%257 +10%
EBITDA41 54 37 37 48 +17%53 −2%30 −19%35 −5%
Net profit18 35 11 17 23 +28%24 −31%11 +0%14 −18%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −26.2% 1Y

₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 22 May 2026Q1 FY27 — 19 Aug 2026

1Y: ₹348.85 on 10 Sept 2025 → ₹257.48. High ₹373.6 (23 Sept 2025), low ₹215.6 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.9%
19 Aug
Q4 FY26
−0.0%
22 May
Q3 FY26
−2.1%
6 Feb
Q2 FY26
+1.4%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 11.2% a year over 3 years, FY23 to FY26. Operating margin widened to 14.0%.

Year endingFY23FY24FY25FY26
Revenue₹871 Cr₹992 Cr₹1.1k Cr₹1.2k Cr
Operating profit₹85 Cr₹144 Cr₹161 Cr₹168 Cr
Operating margin9.8%14.5%14.6%14.0%
Interest₹2 Cr₹8 Cr₹12 Cr₹6 Cr
Depreciation₹33 Cr₹54 Cr₹80 Cr₹87 Cr
Net profit₹63 Cr₹76 Cr₹73 Cr₹75 Cr
Net margin7.2%7.7%6.6%6.3%
Cash from operations₹121 Cr₹48 Cr₹-19 Cr₹127 Cr
Free cash flow₹-77 Cr₹-126 Cr₹-103 Cr₹34 Cr
ROCE6.0%14.0%12.0%12.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹12 Cr₹12 Cr
Reserves₹688 Cr₹756 Cr₹499 Cr₹569 Cr₹839 Cr₹876 Cr
Borrowings₹1 Cr₹1 Cr₹95 Cr₹165 Cr₹80 Cr₹112 Cr
Other liabilities₹124 Cr₹153 Cr₹245 Cr₹335 Cr₹248 Cr₹240 Cr
Total liabilities₹825 Cr₹922 Cr₹850 Cr₹1.1k Cr₹1.2k Cr₹1.2k Cr
Fixed assets₹283 Cr₹209 Cr₹353 Cr₹548 Cr₹561 Cr₹531 Cr
Capital work in progress₹12 Cr₹22 Cr₹41 Cr₹26 Cr₹7 Cr₹63 Cr
Investments₹312 Cr₹279 Cr₹146 Cr₹85 Cr₹61 Cr₹84 Cr
Other assets₹219 Cr₹412 Cr₹309 Cr₹421 Cr₹549 Cr₹562 Cr
Total assets₹825 Cr₹922 Cr₹850 Cr₹1.1k Cr₹1.2k Cr₹1.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.11 pp.

Promoters
64.7%
FIIs
0.3%
DIIs
6.2%
Public
28.8%

Since Jun 2025

  • Public −0.11 pp
  • DIIs +0.07 pp
  • Promoters +0.05 pp

How it drifted, 12 quarters

Over this window promoters fell from 70.2% to 64.7% — −5.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 70.2%, FIIs 0.7%, DIIs 1.3%, Public 27.8%.Dec '23: Promoters 70.2%, FIIs 0.8%, DIIs 1.4%, Public 27.6%.Mar '24: Promoters 70.2%, FIIs 0.8%, DIIs 1.4%, Public 27.5%.Jun '24: Promoters 67.4%, FIIs 1.9%, DIIs 3.8%, Public 26.9%.Sep '24: Promoters 64.7%, FIIs 1.0%, DIIs 5.2%, Public 29.2%.Dec '24: Promoters 64.7%, FIIs 0.8%, DIIs 5.4%, Public 29.1%.Mar '25: Promoters 64.7%, FIIs 0.3%, DIIs 6.3%, Public 28.8%.Jun '25: Promoters 64.6%, FIIs 0.3%, DIIs 6.1%, Public 28.9%.Sep '25: Promoters 64.6%, FIIs 0.4%, DIIs 6.1%, Public 28.9%.Dec '25: Promoters 64.6%, FIIs 0.3%, DIIs 6.1%, Public 28.9%.Mar '26: Promoters 64.7%, FIIs 0.3%, DIIs 6.2%, Public 28.8%.Jun '26: Promoters 64.7%, FIIs 0.3%, DIIs 6.2%, Public 28.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Borosil above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Kiran Kheruka 23.95%unchanged
Rekha Kheruka 13.11%unchanged
Croton Trading Private Limited 10.94%unchanged
Pradeep Kumar Kheruka 10.43%unchanged
DSP Small Cap Fund Mutual fund3.43%unchanged
Gujarat Fusion Glass LLP 2.62%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 2.14%unchanged
Shreevar Kheruka 1.70%unchanged
Dipak Kanayalal Shah 1.04%unchanged
Spartan Trade Holdings LLP 0.96%unchanged
Borosil Holdings Llp 0.77%unchanged
Associated Fabricators LLP 0.20%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹257, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~4%. At that growth it is worth ₹66 — downside of 74%.

Growth the price implies
30.5% a year
for 7 years, fading to 4%
It has actually compounded at
6.0% a year
net profit, FY23–FY26 · EPS 4.4%
The gap
0.3 pp
-74% downside if it only repeats history
Price today ₹257.48 Value at the reference growth ₹66.3

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Borosil

Guides on how to read this kind of business and the numbers that matter.