Borosil Limited — Q3 FY26

Borosil's 9M FY26 consolidated revenue grew 9% YoY to INR 912cr, driven by strong glassware growth of 21% (INR 231cr) as consumers shift from plastic to glass. EBITDA rose 3.4% to INR 145cr, but margin contracted 80bps to 16.2% due to BIS-related disruption in hydro bottles, which saw demand drop despite 30% underlying growth. PAT was flat at INR 64.1cr. Management highlighted a structural tailwind in glass lunchboxes and stainless steel appliances, with demand recovering in H2. Key risks: hydro bottle supply constraints persist until new Rajasthan facility ramps up (expected by Q4 FY26), and opalware growth remains sluggish. Guidance points to low-20% EBITDA margins in the near term as hydro production normalizes and solar capex reduces power costs.