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.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
73%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Ramp-up timeline and margin targets for Hydra expansion.
Asked by Bhavin Rupani, Invest
Provided ramp-up timeline but avoided giving specific margin targets, instead citing a broad ROCE goal.
no specific margin number givendeferred to long-term ROCE target
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Question
So I understand we have 3.6 million or 4 million pieces of expansion coming in in couple of quarters. So how should one understand ramp up of this category that is first and second is what is our beta margins that we are targeting from this category at utilization.
Management (unidentified)
it may take between 3 and 6 months to ramp up the facility to 100% capacity utilization. ... our target would be that we should generate a ROCE of 24% that's our target for across our business and therefore this business is no different.
Answered
High priority
Growth in Hydra category compared to last year.
Asked by Bhavin Rupani, Invest
Management directly stated 30% growth, no evasion.
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Question
would it be possible to specify what growth or the growth we have seen in this category as compared to last year.
Management (unidentified)
30% 30% 30%.
Answered
Medium priority
Progress on small kitchen appliances supply chain localization.
Asked by Bhavin Rupani, Invest
Provided specific current and target percentages.
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Question
We earlier in our calls indicated 50% of supply chain is now in India. How should we understand the progress of the sale in this quarter?
Management (unidentified)
I think we are now inching towards 60 and uh I think by the end of the coming year we'll be at 85%.
Declined
Medium priority
Timeline and capex for in-house manufacturing of small kitchen appliances.
Asked by Bhavin Rupani, Invest
Management declined to provide details, stating no update and no prior announcement.
no update givenclarified no commitment
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Question
So we had indicated that we'll be uh manufactur we plan to manufacture this inhouse and the kicks for this will be done from FA 27 or 28 on.
Management (unidentified)
No I I said we are considering it. We've never announced any uh manufacturing in this yet. ... I don't have any update on that at the moment.
Answered
Low priority
Incremental capex for Opalware expansion.
Asked by Bhavin Rupani, Invest
Clearly stated no material capex, answered directly.
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Question
Opelware expansion in timelines you spoke about 60p expansion. And what would be the incremental capex for this expansion?
Management (unidentified)
No, they that's a small that's just a debottlenecking. So there's no there's no material capex for this. So nothing to discuss here.
Answered
High priority
Current demand environment across product categories.
Asked by Akshhata, Seven Rivers Holding
Provided qualitative assessment for each category, no evasion.
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Question
Just again we want to understand what is the kind of current demand environment that you seeing for each one of them glassware you know non- glassware and how has it evolved in quarter three and what's going on in quarter four now.
Management (unidentified)
demand I think uh which was a bit depressed in the first half of the year has definitely picked up in the second half of the year ... glassware is doing the best ... demand for appliances has been fantastic ... Opalware bit ... growth has not been great.
Partial answer
High priority
Supply situation for stainless steel segment and margin improvement.
Asked by Akshhata, Seven Rivers Holding
Acknowledged issue but did not quantify margin improvement or current supply situation.
no specific numbers on margin improvementfocused on future recovery
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Question
in the specifically in the higher segment or the stainless segments last quarter, you said that there was a lot of stress on the channel ... how has this been in this quarter and in Q3 and then probably now a couple of months in Q4 because we seeing some margin improvement quarter on quarter as well.
Management (unidentified)
we have actually taken a big hit because we are not available in many of the shops ... that shelf space has been taken by others ... going forward once our plant is up and running then I think that's certainly something that we'll be able to get back.
Answered
Medium priority
Utilization levels of Opal and glass furnaces.
Asked by Akshhata, Seven Rivers Holding
Provided specific utilization percentages.
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Question
Also, can you share the utilization levels of both the furnaces for Opel and for glass?
Management (unidentified)
Opel is close to 100%, I would say 95%. And uh glass would be about 90%.
Answered
High priority
Attribution of lukewarm revenue growth to Hydra issues.
Asked by Samir, Individual Investor
Directly confirmed the reason.
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Question
our revenue growth has been very lukewarm over the last few quarters. Can I basically attribute u almost the entire part of this due to the hydra reason that we don't we we we not really selling that piece.
Management (unidentified)
That's the only that's literally the only reason.
Partial answer
Medium priority
How to increase FII interest and market visibility.
Asked by Samir, Individual Investor
Acknowledged issue but gave no specific investor outreach plan, only general performance targets.
no concrete plandeferred to future performance
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Question
our shareholding pattern ... from an FII perspective ... has been sub 1% ... How do we get the news out to the investment communities that we are a force to reckon with?
Management (unidentified)
we don't control our stock price except we control performance ... we need to hit closer to the 2,000 cr mark to start getting more interest from more FIs.
Answered
Medium priority
Shutdown duration and capex for Opalware furnace realignment.
Asked by Bhavin Rupani, Invest
Provided specific shutdown duration and capex figures.
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Question
So as you said we plan to do realignment of furnace. So is it shut for how many days and what is the keeping that we plan over here?
Management (unidentified)
normally it gets shut for 30 days. 30 to 30 40 days ... roughly per furnace about 15 to 16 crores roughly ... that 50 crores per year is our maintenance capex.
Partial answer
High priority
Plans for further glassware expansion given 90% utilization.
Asked by Bhavin Rupani, Invest
Confirmed expansion is planned but provided no details, deferred to next quarter.
no specific timeline or capexdeferred to future announcement
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Question
And so on glassware we are hitting almost 90% uh contributions in that. So any plans for further expansion?
Management (unidentified)
this is already planned in the planning phase ... Probably in the next quarter or so we'll be able to make some announcements here in terms of expansion ... we have space in the existing facility to expand by 50%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Hydra category grew 30% YoY | 30% | 9% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.