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Revenue
₹339 Cr
verified against source
Revenue YoY
9%
reported change
EBITDA
₹145 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Two of three production lines for vacuum-insulated steel bottles expected to commence commercial production by end of Q4 FY26, third line by Q1 FY27.
- Management expects EBITDA margins to reach low 20% as hydro supply normalizes and cost initiatives take effect.
- Phase 3 solar plant with battery storage to be commissioned in Q4 FY26, covering 65% of total power requirement.
- Planned expansion of glassware capacity by 50% at existing facility, announcement expected in next quarter.
Risks flagged
- BIS compliance issues have severely impacted hydro bottle sales, with shelf space lost to competitors. New facility ramp-up may take 3-6 months to reach full capacity.
- Opalware growth is sluggish at 7%, and management admits the category needs a refresh to revive demand.
- New BIS quality control order for electrical appliances effective March 2026 could disrupt sales if domestic supply chain is insufficient.
- Initial production of hydro bottles may have higher scrap rates and lower productivity, potentially delaying margin improvement.
Key quotes
- India's INR 4000 cr lunchbox market is seeing growing demand for safe microwave friendly and sustainable products.
- Had we had hydra supply we would be closer to most or slightly more than 18% EBITDA margin.
- We are too small and therefore we still can grow even if the overall market is not growing that rapidly.
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