✅ At a Glance
| Metric | FY24 | FY25 | YoY Change |
|---|---|---|---|
| Revenue | ₹1,107.8 Cr | ₹1,107.7 Cr | ❌ Flat |
| PAT | ₹211.3 Cr | ₹742.4 Cr | 🚀 251% |
| EPS | ₹1.79 | ₹6.28 | 🚀 250% |
| CMP (19 May 2025) | ₹198.90 | ||
| TTM P/E | ~31.7x |
Borosil’s profit just did a glass-breaking somersault. But wait — revenue’s flat. What magic potion is this?
🧪 About the Company
Borosil is India’s glassware poster child — be it lab beakers, your mom’s measuring jug, or heat-resistant lunchboxes. Listed on the main board, it operates in a single segment: Consumerware.
So it’s not like they suddenly discovered uranium — yet FY25 PAT has tripled. Suspicious? Just a little.
👨💼 KMP & Auditor Info
| Role | Name |
|---|---|
| 🧠 MD & CEO | Shreevar Kheruka |
| 🧮 CFO | Not mentioned |
| 🧾 Auditor | M/s. Chaturvedi & Shah LLP (Peer-reviewed till Jun 2026) |
📊 Financials Breakdown
FY25 vs FY24 (Standalone)
| Line Item | FY24 | FY25 | Change |
|---|---|---|---|
| Revenue from Operations | ₹1,107.8 Cr | ₹1,107.7 Cr | ❌ Flat |
| Other Income | ₹27.0 Cr | ₹270.1 Cr | 🔼 9.9x |
| Total Income | ₹1,134.8 Cr | ₹1,134.8 Cr | Flat |
| EBITDA (Est.) | ₹139 Cr | ₹189 Cr | 🔼 36% |
| PAT | ₹211.3 Cr | ₹742.4 Cr | 🚀 251% |
| EPS | ₹1.79 | ₹6.28 | 🚀 250% |
So yeah — this is not an operational growth story. It’s an “other income on steroids” story.
💰 Other Income Breakdown
- ₹134.5 Cr gain from tenancy rights transfer
- ₹150+ Cr in dividends, investments, and asset sale
So basically:
🏢➡️💸 = Windfall.
📦🛒➡️ Flat.
🧮 Forward Value (FV) Estimation
Let’s apply your conservative logic:
- EPS (TTM) = ₹6.28
- Reasonable P/E = 25 (because other income is one-time)
✅ FV = ₹6.28 × 25 = ₹157.00
CMP = ₹198.90
➡️ Overvalued by ₹41.90 (~27%)
Unless this “Other Income Fiesta” repeats, the stock might be ahead of itself.
📦 Balance Sheet Highlights
| Item | Value |
|---|---|
| Equity | ₹807.6 Cr |
| Total Assets | ₹1,131 Cr |
| Inventories | ₹333 Cr |
| Cash | ₹12.4 Cr |
| Non-current Borrowings | ₹434 Cr |
| Current Borrowings | ₹342 Cr |
🧾 D/E = 0.0
💥 Looks clean, but they’ve been using QIP money smartly to prepay debt.
💸 Cash Flow Drama
| Metric | FY25 |
|---|---|
| Operating Cash Flow | -₹19.3 Cr ❌ |
| Investing Cash Flow | -₹412.9 Cr |
| Financing Cash Flow | +₹564.7 Cr |
Yes — net profit is ₹742 Cr, but cash flow from ops is negative.
Because real ops didn’t move — it was a finance juggling show. 🎩✨
🧨 Key One-Time Events
- ₹150 Cr from QIP
- ₹13.5 Cr from stock option premium
- ₹134 Cr from asset rights
- ₹270 Cr in other income
Net: Cash came in. Revenue stayed bored.
⚠️ Risks & Red Flags
- Flat core revenue growth
- PAT surge = one-off events
- Negative operating cash flow
- Inventory pile-up = ₹333 Cr
- Aggressive related-party transactions (₹1,426 Cr this year!)
🧠 EduInvesting Take
“Borosil made more money from selling assets than glassware. It’s like a chef making profits by leasing his kitchen.”
Stock is priced for growth, but growth came from asset sales, not consumerware ops. Valuation comfort is missing.
If they can turn this into higher margins and scale in FY26 — game on. Otherwise, this is a glass ceiling waiting to crack.
🏁 Verdict
- 🟢 Brand is strong, product line is evergreen
- ⚪ FY25 profit jump is non-recurring
- 🔴 Valuation too hot for flat revenue
Wait for ₹150–160 levels or margin-led growth clarity before sipping this glass.
Tags: Borosil Limited, FY25 Results, PAT Growth, Other Income Gains, Borosil Share Price, EPS FY25, Fair Value Estimate, EduInvesting Take
