Borosil Ltd – 18,000 SKUs, 84 TPD Furnaces, but Still No Dividend – Kya Kar Raha Hai Ye?
1. At a Glance
Borosil, the glass brand your nani swears by and your mom uses to heat dal in the microwave, has reinvented itself as a full-blown consumer brand. With 18,000 SKUs, celebrity chef endorsements, and even a Paris Olympics tie-up, the company now struts like an FMCG diva. Yet, financials scream otherwise—P/E of 48, no dividend, and a net margin under 6%. Basically, the market is valuing chai glasses like fine crystal.
2. Introduction
Borosil started off as the nerdy lab-glass supplier, catering to chemical engineers and science students who broke beakers every semester. Fast forward, it now dominates Indian kitchens with microwave-safe glassware and opalware under Larah.
In FY23, domestic sales formed 93% of revenues. Exports? A measly 7%. For a brand that boasts of being in 26 countries, that’s like saying you have 18,000 SKUs but only five products actually sell.
Recent moves:
Demerger: Scientific division carved out into Borosil Scientific Ltd, listed separately in June 2024.
Capex: India’s first borosilicate pressware facility set up in Jaipur, ₹75 Cr.
QIP: ₹150 Cr raised at ₹318 per share in June 2024, proving that institutions still believe in glass dreams.
Rebranding: Pushed hard into cookware, kitchen appliances, and flasks. Basically, trying to be India’s “Tupperware + Prestige hybrid” but with glass.
Question: Can Borosil shift from a nostalgia brand to an everyday essential giant, or is it stretching itself thinner than your mom’s chai in college hostels?
3. Business Model – WTF Do They Even Do?
Borosil operates in Consumer Products now (post demerger):
Marketing stunts: Chef Harpal Singh Sokhi for mass connect, and Paris Olympics Hydra bottles for “global feels.”
In short: Borosil doesn’t just want to sell you a glass, it wants to take over your kitchen, fridge, and picnic basket.
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
₹233 Cr
₹217 Cr
₹270 Cr
7.3%
-13.7%
EBITDA
₹37 Cr
₹29 Cr
₹37 Cr
27.6%
0%
PAT
₹17.4 Cr
₹9.3 Cr
₹11 Cr
87.4%
58.2%
EPS (₹)
1.46
0.78
0.93
87.2%
57.0%
Commentary: Profit nearly doubled YoY, but sequential sales dropped. Basically, Borosil is acing cost control while customers are ghosting them after March discounts.
5. Valuation – Fair Value Range Only
Method 1: P/E
EPS (TTM) = ₹6.89
Fair multiple (25–30, closer to FMCG but not quite).
Range = ₹172 – ₹207.
Method 2: EV/EBITDA
EV = ₹4,049 Cr, EBITDA = ₹208 Cr.
EV/EBITDA = 19.5x. Fair multiple 12–15 → Value = ₹2,500–₹3,100 Cr → Per share ₹210 – ₹260.
