Borosil Ltd Q2 FY26: A ₹340 Cr Quarter Served Hot with Glass, Steel & a Dash of Olympic Flair
1. At a Glance
Let’s begin with a fun fact — if your kitchen has ever survived an Indian wedding, monsoon power cut, and mom’s Maggi marathon, chances are, Borosil was quietly holding the fort. The company behind India’s most famous microwaveable glassware just reported a ₹340 crore sales quarter for Q2 FY26, up 22.3% YoY. Profit after tax (PAT) came in at ₹22.7 crore, growing 24% YoY, keeping it hot and steady like your leftover dal in a Borosil bowl.
With a market cap of ₹4,056 crore, a stock P/E of 46.8x, and a Book Value of ₹71.1, the market seems to believe there’s premium glass even in this heat. Debt? Barely ₹80 crore, giving a modest Debt-to-Equity of 0.09 — lighter than the glass it makes. Return on Equity stands at 9.32%, not a flex, but enough to keep shareholders from throwing stones.
The share trades at ₹339, recovering modestly after a rough year that saw a -29.5% return. But in the past three months, it’s up 4.7%, proving even slow cookers can heat up eventually.
2. Introduction
Once upon a time, Borosil was that boring brand your chemistry lab teacher swore by — beakers, flasks, and glass rods. Then someone at HQ must have spilled hot rasam into a test tube and thought, “Wait, what if we made this microwave-safe?”
Today, Borosil is India’s poster child for durable kitchenware, opalware, and now stainless steel lunchboxes that make Tupperware blush. After demerging its Scientific division into Borosil Scientific Ltd (BSL) in June 2024, it’s now laser-focused on the consumer products game — the stuff that ends up in your kitchen, not your lab.
The company is rebranding itself as a modern lifestyle kitchen name, not just glass. And the numbers agree — non-glassware (39%) and opalware (35%) now contribute 74% of Q1FY25’s sales mix, while traditional glassware is just 26%. The once “scientific” Borosil has clearly graduated to “domestic science.”
It’s backed this makeover with clever marketing — celebrity chef Harpal Singh Sokhi, partnerships with Paris Olympics, and a shiny new Hydra range of bottles that scream hydration goals.
The cherry on top? A ₹65 crore capex just approved for a new Rajasthan unit producing 3.6 million double-wall bottles annually by FY27. When Borosil does expansion, it’s not just adding capacity — it’s multiplying your kitchen aesthetic.
3. Business Model – WTF Do They Even Do?
Borosil’s business is neatly split between glass dreams and steel ambitions. The company operates across two segments:
Consumer Products Division: The stuff you see, use, and accidentally drop — glassware, storage containers, steel flasks, opalware under “Larah”, and small kitchen appliances. Think microwave dishes, lunchboxes, tumblers, casseroles, and those “Hydra” bottles your gym friends flex on Instagram.
Scientific & Industrial Products (now demerged): Earlier, this division catered to labs, pharma, and R&D institutions. But since June 2024, it has been spun off as Borosil Scientific Ltd (BSL).
What’s left with Borosil Ltd now is the consumer brand powerhouse, catering to every Indian home that’s ever reheated paneer tikka.
They’ve also invested ₹75 crore to build India’s first borosilicate pressware capacity (25 TPD) in Jaipur — a factory that can literally press glass into everyday convenience.
And with the new Rajasthan capex adding another 3.6 million units per year, Borosil isn’t just manufacturing — it’s scaling up to become the “Apple of kitchen glassware” (minus the 40% margins, sadly).
4. Financials Overview
Metric
Latest Qtr (Sep’25)
Same Qtr Last Yr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
₹340 Cr
₹278 Cr
₹233 Cr
22.3%
46.0%
EBITDA
₹48 Cr
₹45 Cr
₹37 Cr
6.7%
29.7%
PAT
₹22.7 Cr
₹18.3 Cr
₹17.0 Cr
24.0%
33.5%
EPS (₹)
1.90
1.53
1.46
24.1%
30.1%
Annualised EPS = ₹1.90 × 4 = ₹7.6, implying a P/E of 44.6x at CMP ₹339.
Commentary: Revenue’s heating up nicely, EBITDA’s bubbling, and PAT has finally stopped playing hide and seek. The only cold thing in the room is their dividend — still zero. At this rate, investors may need Borosil flasks just to store their patience.
5. Valuation Discussion – Fair Value Range Only
Let’s crunch it like brittle glass (carefully).
Method 1: P/E Based
EPS (TTM): ₹7.26
Industry P/E: 42.2x
Fair P/E Range: 35x – 45x
→ Fair Value = ₹254 – ₹327
Method 2: EV/EBITDA
EV: ₹4,135 Cr
EBITDA (TTM): ₹211 Cr
EV/EBITDA = 19.6x
Industry average EV/EBITDA ~17x
Fair Range = 17x × EBITDA to 20x × EBITDA = ₹3,587 Cr – ₹4,220 Cr EV
Implied Market Cap = ₹3,500 – ₹4,100 Cr
Per share = ₹293 – ₹343
Method 3: DCF (Simplified)
FY25 Free Cash Flow = negative, but normalised FCF expected ~₹60 Cr/year post capex.
