1. At a Glance – Glass Half Full or Half Broken?
Borosil today is a ₹2,991 Cr market cap company trading at around ₹250, which is almost 40% below its 52-week high of ₹407. In the last 3 months, the stock is down ~24%, which is ironic because the company is literally in the business of making things that don’t crack easily.
Q3 FY26 numbers look decent on the surface:
- Revenue: ₹339 Cr
- PAT: ₹27 Cr
- Operating Margin: ~16%
- Debt: Just ₹80 Cr (basically pocket change for a consumer brand)
Yet the market mood is colder than Borosil glass straight out of the freezer. ROCE is stuck at 12.5%, ROE under 10%, and the stock trades at ~38x earnings despite consumer demand wobbling.
So what’s happening here? Is Borosil a long-term compounder going through a digestion phase… or is this another “premium brand, average returns” story?
Let’s put on our auditor goggles and break this glassware piece by piece.
2. Introduction – From Lab Glass to Dining Table Drama
Borosil has one of the most interesting brand journeys in Indian consumer manufacturing. This is not a random stainless-steel dabba company that woke up one day and slapped a brand sticker. Borosil comes from scientific glassware DNA—think labs, test tubes, and chemistry nerds.
Over the years, management decided:
“Why only labs? Indian kitchens are also chemical reaction zones.”
Thus began the pivot from occasional-use glassware to daily-use kitchen essentials. Microwavable bowls, opalware plates, lunch boxes, steel flasks—if it fits in a modular kitchen, Borosil wants it branded.
The big structural move came with the demerger of the Scientific division into Borosil Scientific Limited in June 2024. Post demerger, Borosil Limited is now a pure-play consumer products company, which
should theoretically attract higher valuation multiples.
But theory and Dalal Street are cousins who don’t talk much.
3. Business Model – WTF Do They Even Do?
Let’s simplify Borosil’s business like explaining it to a sleepy investor at 2 a.m.
What Borosil Sells
Borosil sells kitchen confidence. The assurance that your bowl won’t explode in the microwave and your plate won’t look cheap at a dinner party.
Key product buckets:
- Microwaveable borosilicate glassware (market leader with 60%+ share)
- Opalware (sold under Larah brand)
- Non-glass products: steel cookware, flasks, lunchboxes, appliances
Revenue Mix (Q1 FY25)
- Glassware: 26%
- Non-glassware: 39%
- Opalware: 35%
Translation: Borosil is no longer just glass. It’s slowly becoming a kitchen lifestyle brand.
Distribution Muscle
- 250+ distributors
- 24,000+ retailers
- Presence in 26 countries
- 18,000+ SKUs (yes, even your Amazon wishlist is tired)
This is not easy to replicate. Distribution moats in consumer durables are earned through blood, sweat, and dealer credit.
4. Financials Overview – Numbers Don’t Lie, But They Do Smirk
Quarterly Comparison Table (Consolidated, ₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 339 | 304 | 340 | 11.5% | -0.3% |
| EBITDA | 53 | 58 | 48 | -8.6% | 10.4% |
| PAT | 27 | 37 | 23 | -27.0% | 17.4% |
| EPS (₹) | 2.00 | 3.25 | 1.90 | -38.5% | 5.3% |
Commentary:
Revenue is
