01 — At a Glance
From Lab Glassware to Kitchen King: A Very Indian Pivot Story
- 52-Week High / Low₹398 / ₹214
- Q3 FY26 Revenue₹339 Cr
- Q3 FY26 PAT₹24 Cr
- TTM EPS₹6.29
- Annualised EPS (Q3 Avg × 4)₹8.0
- Book Value / Share₹71.1
- Price to Book3.12x
- FY25 Revenue Growth+16.8%
- Debt/Equity0.09x
- 1-Year Return-35.4%
Flash Summary: Borosil just printed Q3 FY26 PAT of ₹24 crore on ₹339 crore revenue. Sounds decent until you remember the company’s been the favorite for Indian kitchens for decades. The stock is down 35% in a year. The P/E is 34x. Dividend yield is a big fat zero. And management just announced a ₹65 crore project to make steel water bottles in-house because the imported ones weren’t coming fast enough. This is a company that’s very Indian: great heritage, confusing strategy, perpetually stuck in traffic.
02 — Introduction
The Brand Your Mummy Bought. The Stock Your Papa Regrets.
Borosil has been around since 1957. That’s 68 years of making glassware so reliable that your grandmother’s kitchen still has products from the 1990s. In a country where everything breaks, Borosil made glass that didn’t. That’s not a marketing slogan — that’s literally the only reason anyone bought it for the first 50 years.
But somewhere around 2020, Borosil realized: “You know what? People don’t just want lab glassware. They want lunch boxes. They want vacuum-insulated steel bottles (Hydra range). They want kitchen appliances. They want opalware dining sets that don’t chip.”
So the company demerged its scientific division in June 2024 — spun off Borosil Scientific Limited separately. Now Borosil Limited is 100% consumer-focused. It’s got three brands: Borosil (the OG), Larah (opalware under this fancy name), and Hydra (the steel bottles everyone wants but can’t get because they’re imported and BIS compliance keeps screwing things up).
Q3 FY26 numbers? Revenue ₹339 crore (barely flat QoQ). PAT ₹24 crore (down 24% QoQ). The stock has crashed 35% in a year. The company is now running full-throttle capex: ₹65 crore for a Rajasthan facility to make Hydra bottles in-house, ₹75 crore for a massive solar + battery setup, and another ₹40-50 crore to expand furnaces. The mood is: “We’re going to fix this. Just give us 18 months and ₹180 crore in capital spend.”
Context from Feb 2026 Concall: Management openly said Hydra (imported steel bottles) fell ~30% due to BIS compliance delays. If they had Hydra supply, “we would be closer to 18% EBITDA margin or slightly more” vs reported 16%. The entire upside narrative depends on in-house manufacturing coming online by Q4 FY26/Q1 FY27. When capex depends on a furnace that just got shut down due to LPG supply restrictions, investors get nervous.
03 — Business Model: WTF Do They Even Sell?
Three Brands. One Dream. Zero Dividends. Make Sense?
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