1. At a Glance
Borosil Scientific—your local science lab’s glass dealer since 1962—is finally showing signs of scale. A near debt-free balance sheet, consistent profitability, and stable growth. But with a 60x PE and no dividend, is this lab-tested or just overhyped?
2. Introduction with Hook
If Heisenberg from Breaking Bad needed borosilicate glass for his blue magic, chances are… it came from Borosil.
The company, known for dominating scientific and laboratory glassware, has slowly evolved into a tech-industrial hybrid. And while glass might be fragile, Borosil’s numbers are becoming robust:
- FY25 Net Profit: ₹27 Cr
- 3-year PAT CAGR: 14%
- Zero debt, but zero dividend too
Let’s see what’s cooking in the beaker.
3. Business Model (WTF Do They Even Do?)
Borosil Scientific Ltd, part of the iconic Borosil Group, is a pure-play lab & scientific glassware manufacturer—used across:
- Pharma QC labs
- Food & Soil Testing
- Microbiology & Biotech Research
- Academic/Industrial Labs
Main segments:
- Scientific & Industrial Glassware
- Lab Instruments & Serologicals
- Reagents and Kits
This ain’t your mom’s glassware company—it’s supplying tools for diagnostics, pharma R&D, and education.
4. Financials Overview
| FY | Revenue (₹ Cr) | EBITDA (₹ Cr) | OPM% | PAT (₹ Cr) | ROCE | ROE |
|---|---|---|---|---|---|---|
| FY24 | 390 | 45 | 12% | 23 | — | — |
| FY25 | 438 | 53 | 12% | 27 | 10% | 6.85% |
Takeaways:
- OPM steady at 12%
- Margins aren’t expanding, but are solid
- Net profit rising steadily
5. Valuation
| Metric | Value |
|---|---|
| CMP | ₹180 |
| Market Cap | ₹1,597 Cr |
| EPS (FY25) | ₹3.01 |
| PE (TTM) | 59.8x |
| Book Value | ₹45.5 |
| P/B | 3.95x |
Fair Value Estimate:
- Base Case (PE 30x, EPS ₹4) → ₹120
- Bull Case (PE 45x, EPS ₹5.5) → ₹247
- Bear Case (PE 20x, EPS ₹3) → ₹60
Fair Value Range: ₹60 – ₹247
→ Currently priced for perfection.
6. What’s Cooking – News, Triggers, Drama
- EPS growth of 13% YoY
- Operating cash flow up 4x in FY25
- No dividend, despite repeated profitability
- 34th AGM on August 11 with fresh ESG commitments
- Still no meaningful FIIs or DIIs showing interest
- FY25 investments: ₹105 Cr parked (👀 M&A incoming?)
7. Balance Sheet
| Particulars | FY24 | FY25 |
|---|---|---|
| Equity Capital | ₹9 Cr | ₹9 Cr |
| Reserves | ₹367 Cr | ₹395 Cr |
| Borrowings | ₹18 Cr | ₹14 Cr |
| Total Assets | ₹488 Cr | ₹509 Cr |
Key Points:
- Almost debt-free
- Investment assets grew to ₹105 Cr – potential dry powder?
- Asset-light model with moderate fixed asset base
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY24 | ₹30 Cr | ₹-2 Cr | ₹-16 Cr | ₹12 Cr |
| FY25 | ₹120 Cr | ₹-115 Cr | ₹-3 Cr | ₹1 Cr |
Takeaway:
- CFO grew 4x due to improved working capital
- Large FY25 investment outflow (~₹115 Cr) – mystery yet to be solved
9. Ratios – Sexy or Stressy?
| Metric | FY24 | FY25 |
|---|---|---|
| ROCE | — | 10% |
| ROE | 7% | 6.85% |
| Debtor Days | 57 | 59 |
| Inventory Days | 244 | 218 |
| Payable Days | 102 | 79 |
| CCC | 200 | 198 |
Verdict:
- Slight improvement in working capital cycle
- ROE is just okay – definitely not sexy yet
10. P&L Breakdown – Show Me the Money
| Year | Sales | EBITDA | OPM% | PAT |
|---|---|---|---|---|
| FY24 | ₹390 | ₹45 | 12% | ₹23 |
| FY25 | ₹438 | ₹53 | 12% | ₹27 |
Growth is steady, not aggressive. And PE of 60x doesn’t scream “value.”
11. Peer Comparison
| Company | Sales (Cr) | PAT (Cr) | ROCE | PE | OPM% | Mcap (Cr) |
|---|---|---|---|---|---|---|
| Sejal Glass | 244 | 10.9 | 13.6% | 44x | 10.96% | ₹486 Cr |
| Agarwal Float | 72 | 3.07 | 17.6% | 12.5x | 7.8% | ₹38 Cr |
| Borosil Renew. | 1479 | -69.5 | -3% | — | -69% | ₹7,762 Cr |
| Borosil Sci. | 438 | 27 | 10.3% | 60x | 12% | ₹1,597 Cr |
→ Borosil Scientific has the best quality earnings, but most expensive too.
12. Miscellaneous – Shareholding, Promoters
| Holder Type | Jun 2024 | Mar 2025 |
|---|---|---|
| Promoters | 67.92% | 67.81% |
| FIIs | 0.38% | 0.24% |
| DIIs | 0.15% | 0.02% |
| Public | 31.54% | 31.91% |
| Shareholders | 62,354 | 58,894 |
- Retail is king
- Zero MF coverage
- Promoters holding firm, but no additional buying
13. EduInvesting Verdict™
Borosil Scientific is a slow-burning, niche compounder. It’s not flashy, not high-growth, and definitely not cheap. But it’s clean, consistent, and strategically placed in pharma, research, and testing.
If it starts scaling globally—or surprises with M&A using that ₹105 Cr stash—it may just morph into a specialty lab-tech play.
But for now, the stock is priced for brilliance, not for boring. And boring it still is.
Metadata
– Written by EduInvesting Team | 20 July 2025
– Tags: Borosil Scientific, Lab Glassware, Smallcap Industrials, Borosil Group, Scientific Manufacturing, Pharma QC
