Borosil Limited – Fundamental Analysis

Equity Research Report: Borosil Limited

Date: February 7, 2026

Analyst: Gemini (Stock Analysis AI)

Current Market Price (CMP): ₹252 – ₹255 (Approx)

Stock market me “Borosil” naam se do alag listed companies hain. Ye report Borosil Ltd (Consumerware & Lab Glass) ke liye hai.

Borosil Ltd: Lunch boxes, Kitchen appliances, Scientific glass (Ticker: BOROLTD).
Borosil Renewables: Solar glass panels banati hai (Ticker: BORORENEW).(Agar aap Solar wali company dhund rahe the, to kripya “Borosil Renewables” search karein).

Core Business: Borosil Ltd Bharat ki leading specialty glass company hai. Iske do main divisions hain:
1. Consumer Products (CP): Microwavable glass containers, Opalware dinner sets (Larah brand), stainless steel flasks, aur kitchen appliances (toasters, blenders).
2. Scientific & Industrial Products (SIP): Laboratory glassware (beakers, flasks) jo pharma companies aur research labs use karti hain. India me lab glass me ye market leader hain.
Revenue Mix:
- Consumerware: ~65-70% (Glassware, Opalware, Appliances).
- Scientific/Lab Glass: ~30-35% (High margin business).
Competitive Advantage: “Borosil” brand India me trust ka synonym hai. Inka borosilicate glass heat-resistant hota hai, jo cheeni/plastic competitors se behtar quality offer karta hai.

Sector Status: Secular Growth (Consumption Story).
Current Trend (2026):
- Plastic Ban: Health awareness ke karan log plastic tiffin/bottles chhod kar Glass aur Steel (Borosil core products) par shift ho rahe hain.
- Premiumization: Middle-class families ab steel plates ki jagah Opalware (Larah) use karna pasand kar rahi hain.
Competition:
- Opalware: La Opala RG, Cello World.
- Appliances: Philips, Bajaj Electricals, TTK Prestige.
- Lab Glass: Schott (Germany), localized players.

⚠️ Data Source: Verified from Q3 FY26 Results (Announced Feb 5, 2026).

Metric	Q3 FY26 (Dec ’25)	Q3 FY25 (Dec ’24)	YoY Change	Comment
Revenue	₹338.7 Cr	₹338.1 Cr	↔️ Flat	Glassware grew 11%, but Appliances fell 11%
EBITDA	₹54.8 Cr	₹57.9 Cr*	🔻 5.3%	*Adjusted for one-offs last year
EBITDA Margin	~16.2%	~17.1%	🔻 Dip	Cost pressure in non-glassware segment
Net Profit (PAT)	₹24.0 Cr	₹35.5 Cr	🔻 32.5%	Last year had ₹13.5 Cr one-time gain
EPS	₹2.02	₹2.97	🔻	Earnings normalized

Segment Performance:
- Glassware: +10.8% Growth (Strong demand).
- Opalware (Larah): +6.3% Growth.
- Non-Glassware (Appliances): -10.9% Decline (Supply chain & BIS compliance issues).

Category	Holding (%)	Observation
Promoters (Kheruka Family)	64.62%	High & Stable. Promoters ka skin-in-the-game strong hai.
FIIs	0.35%	Very Low. Foreign investors ka interest abhi kam hai.
DIIs / Mutual Funds	~6.1%	Moderate. Tata MF aur kuch small cap funds invested hain.
Public	~28.9%	Retail holding high hai.

Governance: Management (Shreevar Kheruka) transparent aur shareholder-friendly mani jati hai. Capital allocation towards expansion (Rajasthan plant) logical hai.

Current P/E (TTM): ~35x – 38x.
Price to Book (P/B): ~3.5x.
Peer Comparison:
- Cello World: ~45x-50x P/E (Higher growth rate).
- La Opala RG: ~30x P/E.
- TTK Prestige: ~35x P/E.
Fair Value View: Borosil apne peers ke comparison me “Fairly Valued” hai. Discount par nahi hai, lekin Cello jitna mehnga bhi nahi. Market iske strong brand aur steady 12-15% growth potential ko price kar raha hai.

Rajasthan Expansion: Company ₹65 Cr invest kar rahi hai Rajasthan me ek naya plant lagane ke liye, jo Vacuum Insulated Steel Flasks banayega. Abhi ye products import hote hain; khud banane se margins badhenge.
Export Push: Lab glassware (SIP division) ke exports US/Europe me badh rahe hain. China+1 strategy ka fayda scientific glass segment ko mil raha hai.
Larah Scaling: Opalware market me Larah ab strong #2 player ban chuka hai (La Opala ke baad). Distribution network expand karke market leader banne ka target hai.

Stock Trend: Q3 results (Feb 5) ke baad stock price me thodi girawat (-2% to -5%) aayi hai kyunki appliance segment weak tha. Market sentiment neutral hai.
Short-Term: Pressure reh sakta hai jab tak Appliances/Non-glassware segment wapas growth track par nahi aata.
Long-Term: Lifestyle changes (Health & Wellness) Borosil ke favour me hain. Glass storage aur Steel bottles ki demand secular trend hai.

Raw Material Cost: Glass banane ke liye Soda Ash aur Gas prices critical hote hain. Energy prices badhne se margins 14-15% tak gir sakte hain.
Appliance Competition: Kitchen appliance market me fierce competition hai (Philips, Bajaj, local brands). Yahan pricing power kam hai.
Import Dependency: Abhi bhi kuch products (steel bottles) import hote hain, supply chain disruption ka risk rehta hai (until domestic plant starts).

Summary: Borosil Ltd ek “Steady Compounder” hai, koi high-speed rocket nahi. Brand bahut strong hai lekin growth abhi mid-teens (10-15%) me hai.
For Conservative Investors: BUY. Ye ek safe play hai. Balance sheet healthy hai aur business model simple (B2C) hai. 3-5 saal ke liye hold karein.
For Aggressive Investors: WAIT. Valuation (38x PE) thoda high hai considering slow growth in appliances. Cello World ya renewable sector me shayad behtar alpha mile.
Target Range: Earnings growth (15%) maintain rehne par stock ₹300 – ₹320 range me agle 1 saal me ja sakta hai.

Disclaimer: Ye article sirf educational purpose ke liye hai. Kisi bhi nivesh se pehle apne Financial Advisor se salah zarur lein.