Financial Performance - Q1FY27 vs Q1FY26

Consolidated Profit & Loss (₹ Crores)

  • Revenue: ₹247.4 crores (Q1FY26: ₹226.5 crores), growth of 9.2% YoY
  • Cost of Goods Sold: ₹78.4 crores (Q1FY26: ₹77.3 crores)
  • Gross Profit: ₹175.2 crores (Q1FY26: ₹155.3 crores)
  • Gross Profit Margin: 69.1% (Q1FY26: 66.8%)
  • Employee Cost: ₹33.1 crores (Q1FY26: ₹30.4 crores)
  • Other Expenses: ₹107.7 crores (Q1FY26: ₹87.6 crores)
  • Other Income: ₹6.7 crores (Q1FY26: ₹9.8 crores)
  • EBITDA (including Other Income): ₹41.1 crores (Q1FY26: ₹47.2 crores), decline of 12.8%
  • EBITDA (excluding Other Income): ₹34.5 crores (Q1FY26: ₹37.3 crores), decline of 7.7%
  • EBITDA Margin: 13.6% (Q1FY26: 16.0%)
  • Depreciation and Amortization: ₹21.9 crores (Q1FY26: ₹22.0 crores)
  • EBIT: ₹19.3 crores (Q1FY26: ₹25.1 crores)
  • Finance Cost: ₹1.8 crores (Q1FY26: ₹1.7 crores)
  • Profit Before Tax: ₹17.4 crores (Q1FY26: ₹23.5 crores)
  • Tax: ₹4.6 crores (Q1FY26: ₹6.1 crores)
  • Profit After Tax: ₹12.8 crores (Q1FY26: ₹17.4 crores)

Category-wise Sales Performance

Q1FY27 vs Q1FY26 (₹ Crores)

  • Glassware: ₹65.6 crores (Q1FY26: ₹56.2 crores), growth of 16.8%
  • Non-Glassware: ₹98.1 crores (Q1FY26: ₹94.2 crores), growth of 4.2%
  • Opalware: ₹83.6 crores (Q1FY26: ₹76.2 crores), growth of 9.8%
  • Total Consumerware: ₹247.4 crores (Q1FY26: ₹226.5 crores), growth of 9.2%

Full Year Performance FY26 vs FY25 (₹ Crores)

  • Glassware: ₹295.5 crores (FY25: ₹252.0 crores), growth of 17.3%
  • Non-Glassware: ₹463.7 crores (FY25: ₹452.9 crores), growth of 2.4%
  • Opalware: ₹411.9 crores (FY25: ₹383.8 crores), growth of 7.3%
  • Total Consumerware: ₹1,171.1 crores (FY25: ₹1,088.6 crores), growth of 7.6%

Historical Financial Performance

Consolidated Profit & Loss (₹ Crores)

| Metric | FY26 | FY25 | FY24 | FY23 |

| Revenue | 1,196.0 | 1,107.7 | 948.6 | 742.1 |

| Gross Profit | 722.8 | 701.2 | 568.6 | 399.0 |

| Gross Profit Margin % | 60.4% | 63.3% | 59.9% | 53.8% |

| EBITDA (incl Other Income) | 198.4 | 197.1 | 150.5 | 86.7 |

| EBITDA Margin % | 14.1% | 15.4% | 14.7% | 9.1% |

| Profit After Tax | 74.7 | 74.2 | 65.9 | 51.9 |

Exceptional Items

  • FY26: Provision of ₹4.0 crores on account of implementation of New Labour Code
  • FY23: Insurance claim received as full settlement for loss of property due to fire at Bharuch warehouse in FY22

Cash Flow Statement (₹ Crores)

| Metric | FY26 | FY25 | FY24 | FY23 |

| Cash from Operating Activities | 118.8 | -19.3 | 48.0 | 120.6 |

| Cash from Investing Activities | -164.8 | -41.3 | -106.1 | -227.9 |

| Cash from Financing Activities | 47.5 | 56.5 | 55.3 | 93.4 |

| Net Change in Cash | 1.6 | -4.1 | -2.8 | -13.9 |

| Closing Cash Balance | 2.8 | 1.2 | 5.4 | 8.2 |

Balance Sheet Highlights (₹ Crores)

| Metric | FY26 | FY25 | FY24 | FY23 |

| Total Assets | 1,281.7 | 1,131.0 | 1,079.6 | 849.7 |

| Non-current Assets | 695.7 | 638.8 | 624.6 | 469.5 |

| Plant, Property & Equipment | 530.2 | 580.8 | 545.3 | 352.0 |

| Capital Work-in-Progress | 105.5 | 18.3 | 25.5 | 39.6 |

| Current Assets | 586.0 | 492.2 | 455.0 | 380.2 |

| Inventories | 366.1 | 333.0 | 252.8 | 144.4 |

| Trade Receivables | 107.0 | 101.3 | 91.4 | 51.3 |

| Total Equity | 886.9 | 807.7 | 580.0 | 510.0 |

| Share Capital | 12.0 | 12.0 | 11.5 | 11.4 |

| Other Equity | 875.0 | 795.7 | 568.5 | 498.5 |

| Total Liabilities | 394.8 | 323.3 | 499.6 | 339.7 |

| Non-current Borrowings | 103.2 | 43.4 | 92.9 | 53.2 |

| Current Borrowings | 33.2 | 34.2 | 60.9 | 35.1 |

Capacity Expansion and Capex Plans

New Manufacturing Facilities

1. Rajasthan Plant (Vacuum Insulated Stainless Steel Products)

  • Estimated capex: ₹65 crore
  • Initial capacity: ~3.6 million units annually
  • Three double-wall production lines
  • Two lines commenced commercial production in Q1FY27
  • Third line targeted by end of Q2FY27

2. Bharuch, Gujarat Plant (Glassware)

  • Estimated capex: ₹42 crore
  • Project commissioning expected by end of Q3FY27
  • ~100,000 sq. ft. manufacturing unit
  • Products manufactured using Borosilicate 3.3 glass tubes
  • Operations to be managed by BSL under contract manufacturing arrangement
  • Facility ownership with Borosil Limited

Capacity Expansions

1. Opalware Furnace Expansion

  • Current capacity: 25 TPD with 2 forming lines at Jaipur
  • Commissioned in January 2024
  • Current utilization: ~90%
  • Board approved expansion to 32 TPD with addition of 3rd forming line
  • Estimated capex: ₹50 crore
  • Rebuild scheduled in January 2028

2. Existing Operations

  • 84 TPD Opalware capacity (among India's largest)
  • 25 TPD Borosilicate Glassware production facility
  • BIS certified Hydra Plant

Market Opportunity and Positioning

Market Size and Penetration Rates

  • Microwavable, Tumblers and Storage: ~₹415 crore market, 10.5% penetration
  • Tumblers (Soda lime): ~₹400 crore market, 10% penetration
  • Cookware: ~₹7,922 crore market, ~10% penetration
  • Insulated Steel Bottle Range: ~₹2,000 crore market, 10% penetration
  • Opalware: ~₹1,375 crore market, 12-15% penetration
  • Domestic Appliances (Small): ~₹8,155 crore market, 8.5% penetration

Growth Strategy

  • Focus on mass premium positioning between mass market and premium segments
  • Leverage health and sustainability trends (plastic-to-glass shift)
  • Expand distribution across General Trade, Modern Trade, E-commerce, B2B, CSD, and CPC
  • Target 15-20% revenue CAGR medium-term
  • Improve EBITDA margins through operational efficiency

Product Innovation and Launches

New Technologies

  • BOROSIL ION GLASS TECHNOLOGY: 1.5X stronger than ordinary glassware, scratch resistant, extreme temperature proof
  • Aura Dinnerware: Launched with ION-Glass technology

New Categories

  • Larah Thermoware: Combines PU insulation, food-grade stainless steel interior, and lightweight outer shell
  • Domestic Appliances: Expanding range without manufacturing investments, reducing China dependency

Brand and Marketing Initiatives

  • Borosil Exclusive Brand Stores: Launched in Gurugram and Pune with "PREP, COOK, STORE, SERVE, CARRY" concept
  • Kitchen Connection: Celebrity kitchen revamp property to showcase product range
  • Brand Transformation: Updated logo, color coding, fonts, imagery, and tone of voice
  • Economic Times Design & Creativity Award for 'Most Creative Packaging Re-Design'

ESG Initiatives

  • Target to achieve carbon neutral operations
  • Create positive water balance
  • 8.6 MWp and 7.2 MWp ground-mounted solar implemented
  • Planning 20.0 MWp ground-mounted solar with BESS (Battery Energy Storage System)
  • Zero fatality workplace
  • Equal opportunity policy
  • Sustainable supply chain management policy
  • Recyclable corrugated packaging, limited thermocol usage