Financial Performance - Q2FY27 Consolidated

Revenue From Operations: ₹369.8 crore (7.5% YoY growth from ₹344.1 crore in Q2FY26)

Gross Profit: ₹229.7 crore (15.8% YoY growth from ₹198.3 crore)

Gross Profit Margin: 62.1% (vs 57.6% in Q2FY26)

EBITDA (including Other Income): ₹71.0 crore (31.5% YoY growth from ₹54.0 crore)

EBITDA Margin: 18.7% (vs 15.1% in Q2FY26)

Profit Before Tax: ₹42.8 crore (40.6% YoY growth from ₹30.5 crore)

Profit After Tax: ₹31.9 crore (40.5% YoY growth from ₹22.7 crore)

Tax Expense: ₹10.9 crore

Finance Cost: ₹3.6 crore

Depreciation and Amortization: ₹24.5 crore

Financial Performance - H1FY27 Consolidated

Revenue From Operations: ₹627.4 crore (8.8% YoY growth from ₹576.8 crore in H1FY26)

Gross Profit: ₹408.9 crore (15.6% YoY growth from ₹353.6 crore)

Gross Profit Margin: 65.2% (vs 61.3% in H1FY26)

EBITDA (including Other Income): ₹112.1 crore (10.8% YoY growth from ₹101.2 crore)

EBITDA Margin: 17.2% (vs 15.5% in H1FY26)

Profit Before Tax: ₹60.3 crore (11.8% YoY growth from ₹53.9 crore)

Profit After Tax: ₹44.7 crore (11.4% YoY growth from ₹40.1 crore)

Tax Expense: ₹15.6 crore

Finance Cost: ₹5.5 crore

Depreciation and Amortization: ₹46.4 crore

Category-wise Sales Performance

Q2FY27 Category Sales:

  • Glassware: ₹87.8 crore (-5.1% YoY)
  • Non-Glassware: ₹143.2 crore (17.0% YoY growth)
  • Opalware: ₹127.0 crore (6.5% YoY growth)
  • Total Category Sales: ₹358.0 crore (7.1% YoY growth)

H1FY27 Category Sales:

  • Glassware: ₹152.6 crore (2.7% YoY growth)
  • Non-Glassware: ₹240.2 crore (10.9% YoY growth)
  • Opalware: ₹210.7 crore (7.8% YoY growth)
  • Total Category Sales: ₹603.4 crore (7.6% YoY growth)

FY26 Full Year Category Sales:

  • Glassware: ₹295.5 crore
  • Non-Glassware: ₹463.7 crore
  • Opalware: ₹411.9 crore
  • Total: ₹1,171.1 crore

Historical Financial Performance

Revenue Trend:

  • FY23: ₹742.0 crore
  • FY24: ₹948.5 crore
  • FY25: ₹1,107.8 crore
  • FY26: ₹1,195.9 crore
  • H1FY27: ₹627.4 crore

PAT Trend:

  • FY23: ₹51.9 crore
  • FY24: ₹65.9 crore
  • FY25: ₹74.2 crore
  • FY26: ₹74.7 crore
  • H1FY27: ₹44.7 crore

EBITDA Margin Trend:

  • FY23: 9.1%
  • FY24: 14.7%
  • FY25: 15.4%
  • FY26: 14.1%
  • H1FY27: 17.2%

Balance Sheet Position (H1FY27)

Total Assets: ₹1,397.8 crore

Non-current Assets: ₹714.1 crore

  • Property, Plant and Equipment: ₹640.2 crore
  • Capital work-in-progress: ₹15.8 crore
  • Investments: ₹16.5 crore
  • Other non-current assets: ₹35.9 crore

Current Assets: ₹683.7 crore

  • Inventories: ₹429.4 crore
  • Trade Receivables: ₹148.0 crore
  • Cash and cash equivalents: ₹2.0 crore
  • Other current assets: ₹48.1 crore

Equity: ₹932.8 crore

  • Equity Share Capital: ₹12.0 crore
  • Other Equity: ₹920.9 crore

Liabilities:

  • Non-current borrowings: ₹101.1 crore
  • Current borrowings: ₹61.6 crore
  • Trade payables: ₹91.7 crore
  • Other financial liabilities: ₹110.9 crore

Cash Flow Statement (H1FY27)

Cash Flow from Operating Activities: -₹2.9 crore

  • Cash generated from operations: ₹20.0 crore
  • Direct taxes paid: -₹22.9 crore

Cash Flow from Investing Activities: -₹15.2 crore

Cash Flow from Financing Activities: ₹17.2 crore

Net Change in Cash: -₹0.9 crore

Closing Cash Balance: ₹2.0 crore

Strategic Updates and Capacity Expansion

Hydra Plant Expansion:

  • Manufacturing unit with three double-wall lines for vacuum insulated stainless-steel products in Rajasthan
  • Estimated initial capex: ₹65 crore
  • Initial capacity: ~3.6 million units annually
  • Two double-wall lines commenced commercial production in Q1FY27
  • Third double-wall line targeted by January 2027

Borosilicate Glass Furnace Expansion:

  • Existing furnace capacity: 25 TPD with 2 forming lines at Jaipur
  • Furnace commissioned in January 2024; rebuild scheduled in January 2028
  • Current capacity utilization: ~90%
  • Board approved expansion to 32 TPD with addition of 3rd forming line
  • Estimated capex: ₹50 crore
  • Expected benefits: Removal of capacity bottlenecks, product diversification, improved operating efficiency, lower production cost

Market Opportunity Assessment

Market Size and Growth Rates:

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

Product and Brand Initiatives

New Product Launches:

  • Borosil ION Glass Technology: 1.5X stronger than ordinary glassware, scratch resistant, extreme temperature proof
  • Aura Dinnerware backed with ION-Glass technology
  • Larah Thermoware with PU insulation and food-grade stainless steel interior

Retail Expansion:

  • Borosil Exclusive Brand Stores launched in Gurugram and Pune
  • Objective: Communicate brand positioning as "thoughtfully designed solutions that make everyday living simpler, healthier, and more beautiful"

Brand Positioning:

  • Mass premium positioning between mass market and premium segments
  • Focus on health, safety, and sustainability as key differentiators
  • Targeting plastic-to-glass shift driven by health consciousness

ESG Initiatives

Strategic ESG Priorities:

  • Aim to achieve carbon neutral operations
  • Create positive water balance
  • Explore waste management opportunities
  • Transition to low carbon energy
  • Zero-accident workplace target
  • Equal opportunity employer

Current Actions:

  • 35.8 MWp ground-mounted solar capacity commissioned with partial BESS integration
  • Additional 9.5 MWp ground-mounted solar capacity under implementation
  • Zero fatality year on year
  • Using recyclable corrugated packaging and limiting thermocol usage
  • Upgradation of Effluent Treatment Plant with Zero Liquid Discharge system

Corporate Governance

Board of Directors:

  • Mr. Pradeep Kumar Kheruka (Chairman)
  • Mr. Shreevar Kheruka (Vice Chairman, Managing Director)
  • Mr. Kanwar Bir Singh Anand (Independent Director)
  • Mr. Rajesh Kumar Chaudhary (Whole-Time Director)
  • Ms. Anupa Sahney (Independent Director)
  • Mr. Kewal Handa (Independent Director)
  • Mr. Adarsh Menon (Independent Director)

Equity Information:

  • Number of shares issued of ₹1 each as at September 30, 2026: 11,95,87,629

Key Management Contacts:

  • Anand Sultania (Chief Financial Officer)
  • Dhaval Patel (Head - Investor Relations)

Corporate Address: 1101, Crescenzo, G - Block, Opposite MCA Club, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, India

Important Notes

The company notes that the shift in Diwali festival timing impacts the comparability of Q2FY27 and H1FY27 sales and financial performance with corresponding periods of the previous year due to seasonal demand patterns.