Borosil Scientific Q2FY27 Revenue Up 7.5% YoY

Trading Symbol: BOROSCI

Date: October 31, 2026

Financial Results (Consolidated)

Q2 FY2027 Performance:

Net Sales: ₹115.0 crore, up 7.5% YoY from ₹106.9 crore in Q2 FY2026
EBITDA: ₹11.0 crore, up 29.4% YoY from ₹8.5 crore in Q2 FY2026
EBITDA Margin: 9.6% compared to 8.0% in Q2 FY2026
EBIT: ₹5.8 crore, up 57.0% YoY from ₹3.7 crore in Q2 FY2026
PBT: ₹7.7 crore, up 49.5% YoY from ₹5.1 crore in Q2 FY2026
PAT: ₹5.3 crore, up 86.3% YoY from ₹2.9 crore in Q2 FY2026
Net Debt: (₹129.5) crore (net cash position)

H1 FY2027 Performance:

Net Sales: ₹221.7 crore, up 9.3% YoY from ₹202.9 crore in H1 FY2026
EBITDA: ₹19.8 crore, up 37.8% YoY from ₹14.3 crore in H1 FY2026
EBITDA Margin: 8.9% compared to 7.1% in H1 FY2026
EBIT: ₹9.6 crore, up 107.8% YoY from ₹4.6 crore in H1 FY2026
PBT: ₹13.7 crore, up 78.0% YoY from ₹7.7 crore in H1 FY2026
PAT: ₹9.7 crore, compared to loss of ₹1.4 crore in H1 FY2026
Net Debt: (₹129.5) crore (net cash position)

Financial Results (Standalone)

Q2 FY2027 Performance:

Net Sales: ₹104.2 crore, up 4.7% YoY from ₹99.5 crore in Q2 FY2026
EBITDA: ₹11.7 crore, down 9.7% YoY from ₹13.0 crore in Q2 FY2026
EBITDA Margin: 11.3% compared to 13.1% in Q2 FY2026
EBIT: ₹6.9 crore, down 19.3% YoY from ₹8.6 crore in Q2 FY2026
PBT: ₹8.9 crore, down 11.8% YoY from ₹10.1 crore in Q2 FY2026
PAT: ₹6.2 crore, down 16.9% YoY from ₹7.5 crore in Q2 FY2026
Net Debt: (₹133.9) crore (net cash position)

H1 FY2027 Performance:

Net Sales: ₹204.1 crore, up 8.3% YoY from ₹188.5 crore in H1 FY2026
EBITDA: ₹23.2 crore, up 1.3% YoY from ₹22.9 crore in H1 FY2026
EBITDA Margin: 11.4% compared to 12.2% in H1 FY2026
EBIT: ₹13.9 crore, down 0.7% YoY from ₹14.0 crore in H1 FY2026
PBT: ₹18.2 crore, up 4.8% YoY from ₹17.4 crore in H1 FY2026
PAT: ₹13.1 crore, up 64.1% YoY from ₹8.0 crore in H1 FY2026
Net Debt: (₹133.9) crore (net cash position)

Segment-wise Performance (Consolidated)

Scientific Segment:

Lab Consumables: ₹55.3 crore in Q2 FY2027, up 2.2% YoY from ₹54.2 crore
Lab Equipment: ₹11.3 crore in Q2 FY2027, flat YoY from ₹11.3 crore
Process System: ₹12.4 crore in Q2 FY2027, up 64.6% YoY from ₹7.6 crore
Scientific Segment Total: ₹79.1 crore in Q2 FY2027, up 8.3% YoY from ₹73.0 crore

Primary Pharma Packaging:

₹21.0 crore in Q2 FY2027, up 21.4% YoY from ₹17.3 crore

Consumer Glassware:

₹15.0 crore in Q2 FY2027, down 10.2% YoY from ₹16.7 crore

H1 FY2027 Segment Performance:

Lab Consumables: ₹102.9 crore, up 2.2% YoY from ₹100.7 crore
Lab Equipment: ₹23.6 crore, up 14.2% YoY from ₹20.7 crore
Process System: ₹21.0 crore, up 36.1% YoY from ₹15.4 crore
Primary Pharma Packaging: ₹44.0 crore, up 26.6% YoY from ₹34.8 crore
Consumer Glassware: ₹30.3 crore, down 3.5% YoY from ₹31.4 crore

Key Notes and Disclosures

Standalone Profitability Impact: The Company's standalone profitability for Q2FY27 and H1FY27 was impacted by higher input costs arising from geopolitical tensions in the Middle East. Standalone profitability is expected to improve as the situation stabilizes.

Subsidiary Performance: Goel Glass Works Scientific Limited (subsidiary) sales grew 28.7% YoY to ₹11.2 crore in Q2FY27 from ₹8.7 crore in Q2FY26, while its loss before tax narrowed to ₹1.1 crore from ₹4.8 crore.

Segment Reporting Change: During Q2FY27, the internal reporting structure was changed to report Consumer Glassware separately. Segments are now reported as: (a) Scientific – Laboratory Glass & Equipment and Process System, (b) Primary Pharma Packaging, and (c) Consumer Glassware.

Ind AS 115 Impact: Revenue in the Lab Consumables segment was impacted by Ind AS 115. Excluding this impact, revenue growth for H1FY27 in Lab Consumables segment was 6.3% and across all product categories was 10.7%.

Strategic Initiatives and Capacity Expansion

Glassware Capacity Expansion: The Company is scaling manufacturing capacity to support increasing demand from Borosil Limited. The investment is expected to enhance overall Return on Capital Employed (ROCE) and create scalable infrastructure for future Scientific Products portfolio expansion.

Backward Integration Project: Proposed ₹70 crore capital expenditure for borosilicate 3.3 glass tubing furnace with ~20 MT/day capacity. Expected commercial production by March 31, 2028. Funding through internal accruals and/or borrowings. Company intends to apply for subsidy benefits under Viksit Gujarat Industrial Policy 2026.

Medium Term Goals

Achieve Revenue CAGR of 12-14%
Improve EBITDA margins through focus on high-margin Process Sciences and lab equipment
Maintain annual pricing strategy and expense control
Margin improvement through backward integration and renewable energy focus

ESG Initiatives

450 kW Solar Rooftop project commissioned in February 2025
Installation of 3 rain-water harvesting systems
3.2 MWp Solar Open Access supply started in Nashik and Pune plant locations
Maintaining gender diversity and safety policies
Annual health assessment and zero fatalities record

Awards & Accolades

India Manufacturing Excellence Award (Silver) – December 2025
TPM Significant Achievement Award organized by CII – December 2025
Great Place to Work Certified
Gold Award - 49th CII National Kaizen Competition
Silver Award - 15th CII National Poka Yoke Competition

Board Members

Mr. Pradeep Kumar Kheruka - Non-Executive Director
Mr. Shreevar Kheruka - Non-Executive Director
Mr. Vinayak Patankar - Whole-Time Director & Chief Executive Officer
Mr. Kewal Handa - Chairman & Independent Director
Mr. Chandra Kishore Mishra - Independent Director
Mrs. Anupa Sahney - Independent Director

Company Overview

60+ Years of experience in laboratory glassware
4,500+ SKUs across 4 verticals
4 Manufacturing locations in India (Bharuch, Nashik, Pune, Vadodara)
4 Warehouses PAN India
150+ Channel partners PAN India
90+ exporting countries globally
1,800+ Employees
Market leader with ~33% share in laboratory glassware segment