Borosil Scientific Q4 PAT Surges 216% YoY

Trading Symbol: BOROSCI

Date: May 27, 2026

Financial Results (Standalone & Consolidated)

Q4FY26 Performance

Standalone:

Net Sales: ₹131.9 crore (Q3FY26: ₹107.1 crore, Q4FY25: ₹117.7 crore) - YoY growth of 12.1%
EBITDA: ₹31.5 crore (Q3FY26: ₹18.8 crore, Q4FY25: ₹22.1 crore) - YoY growth of 42.2%
EBITDA Margin: 23.9% (Q3FY26: 17.6%, Q4FY25: 18.8%)
EBIT: ₹27.2 crore (Q3FY26: ₹14.5 crore, Q4FY25: ₹17.8 crore) - YoY growth of 52.3%
PBT: ₹28.8 crore (Q3FY26: ₹16.0 crore, Q4FY25: ₹19.5 crore) - YoY growth of 47.8%
PAT: ₹21.5 crore (Q3FY26: ₹10.2 crore, Q4FY25: ₹14.2 crore) - YoY growth of 51.9%
Net Debt (period end): (₹135.0 crore) [negative indicates net cash position]

Consolidated:

Net Sales: ₹143.2 crore (Q3FY26: ₹121.3 crore, Q4FY25: ₹129.5 crore) - YoY growth of 10.6%
EBITDA: ₹32.4 crore (Q3FY26: ₹17.9 crore, Q4FY25: ₹17.3 crore) - YoY growth of 87.6%
EBITDA Margin: 22.7% (Q3FY26: 14.8%, Q4FY25: 13.4%)
EBIT: ₹27.7 crore (Q3FY26: ₹13.2 crore, Q4FY25: ₹12.6 crore) - YoY growth of 119.7%
PBT: ₹29.1 crore (Q3FY26: ₹12.6 crore, Q4FY25: ₹14.0 crore) - YoY growth of 107.9%
PAT: ₹27.2 crore (Q3FY26: ₹8.7 crore, Q4FY25: ₹8.6 crore) - YoY growth of 216.2%
Net Debt (period end): (₹128.1 crore) [negative indicates net cash position]

FY26 Annual Performance

Standalone:

Net Sales: ₹427.5 crore (FY25: ₹392.5 crore) - YoY growth of 8.9%
EBITDA: ₹73.2 crore (FY25: ₹61.2 crore) - YoY growth of 19.6%
EBITDA Margin: 17.1% (FY25: 15.6%)
EBIT: ₹55.7 crore (FY25: ₹44.3 crore) - YoY growth of 25.7%
PBT: ₹62.3 crore (FY25: ₹48.3 crore) - YoY growth of 28.9%
PAT: ₹39.7 crore (FY25: ₹35.0 crore) - YoY growth of 13.4%
Net Debt (period end): (₹135.0 crore) (FY25: (₹114.8 crore))

Consolidated:

Net Sales: ₹467.3 crore (FY25: ₹438.5 crore) - YoY growth of 6.6%
EBITDA: ₹64.7 crore (FY25: ₹55.6 crore)
EBITDA Margin: 13.8% (FY25: 12.7%)
EBIT: ₹45.5 crore (FY25: ₹37.1 crore)
PBT: ₹42.8 crore (FY25: ₹40.4 crore)
PAT: ₹34.6 crore (FY25: ₹26.7 crore)
Net Debt (period end): (₹128.1 crore) (FY25: (₹106.3 crore))

Key Financial Notes

Standalone and Consolidated Operating EBITDA and EBIT exclude Investment Income of ₹7.02 crores in FY26 and ₹2.68 crores in FY25
Interest Income on amount receivable from Borosil Limited on account of Scheme of Amalgamation was ₹2.12 crores in FY25
Despite one-time expenses related to discontinued operations at Ambad plant (excluding VRS expenses), Company achieved growth in Standalone EBITDA during FY26
FY26 exceptional items of ₹8.53 crores include:
Voluntary Retirement Scheme expense of ₹6.61 crores at Ambad, Nashik Plant
Gratuity and leave encashment provision of ₹1.92 crores due to implementation of new Labour Codes
Consolidated PAT supported by recognition of Deferred Tax Asset in Goel Scientific Glass Works Limited on its losses in FY26
Q4FY26 Standalone EBITDA improvement due to higher sales and enhanced production efficiency
Q4FY26 Consolidated EBITDA benefited from one-time income of ₹2.22 crores from reversal of gratuity and leave encashment provisions at Goel Scientific Glass Works Limited

Segment-wise Performance (Consolidated)

Q4FY26 Segment Revenue

Scientific Segment:

Lab Consumables: ₹80.0 crore (Q3FY26: ₹56.6 crore, Q4FY25: ₹70.6 crore) - YoY growth 13.4%
Lab Equipment: ₹17.1 crore (Q3FY26: ₹15.4 crore, Q4FY25: ₹15.0 crore) - YoY growth 13.6%
Process System: ₹12.5 crore (Q3FY26: ₹15.3 crore, Q4FY25: ₹12.1 crore) - YoY growth 3.4%
Scientific Segment Total: ₹109.6 crore (Q3FY26: ₹87.3 crore, Q4FY25: ₹97.7 crore) - YoY growth 12.2%

Glassware Segment:

Pharma Packaging: ₹18.0 crore (Q3FY26: ₹17.5 crore, Q4FY25: ₹17.4 crore) - YoY growth 3.9%
Domestic Glassware: ₹13.7 crore (Q3FY26: ₹15.4 crore, Q4FY25: ₹12.8 crore) - YoY growth 7.0%
Glassware Segment Total: ₹31.8 crore (Q3FY26: ₹32.9 crore, Q4FY25: ₹30.2 crore) - YoY growth 5.2%

Others: ₹1.8 crore (Q3FY26: ₹1.1 crore, Q4FY25: ₹1.6 crore) - YoY growth 12.7%

FY26 Annual Segment Revenue

Scientific Segment:

Lab Consumables: ₹234.7 crore (FY25: ₹218.8 crore) - YoY growth 7.3%
Lab Equipment: ₹53.1 crore (FY25: ₹42.3 crore) - YoY growth 25.6%
Process System: ₹43.2 crore (FY25: ₹48.8 crore) - YoY decline 11.6%
Scientific Segment Total: ₹330.9 crore (FY25: ₹309.9 crore) - YoY growth 6.8%

Glassware Segment:

Pharma Packaging: ₹70.3 crore (FY25: ₹68.5 crore) - YoY growth 2.6%
Domestic Glassware: ₹60.5 crore (FY25: ₹55.2 crore) - YoY growth 9.5%
Glassware Segment Total: ₹130.8 crore (FY25: ₹123.7 crore) - YoY growth 5.7%

Others: ₹5.6 crore (FY25: ₹4.9 crore) - YoY growth 15.7%

Segment Performance Note: Process Systems segment reported lower revenues due to sales reversal of ₹1.6 crore in Q4FY26 per Ind AS requirements and deferment of high-value orders to subsequent quarters.

Business Overview & Strategy

Company Profile

60+ Years of experience in laboratory glassware and scientific products
4000+ SKUs spanning 4 verticals
4 Manufacturing locations in India (Bharuch, Nashik, Pune, Vadodara)
4 Warehouses PAN India
150+ Channel partners PAN India
90+ exporting countries globally
1800+ Employees

Business Segments

1. Scientific Segment: Laboratory Consumables, Lab Equipment (LabQuest brand), Process Science

2. Glassware Segment: Pharmaceutical Primary Packaging (Glass Ampoules and Tubular Glass Vials), Domestic Glassware

Market Position

Market leader in laboratory glassware with ~33% market share in ₹490 crore SAM
3 out of 4 lab glassware products in India bear the Borosil name
NABL accredited Calibration Lab; ISO 9001:2015, 14001, 45001, and 15378 Certifications
Products meet ISO, ASTM, and ISI Certifications

Growth Strategy

1. Capitalizing on the 'Make in India' Initiative

2. Leveraging the Brand 'BOROSIL'

3. New Product Development through dedicated R&D team

4. Focus on Exports through strategic partnerships

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
Expense control and renewable energy focus

Market Opportunity

Scientific Segment Addressable Markets

Laboratory Glassware & Consumables: Serviceable Addressable Market ~₹600 crore, estimated growth 6-8%
Laboratory Equipment: Total Addressable Market ₹4,800 crore, Serviceable Addressable Market ₹755 crore, Borosil Share 6%, estimated growth 6-8%
Process Equipment: Total Addressable Market ₹1,362 crore, Serviceable Addressable Market ₹1,242 crore, estimated growth 12-14%

Glassware Segment Addressable Markets

Pharmaceutical Primary Packaging: Serviceable Addressable Market ₹1,377 crore, estimated growth 9-10%

ESG Initiatives

Environmental

450 kW Solar Rooftop project commissioned in Feb 2025
Installation of 3 rain-water harvesting systems
Commissioned 10 KLD STP for recycling waste water in Oct 2024
Focus on energy efficiency, renewable energy, water conservation, and waste management

Social

Maintaining gender diversity
Safety Policy and job-specific SOPs developed
Annual health assessment
Achieved zero fatality year on year
Focus on safe, supportive, and inclusive workplace

Governance

Regular review and updating of governance structures and guidelines
Involving stakeholders in decision making processes
Transparency and Accountability

Awards & Accolades

Great Place to Work Certified
Gold Award- 49th CII National Kaizen Competition (Innovative Category)
Silver Award- 15th CII National Poka Yoke Competition (Prevention & Control Type)
Excellence award in Quality Circle Forum of India - NCQC -2023
Gold Award in Innovative category by CII in 47th Kaizen Competition
Gold Award in Kaizen category by QCFI in Annual Convention On Quality Concepts
Special Award for Indigenization by IRIM in India Green Manufacturing Challenge Award
India Manufacturing Excellence Award (Silver) – Dec 2025
TPM Significant Achievement Award organized by CII – Dec 2025
Two years of Practicing TPM

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