Borosil Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Borosil Ltd filed with BSE on 25 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Borosil Limited reported Q1 FY27 consolidated revenue from operations of INR253.6 crores, up 9% year-on-year, while EBITDA margin declined to 14.6% from 17.8% due to input cost inflation linked to the West Asia conflict. Profit after tax fell to INR12.8 crores from INR17.4 crores in the same period last year. Management discussed the commissioning of new Hydra manufacturing lines, a third captive solar plant, capital expenditure plans for glassware expansion, and ongoing margin pressure across the Glassware and Opalware segments.
Numbers mentioned
Consolidated revenue from operations: INR253.6 crores (Q1 FY27)
p. 4
“consolidated revenue from operations reaching INR253.6 crores, up from INR232.7 crores during the same period last year”
Rituraj Sharma, page 4 of the filed PDF · View the filing
Operating EBITDA: INR35.9 crores (Q1 FY27)
p. 4
“the company achieved an operating EBITDA of INR35.9 crores against INR40.2 crores”
Rituraj Sharma, page 4 of the filed PDF · View the filing
EBITDA margin: 14.6% (Q1 FY27)
p. 4
“the EBITDA margin for Q1 FY27 was 14.6% as compared to 17.8% in Q1 FY26”
Rituraj Sharma, page 4 of the filed PDF · View the filing
Profit before tax: INR17.4 crores (Q1 FY27)
p. 4
“Profit before tax for the quarter was INR17.4 crores versus INR23.5 crores in the same period last year”
Rituraj Sharma, page 4 of the filed PDF · View the filing
Profit after tax: INR12.8 crores (Q1 FY27)
p. 4
“profit after tax declined from INR17.4 crores in Q1 FY26 to INR12.8 crores in Q1 FY27”
Rituraj Sharma, page 4 of the filed PDF · View the filing
Larah Opalware segment sales: INR83.6 crores (Q1 FY27)
p. 4
“The Larah Opalware segment reported sales of INR83.6 crores in Q1 FY27 versus INR76.2 crores in Q1 FY26”
Rituraj Sharma, page 4 of the filed PDF · View the filing
Glassware segment revenue growth: 16.8% (Q1 FY27)
p. 4
“we recorded double-digit year-on-year growth of”
Rituraj Sharma, page 4 of the filed PDF · View the filing
Non-glassware segment turnover: INR98.1 crores (Q1 FY27)
p. 5
“registered a marginal growth of 4.2% with a turnover increasing to INR98.1 crores in Q1 FY27 from INR94.2 crores in Q1 FY26”
Rituraj Sharma, page 5 of the filed PDF · View the filing
Net debt: INR99 crores (as on 30th June 2026)
p. 4
“investments, cash and bank balances of INR56.2 crores against total debt of INR155.2 crores, resulting into a net debt position of INR99 crores”
Rituraj Sharma, page 4 of the filed PDF · View the filing
West Asia conflict net impact: approximately INR10 crores (Q1 FY27)
p. 4
“The overall net impact of the conflict on Q1 FY27 was approximately INR10 crores, which was partially offset through price increases implemented across multiple categories”
Rituraj Sharma, page 4 of the filed PDF · View the filing
Solar power share of energy requirement: about 61% (Q1 FY27)
p. 3
“solar power now meets about 61% of our overall energy requirement”
Rituraj Sharma, page 3 of the filed PDF · View the filing
Retail outlets: over 24,000
p. 6
“Today, with products available in over 24,000 retail outlets, we have built a diversified revenue base”
Rituraj Sharma, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — about 18% · FY27
stated firmly by Rituraj Sharma
p. 8
“For FY27, yes, it remains -- that remains about 18% EBITDA margins.”
Rituraj Sharma, page 8 of the filed PDF · View the filing
EBITDA margin (steady state, medium term) — 18% to 20% · medium term
stated conditionally by Anand Sultania
p. 8
“we are still confident that barring aside the West Asia conflict impact probably, we are good to maintain about 18% to 20% EBITDA margins on the overall business”
Anand Sultania, page 8 of the filed PDF · View the filing
Capex — INR125 crores to INR150 crores · FY27
stated firmly by Anand Sultania
p. 9
“the overall capex will be roughly INR125 crores to INR150 crores”
Anand Sultania, page 9 of the filed PDF · View the filing
Depreciation — approximately INR92 crores · FY27
stated firmly by Anand Sultania
p. 9
“current year, overall depreciation would be approximately INR92 crores, including stainless at a consol level”
Anand Sultania, page 9 of the filed PDF · View the filing
Bharuch glassware facility commissioning — end of Q3 FY27
stated firmly by Rituraj Sharma
p. 5
“The project is progressing as per plan and expect to commission by end of Q3 FY27.”
Rituraj Sharma, page 5 of the filed PDF · View the filing
Borosilicate blast furnace expansion commissioning — end of Q4 FY28
stated firmly by Rituraj Sharma
p. 6
“The project is progressing as per plan and expect to commission by end of Q4 FY28.”
Rituraj Sharma, page 6 of the filed PDF · View the filing
ROCE — 20% to 24% · medium term
stated as an aspiration by Anand Sultania
p. 13
“I think we should definitely look at basically 20% to 24% ROCE margins on the business.”
Anand Sultania, page 13 of the filed PDF · View the filing
Third Hydra double-wall line commencement — Q2 FY27
stated firmly by Rituraj Sharma
p. 3
“the production from third double-wall line is expected to commence during Q2 FY27”
Rituraj Sharma, page 3 of the filed PDF · View the filing
Solar savings — about INR27 crores, INR28 crores at EBITDA level · FY27
stated conditionally by Anand Sultania
p. 10
“So FY27, the overall savings from the solar with the Phase 3 implementations that we have done so far, that will be about INR27 crores, INR28 crores at EBITDA level.”
Anand Sultania, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the growth was primarily volume-led, with price increases expected to be realized with a lag.
Answered by Anand Sultania
Asked by Anu Parakh: Can you bifurcate the Glassware growth into price-led versus volume-led?
p. 7
“So in the Glassware section during the first quarter, primarily this is led by the volume growth. The price pass-ons have been with a lag.”
Anand Sultania, page 7 of the filed PDF · View the filing
Management said price hikes ranged between 5% to 7% depending on category, sometimes more.
Answered by Rituraj Sharma
Asked by Anu Parakh: What range of price hikes has been taken?
p. 7
“So it ranges between 5% to 7% depending on the category. In some cases, it could be even more than 5% to 7%.”
Rituraj Sharma, page 7 of the filed PDF · View the filing
Management said the investigation is pending before authorities and will take time.
Answered by Anand Sultania
Asked by Anu Parakh: What is the status of the anti-dumping duty investigation on borosilicate glassware?
p. 7
“So at the moment, there is -- the investigation is on, and it is pending before the appropriate authorities.”
Anand Sultania, page 7 of the filed PDF · View the filing
Management gave a capex range covering glassware expansion, Bharuch facility, solar and furnace rebuild.
Answered by Anand Sultania
Asked by Akshat Mehta: What is the capex guidance for FY27?
p. 9
“So the total capex for FY27 is estimated to be about INR125 crores, which is for the 2 glassware projects.”
Anand Sultania, page 9 of the filed PDF · View the filing
Management said they have not seen much difference despite these factors.
Answered by Rituraj Sharma
Asked by Jasdeep Walia: Has Chinese dumping competition reduced given rupee depreciation and China scaling back export incentives?
p. 10
“despite depreciation of the rupee as well as the shipping freight rates going up, I would say, in the market, we are not seeing much of a difference as far as the Chinese dumping is concerned.”
Rituraj Sharma, page 10 of the filed PDF · View the filing
Management said no, since price impact would only come in Q2, so there was no forced sale or extra stocking.
Answered by Rituraj Sharma
Asked by Jasdeep Walia: Was Q1 growth boosted by channel inventory stocking ahead of price hikes?
p. 11
“No, I don't think that's the right way to interpret because we -- like I said, the price impact will come in Q2.”
Rituraj Sharma, page 11 of the filed PDF · View the filing
Management clarified the 18% figure refers to a steady-state business excluding the West Asia conflict impact.
Answered by Rituraj Sharma
Asked by Anu Parakh: What gives confidence in the 18% EBITDA margin guidance given historical margins of 14-16%?
p. 12
“what I meant was that we can look at about 18% in a steady-state business without the West Asia impact.”
Rituraj Sharma, page 12 of the filed PDF · View the filing
Management attributed this to heavy investment in capacity, inventory build for BIS compliance transitions, and ramp-up cycles still underway.
Answered by Anand Sultania
Asked by Anu Parakh: Why has ROCE remained weak around 10% despite heavy capex over the years?
p. 12
“Borosil has been investing heavily into capex in the last 3, 4 years.”
Anand Sultania, page 12 of the filed PDF · View the filing
Management said whiteware contribution rose to about 10% of Opalware sales from under 5% last year, though margins are lower than the regular range.
Answered by Anand Sultania
Asked by Bhavin Rupani: What proportion of Opalware sales comes from whiteware versus normal business, and how has it grown?
p. 14
“So Bhavin, our overall contribution to the whiteware probably would be in the range of about maybe 10% of the overall sales from the Opalware.”
Anand Sultania, page 14 of the filed PDF · View the filing
Management said the 20-22% ROCE aspiration is medium-term, driven by capacity utilization, margin improvement, and fixed cost leverage, without a specific bridge or timeline given.
Answered by Anand Sultania
Asked by Devavrat Jatia: How will ROCE improve from about 11% in FY26 to the 20-24% aspiration, and in what timeframe?
p. 17
“That number is not an immediate number. It's a medium term is an aspiration probably where we're going to reach.”
Anand Sultania, page 17 of the filed PDF · View the filing
Risks flagged
Input cost inflation from the West Asia conflict, particularly fuel and packaging costs
p. 4
“The lower margins are primarily attributable to input cost inflation, particularly in fuel and packaging materials arising from the West Asia conflict.”
Rituraj Sharma, page 4 of the filed PDF · View the filing
BIS compliance requirements impacting sales of the Hydra range
p. 5
“BIS compliance requirements continue to impact sales of our Hydra range.”
Rituraj Sharma, page 5 of the filed PDF · View the filing
Chinese dumping of borosilicate glassware products continuing to affect the market
p. 10
“unfortunately, this continues to happen. And despite depreciation of the rupee as well as the shipping freight rates going up, I would say, in the market, we are not seeing much of a difference as far as the Chinese dumping is concerned.”
Rituraj Sharma, page 10 of the filed PDF · View the filing
Fluid input cost environment making margin recovery hard to quantify
p. 12
“So frankly, it's too hard to put a number because the market -- the input cost inflation is a bit fluid at this moment.”
Anand Sultania, page 12 of the filed PDF · View the filing
Lower ROCE due to heavy capex and depreciation from recent manufacturing investments
p. 17
“Initially, what happens is basically due to heavy capex and the depreciation element probably, initially, the businesses are seeing with a lower ROCE, but definitely, this will improve going forward.”
Anand Sultania, page 17 of the filed PDF · View the filing
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