Borosil (BOROLTD) Q2 25/26 earnings summary

Executive summary

• H1 FY 2026 revenue reached INR 573 crores, up 14.7% YoY, with PAT up 45.3% to INR 40.1 crores and net debt at INR 4.5 crores as of September 2025.

• The company is a leading brand in glass microwavables and the largest Opalware player in India, with a 60+ year legacy and strong consumer equity.

• Focused on innovation, customer-centricity, and expanding product range, with significant investments in manufacturing capacity, especially for vacuum-insulated steel products.

• Approved a new manufacturing unit for vacuum-insulated stainless-steel products with an initial capacity of 3.6 million units per annum, targeting commercial production by Q4 FY 2025-26.

• Recognized as the most trusted consumer service provider in the consumer appliances sector at the India CISO Summit & Awards 2025.

Financial highlights

• Q2FY26 consolidated revenue grew 22.3% YoY to ₹340.4 crore, with EBITDA up 7.6% to ₹54.0 crore and PAT up 24.0% to ₹22.7 crore.

• H1FY26 revenue from operations up 14.7% YoY to ₹573.0 crore; PAT up 45.3% to ₹40.1 crore; net debt reduced to ₹4.5 crore.

• Operating EBITDA before investment and one-time income was INR 90.1 crores, up 9.5% YoY; margin at 16.1%.

• Power and fuel costs declined from INR 42.3 crores to INR 36.9 crores YoY.

• Basic and diluted EPS for the quarter stood at ₹1.90, compared to ₹1.53 in the same quarter last year.

Outlook and guidance

• Management targets a revenue CAGR of 15–20% in the medium term, focusing on premiumization, new product launches, and e-commerce.

• Short-term revenue growth is constrained by supply issues in the Hydra category, with normalization expected in the next 2-3 quarters.

• The new manufacturing unit is expected to enhance compliance, cost efficiency, and supply chain resilience, reducing import dependence.