Borosil (BOROLTD) Q3 25/26 earnings summary

Executive summary

• Consolidated revenues for the nine months FY26 reached INR 912 crores, up 9% year-over-year, reflecting steady growth despite supply challenges in certain categories.

• Operating EBITDA before investment income and one-time items was INR 145 crores, a 3.4% increase year-over-year, with margins slightly lower at 16.2% versus 17% last year.

• PAT for the nine months was INR 64.1 crores, up 2% year-over-year, aided by a one-time stamp duty reversal and offset by higher depreciation and exceptional items.

• Over 60 years of brand legacy, leading in glass microwavables and opalware, with a strong presence in retail and exports.

• Focused on customer-centric innovation, expanding from glassware to a broad consumerware portfolio including appliances and storage.

Financial highlights

• Q3FY26 consolidated revenue from operations was ₹338.7 Cr, up 0.2% year-over-year, with EBITDA at ₹55.3 Cr and PAT at ₹24.0 Cr, both down due to absence of prior year’s one-time income.

• Glassware segment revenue grew 21% year-over-year to INR 231 crores for 9MFY26, driven by a shift from plastic to glass products.

• Larah opalware sales rose 7% to INR 314 crores, while non-glassware segment saw a modest 2% increase to INR 349 crores for 9MFY26.

• Hydra bottle sales declined 30% due to BIS compliance-related supply constraints, not demand.

• Robust cash flows of INR 130 crores were generated, resulting in a net cash position of INR 13 crores at the end of the period.

Outlook and guidance

• Management targets a return to previous Hydra sales levels in the coming year as new manufacturing ramps up.

• Targeting 15–20% revenue CAGR in the medium term, with focus on premiumization, new product launches, and e-commerce acceleration.

• EBITDA margin is expected to move to the low 20s in the near future, supported by cost controls and improved supply.

• Brownfield expansion for glassware is planned, with announcements expected next quarter.

• Ongoing investments in capacity expansion, especially in vacuum-insulated steel products, to drive future growth.