Borosil (BOROLTD) Q4 24/25 earnings summary

Executive summary

• Achieved 16.8% year-over-year revenue growth in FY25, reaching ₹1,107.8 crore, with strong performance across glassware, opalware, and non-glassware segments.

• FY25 profit after tax rose to ₹74.2 crore, up 12.7% year-over-year, despite higher depreciation and tax expenses.

• Commissioned a new borosilicate glass furnace and launched a manufacturing unit for vacuum insulated stainless steel bottles with ₹40 crore CapEx, targeting commercial production by Q4 FY26.

• Raised ₹150 crore via QIP, fully utilized for loan repayments and working capital, and received a credit rating upgrade to AA- (stable).

• Faced regulatory headwinds (BIS, UCPMP), impacting B2B and inventory levels, but offset by e-commerce and product innovation.

Financial highlights

• FY25 revenue from operations grew to ₹1,107.8 crore from ₹948.5 crore in FY24 (16.8% growth); PAT increased to ₹74.2 crore from ₹65.9 crore.

• Operating EBITDA before investment and one-time income rose 22.6% to ₹177.7 crore; EBITDA margin improved to 16.3%.

• Q4FY25 revenue was ₹270.2 crore (up 15.7% YoY); EBITDA was ₹39.5 crore (up 52.9% YoY); PAT was ₹11.1 crore.

• Net debt reduced to ₹26.5 crore at FY25 end from ₹159.4 crore in FY24.

• Advertising and sales promotion expenses rose to ₹86.8 crore due to channel shift.

Outlook and guidance

• Maintains long-term CAGR guidance of 15%-20% through 2030, but expects FY26 to be challenging due to regulatory and supply chain issues.

• Anticipates ROCE to rebound as new assets reach higher utilization; expects inventory normalization as regulatory issues resolve.

• Focus on expanding glass storage, opalware, and premium domestic appliances, with continued investment in brand building and digital transformation.

• No immediate plans for major new CapEx beyond ₹40 crore for the steel bottle plant and ₹20 crore for maintenance.