Borosil Limited will hold its 16th Annual General Meeting on September 24, 2026. The meeting is scheduled for 11:00 am and will be conducted through video conference or other audio-visual means.

The company announced the date in a letter dated August 28, 2026, addressed to the BSE and NSE. The proceedings will comply with the Companies Act, 2013 and SEBI Listing Regulations, 2015.

Voting and Record Dates

Shareholders holding shares as on August 21, 2026, will receive the Annual Report for FY26 electronically. Those without registered email addresses will receive letters containing web links to access the report.

Remote e-voting will commence on Monday, September 21, 2026, at 9:00 am and conclude on Wednesday, September 23, 2026, at 5:00 pm. Only shareholders recorded in the register as on the cut-off date of September 17, 2026, are eligible to vote.

Key Dates

Pradeep Joshi, Company Secretary & Compliance Officer, signed the communication on behalf of the company.

Borosil reported a 26.5% year-on-year decline in net profit for Q1FY27 to ₹12.8 crore, despite revenue growing 9% to ₹253.6 crore. The profit contraction was primarily driven by input cost inflation linked to the West Asia conflict, which impacted fuel and packaging material prices.

Management disclosed that the overall net impact of the conflict on the quarter was approximately ₹10 crore, partially offset by price increases implemented across multiple categories. The company also faced headwinds in its Hydra vacuum-insulated stainless-steel flasks and bottles category due to BIS compliance challenges, although it successfully commissioned two double-wall lines at its new Rajasthan plant in June 2026.

Financial Performance Overview

EBITDA (excluding other income) declined 7.7% to ₹34.5 crore, resulting in an EBITDA margin contraction of 240 basis points to 13.6%. Including other income of ₹6.7 crore, total EBITDA stood at ₹41.1 crore. Profit before tax fell 25.7% to ₹17.4 crore.

The previous year’s results included a one-time stamp duty reversal of ₹7.2 crore and interest income of ₹1.4 crore, whereas the current quarter benefited from royalty income of ₹4 crore and investment income of ₹1.2 crore. Depreciation decreased marginally to ₹21.9 crore from ₹22 crore, while finance costs rose slightly to ₹1.8 crore from ₹1.7 crore.

Segment Performance

The consumerware business drove revenue growth, with total segment revenue rising 9.2% to ₹247.4 crore. Glassware was the strongest performer, growing 16.8% to ₹65.6 crore, primarily led by volume growth rather than price hikes. Opalware revenue increased 9.8% to ₹83.6 crore, also driven by volume. Non-glassware products saw modest growth of 4.2% to ₹98.1 crore, offsetting challenges in the Hydra range with strong performance in domestic appliances and stainless steel cookware.

Capacity Expansion and ESG Initiatives

Borosil outlined several capital expenditure initiatives aimed at future growth:

• Rajasthan Plant: Commissioned two double-wall lines for vacuum-insulated stainless-steel flasks and bottles with an initial capex of ₹65 crore. Commercial production began on June 30, 2026. A third line is targeted for Q2FY27.
• Gujarat Facility: Board approved a new manufacturing facility at Bharuch for glass jars, jugs, and bottles with estimated capex of ₹42 crore. Commissioning is expected by end of Q3FY27.
• Jaipur Expansion: Expansion of borosilicate glassware furnace capacity from 25 TPD to 32 TPD with a third forming line. Estimated capex is ₹50 crore. Commissioning expected by end of Q4FY28.
• Solar Energy: Commissioned a third captive solar plant in Bikaner (20 MW peak with battery storage) during Q1FY27. Solar power now meets about 61% of overall energy requirements, with expected EBITDA savings of ₹27–28 crore in FY27.

Total capex for FY27 is estimated between ₹125 crore and ₹150 crore.

Management Guidance and Outlook

Management guided for an overall EBITDA margin of approximately 18% for FY27, excluding the impact of the West Asia conflict. CFO Anand Sultania noted that historically, margins have been in the 14–15% range, but the company aims for steady-state improvement through capacity utilization and cost efficiencies. Price hikes ranging from 5% to 7% have been implemented, with realization expected from Q2FY27 onwards.

The company maintains a net debt position of ₹99 crore as on June 30, 2026, with investments and cash balances of ₹56.2 crore against total debt of ₹155.2 crore. Management also highlighted plans to improve ROCE to 20–24% over the medium term as heavy capex cycles normalize and operational leverage improves.

What the Numbers Show

The financial data reveals a clear divergence between top-line growth and bottom-line profitability. While gross margins expanded by 230 basis points to 69.1%, indicating effective product mix or pricing strategies, this gain was entirely negated by a sharp rise in operating expenses. Other expenses jumped 22.9% to ₹107.7 crore, outpacing the 9% revenue growth. This suggests that rising input costs, particularly fuel and packaging materials linked to geopolitical tensions, are currently eroding operational leverage. Additionally, the shift from one-time gains in Q1FY26 (stamp duty reversal) to more normalized income streams in Q1FY27 highlights the underlying pressure on core operational profitability.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE02PY01013/059cf32c-967b-4b7b-aedd-aa7bbe7d566c.pdf