Borosil FY26 Update: Q1 revenue +5.2%, H1 +14.7% YoY

Key numbers investors are tracking

Borosil Ltd (BOM: 543212) reported steady top-line growth in FY26 amid what management described as challenging market conditions. In Q1 FY26, consolidated revenues from operations were reported at ₹232.7 crore, up from ₹221.2 crore a year ago, translating to 5.2% year-on-year growth. A separate consolidated table in the provided data also showed net sales of ₹226.5 crore in Q1 FY26 versus ₹216.8 crore in Q1 FY25, indicating 4.5% growth. On a half-year basis, consolidated revenues from operations in H1 FY26 rose 14.7% year-on-year to ₹573.0 crore from ₹499.5 crore.

Alongside revenue growth, the company highlighted lower power and fuel costs in the quarter. Power and fuel costs declined to ₹17.5 crore from ₹20.4 crore over the same period, with the reduction attributed to solar projects installed in Rajasthan. For H1 FY26, power and fuel costs were also reported lower at ₹36.9 crore compared with ₹42.3 crore in the prior-year period.

Board approvals and exceptional item disclosure

The data also references a board approval dated 5 February for Q3 and 9M FY26 results for the period ended December 31, 2025. As per the disclosure, Q3 FY26 revenue was ₹345.38 crore and Q3 profit after tax (PAT) was ₹24.13 crore. The same note cited an exceptional labour-code related charge of ₹4.05 crore.

For the first nine months of FY26, revenue was reported at ₹933.79 crore. The exceptional impact due to the Labour Code was again stated as ₹4.05 crore.

How FY25 set the base for FY26

For FY25, Borosil reported revenue from operations of ₹1,107.8 crore, up from ₹948.5 crore in FY24, a year-on-year increase of 16.8%. The company also described segment-led growth in FY25, noting that glassware grew 27.2%, non-glassware grew 17.2%, and Opalware grew 7.3%.

In Q1 FY25, the company reported revenue from operations of ₹216.8 crore, up 23.2% year-on-year from ₹176.1 crore. Segment details for Q1 FY25 in the provided text included glassware segment revenue of ₹55.7 crore (up 42.2% from ₹39.2 crore) and non-glassware segment revenue of ₹85.1 crore (up 20.3% from ₹70.7 crore).

Demand conditions and near-term headwinds

Management commentary in the provided data pointed to a difficult demand environment in the near term, especially in B2B and traditional trade channels. The company also referenced concerns around building an Indian vendor ecosystem for appliances, including challenges related to cost structure and technical know-how that could translate into higher prices.

Despite these headwinds, the company reiterated that short-term softness does not change its longer-term intent. Management maintained a medium-term revenue CAGR target of 15% to 20% and said margins should trend upwards from last year’s 14% to 15% EBITDA margin range, potentially reaching the low-20s over the next three to four years, depending on market demand.

Supply constraints in Hydra and guidance caution

While reiterating medium-term targets, management also acknowledged operational constraints. In the material provided, management said 15% to 20% growth for FY26 remains challenging due to supply constraints in the Hydra category. The company indicated that the ability to supply remains a day-to-day challenge, and that this limits confidence in reaffirming near-term growth guidance even if demand improves.

On capital expenditure, management stated that FY26 capex guidance has already been given and that FY27 capex is under consideration. A separate capex reference in the text suggested cumulative capex, including a flask-related investment, could be around ₹900 crore to ₹1,000 crore.

Cost actions: solar capacity expansion

Borosil’s cost narrative in the data highlighted ongoing solar investments. The company is expanding solar capacity by setting up a 20MW plant with capex of ₹75 crore by FY26. This plant is expected to cater to 65% of the company’s power consumption versus 30% previously.

The same note suggested this could reduce overall power and fuel costs by ₹30 crore to ₹32 crore in FY27. These figures were presented as potential savings and were linked to the company’s broader cost-management approach.

Growth metrics cited in the data

The dataset included a snapshot of compounded sales growth rates: 12% over five years, 10% over three years, and 11% on a trailing twelve-month (TTM) basis. It also included management’s reference that between FY18 and FY25, revenues grew at a 23.5% CAGR, while EBITDA expanded at a 34.3% CAGR.

It also referenced a pressware sales expectation in management commentary, where the company said it expects pressware sales to reach ₹250 crore to ₹270 crore.

Summary table of disclosed metrics

Market impact and what it signals for investors

The core takeaway from the disclosed numbers is that Borosil is balancing growth and cost actions in a mixed demand environment. Q1 FY26 showed low single-digit year-on-year revenue growth, while H1 FY26 delivered a stronger 14.7% year-on-year increase, supported by execution and broader category traction mentioned in management commentary.

On profitability drivers, the reported decline in power and fuel costs, linked to solar capacity, is relevant because energy intensity is typically meaningful for manufacturing-led consumer durables and glass-related operations. The planned 20MW solar addition and the stated potential reduction of ₹30 crore to ₹32 crore in FY27 costs indicate that cost control is being pursued alongside capacity and category expansion.

Analyst views and stated targets in the material

The dataset included multiple brokerage references. One note maintained a BUY rating with a revised target price of ₹510 (earlier ₹530). Another note maintained a BUY rating with a revised target of ₹450 (earlier ₹490), flagging capacity constraints in a high-growth Opalware segment as a potential near-term hindrance. A separate note retained an ADD rating with a DCF-based revised target price of ₹365 (earlier ₹440).

These views were presented alongside modelling assumptions such as revenue and PAT CAGR expectations over FY25-27E, but the exact modelled figures should be read as analyst projections rather than company guidance.

Conclusion

Borosil’s latest disclosures show steady FY26 revenue progression, with Q1 revenue reported at ₹232.7 crore and H1 revenue at ₹573.0 crore, alongside a measurable decline in power and fuel costs. Management continues to state a medium-term revenue CAGR target of 15% to 20% and an EBITDA margin aspiration of around 20% over the next few years, while noting that supply constraints in Hydra and near-term demand headwinds can affect yearly outcomes. Investors will likely track how supply constraints ease, how solar-led cost savings flow through, and any further updates around FY27 capex planning.