Borosil Limited H1 FY27 Revenue Rises 8.8%, Margins Improve

Borosil Limited reported H1 FY27 revenue of INR 627.4 crore, up 8.8% year-on-year, while EBITDA excluding other income rose 25.5% to INR 107.7 crore and gross margin expanded by 390 basis points to 65.2%.

How did Borosil perform in H1 FY27?

Borosil delivered higher revenue and a faster increase in operating profitability in the first half of FY27. Revenue from operations rose to INR 627.4 crore from INR 576.8 crore in H1 FY26, an increase of 8.8% year-on-year.

The company reported that gross profit grew 15.6% to INR 408.9 crore from INR 353.6 crore a year earlier. Gross profit increased faster than revenue, resulting in a gross profit margin of 65.2%, compared with 61.3% in H1 FY26.

EBITDA excluding other income increased to INR 107.7 crore, against INR 89.4 crore in the corresponding previous-year period. This represented year-on-year growth of 25.5%, indicating that operating profitability improved more sharply than sales during the half year.

What did Borosil disclose for the second quarter?

Borosil's investor presentation reported Q2 FY27 revenue from operations of INR 369.8 crore, up 7.5% year-on-year. It also reported profit after tax of INR 31.9 crore for the quarter, a 40.5% increase from the year-earlier period.

The board approved the Q2 FY27 and H1 FY27 financial results on October 29, 2026. Management subsequently discussed the results on a conference call hosted by ICICI Securities Limited on November 2, 2026, with the CEO, whole-time director, CFO and head of investor relations representing the company.

The available disclosures separate the half-year operating metrics from the quarterly revenue and profit figures. The reported H1 performance therefore provides the clearest view of the revenue, gross-profit and EBITDA comparisons offered by management, while the Q2 presentation adds the quarterly sales and PAT figures.

Why did the gross margin expansion matter?

The 390-basis-point increase in gross profit margin was the central feature of Borosil's H1 FY27 update. Gross profit rose by INR 55.3 crore, compared with an INR 50.6 crore increase in revenue, showing that the company retained a larger proportion of revenue after direct costs than it did in H1 FY26.

This margin movement also supported the 25.5% rise in EBITDA excluding other income. Since the disclosed EBITDA measure excludes other income, it offers a view of operating profitability that is less affected by non-operating income items.

In related Q1 FY27 coverage, Borosil had referred to margin pressure linked to the West Asia conflict and guided for an EBITDA margin of 18% for FY27. The H1 gross-margin improvement provides context for how the company was progressing on profitability during the first half, although the disclosed H1 figures do not provide a full-year outcome.

How does the H1 result affect investors and operations?

For investors, the result shows revenue growth alongside faster improvement in gross profit and EBITDA. Revenue rose 8.8%, while gross profit and EBITDA excluding other income rose 15.6% and 25.5%, respectively. These differences are important because they show that profitability advanced at a higher rate than the topline during H1 FY27.

The Q2 FY27 investor presentation also reported a 40.5% rise in profit after tax to INR 31.9 crore. However, the supplied disclosures do not specify the individual operational drivers behind the higher margins, such as product mix, pricing, energy costs or manufacturing efficiencies. Those factors cannot be assessed from the stated figures alone.

For customers and industry participants, the update confirms that Borosil continued to expand revenue despite the earlier reference to external margin pressure. The company did not provide, in the available material, any new announcement on product pricing, capacity, customer demand, or changes to business operations.

What should investors track after Borosil's H1 FY27 update?

Investors should track whether Borosil can sustain its improved profitability through the remainder of FY27. The company had earlier guided for an 18% EBITDA margin for FY27, making subsequent quarterly operating data relevant to assessing progress toward that stated target.

They should also monitor the relationship between revenue growth and gross-margin movement. H1 FY27 established a favourable comparison, with revenue at INR 627.4 crore and gross margin at 65.2%, but the available disclosure does not set out a new full-year revenue target or quantify the effect of external cost pressures on future periods.

Conclusion

Borosil's H1 FY27 results showed steady revenue growth and a stronger improvement in profitability. Revenue rose 8.8% to INR 627.4 crore, while gross profit margin increased to 65.2% and EBITDA excluding other income grew 25.5% to INR 107.7 crore. The Q2 presentation added revenue of INR 369.8 crore and PAT of INR 31.9 crore.

The next point to watch is progress toward Borosil's previously stated FY27 EBITDA margin guidance of 18%. Future quarterly disclosures will indicate whether the H1 margin improvement can be maintained amid the external cost pressures referenced in the earlier Q1 update.