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, with a strong brand legacy and focus on innovation and ESG initiatives.

• 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.

• Profit after tax for 9MFY26 rose 1.6% to INR 64.1 crores, while Q3FY26 PAT was down 32.5% year-over-year due to absence of prior year’s one-time income.

• Robust cash flows of INR 130 crores generated in the first nine months, resulting in a net cash position of INR 13 crores as of December 2025.

• Unaudited financial results for Q3 and 9MFY26 were approved by the Board, with no material misstatements found by auditors.

Financial highlights

• 9MFY26 revenue from operations grew 8.9% year-over-year to ₹911.8 Cr; Q3FY26 revenue was ₹338.7 Cr, up 0.2% YoY.

• Glassware segment revenue grew 21% YoY to INR 231 crores; opalware (Larah) grew 7% to INR 314 crores; non-glassware up 2% to INR 349 crores.

• Q3FY26 EBITDA was ₹55.3 Cr, down 21.8% YoY due to a one-time gain in Q3FY25; PAT for Q3FY26 was ₹24.0 Cr, down 32.5% YoY.

• Other operating income included INR 18.1 crores from shared service support, up from INR 12.6 crores last year.

• Inventory as of December 31, 2025, was INR 324 crores (99 days); receivables INR 120 crores (35-36 days); payables INR 83 crores.

Outlook and guidance

• Management targets a return on capital employed (ROCE) of 24% pre-tax for new investments, including the Hydra plant.

• 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 foreseeable future, driven by cost control, higher utilization, and restoration of Hydra supply.

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

• The company continues to monitor regulatory changes, especially regarding the new Labour Codes, and will adjust accounting as needed.