Borosil Ltd. Future Of Glassware ???

Company: Borosil Limited (listed in India, ticker: BOROLTD) — India’s iconic name in household glassware and scientific products. HQ: Mumbai. Promoted by the Kheruka family.
Group scope: Consumer houseware + Scientific products (via Borosil Scientific Ltd) + Solar glass (separate listed entity Borosil Renewables Ltd).
Heritage: Founded 1962 (initially with Corning).

Business & Brands

Consumer (Borosil / Larah): Oven & microwave-safe glassware, storage, serveware, bottles, dinnerware (incl. opalware “Larah”). Retail + e-commerce + modern trade.
Scientific (Borosil Scientific Ltd): 4,000+ SKUs — lab glassware/consumables, instruments, pharma primary packaging, process systems; key Indian manufacturing footprint.
Solar/Specialty Glass (Borosil Renewables Ltd): India’s pioneer in solar PV glass; ongoing capacity expansions; exports to multiple regions.

Chairman: B. L. Kheruka; MD & CEO: Shreevar Kheruka (Borosil Ltd).
Promoter holding: Majority control remains with the Kheruka family (publicly listed shareholding pattern).

Scale & profitability: Revenue ~₹1,100+ crore; PAT ~₹80 crore (recent full-year snapshot).
Valuation & returns: Market cap ~₹4,400–4,500 crore; P/E ~50s; ROE high-single digits; ROCE low-teens (tracker view).
Balance sheet: Low leverage; detailed BS available (public trackers).
Latest reporting package: FY 2024–25 Annual Report + BRSR 2024–25 available on investor site.

Recent operating update (Q1 FY26)

Revenue ~₹233 crore (+5% YoY); EBITDA margin improved to ~17.8% (company call/coverage).

Consumer Products: India’s most recognized heat-resistant glass houseware brand; premiumization + newer formats (storage, on-the-go bottles).
Scientific & Industrial: Deeper B2B stickiness with pharma, research, diagnostics; broad, specialized catalog.
(Group) Solar Glass: Structural beneficiary of India’s PV capacity build-out; efficiency upgrades and capacity additions in pipeline.

ESG Policy & Reporting: Dedicated ESG Policy and SEBI-aligned BRSR disclosures (environment, energy, water, waste, safety, human rights, supply chain).
Environment:
- Emissions & energy: push towards renewable electricity, process efficiency, lower toxic emissions.
- (Renewables entity) Investments into wind-solar hybrids; continuous footprint reduction in solar glass operations.
Social (People & Community):
- Non-discrimination, safe workplace, POSH, training, contractor & supplier adherence to human-rights clauses; CSR in education, health, livelihoods.
Governance:
- Formal policies on ethics, whistle-blower, related-party transactions, risk, and board-level oversight of ESG/CSR.

Brand trust in Indian kitchens; distribution reach (offline + online).
Technical depth via scientific and process systems businesses (B2B stickiness).
(Group) First mover in India’s solar glass; export capability.

Energy & raw material volatility (glass is energy-intensive). (Disclosed in filings/MD&A narratives.)
Competitive pressure (domestic & imports) across consumer and solar glass
Execution risk on expansions; working-capital cycle stretch vs past (tracker flags).
Moderate ROE vs premium valuation — requires steady growth/efficiency to sustain multiples.

Consumer: Premiumization, gifting, and food-storage trends support steady growth; brand extensions help margins.
Scientific: India pharma/biotech diagnostics tailwinds; broader lab/consumables catalog under Borosil Scientific to scale.
Solar glass (group): Multi-year beneficiary of India’s PV capacity ramp + export optionality, contingent on global pricing and power costs.

Technical Overview