Borosil financials and balance sheet

NSE: BOROLTDBSE: 543212Consumer DurablesSmall Cap

₹235.85₹5.30 (2.20%)BSE ₹236.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹241.15.

52-week range of traded prices to 23 Oct 2026

₹213.73Low, 23 Mar 2026₹363.40High, 4 Nov 2025

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹2,820 Cr990th largest listed
P/E: 40.3
P/B: 3.2
Dividend yield: Nonein the last 12 months
ROE: 8.3%
ROCE: 7.7%
Debt to equity: 0.15
Volume, NSE: 1,72,13344.8% delivered

6 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Borosil annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2024, the company's revenue for that year, ₹942 Cr, differs from its quarters added, ₹1,094 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,196
Materials and goods−473
Employee costs−125
Other expenses−429
Operating profit169
Depreciation−87
Other income+30
One-off items−4.0
Finance costs−6.5
Profit before tax101
Tax−26
Net profit75

What the company owns

Plant, investments and other assets₹739 Cr
Inventory₹366 Cr
Receivables₹107 Cr
Current investments₹66 Cr
Cash and bank₹3 Cr

What pays for it: net worth and liabilities

Net worth₹887 Cr
Other liabilities₹185 Cr
Borrowings₹136 Cr
Owed to suppliers₹73 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Borosil quarterly results

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 10 May	Mar 2023Filed 22 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
Revenue from operations	585	840	1,027	942	1,108	1,196
	502	696	901	810	938	1,027
Materials and goods bought	243	308	412	380	407	473
Employee costs	84	103	122	87	113	125
Other expenses	175	286	366	343	418	429
Operating profit before depreciation	82	144	126	133	170	169
Operating margin	14.1%	17.1%	12.3%	14.1%	15.4%	14.1%
Materials, % of revenue	41.6%	36.7%	40.2%	40.3%	36.7%	39.6%
Employee costs, % of revenue	14.4%	12.2%	11.9%	9.2%	10.2%	10.5%
Other expenses, % of revenue	29.9%	34.0%	35.6%	36.4%	37.8%	35.9%
Depreciation and amortisation	35	34	39	54	81	87
Operating profit after depreciation	47	110	87	79	89	82
Other income	17	25	25	18	27	30
Finance costs	2	1	2	9	13	7
Profit before one-off items and tax	61	133	110	88	103	105
One-off items	0	−11	9	0	0	−4
Profit before tax	61	122	119	88	103	101
	19	37	29	22	29	26
Current tax	11	30	28	17	22	26
Deferred tax	8	7	0	5	7	0
	42	85	90	66	74	75
Belonging to the company's shareholders	42	84	90	66	74	75
Belonging to outside owners of subsidiaries	0	2	0	0	0	0
Other comprehensive income	0	0	0	0	0	0
Total comprehensive income	43	85	90	65	74	75
Net margin	7.2%	10.1%	8.8%	7.0%	6.7%	6.2%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 10 May	Mar 2023Filed 22 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
	708	783	880	580	808	887
	695	767	864	580	808	887
Share capital	11	11	11	11	12	12
Reserves	683	756	852	569	796	875
Belonging to outside owners of subsidiaries	13	16	16	–	0	0
	7	0	97	154	78	136
Repayable after a year	1	0	54	93	43	103
Repayable within a year	6	0	43	61	34	33
	133	149	248	385	251	265
Trade payables	52	57	62	88	79	73
Other financial liabilities	55	70	98	217	114	119
Other liabilities	10	8	15	8	8	9
Provisions	7	9	12	10	11	16
Tax owed	3	5	19	0	4	14
	22	25	85	115	73	130
Other financial liabilities	1	1	7	9	10	7
Provisions	5	3	3	0	0	0
Deferred tax	15	21	21	13	19	20
	863	957	1,213	1,080	1,131	1,282
Held for sale or for a demerger	–	61	36	–	–	–
	426	399	654	625	639	696
Plant in use, after depreciation	278	207	443	545	581	530
Plant being built	13	25	47	25	18	105
Intangible assets	1	0	0	2	1	0
Goodwill	68	68	68	0	0	0
Intangible assets being developed	0	0	2	0	0	0
Property held to earn rent	2	1	1	1	1	1
Investments	47	40	37	28	22	17
Loans given	0	0	0	0	1	0
Other financial assets	5	5	8	2	4	4
Deferred tax	4	2	2	0	0	0
Other assets	9	51	45	22	12	37
	437	496	523	455	492	586
Inventories	148	193	241	253	333	366
Trade receivables	66	74	92	91	101	107
Cash and cash equivalents	7	23	9	5	1	3
Other bank balances	1	6	3	1	0	0
Current investments	198	157	142	58	28	66
Loans given	1	15	0	1	1	1
Other financial assets	4	6	3	3	3	6
Other assets	12	21	33	43	25	37
Net debt	−199	−186	−56	89	48	67

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 10 May	Mar 2023Filed 22 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
	186	77	64	48	−19	119
	195	105	85	65	−2	135
	102	−43	−48	−80	−180	−49
Receivables	22	−8	−29	−40	−10	−6
Inventories	36	−46	−48	−108	−80	−33
Payables	7	5	29	47	−9	−6
Other working capital	36	5	0	21	−80	−4
Tax paid	−9	−28	−21	−17	−17	−16
Capital spending	22	88	268	175	98	138
Free cash flow	164	−11	−204	−127	−117	−19
	−137	−37	−177	−106	−41	−165
Plant and property sold	1	3	43	1	15	2
Interest received	1	1	2	1	0	1
Dividends received	0	0	0	0	0	0
	−45	−24	99	55	56	48
Borrowings raised	0	0	68	87	12	83
Borrowings repaid	−43	−7	29	−21	−88	−24
Interest paid	−2	−1	−3	−12	−13	−7
Lease payments	0	0	−1	−2	−5	−5
Dividends paid	0	11	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	148	0
Net change in cash	4	16	−14	−3	−4	2

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only.

Consolidated, ₹ per share, years to March.Borosil dividend history

₹ per share	Mar 2021Filed 28 May	Mar 2022Filed 10 May	Mar 2023Filed 22 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
Earnings per share	₹3.69	₹7.34	₹7.86	₹5.75	₹6.28	₹6.24
Diluted earnings per share	₹3.69	₹7.34	₹7.86	₹5.75	₹6.28	₹6.24
Dividend per share	₹1.00	–	–	–	–	–
Book value per share	₹60.88	₹67.20	₹75.48	₹50.62	₹67.57	₹74.17
Dividend payout	27.1%	–	–	–	–	–
Shareholder yield	0.0%	0.3%	0.0%	0.0%	−3.7%	0.0%
Market cap at the year end (₹ crore)	1,926	3,776	3,742	4,093	3,992	2,613

Ratios

Consolidated, years to March.Borosil PE ratio and valuation

Ratio	Mar 2021Filed 28 May	Mar 2022Filed 10 May	Mar 2023Filed 22 May	Mar 2024Filed 25 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
Revenue growth	–	43.6%	22.3%	–	17.6%	8.0%
Operating profit growth	–	74.5%	−12.0%	–	28.1%	−0.8%
Net profit growth	–	101.2%	5.8%	–	12.7%	0.6%
Earnings per share growth	–	98.9%	7.1%	–	9.2%	−0.6%
	6.1%	11.5%	11.0%	9.1%	10.7%	8.8%
	–	5.4 pts	−0.4 pts	−1.9 pts	1.6 pts	−1.9 pts
From the net margin	–	2.3 pts	−1.4 pts	−2.2 pts	−0.4 pts	−0.7 pts
From asset turnover	–	3.0 pts	0.3 pts	−1.2 pts	1.9 pts	−0.1 pts
From borrowing	–	0.0 pts	0.7 pts	1.5 pts	0.0 pts	−1.0 pts
Return on capital employed	6.6%	14.0%	8.9%	10.7%	10.1%	8.0%
Cash conversion	438.4%	89.8%	70.7%	72.9%	−26.0%	159.2%
Interest cover	19.4	98.3	36.4	9.0	7.0	12.5
Debt to equity	0.01	0.00	0.11	0.27	0.10	0.15
Receivable days	41	32	33	35	33	33
Inventory days	221	229	214	243	299	282
Payable days	77	68	55	85	71	56
Cash conversion cycle, days	185	194	191	193	261	259
Working capital days	64	70	58	26	81	87
Asset turnover	0.68	0.92	0.95	0.82	1.00	0.99
Assets per rupee of net worth	1.24	1.24	1.33	1.59	1.59	1.42
Sales per rupee of plant	2.10	4.06	2.32	1.73	1.91	2.26
Capital spending to depreciation	0.61	2.60	6.82	3.25	1.21	1.58
Plant being built, % of plant in use	4.6%	12.1%	10.6%	4.7%	3.1%	19.9%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.2%
Cash from operations against operating profit: 70.4%

Measure	5 years	3 years
Revenue growth, yearly rate	15.4%	5.2%
Profit growth, yearly rate	12.1%	−6.0%
Return on equity, average	10.2%	9.5%
Return on capital employed, average	10.3%	9.6%
Operating margin, average	14.6%	14.5%
Net margin, average	7.8%	6.6%
Asset turnover, average	0.94	0.94
Cash conversion cycle, days, average	220	238
Interest cover, average	32.6	9.5
Debt to equity, average	0.13	0.17

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	288	148	119
Cash from investing	−526	−312	−165
Cash from financing	235	159	48
Capital spending	766	411	138
Dividends paid	11	0	0
Shares bought back	0	0	0
Shares issued for cash	148	148	0
Borrowings raised	250	181	83
Borrowings repaid	169	133	24

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	3	2	6	5
Altman Z-scorePublished threshold 1.81	9.91	15.89	9.17	6.90	9.97	6.44
Beneish M-scorePublished threshold −1.78	–	−1.94	−2.42	−2.94	−2.05	−1.55
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	5.02	18.74	10.81	12.20	10.00
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	1.50	0.78	0.40	0.69
Receivables growth less revenue growthOur threshold 0 percentage points	–	−31.65	1.64	7.51	−6.79	−2.25
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	4.42	−9.11	12.62	24.72	−6.43
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	1.33	0.85	1.04	−1.62	1.27
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.17	0.16	0.16	2.91
Effective tax ratePublished threshold 17.16 per cent	30.84	30.15	24.10	25.01	28.10	26.03
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	7.18	6.36	5.97	11.15	9.79

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
9 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA-Review, Re-affirm	Stable	2
9 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA-Review, Re-affirm	Stable	100
9 Dec 2025	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		1.20
9 Dec 2025	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Stable	46.35
9 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Stable	135

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.