Borosil Limited

Borosil released scientific division results yesterday and it continue to face headwinds as management mentioned in the last concall. Revenue grown 6% and EBITDA/PAT grown at around 15% yoy. Its been couple of months already since the spin off but the shares are still not listed in the exchanges. This will be a point of discussion in the coming concall.

Q3 FY24 Q3 FY23 YOY Q2 FY24 QOQ 9M FY24 9M FY23 YOY
Revenue 88.42 83.32 6.12% 84.35 4.83% 252.48 235.03 7.42%
EBITDA 14.75 12.9 14.34% 13.85 6.50% 35.91 35.41 1.41%
EBITDA % 16.68% 15.48% 7.75% 16.42% 1.60% 14.22% 15.07% -5.60%
PAT 7.45 6.45 15.50% 7.74 -3.75% 19.39 18.92 2.48%
PAT % 8.43% 7.74% 8.84% 9.18% -8.18% 7.68% 8.05% -4.60%

Any reason why are they not being traded

Does any one sees the shares of BS in their demat account


I have 2 accounts in Zerodha and ICICI direct where I am eligible to get BS. But none of the account have received the same. Can anyone share when they will get listed? Tentative was January and its March…


hopefully soon, even I’ve not gotten it. Unfortunately it’s impossible to predict when permissions come and listings happen given how slow both the exchanges and NCLT are.

any idea what would be the value of this?
consumer is definitely the better business, if we get a decent price i would like to borosil scientific and re-invest to consumer as i’d like to be in the story that (a) shreevar is definitely more hands on in (b) not wait for some turnaround as we’ve with Tarsons how painful that is.

I also worry about medium term value migration from glass → plastic in scientific (which is the opposite of consumer where it is a tailwind).

assuming 28-30 cr PAT, am hoping for 750-900 cr market cap!

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In Zerodha or CDSL in the portfolio it should show the listing:

Basically not assigned any value as it hasn’t listed but it will reflect in the holding.

Borosil hired a VP Investor relations and business analysis (Ex PVR INOX). Seems like company is getting ready to raise more capital and accelerate its expansion plans

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Borosil Ltd

Q3 concall and results highlights -

Q3 financial outcomes -
Sales - 302 vs 207 cr
EBITDA - 65 vs 26 cr
PAT - 37 vs 16 cr

9M financial outcomes -
Sales - 714 vs 565 cr
EBITDA - 125 vs 80 cr
PAT - 61 vs 48 cr

Segment wise sales for 9M ending Dec 23 -

Glassware ( under Borosil brand ) - 155 vs 138 cr, up 12 pc
Non Glassware ( under Borosil brand ) - 290 vs 235 cr, up 23 pc
Opalware ( under Larah brand )- 269 vs 192 cr, up 39 pc

This performance is superlative considering most other consumer durable, kitchen appliance, glassware companies reported a flattish Qtr / 9M performance

Post doubling of Opalware capacity and its utilisation, significant operating leverage helped in margin expansion. Also the RM and fuel costs were benign in 9M FY 24

Company has just commissioned a furnace near Jaipur making press - ware Borosilicate. This ll help the company reduce its import bill and also help lower RM costs. This will also help the company ramp up its exports

Company is guiding for a medium term ( 3-5 yrs ) sales growth CAGR of 15 pc plus ( includes good and bad years )

Depreciation expected @ 80 cr / yr post the commissioning of Jaipur furnace ( that is going to make borosilicate )

At present, Borosil Ltd has a debt of 180 cr on its books

Most of the growth reported by the company is volume led as the company has not taken any price hikes this yr. Some element of growth is also attributable to higher sale of premium products

Opalware capacity utilisation @ 85 pc at present

No major capex lined up for next 12-18 months as the company intends to stabilise the borosilicate furnace and improve its utilisation

The company’s consumer durable range is placed at the premium end. Company is not playing in the mass mkt segment. Also, company doesn’t manufacture any of these durables. They just procure, control quality and distribute

Current size of Opalware industry is around 1200 cr. It was around 300 cr in 2016. Company expects the Industry size to grow to around 3000 cr in the long term

Currently, the company is basically selling to top 100 cities in India. Aim to expand to next 100 cities / rural areas in future

Disc: initiated a tracking position, not SEBI registered, biased


Company hires Legal head now, a guy who worked earlier in Castrol and Godrej Consumer. Clearly the organization is being prepared for the long haul

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It appears the Q4 results are out and looks good but there seems to be some error in Q3 as it includes demerged entity numbers QOQ which should have been excluded but YOY looks fine

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Q3 numbers are without BSL figures. Q4 results look good, however market is reacting negatively.

BSL listing approval is expected by mid June 2024 as per the conf call.

Shares of Borosil Scientific would be listed on stock exchanges on 7th June as per attached notice


Where do we see Borosil Scientific listing price at?

It will be listed tomorrow on both BSE and NSE. So tomorrow post 10am you will be able to see listing price on those exchanges

I am trying to find if anyone here has a view on expected valuation leading to expected listing price. Would give us a heads up on valuation anomaly if there would be any, tomorrow.

1400 cr market cap!! managed to sell today. any reasons why this is trading at at 60x P/E - are we missing anything? FY24 PAT was just 23 cr! overall an amazing outcome for original borosil shareholders before it went ex

Where can we see individual numbers of Borosil Scientific and Borosil LTd?

From where did you get this 1400cr Mcap?

Borosil Scientific Ltd Live Stock Price , Borosci Live Share Price, 544184 | BSE (

af4e6753-c2a2-4e65-9019-d513df401c29.pdf (