I could be wrong here but I feel they are losing their market share to their aggressive competitors like Cello and Borosil. Growth of Borosil’s Larah division is in double digits for last many quarters whereas La Opala is struggling to grow its topline in spite of adding capacities and having good margin profile (much better than its competitors). I feel they are getting complacent being the market leader as I neither see much sales promotion efforts nor any new innovative product introductions in the market.
Disclosure - interested but watching. investor in Borosil