Borosil Scienti. Q1 FY27 Results (NSE: BOROSCI)
Signal: Loss reversed
The read
The operating recovery is real but uneven: consolidated revenue grew 11.2% YoY and EBITDA margin expanded 534bps to 10.4% from a weak base, led by Glassware's 19.0% revenue growth and turnaround to ₹19.00 lakh profit; however, margin fell 1203bps QoQ from Q4FY26, the subsidiary lost ₹236.18 lakh, and other income of ₹266.64 lakh represented 44.6% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹106.75 Cr | +11.2% | -25.4% |
| EBIT | ₹6.24 Cr | +268.7% | |
| Net profit | ₹4.36 Cr | +203.4% | |
| EPS | ₹0.49 | +204.3% | |
| EBIT margin | 10.4% |
P&L walk
Revenue rose to ₹10,675.23 lakh, +11.2% YoY but -25.4% QoQ; gross margin expanded to 68.8% from approximately 64.0% YoY, EBITDA margin improved to 10.4%, and PAT recovered to ₹435.51 lakh from a ₹420.96 lakh loss, with the subsidiary still loss-making.
Segments
Glassware was the main growth driver at ₹3,836.21 lakh, +19.0% YoY, and returned to a ₹19.00 lakh profit from a ₹227.00 lakh loss, while the subsidiary-linked consolidated gap left group PAT at ₹435.51 lakh versus standalone PAT of ₹684.35 lakh.
Key positives
- Consolidated revenue reached ₹10,675.23 lakh, +11.2% YoY, with Glassware revenue up 19.0% YoY to ₹3,836.21 lakh.
- Glassware segment result improved to ₹19.00 lakh from a ₹227.00 lakh loss YoY, marking a segment turnaround.
- Gross margin expanded approximately 480bps YoY to 68.8%, while EBITDA margin improved 534bps YoY to 10.4%.
- Finance costs declined 33.6% YoY to ₹25.47 lakh, supporting the return to positive PBT and PAT.
Key concerns
- Consolidated EBITDA margin of 10.4% was 1203bps below Q4FY26's 22.4%, so the sequential margin trajectory has weakened materially.
- The subsidiary reported revenue of ₹762.82 lakh and a net loss of ₹236.18 lakh, reducing consolidated PAT to ₹435.51 lakh versus standalone PAT of ₹684.35 lakh.
- Raw materials consumed rose to 38.4% of revenue from 35.0% YoY despite gross-margin expansion, making the margin benefit dependent on inventory and other cost movements rather than clear input deflation.
- The proposed ESOP amendments allow primary issuance or secondary acquisition through a trust and raise the maximum grant discount from 10% to 20%, creating potential future dilution or transfer-of-value risk.
Earnings quality: includes non-operating other income
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