Borosil Limited: Q2 FY27 Earnings Call Transcript Released; Anti-Dumping Duty Recommended
Borosil Limited released its Q2 FY27 earnings call transcript. The company highlighted DGTR's recommendation for anti-dumping duty on Chinese glassware. Operational updates include commissioning of a new stainless-steel flask manufacturing unit and solar power plants. H1 FY27 revenue grew 8.8% to ₹627.4 crore, with EBITDA up 20.5% to ₹107.7 crore.
The DGTR's recommendation for anti-dumping duty on imported Chinese glassware is a significant development that could directly impact competition and profitability in a core business segment. Operational expansions and improved financial metrics also contribute to a high impact.
The company reported positive financial performance with revenue and EBITDA growth. Key operational developments, including the DGTR recommendation for anti-dumping duty and commissioning of new manufacturing and solar facilities, are positive for future prospects. Management expressed confidence in sustaining growth and margins.
Borosil Limited has released the transcript of its Q2 FY27 and H1 FY27 earnings conference call, which was held on November 02, 2026. The call featured management including Mr. Shreevar Kheruka (Vice Chairman and MD), Mr. Rituraj Sharma (CEO), Mr. Rajesh Kumar Chaudhary (Whole-Time Director), Mr. Anand Sultania (CFO), and Mr. Dhaval Patel (Head, Investor Relations), with moderation by Mr. Manan Goyal from ICICI Securities Limited.
A significant development highlighted was the Directorate General of Trade Remedies (DGTR) final findings, issued on September 24, 2026, which conclusively established dumping of Borosilicate tableware and kitchenware glassware from China. DGTR has recommended the imposition of anti-dumping duty for five years, subject to notification by the Ministry of Finance. The company believes this will restore a level playing field and improve profitability.
In terms of operational updates, Borosil Limited's wholly owned subsidiary, Stylenest India Limited, commissioned a BIS-compliant manufacturing unit for vacuum stainless-steel flasks, bottles, and containers in Rajasthan. Commercial production commenced on June 30, 2026, with a third line expected in January 2027. The company also commissioned captive ground-mounted solar power plants at Bikaner, totaling 35.8 MWp with a 16.9 MWh battery energy storage system, now meeting approximately 60% of its power requirements.
Borosil has also expanded its direct-to-consumer retail presence with the launch of its first exclusive stores in Pune and Gurugram. Financially, for H1 FY27, revenue from operations increased by 8.8% year-on-year to ₹627.4 crore. Gross Profit grew by 15.6% to ₹408.9 crore, with Gross Profit Margin improving by 390 basis points to 65.2%. EBITDA (excluding other income) increased by 20.5% to ₹107.7 crore.
The Consumerware business showed strong improvement, with the Larah Opalware segment reporting sales of ₹210.7 crore in H1 FY27 (up 7.8%). The glassware segment recorded revenues of ₹152.6 crore (up 2.7%), while the non-glassware segment grew by 10.9% to ₹240.2 crore.
The company is strengthening its ESG initiatives with further solar power plant installations planned. Regarding the new Glassware manufacturing project at Bharuch, Borosil Scientific Limited (BSL) will now set up the facility instead of the company directly. Expansion of the borosilicate Pressware glass furnace at Jaipur is progressing, with commissioning expected by end of Q4 FY28.
During the Q&A session, management discussed the growth in appliances versus glassware, profitability drivers, the impact of seasonal demand, and external cost pressures. They confirmed that the anti-dumping duty, if implemented by the Ministry of Finance within the 90-day period (by December 24, 2026), would primarily benefit by reducing inventory and potentially improving growth rates, rather than directly increasing margins or prices.
The company reiterated its long-term target of 15% to 20% CAGR and expressed confidence in sustaining current revenue growth and EBITDA margins. Management also addressed the commissioning of the third double wall line for stainless-steel flasks, citing supply chain challenges for a slight delay, with an expected impact from end of Q4 FY27. Advertisement spend as a percentage of sales decreased from 7.2% in Q2 FY26 to 5.3% in Q2 FY27.
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Borosil Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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