Borosil Ltd

- No specific guidance on capex for FY '27 has been approved by the Board yet, but reasonable capex is expected due to growth opportunities (Page 12). - Discussion around potential manufacturing of hydra products in-house is ongoing, but no confirmed capex or timeline disclosed yet (Page 9). - Maintenance capex for opalware furnace rebuilding is roughly INR 15 crores per furnace every 2.5 years, considered maintenance, not expansion (Page 11). - There was no mention of any new fundraising through debt or equity in the transcript. - The company currently maintains a strong balance sheet with net cash position of roughly INR 13 crores as of December 2025 (Page 4). - Focus remains on growing the business and executing expansion plans within available resources; no indications of immediate raising capital through debt or equity.

- Brownfield expansion planned to increase glassware capacity by 50% at existing facility; announcements expected next quarter. - Opalware furnace realignment/shutdown every 2.5 years; next shutdown planned for next financial year with maintenance capex around INR15-16 crores per furnace. - FY '27 capex not yet approved, but reasonable capex expected given growth opportunities. - Considering manufacturing of certain products in-house (e.g., for BIS-compliance appliances), but no firm capex or timeline decided yet. - Investing INR75 crores to set up a 20 MWp ground-mounted solar plant with battery energy storage to reduce power costs; expected commissioning in Q4 FY '26. - Incremental capex for opalware debottlenecking is small and aligned with furnace reconstruction timelines. - Overall capex strategy focuses on expanding manufacturing footprint and supporting Make in India initiative.

- Borosil Limited is confident about future growth driven by market shifts towards glassware, healthier options, and stainless steel products. - The company expects growth in opalware and glassware immediately, with margin improvements as production efficiencies ramp up. - Non-glassware, especially stainless steel appliances and cookware, has grown faster than the industry and is expected to sustain strong growth independently for the next 2-3 years due to innovation and market capture opportunities. - Glassware production is near 90% utilization, with plans for brownfield expansion of 50% capacity in existing facilities. - In-house manufacturing ramp-up and improvement in domestic sourcing for hydra products will help recover lost volumes and expand sales. - Overall, Borosil anticipates reasonable capex in FY '27 to support growth opportunities and aims to grow revenues closer to INR 2,000 crores to increase market presence. - The company remains bullish on its long-term growth prospects over the next 5 years within India’s expanding consumer market.

- Borosil Limited anticipates improving EBITDA margins into the low-20% range in the near future, up from current levels around 16-18%, driven by supply normalization (Hydra segment) and cost control measures. - Margin expansion is expected across all three divisions—glassware, opalware, and non-glassware—with structural improvements due to manufacturing efficiencies, product mix premiumization, and backward integration. - The company targets a long-term ROCE of 24% (pretax) across its businesses, including the new Hydra manufacturing. - Revenue growth is expected to accelerate with expanded capacity (e.g., 50% brownfield expansion at glassware), increased domestic sourcing, and market share gains, especially in stainless steel appliances. - Cost-saving initiatives like the solar power plant will reduce power costs, supporting margin improvement. - Management reiterates confidence in sustained growth over the next 2-3 years, driven by market trends toward healthier products and "Make in India" manufacturing.

The transcript does not explicitly mention the current or expected order book or pending orders for Borosil Limited. However, the following points can be inferred regarding demand and production: - Demand has picked up in the second half of the year across all product categories (glassware, opalware, non-glassware). - Glassware is performing best with strong growth driven by shifting consumer behavior. - The company faced disruption in the hydra (stainless steel flasks) segment due to supply issues but expects improvement going forward. - New manufacturing capacity expansions (opalware furnace reconstruction, brownfield expansions) are planned, indicating an anticipation of increased order volumes. - The ramp-up for hydra manufacturing capacity is expected to take 3 to 6 months to reach full utilization, suggesting a build-up of pending orders during this period. No specific order book or pending order numbers were disclosed.