Borosil Scientific Limited

Consumer Cyclical — Packaging & Containers · NSE

₹107.68−₹0.97 (−0.89%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:58 pm

Understanding the Business

Company site ↗

The 60-second version of Borosil Scientific Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Borosil Scientific Limited engages in the manufacture and sale of laboratory glassware.

IndustryPackaging & Containers

SectorConsumer Cyclical

Employees616

Annual revenue₹466 Cr

How does it make money?

Turns over ₹466 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 616 employees supports ₹75.7 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹75.7 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 9.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE25.9%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +375% while net margin moved +253% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+375%

Margin effect+253%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.61 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

66/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

77/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

22.2x

3Y Median

49.3x

30 monthly readings · mean 103.5x · range 27.6x–920.3x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 55% below its 3y median of 49.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 68% below the peer median of 69.2x.

vs. its own history

Cheap

49.3x median over 30 months · -55%

vs. sector peers

Cheap

69.2x median of 4 peers · -68%

vs. generic bands

Fair

15x–35x

EV/EBITDA

13.4x

PEG

0.14

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 10.3% to 15.2% over 3 years.
Debt is being paid down
Total debt is down 81% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 2.2% to 7.8%.
Return on capital is rising
ROCE has improved from 2.5% to 9.6%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 3 high

🔴High leverageFinancial
Debt/Equity of 1.96x — earnings must service borrowings before shareholders see anything.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 538% against revenue up 375% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 10.3% to 15.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 81% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 55% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 68% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 1.96x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 538% against revenue up 375%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 51% a year✓ 68.2% CAGR
Latest reported year was 11.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 13%✓ 15.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹15 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 9.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 5 neutral · 2 weak

Market Cap

₹958 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

22.2x

Fair

Fairly valued against the generic band

P/B Ratio

2.17x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹4.85

Profitable

Profitable on a per-share basis

ROE

7.8%

Weak

Weak capital efficiency

ROCE

9.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.96x

High

High leverage

Revenue Growth (YoY)

11.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

29.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹15 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

3.3%

Weak

Thin margins leave little room for error

Net Margin

9.0%

Average

Average bottom-line conversion

Current Ratio

3.62

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.61

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

113.1 / 122.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

35.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹98 Cr	₹395 Cr	₹437 Cr	₹466 Cr	+68.2%
EBITDA	₹10 Cr	₹51 Cr	₹58 Cr	₹71 Cr	+91.5%
EBITDA Margin	10.3%	12.8%	13.2%	15.2%	—
PAT (Net Profit)	₹2 Cr	₹24 Cr	₹27 Cr	₹35 Cr	+156.0%
EPS	₹0.23	₹2.65	₹3.02	₹3.89	+155.8%
ROE	2.2%	6.3%	6.6%	7.8%	—
ROCE	2.5%	8.7%	9.9%	9.6%	—
Total Debt	₹46 Cr	₹18 Cr	₹14 Cr	₹9 Cr	-42.7%
Free Cash Flow	-₹22 Cr	₹17 Cr	₹106 Cr	₹15 Cr	—

🟢 Revenue has grown at 68.2% a year over 3 years.

🟢 EBITDA has grown at 91.5% a year over 3 years.

🟢 EBITDA Margin has risen from 10.3% to 15.2% over 3 years (+4.9 pts).

🟢 PAT (Net Profit) has grown at 156.0% a year over 3 years.

🟢 EPS has grown at 155.8% a year over 3 years.

🟢 ROE has risen from 2.2% to 7.8% over 3 years (+5.6 pts).

🟢 ROCE has risen from 2.5% to 9.6% over 3 years (+7.2 pts).

🟢 Total Debt has shrunk at 42.7% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹22 Cr to ₹15 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹549 Cr

Total Liabilities

₹108 Cr

Cash & Equivalents

₹13 Cr

Operating Cash Flow

₹43 Cr

Capex

-₹28 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

73.7%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

2 mixed4 general

Borosil Scientific Share Price Forecast: 3 Year Outlook to 2030

Univest, 15 Jul

Borosil Scientific Ltd | Stock Share Price Live

MarketSmith India, 10 Apr

Borosil Scientific Q1 Revenue Reaches ₹107 Crore, Posts ₹4.4 Crore Net Profit YoY

Sahi, 03 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Borosil Scientific reports consolidated net profit of Rs 4.37 crore in the June 2026 quarter

Business Standard, 04 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Borosil Scientific FY26 PAT rises 13.4% to ₹39.7 crore

scanx.trade, 20 May

Borosil Scientific Share Price: Buy or Sell

Univest, 11 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Valuation

MiddlingBusiness Quality · Profitability

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 3 high-severity red flags sit above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑