Borosil Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Borosil Ltd trades at ₹239, in a downtrend and 74 weeks into that stage. That is −10.1% against its own 200-day average. It sits at 15% of a 52-week range of ₹219 to ₹352. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a downtrend — week 74 of stage 4, confirmed. At ₹239 it trades −10.1% versus its 200-day average and sits at 15% of its 52-week range (₹219–₹352).

Against the market, two honest reads. Cumulative: over the last 6.0 years the stock moved +54% while the NIFTY 500 moved +157% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 20th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Borosil Ltd trades at 35.8× P/E, near the bottom of its own range — cheaper only 20% of the time. Its long-run median P/E is 51.0×, measured across 6.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 35.8× is near the bottom of its own range — cheaper only 20% of the time, against a long-run median of 51.0× measured over 6.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +0.5% against a −28.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +5.1%/yr price move, ~+12.0%/yr came from earnings growth and ~−6.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 613% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Borosil Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE lifting at 12.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

43.0/100 — rank 3 of 3 in Opalware · 74% evidence confidence

Borosil Ltd scores 43.0 out of 100 against the 3 companies it is compared with in Opalware, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 11 + 13.9 + 12.1 + 6 = 43. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Borosil Ltd reported ₹284 Cr of revenue in the Mar 26 quarter, +5.2% year on year. That is the 7th straight quarter of year-on-year growth. Over 8 years it has compounded at 36.2% a year. The last full year, FY26, came in at ₹1,196 Cr. The last four reported quarters add to ₹1,196 Cr.

Borosil Ltd reported ₹284 Cr of revenue in the Mar 26 quarter, +5.2% year on year. That is the 7th straight quarter of year-on-year growth. Over 8 years it has compounded at 36.2% a year. The last full year, FY26, came in at ₹1,196 Cr. The last four reported quarters add to ₹1,196 Cr.

FY26 revenue came in at ₹1,196 Cr (+9.7% on the year), capping 8 years at 36.2% compound. The latest quarter (Mar 26) printed ₹284 Cr, +5.2% year on year — the 7th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +8.8% growth against the decade's 36.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +8.4% over the last 4 quarters against +8.3%/yr over the last 8 — stabilising; TTM profit +2.7% vs +5.8%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 11.0% this quarter (−3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Borosil Ltd's operating margin is 11.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 9.0% to 18.0%. The current quarter sits inside that band.

Borosil Ltd's operating margin is 11.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 9.0% to 18.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.0%, −3.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 9.0%–18.0%.

🚨 Why the margin moved: operating margin went −3.1 pp year on year while gross margin went −1.5 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit +0.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Borosil Ltd earned ₹11.0 Cr of net profit in the Mar 26 quarter, +0.0% year on year. Full-year FY26 profit was ₹75.0 Cr. That is 3.9% of the quarter's revenue. The same quarter a year earlier earned ₹11.0 Cr.

Borosil Ltd earned ₹11.0 Cr of net profit in the Mar 26 quarter, +0.0% year on year. Full-year FY26 profit was ₹75.0 Cr. That is 3.9% of the quarter's revenue. The same quarter a year earlier earned ₹11.0 Cr.

Mar 26 profit was ₹11.0 Cr, +0.0% year on year. On the full year, FY26 printed ₹75.0 Cr (+1.4%).

🚨 Why profit moved: revenue contributed +5.2% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +21.3% vs revenue +8.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 69% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 69% of Borosil Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹119 Cr of operating cash against ₹75.0 Cr of profit. After ₹122 Cr of capital spending, ₹−3.0 Cr was left as free cash.

FY26: operating cash of ₹119 Cr against reported profit of ₹75.0 Cr, leaving free cash of ₹−3.0 Cr after ₹122 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 69% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 69%: the cash cycle stretched 73 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 73 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 259-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Borosil Ltd's cash conversion cycle runs 259 days in FY26, up from 186 days in FY21. Capital spending ran ₹464 Cr over the last 3 years. At FY26 sales of ₹1,196 Cr each day of that cycle holds about ₹3.3 Cr, so roughly ₹849 Cr sits inside the business at any moment.

FY26: debtors at 33 days, inventory at 282 days — roughly 9.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 259 days, looser than FY21's 186.

The full loop: cash goes out to suppliers and production on day 0; stock waits 282 days to sell; customers pay about 33 days after that; and suppliers themselves are paid at 56 days — netting out to the 259-day cycle.

In money terms: at FY26 sales of ₹1,196 Cr, each day of the cycle holds about ₹3.3 Cr — so the 259-day loop keeps roughly ₹849 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹464 Cr over the last 3 fiscal years against ₹222 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹105 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 12%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Borosil Ltd earns a ROCE of 12% in FY26. That is up from a trough of 6% in FY23. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 6.3% net margin on 0.93× asset turns.

FY26 ROCE is 12%, recovered from a FY23 trough of 6% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 6.3% net margin × 0.93× asset turns × 1.45× balance-sheet leverage ≈ 8.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 613% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.17.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Borosil Ltd carries ₹148 Cr of borrowings against ₹887 Cr of equity in FY26, a debt-to-equity of 0.17. Operating profit covers the interest bill 24×. Over 5 years borrowings went from ₹7.0 Cr to ₹148 Cr. Capital spending ran ₹464 Cr across the last 3 of those years.

FY26: borrowings of ₹148 Cr against equity of ₹887 Cr — a debt-to-equity of 0.17. Operating profit covers the interest bill 24×. Over 5 years borrowings went from ₹7.0 Cr to ₹148 Cr while capital spending ran ₹464 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 613% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 2.7 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 2.7 points of Borosil Ltd over 8 quarters, the biggest move on the register. That takes promoters to 64.7% of the company. Domestic institutions moved +2.4 points over the same window, to 6.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −2.7 points over 8 quarters to 64.7%; Domestic institutions: +2.4 points over 8 quarters to 6.2%; Foreign institutions: −1.5 points over 8 quarters to 0.3%.

Why the register moved: rotation — foreign institutions −1.5 points against domestic institutions +2.4 points over 8 quarters, with promoters −2.7 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Borosil Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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