Borosil Scientific Limited is a prominent Indian company with a rich legacy spanning over six decades in the scientific and industrial products sector. Established in 1962 as a pioneer of borosilicate glassware in India, the company has evolved into one of the country's most trusted names in laboratory solutions. Borosil Scientific is a demerged entity from Borosil Ltd, having been listed on December 2nd, 2023. The company operates across four primary verticals: Laboratory Consumables, Lab Equipment, Process Systems, and Pharmaceutical Primary Packaging, alongside a Domestic Glassware segment. It boasts an extensive portfolio of over 4,000 SKUs, serving a wide array of industries including pharmaceuticals, research, academia, food and beverage, and diagnostics. With a reputation built on quality, Borosil's products meet stringent ISO, ASTM, and ISI certifications, and its calibration lab is NABL accredited. The brand's dominance is significant, with an estimated three out of four lab glassware products in India bearing the Borosil name. The company's operations are deeply rooted in the 'Make in India' philosophy, with four manufacturing locations in Bharuch, Nashik, Pune, and Vadodara that integrate R&D, design, and production. This self-reliant approach is further exemplified by its in-house calibration labs, automation systems, and patented products. Borosil Scientific is part of the larger Borosil Group, which also includes Borosil Ltd (consumer and kitchenware) and Borosil Renewables Ltd (solar glass). The company's vision is to be the most customer-centric company, driven by a purpose to develop safe, high-quality products that are accessible to scientific industries globally.

Official Website: https://www.borosilscientific.com/

• Q3 FY26 Consolidated Performance:

• Revenue from Operations: ₹88.13 Crores.

• EBITDA: ₹11.23 Crores.

• Profit After Tax (PAT): ₹4.44 Crores.

• 9M FY26 Consolidated Performance:

• Revenue from Operations: ₹267.09 Crores.

• EBITDA: ₹34.41 Crores. The decline in consolidated EBITDA was primarily due to lower sales in its subsidiary, Goel Scientific Glass Works Limited.

• Profit After Tax (PAT): ₹13.88 Crores.

• Segment Sales Breakdown (Consolidated 9M FY26):

• Scientific Segment: ₹196.1 Crores, representing 73% of total sales.

• Glassware Segment: ₹71.0 Crores, representing 27% of total sales.

• Note on Process Systems: This segment experienced a revenue decline due to a sales reversal of ₹3.75 crores in Q3FY26 and the deferral of high-value orders to subsequent quarters.

• Exceptional Items:

• The company incurred a one-time expense of ₹6.61 Crores in Q1FY26 related to a Voluntary Retirement Scheme (VRS) at its Ambad, Nashik plant.

• An additional one-time incremental impact of ₹1.92 Crores was assessed in Q3FY26 and 9MFY26 for Gratuity and leave encashment provisions due to new Labour Codes.

• One-time expenses were also incurred related to the discontinued operations at the Ambad manufacturing plant, including the discard of fixed assets.

Summary: The company's financials reflect steady operations with notable one-time expenses impacting profitability, while the core scientific segment remains the primary revenue driver.

• Dominant Brand Legacy: With over 60 years in the market, the 'Borosil' name is considered the "GOLD standard" in laboratory glassware in India, commanding immense brand trust and loyalty.

• Integrated 'Make in India' Model: The company embodies self-reliance with four manufacturing facilities in India that handle R&D, design, and production in-house. This reduces dependency and allows for greater control over quality and innovation.

• Extensive Product Portfolio & Distribution: Borosil offers over 4,000 SKUs across four key scientific verticals, creating an integrated portfolio that serves as a one-stop solution for its customers. This is supported by a robust pan-India network of over 150 channel partners, enabling 24-hour delivery capabilities.

• Commitment to Quality and Innovation: The company holds numerous certifications (ISO, NABL, ISI) and has a track record of innovation, including a patented LabQuest dispenser and QR-coded volumetric glassware, demonstrating its ability to develop world-class products indigenously.

• Deep Institutional Relationships: Borosil has long-standing relationships with major clients across pharmaceuticals, research institutions, and academia, creating a loyal customer base and high barriers to entry.

Summary: Borosil's unique strength lies in its powerful brand equity, comprehensive domestic manufacturing capabilities, and a wide, integrated product portfolio that fosters deep customer loyalty.

• Market Size and Growth Potential: The company operates in large and growing markets:

• Laboratory Glassware & Consumables: Serviceable Addressable Market (SAM) of ~₹600 Crores, growing at 6-8%. Borosil holds a ~33% share of the ₹490 Cr glassware market.

• Laboratory Equipment: Total Addressable Market (TAM) of ₹4800 Crores with a SAM of ₹755 Crores, growing at 6-8%.

• Process Equipment: TAM of ₹1362 Crores with a SAM of ₹1242 Crores, growing at 12-14%.

• Pharmaceutical Primary Packaging: SAM of ₹1377 Crores, growing at 9-10%.

• Key Customer Segments: The pharmaceutical sector is the largest consumer, accounting for 58.27% of sales in FY25. Other significant segments include Government Research Institutes (14.18%) and Schools/Colleges/Universities (14.38%).

• Industry Tailwinds:

• The 'China Plus One' strategy and a global shift toward localized manufacturing present a significant opportunity for Indian manufacturers like Borosil.

• Upcoming India-US & India-EU trade deals are expected to boost the high-margin export business.

• The government's launch of the Biopharma SHAKTI initiative is anticipated to drive growth for products serving biologics and biosimilars.

Summary: The company is well-positioned within sizable and growing scientific markets, supported by strong industry tailwinds and government initiatives that favor domestic manufacturing and exports.

• Leveraging Brand Equity for Diversification: The company has successfully used its strong brand reputation in lab glassware to diversify into adjacent, high-potential verticals: Laboratory Equipment, Process Equipment, and Pharmaceutical Primary Packaging.

• Focus on Exports: Strategic partnerships in various geographies are being pursued to drive sustained growth in the exports market, which currently spans over 90 countries.

• New Product Development: A dedicated R&D team is focused on creating innovative products. Recent developments include a range of environmental testing equipment, advanced stirrers, spectrophotometers, and vial inserts, broadening the product offering.

• Capitalizing on 'Make in India': As a strong proponent of domestic manufacturing, the company is positioned to benefit from government initiatives that support local production and innovation, reducing reliance on imports.

Summary: Growth is being pursued through a multi-pronged strategy of leveraging the core brand to expand into new verticals, increasing export penetration, and continuous new product innovation.

• Global Supply Chain Realignment: The 'China Plus One' strategy provides a significant opportunity for Borosil to capture a larger share of the global market as companies seek to diversify their supply chains away from China.

• Favorable Trade Agreements: Potential India-US and India-EU trade deals could significantly reduce tariffs and trade barriers, making Borosil's exports more competitive and profitable.

• Expansion in Underserved Segments: There is a clear opportunity to widen the company's footprint in growing industry segments like Food & Beverages, Feed, and Dairy, where its product range is well-aligned.

• Cross-Selling Across Verticals: The integrated portfolio allows for significant cross-selling opportunities. Existing glassware customers can be targeted for lab equipment, process systems, and consumables, increasing the share of wallet.

Summary: Major opportunities exist in capturing global market share due to supply chain shifts and favorable trade policies, while also deepening penetration in domestic growth sectors.

• Revenue Growth Target: The company has a medium-term goal to achieve a Revenue CAGR of 12-14%.

• Strategic Focus for Revenue Growth:

• Sustain the leading market position in pharmaceutical laboratory glassware.

• Enhance export opportunities across all product categories.

• Strategically expand the LabQuest (Lab Equipment) and Process Sciences divisions to broaden the product range offered to existing clients.

• Focus on acquiring new customers and further diversifying product offerings.

Summary: The company has a clear forward-looking plan to achieve double-digit revenue growth by strengthening its core business, aggressively pursuing exports, and expanding its higher-value equipment segments.

• Goal to Improve EBITDA Margins: The company has laid out a clear strategy to enhance profitability.

• Key Margin Improvement Levers:

• Product Mix Enhancement: Placing greater emphasis on high-profit-margin segments like Process Sciences and Lab Equipment.

• Pricing Strategy: Maintaining an annual pricing strategy to enhance profit margins systematically.

• Operational Efficiency: Improving margins in the core labware and consumables business through efficiency gains.

• Cost Control: Implementing vigilant control over all expenses.

• Sustainability Initiatives: Focusing on renewable energy, such as the commissioned 450 kW Solar Rooftop project, to reduce operational costs.

Summary: Margin expansion is a key focus, driven by a strategic shift towards higher-value products, disciplined pricing, and rigorous cost management.

• Macroeconomic and Political Environment: The company's operations could be affected by significant changes in the political and economic environment in India and overseas.

• Regulatory and Policy Changes: Changes in tax laws, import duties, and other government regulations could impact operational costs and profitability.

• Industry Structure and Competition: Any adverse changes in the industry structure could affect the company's market position.

• Litigation and Labour Relations: The business is subject to risks associated with potential litigation and maintaining stable labour relations.

Summary: The primary risks identified are external and relate to macroeconomic, regulatory, and industry-level changes that could impact the business environment.

• Corporate Structure: The Scientific Division was demerged from Borosil Ltd on December 2nd, 2023, and listed as Borosil Scientific Limited on June 7th, 2024.

• Shareholding Structure: As of December 31, 2025, the Promoter & Promoter Group holds a majority stake of 67.81%, with the public and other entities holding 31.93%.

• ESG Initiatives: The company is actively integrating sustainable practices, including commissioning a 450 kW solar rooftop project, installing rainwater harvesting systems, and commissioning a sewage treatment plant for recycling wastewater.

• Awards and Recognition: The company has received multiple accolades for quality and innovation, including the India Manufacturing Excellence Award (Silver) in Dec 2025, a TPM Significant Achievement Award from CII in Dec 2025, and recognition as a "Great Place to Work" in 2025.

• Operational Restructuring: A Voluntary Retirement Scheme (VRS) was implemented at the Ambad, Nashik plant, resulting in a one-time exceptional expense. This was part of a broader restructuring of operations at the plant.

Summary: The company has recently undergone a significant corporate demerger, maintains a strong promoter holding, and is actively pursuing ESG goals while receiving industry recognition for its operational excellence.