Borosil Group has three listed entities –
- Borosil Renewables (BRL) – solar glass
- Borosil (BL) – consumer glassware
- Borosil Scientific (BSL) – scientific and laboratory glassware
In FY 24, BRL reported Rs 1,386 cr of revenues, BL Rs 928 cr and BSL Rs 390 Cr – totalling Rs 2,700 cr revenues for the group.
Promoter management of the group expects FY 25 revenues to be around Rs 3,500 cr. Compared to FY 20 revenues of Rs 950 cr, this implies that the group revenues would have grown to 3.5x in 5 yrs i.e., a CAGR of 30%.
Going forward, however the expectations are more muted – 2x in the next 4 years to Rs 7,000 cr i.e. a CAGR of around 19%. Management attributes this mostly due to the sector headwinds in BRL where it’s facing stiff competition from the Chinese Companies due to the unfavorable government policies.
Personally I believe even doubling the revenues would be a tall ask given the headwinds in the largest business (BRL), expectation of BSL growing only by 12-14% annually and BL anyways operating in an intensely competitive segment.