BorosilLtd

Company : Borosil Ltd Date:02-09-2021
Stock Price : Rs. 209
Company Background
Established in 1962 with humble beginnings, Borosil started life as the ''Industrial &
Engineering Apparatus Company Pvt Ltd'' founded by Dr. Lele. Even at that time, the
company had the lofty vision of being an internationally recognized scientific glass producer.
Many things have changed since then - however, the company's core remains the same - to
provide worldwide customers with solutions that improve their lives. Today, Borosil
functions under two listed companies - Borosil Ltd, which consists of consumer products and
life sciences division, and Borosil Renewables Ltd., which manufactures and sells solar glass.
Borosil enjoys the patronage of millions of customers across India and the globe. In fact, the
company's products touch customer's lives in many ways, from school to home to
workspace.
Segments and Revenue Split :
Consumer Division: Glassware, Non Glassware (hydra bottles and Appliances), Opalware
Scientific Division: Lab Glassware, Lab Instruments and Pharma Packaging
Penetration level in India across various categories
Borosil's microwavable, storage and vision range of products made of borosilicate glass have
the inherent value of being more hygienic and safer than almost any other material. All
these products offer hassle-free cleaning and are microwavable. This helps to kill germs and
reduces the chances of spreading unwanted bacteria and virus infections. As we emerge
from the pandemic, we believe consumers are likely to give the utmost importance to safety
and health, hence, we expect glassware to report healthy growth.
Further, with changing lifestyles and busy schedules, Indian consumers use microwave ovens
not just for reheating but for cooking, as it offers convenient cooking solutions. The growth
in microwave ovens could drive the demand for Opalware (microwave compatible) and
glassware products.
Recent commentary from leading consumer appliance companies have indicated that
demand for dishwashers and microwaves have hit the roof during the last couple of months
and this is only expected to increase going forward.
On the back of these factors glassware division is likely to post steady growth over the next
couple of years led by increased penetration of microwave, new emerging trend post-
pandemic.
Clear diversification strategy to bear fruits

The name Borosil has always been associated with quality and is one of India’s most
recognizable brands. This company has always stayed ahead of the curve when it comes to
planning for the future. While the company built up its name in microwaveable glassware, it
never rested on its laurels and decided to leverage its strong brand position.
While microwaveable glassware might offer limited growth opportunities, the company
decided to expand its product offering by looking at the cycle of the kitchen and started
expanding.
Borosil’s range of products aim at everyday usage. The company has introduced a range of
products that cover the entire process of preparation, cooking and serving that empower its
consumers to perform more efficiently and in a hygienic way. These launches have
expanded the field of play for the company, increasing its addressable market several folds,
today the company’s products include microwavable glassware products, storage containers,
opal dining ware, kitchen appliances, lunch boxes and stainless steel flasks.
Financial : P/L and BalanceSheet
Consumer Division - Revenues and Breakup
Lab Division
Key risks to our thesis
Increase in competition
Rising competition remains a risk for the company given the product range and presence of
large number of organized and unorganized players.
Muted consumer sentiments
The company is highly dependent on factors which affect consumer spending. Prolong
muted consumer sentiments can have a huge impact on the company.
Technical Levels : Support Levels,

Good buying/support levels - Rs.200, Rs.180, Rs.160, Rs.150
Note : I am not SEBI registered analyst. Above business for study purpose only.
Buy at your own risk.

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BorosilLtd

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Company : Borosil Ltd Date:02-09-2021

Stock Price : Rs. 209

Clear diversification strategy to bear fruits

Technical Levels : Support Levels,

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