• Revenue drivers: Borosil lost approximately ₹100 crore in revenue over the past year due to BIS-related supply chain disruptions in insulated steel bottles, which held FY26 growth to 8% versus a potential 15–16%. Management maintains its long-term revenue growth guidance of 15% to 20% CAGR as in-house bottle manufacturing starts.
• Gas cost pressures: Gas prices have surged 2.5 to 3 times compared to pre-West Asia crisis levels, creating margin pressure that will extend into Q1. The company has implemented price hikes to offset these costs, though a transmission lag of 3 to 4 months applies.
• Margin target: While near-term margin guidance is withheld due to daily gas price volatility, management aims to lift EBITDA margins from the historical 16–17% range to near or above 20% over a 24-month horizon as manufacturing expands.
• Operations and balance sheet: Production has fully resumed with all three Jaipur furnaces, borosilicate lines, and opal glass running at 100% capacity. Inventory levels have normalized to 90–105 days, and the company operates with virtually zero debt.