Glassware, laboratory equipment, and solar glasses major Borosil has now set an ambitious target to more than double its revenue to ₹7,000 crore over the next four years. This growth would be achieved through double-digit increases across all its business verticals, said Executive Vice Chairman Shreevar Kheruka.
The Kheruka family-led Borosil Group is targeting revenues around ₹3,500 crore by fiscal end 2025 through its three listed entities—Borosil Ltd, Borosil Renewables Ltd, and Borosil Technologies Ltd.
The firm says it will invest ₹250 crore in capacity augmentation and rising demand. Out of which, ₹150 crore would be earmarked for a new Gujarat plant that will enable Borosil Ltd. to make glassware and cookware. Apart from this, ₹100 crore will be put into production capacity at Borosil’s Jaipur unit besides improving operational efficiency, for which the company has already committed ₹450 crore.
Kheruka said that the group is ready to go on a roll from previous successful investments into the kitchenware industry, saying: “In 2020, the consolidated revenue of the Borosil Group stood at about ₹950 crore. We expect this to reach ₹3,500 crore by 2025. In absolute terms, the growth has been around 3.5 to 4 times over the last five years, which has been commendable,” he said.
Kheruka also accepted that sustaining such growth for the next five years would be an ask, especially for Borosil Renewables, where competition from Chinese companies exporting solar glass to India at price levels much lower than their local producing cost is very intense. “Though it may be tough to achieve the three-and-a-half-fold rise, I am sure we will at least double our revenues from here,” he said. He said that Borosil Renewables would be able to almost double its capacity within three years, which would have a commensurate influence on turnover, assuming some positive policy tailwinds.
The company, Kheruka said, continues to get good traction in the commercial glass business; the solar glass segment is expected to increase to a turnover of around₹1,300 to₹1,400 crores and may double if relevant policies are implemented. Meanwhile, Borosil’s scientific business is expected to reach an approximate ₹500 crore this year with a growth rate of 12 to 14 percent.
Now, according to him, with such chances, the company can easily reach ₹7,000 crores in revenue within the next four years.
Revenue Borosil Ltd. has announced a revenue of ₹942.25 crore for the fiscal year ending March 31, 2024. Conversely, Borosil Renewables has reported a consolidated revenue of ₹1,369.28 crore. Its latest listed unit, however, is Borosil Scientific, which was demerged earlier this year from Borosil Ltd. FY24 consolidated revenue of the firm stands at ₹394.57 crore.
Hence, the glassware market offers massive opportunities, especially with the urban middle class moving increasingly from plastic towards glassware, with large disposable incomes coming in as economic growth increases. “We have to set up another Borosil glass tank at an estimated cost of ₹150-200 crore. This is part of our investment strategy,” he said.
More importantly, Kheruka announced plans for an investment not in glass but in insulated steel bottles, which are fast becoming the alternatives to plastic bottles. “These products are currently manufactured outside India, and we will be investing about ₹100 crore into this, he concluded.
