Borosil Ltd Management Discussions

This Management Discussion and Analysis (MD&A) outlines the financial performance and key developments of Borosil Limited (referred to as Borosil or The Company) and its subsidiaries during FY 2025-26. The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS), offering a structured view of the Companys operations and overall performance.

Certain statements in this section may be forward-looking in nature and are subject to risks and uncertainties. These may arise from changes in economic conditions, regulatory developments, market dynamics and other external factors. The analysis is based on internal assessments, industry information and publicly available data, and is intended to provide a balanced perspective on the Companys performance and direction.

BOROSIL LIMITED: BUILDING LEADERSHIP IN INDIAS CONSUMERWARE MARKET

Borosil Limited operates in Indias consumer products segment with a diversified portfolio spanning cooking, serving, storage, hydration and convenience-led kitchen categories designed to meet the evolving needs of modern households. Over the years, the Company has built a strong market presence through a broad range of consumerware, glassware and lifestyle-oriented products.

With offerings across multiple categories and price points, the Company caters to varied consumer needs across income segments and usage occasions. Its continued focus on functional design, product relevance and quality supports its positioning across both everyday-use and occasion-led consumption.

Over time, Borosil expanded beyond its core glassware franchise into adjacent categories. These included opalware under the Larah brand, kitchen appliances, storage solutions, glass lunch boxes, stainless steel cookware, and vacuum-insulated bottles and flasks. This expansion has strengthened its participation across consumer segments while remaining aligned with evolving household needs and lifestyle aspirations.

Growth is further supported by strong brand equity, expanding domestic manufacturing capabilities, and continuous focus on product innovation. In addition, an omnichannel distribution network spanning general trade, modern trade, e-commerce, quick commerce, institutional sales and exports enhances our reach and market presence. Together, these capabilities position the Company to participate meaningfully in Indias evolving premium consumerware opportunity.

GLOBAL ECONOMY

The global economy entered 2026 with relative stability; however, the macroeconomic environment deteriorated significantly during the year as geopolitical tensions intensified, and trade realignments heightened uncertainty. While the year initially benefited from moderating inflation, resilient employment trends and technology-led productivity gains, the landscape gradually shifted toward greater volatility, marked by supply-side risks, inflationary pressures and slower growth expectations.

In its April 2026 World Economic Outlook, the International Monetary Fund (IMF) noted that the global economy is operating under the shadow of war, reflecting the disruptive impact of renewed conflict in west Asia. Prior to this escalation, global growth for 2026 was projected at 3.3%, supported by stronger productivity, improving demand conditions and the accelerating adoption of artificial intelligence. However, the resulting geopolitical uncertainty has prompted the IMF to revise its growth forecast downward to 3.1%, highlighting the fragility of the recovery.

(Sources: https://www.hindustantimes.com/mdia-news/imf- slightlv-upgrades-gdp-growth-proiection-for-india-in-2026- 27-fiscal-101776174795869.html. https://www.taipeitimes. com/News/biz/archives/2026/04/15/2003855603. https://www. imf. org/en/blogs/articles/2026/04/14/war- darkens-global-economic-outlook-and-reshapes-Policy- priorities)

GDP Growth Projections (in %)

P: Projected (Source: https://www.imf.org/en/publications/weo/ issues/2026/04/14/world-economic-outlook-april-2026)

The current slowdown is being transmitted through three key channels: energy markets, trade logistics and financial conditions. As a critical hub for global energy flows, West Asia remains central to these risks. Disruptions along key maritime routes, particularly the Strait of Hormuz, have heightened concerns over oil and LNG availability, driving energy prices higher. Consequently, production and freight costs have increased worldwide, weighing on industrial output, supply chains and household consumption.

The inflationary consequences of these disruptions have further complicated the policy environment. Central banks across major economies continue to balance growth concerns and inflation pressures. Meanwhile, expectations of higher-for-longer interest rates have tightened liquidity, driven capital outflows from vulnerable markets and sustained US dollar strength, adding pressure on import- dependent and externally financed economies.

Global Growth and Inflation Scenarios (April 2026)	Growth Projection (2026)	Inflation Projection (2026)
Reference Forecast (Short-lived Conflict)	3.1%	4.4%
Adverse Scenario (Extended Disruption)	2.5%	5.4%
Severe Scenario (Prolonged Crisis)	2.0%	6.0%

(Sources: https://www.financialexDress.com/business/news/imf-raises-indias-adp-arowth-forecast-to-6-5-for-fv27-sees-resilience-amid-iran-war/4207087/. https://indianexpress.com/article/business/imf-world-economic-outlook-2026-alobal-arowth-cut-india-adp-forecast-rise-west-asia-war-impact-10636335/)

Macroeconomic Divergence

The slowdown is uneven, with growth prospects diverging across regions due to differences in energy dependence, domestic demand resilience, fiscal capacity and policy flexibility. While advanced economies face the lingering effects of monetary tightening and slower consumption, several emerging markets remain relatively better positioned, supported by reform momentum, infrastructure investment and stronger internal demand drivers.

The United States

The US economy is projected to grow by 2.3% in 2026, up from 2.1% in 2025, reinforcing its position as one of the more resilient advanced economies. Growth continues to be supported by strong productivity trends, robust private investment and sustained capital deployment into artificial intelligence, digital infrastructure and data centers. However, tighter trade policies and the residual effects of the late-2025 government shutdown continue to weigh on public spending and business sentiment. Meanwhile, inflation is expected to moderate gradually, with core price levels moving closer to target over the medium term.

(Sources:https://www.imf.org/-/media/files/publications/weo/2026/april/english/ch1.pdf. https://www.imf.org/en/news/articles/2026/04/01/pr-26102-usa-imf-executive-board-concludes-2026-article-iv-consult. https://discoveryalert.com.au/imf-growth-revisions-2026-volatile-markets/)

The Euro Area

The euro area is expected to grow by 1.1% in 2026, compared with 1.4% in the previous year. Economic activity remains constrained by weak industrial momentum, subdued consumer demand and continued exposure to imported energy inflation. Additionally, renewed increases in natural gas prices and supply disruptions linked to West Asia have weighed on the recovery. The lingering effects of the earlier energy crisis continue to influence business confidence and competitiveness.

(Sources: https://www.bnnbloombera.ca/business/2026/04/ 14/imf-cuts-arowth-outlook-warns-of-potential-alobal- recession-if-iran-war-worsens/. https://www.dailvsabah.com/business/economv/imf- lowers-2026-alobal-arowth-forecast-to-31-on-mideast-war- risks)

China

Chinas growth forecast for 2026 has been revised upward to 4.4%, supported by lower effective US tariff rates and government stimulus measures. However, an underlying imbalance persists, with domestic activity, particularly in the housing sector, continuing to significantly lag behind a strong export sector. Over the long-term, structural challenges, such as a declining labor force and slower productivity growth, are expected to pull Chinas 2027 growth down to 4.0%.

(Source: https://www.imf.ora/en/publications/weo/ issues/2026/04/14/world-economic-outlook-aDril-2026)

Outlook

The global outlook remains one of cautious stability, although risks remain firmly tilted to the downside.

Escalating geopolitical tensions, trade fragmentation, elevated sovereign debt levels, fiscal constraints and potential financial market corrections remain the principal macroeconomic vulnerabilities. At the same time, the rapid adoption of artificial intelligence and digital technologies offers a structural opportunity, driving productivity gains, improved efficiency and new investment cycles. However, the pace and distribution of these gains are likely to remain uneven across economies and sectors.

INDIAN ECONOMY

India reaffirmed its position as one of the worlds fastest- growing major economies in FY 2025-26, recording real GDP growth of 7.6%. This performance reflected the strength of domestic demand, sustained public investment and continued progress on structural reforms. Amid heightened global uncertainty, Indias growth trajectory underscored the strength of its internal economic drivers and the increasing depth of its macroeconomic fundamentals.

A key pillar of this momentum was continued government- led capital formation. Anchored on sustaining growth, the Union Budget for FY 2026-27 increased capital expenditure outlay to 12.2 lakh crores. Investments in transport infrastructure, logistics networks, renewable energy and urban development are expected to enhance productivity, improve connectivity and encourage private investment, supporting Indias medium-term growth potential at around 7%.

Policy continuity has further strengthened the outlook. Measures such as the proposed transition to the new Income Tax Act, 2025, from April 01, 2026, alongside ongoing efforts toward formalization and ease-of-doing- business initiatives, are expected to improve efficiency, simplify compliance and support long-term competitiveness. Reflecting this momentum, the Government has estimated nominal GDP growth of 10% for FY 2026-27.

(Sources: https://cfo.economictimes.indiatimes.com/ news/economv/indias-adp-on-track-for-10-arowth-in-fv- 2026-27/127838221#:~:text=%2C%20timelv%2C%20 actionable.-.Economv.to%20arow%203.1%20per%20cent https://www. pib.aov.in/PressReleasePaae. aspx?PRID=2233792&rea=3&lana=1#:~:text=The%20 real%20GDP%20at%20Constant%20Prices%20 for.within%20a%20countrv%20in%20an%20 accountina%20period. https://www. pib.aov.in/PressReleasePaae. aspx?PRID=2222521&rea=3&lana=1)

GDP Growth Rate (in %)

E: Estimated

(Source: https://www.pib.aov.in/PressReleasePaae. aspx?PRID=2219912&lana=1&rea=3&utm )

Inflationary pressures moderated meaningfully during the year, with headline CPI inflation averaging 1.7% during April-December 2025, supported by softer food prices and favorable supply conditions. The benign inflation environment enabled a supportive monetary stance, with the repo rate maintained at 5.25%.

At the same time, policy vigilance remains important. The Reserve Bank of India has projected CPI inflation at 4.6% for FY 2026-27, factoring in potential upside risks from elevated energy prices due to the West Asia conflict and weather-related disruptions.

However, Indias external position remained robust. Foreign exchange reserves rose to a record USD 701.4 billion as of January 16, 2026, providing nearly 11 months, import cover and reinforcing macroeconomic stability amid volatile global capital flows.

The external sector continued to expand, with total exports reaching an all-time high of USD 860.09 billion in FY 2025-26, registering growth of 4.22%. While recent tariff actions by the US created uncertainty, the subsequent recalibration to a 10% reciprocal levy improved the competitive landscape for Indian exporters across sectors, including textiles, engineering goods and chemicals.

Domestic consumption remained the principal engine of growth. Private Final Consumption Expenditure accounted for 61.5% of GDP, the highest share since 2012, reflecting resilient household demand across urban and rural markets.

Meanwhile, services continued to anchor the economy, expanding by 9.1% in FY 2025-26 and increasing its share in Gross Value Added to a record 56.4%. In parallel, manufacturing momentum strengthened through policy-led initiatives. Notably, Production Linked Incentive (PLI) schemes attracted investments exceeding Rs.2.0 lakh crores, generating incremental sales of more than Rs.18.7 lakh crores by late 2025.

(Sources: https://www. Dib.gov.in/PressReleasePaae. asDx?PRID=2219912&lana=1&reg=3&utm.

https://data.rbi.ora.in/. https://www.pib.aov.in/PressReleasePaae.aspx?PRID=2219971&rea=3&lana=2.

https://www.pib.aov.in/PressReleasePaae.aspx-?PRID=2252272&rea=3&lana=2#:~:text=of%20Com-merce%20&%20Industrv-.The%20cumulative%20ex-ports%20(merchandise%20&%20services)%20durina%20FY%202025%2D.25%20(April%2DMarch)..

https://thediplomat.com/2026/03/the-india-us-interim-trade-deal-and-new-tariffs/. https://www.pib.aov.in/Press-ReleasePaae.aspx?PRID=2221389&rea=3&lana=2#:~:-text=Domestic%20demand%20continues%20to%20an-chor.both%20urban%20and%20rural%20consumption.

https://www.pib.aov.in/PressReleasePaae.aspx-?PRID=2220800&rea=3&lana=2#:~:text=Services%20sector%20is%20estimated%20to.demand%20and%20 steadv%20export%20activitv..

https://www.pib.aov.in/PressReleaseIframePaae.aspx-?PRID=2219992&rea=3&lana=2#:~:text=bv%20PIB%20 Delhi-.%E2%80%9CThe%20PLI%20Scheme%20has%20encouraaed%20maior%20smartphone%20 companies%20to%20re.in%20Union%20Budaet%20 2025%E2%80%9326.)

The MSME sector continued to play a critical role in employment generation, supply chains and manufacturing diversification. To further strengthen this ecosystem, the Union Budget FY 2026-27 introduced targeted measures, including a Rs.10,000 crores SME Growth Fund. It also removed the Rs.10 lakhs value cap on courier exports, benefiting artisans, startups and small exporters.

India is also building new growth engines in innovation-led sectors. The launch of the Biopharma SHAKTI scheme, with an outlay of 10,000 crores, aims to develop a domestic ecosystem for biologics and biosimilars, supporting healthcare self-reliance and high-value manufacturing.

(Sources:https://static. pib.aov.in/WriteReadData/ sDecificdocs/documents/2026/feb/doc202622776701.Ddf. https://www.pib. aov.in/PressReleasePaae. aspx?PRID=2228306&rea=3&lana=2)

Outlook

Indias real GDP growth for FY 2026-27 is projected at 6.8% to 7.2%, broadly aligned with its medium-term potential. Domestic demand is expected to remain the core growth driver, supported by rising investment intentions, healthier household and corporate balance sheets, and continued public infrastructure spending.

At the same time, external risks persist. These include slower growth across key trading partners, evolving trade policies and volatility in global financial markets, which may intermittently affect exports and capital flows. However, continued trade engagements with major economies, including the US, could gradually ease some of these uncertainties.

Overall, Indias macroeconomic outlook remains favorable. Stable inflation, fiscal discipline, a stronger financial system and sustained reforms collectively support growth momentum while remaining resilient against external shocks.

(Source: https://www.Dib.aov.in/PressReleasePaae. aspx?PRID=2219912&lana=1&rea=3&utm )

INDUSTRY OVERVIEW

Indias consumer products landscape remained structurally resilient in FY 2025-26, supported by strong domestic demand that helped offset a challenging global environment. The countrys broad-based economic momentum continued to underpin household spending, creating a favorable backdrop for discretionary and everyday consumer categories.

According to the Economic Survey FY 2025-26, Indias real GDP growth is estimated at 7.6% for the year. In parallel, Private Final Consumption Expenditure (PFCE) grew by 7.0% and accounted for 61.5% of GDP, its highest share since FY 2011-12. Together, these trends highlight the central role of consumption in Indias growth model and signal sustained strength in household demand.

Rising purchasing power is accelerating a shift from unorganized, low-value utility products toward branded, design-led and performance-oriented offerings. As a result, consumers are increasingly prioritizing quality, trust, safety and functionality, benefiting organized players with established brands and differentiated product portfolios.

At the same time, consumption patterns are undergoing a structural transformation driven by digital discovery, rapid urbanization and the expansion of the middle-income population. Increased product awareness, wider access and evolving lifestyle aspirations are reshaping purchase decisions across categories.

A key outcome of this transition is the continued rise of premiumization. Consumers are demonstrating a growing willingness to pay more for products that offer superior durability, enhanced health and safety credentials, better aesthetics and added convenience. This trend is expanding value pools across consumer categories and creating opportunities for companies positioned at the intersection of brand strength, innovation and aspirational demand.

INDIAS RETAIL MARKET

Indias retail market is projected to nearly double from USD 1.06 trillion in 2024 to USD 1.93 trillion by 2030, expanding at a CAGR of 10% and underscoring the scale of consumption opportunity. As this expansion unfolds, organized retail is expected to capture over 35% of the total market, crossing USD 600 billion by the end of the decade. This shift is driven by rising consumer preference for branded offerings and modern formats.

In parallel, online retail is set to scale rapidly, with its share rising from 7% in 2024 to 14% by 2030, supported by an internet subscriber base of 954.4 million as of early 2026. This growth trajectory is being reinforced by rising discretionary spending, wider product availability and improving logistics infrastructure.

In this environment, e-commerce and modern trade are further expanding category access and consumer reach. Meanwhile, the development of City Economic Regions (CERs), supported by an allocation of 5,000 crores per region under the Union Budget FY 2026-27, is accelerating the transition. It is driving a shift away from fragmented local distribution networks to more organized market participation.

(Sources: https://www.deloitte.com/in/en/about/press- room/india-s-us-1-06-trillion-retail-sector-is-set-to-reach-1- 93-trillion-bv-2030.html.

https://prsindia.ora/budaets/parliament/union-budaet-2026-27-analvsis)

CONSUMERWARE MARKET

Indias consumerware market ranks among the fastest- growing globally, driven by rising incomes, urbanization, premiumization and expanding retail access. It is estimated at 299.9 billion in FY 2024-25 and is projected to reach Rs.498.7 billion by FY 2029-30, reflecting a strong CAGR of 10.7% over FY 2025-30.

This growth is underpinned by structural shifts in consumption patterns. Rising nuclear families, increasing workforce participation, and higher discretionary spending are collectively reshaping demand. As a result, adoption is accelerating across cookware, hydration, storage and dining categories and demand for organized, functional kitchens, with consumers placing greater emphasis on products that combine utility, hygiene, and aesthetics, creating a favorable environment for innovation-led premium brands.

The channel landscape is also evolving rapidly. While general trade remains relevant, organized retail and e-commerce are expanding category reach, particularly across Tier-II and Tier-III markets. With improved accessibility, wider assortment and stronger digital discovery, branded consumption is gaining momentum and accelerating market formalization.

This shift toward branded products remains a defining industry trend. Branded players accounted for 54% of the market in FY 2024-25, up from 43% in FY 2014-15, and are expected to approach 60% by FY 2029-30. This progression is supported by rising consumer preference for quality, safety, durability and trusted brands.

Overall, Indias consumerware market is steadily transitioning from a fragmented, value-led category to a branded lifestyle opportunity, creating strong long-term growth potential for organized and innovation-led players.

(Source: https://www.alltimeplastics.com/files/ IndustrvReport.pdf)

Consumer Houseware

Consumer houseware is the largest segment within Indias consumerware market, comprising hydration products, cookware, insulated ware, lunchboxes, storage containers, bath and cleaning products, kitchen accessories and melamine products. It is estimated at 256.3 billion in FY 2024-25 and is projected to reach 415.9 billion by FY 2029-30, growing at a CAGR of 10.2% over FY 2025-30.

Growth is supported by rising household formation, higher disposable incomes, ongoing urbanization, alongside increasing demand for organized, convenience-led kitchen and household solutions. In parallel, consumers are demonstrating a stronger preference for products that combine functionality, durability, hygiene and contemporary design, supporting premiumization across categories.

The segment is also witnessing a steady shift toward branded products, aided by improving quality awareness, stronger retail visibility and wider access through organized retail and e-commerce platforms, particularly across emerging cities.

With rising formalization and deeper household penetration, the Indian consumer houseware market remains well positioned for sustained long-term growth.

(Source: https://www.alltimeplastics.com/files/ IndustryReport.pdi)

Borosils Position

Borosil participates in this segment through a range of products across cookware, lunchboxes, thermos ware and storage containers. These offerings align with the evolving consumer preference for food-safe, non-reactive, and aesthetically superior materials.

Consumer Glassware

Indias consumer glassware market is gaining strategic relevance within the broader consumerware landscape as household spending shifts toward premium and lifestyle-led categories. The segment, spanning glassware, opalware and porcelain products, continues to benefit from rising usage across dining, serving and kitchen applications.

The category has demonstrated strong momentum, expanding from Rs. 30.8 billion in FY 2019-20 to Rs. 52.8 billion in FY 2024-25 at a CAGR of 11.4%. This growth is expected to accelerate further, with the market projected to reach Rs. 99.5 billion by FY 2029-30, reflecting a CAGR of 13.5% over FY 2025-30.

This expansion reflects a clear shift in consumer preferences toward products that combine aesthetics, hygiene and functionality. At the same time, increasing penetration of organized retail and digital channels is widening access to branded offerings, while rising aspirations are driving consumers to move beyond utility purchases toward design- led solutions. Together, these trends position consumer glassware as one of the most attractive growth segments within Indias household products market.

(Source: https://www.alltimeplastics.com/files/ IndustrvReport.pdi)

Borosils Position

Borosil maintains its leadership in the borosilicate and opalware categories, supported by brand recognition and a focus on durability and heat resistance. These qualities directly address the needs of Indias growing middle class, particularly those living in compact urban dwellings.

KITCHEN APPLIANCES MARKET

The Indian kitchen is undergoing a structural transformation, with appliances becoming central to this evolution. Once viewed primarily as utility-driven products, kitchen appliances are now being reshaped by convenience, speed, aesthetics and smarter living. As consumers adopt modern cooking habits and organized lifestyles, kitchen appliances are shifting from optional upgrades to everyday essentials across households.

This shift is driving strong market momentum. Indias kitchen appliances market is estimated at USD 12.22 billion in 2026 and is projected to reach USD 17.24 billion by 2031, expanding at a CAGR of 7.12%. This growth trajectory is supported by rising household incomes, urbanization and the rapid expansion of aspirational middle-class consumption.

Consumer preferences are also evolving. Purchase decisions are increasingly shaped not only by functionality, but also by energy efficiency, design, compact formats and multi-purpose usage. Small appliances are leading this shift and are expected to be the fastest-growing segment. In addition, products such as air fryers, mixer grinders, induction cooktops, slow juicers and multi-cookers are gaining wider acceptance among time-conscious and health-aware consumers.

Equally important is the evolving customer access landscape. Organized retail, digital platforms and convenience-led quick commerce platforms are enhancing category visibility, improving product discovery and deepening penetration beyond metropolitan markets. With improving accessibility and shorter replacement cycles, the Indian kitchen appliances market presents a compelling long-term opportunity for trusted and innovation-led brands.

(Source: https://www.mordorintelliaence.com/industrv- reports/india-kitchen-appliances-products-market-industry)

MARKET TRENDS IMPACTING CONSUMERWARE AND KITCHEN APPLIANCES IN INDIA

Premiumization of Everyday Products

Indian consumers are increasingly moving beyond basic utility purchases and opting for branded, design-led and feature-rich products. Across cookware, storage, glassware and appliances, purchase decisions are increasingly influenced by aesthetics, durability, convenience and superior performance. As a result, the premium segment continues to gain momentum across categories.

Convenience-Led Urban Consumption

Fast-paced lifestyles, dual-income households and evolving cooking habits are reshaping demand patterns across the category. As urban consumers seek greater efficiency and ease, time-saving appliances, organized storage solutions and user-friendly household products are becoming integral to modern urban living.

Rise of Organized Retail and E-Commerce

The rapid expansion of modern trade and digital commerce is transforming how consumers discover and purchase products. Wider assortment, easier comparison and improved availability are enhancing accessibility. At the same time, omnichannel distribution is enabling brands to deepen their reach and strengthen penetration across Tier II and Tier III markets.

Health, Hygiene and Safety Consciousness

Growing awareness around food safety, hygiene and product quality is reshaping household purchase decisions. Consumers are preferring trusted brands, food-grade materials, safer cookware solutions and appliances that support healthier cooking habits.

Modern Kitchens and Lifestyle Upgrades

Indian kitchens are evolving into more organized, efficient and aesthetically designed spaces. Rising aspirations for better homes, modular kitchens and coordinated household solutions are supporting demand across both consumerware and kitchen appliance categories.

Innovation and Multi-functionality

Consumers are increasingly seeking products that deliver multiple benefits through a single purchase. Demand is rising for solutions that combine compact design, energy efficiency, portability and multi-purpose functionality. This shift is encouraging faster upgrade cycles across categories.

KEY GROWTH DRIVERS OF INDIAN CONSUMERWARE AND KITCHEN APPLIANCES MARKET

Rising Disposable Incomes and Aspirational Spending

Higher household incomes and rising discretionary spending are enabling consumers to upgrade from unorganized or entry-level products to branded and premium offerings.

This structural transition is driving value growth across household consumption categories.

Urbanization and Nuclear Households

Rapid urbanization and the growth of nuclear families are increasing demand for products tailored to modern living spaces. This includes cookware, storage, hydration, dining solutions and compact appliances designed for smaller, more efficient homes.

Increasing Workforce Participation

The rise in working professionals and time-constrained households is accelerating demand for products that reduce effort and improve convenience. Consumers are increasingly adopting solutions that support faster cooking, easier organization and efficient home management.

Expanding Digital Penetration

Increasing internet usage, digital payments and online shopping adoption are expanding access to branded products across geographies. Digital platforms are enhancing category awareness, improving product discovery and increasing purchase frequency among consumers.

Shift from Unorganized to Branded Market

Consumers are increasingly prioritizing trust, quality assurance, durability and after-sales support in their purchase decisions. This shift is accelerating the transition from fragmented unbranded markets to organized branded players across categories.

Replacement Demand and Category Deepening

Market growth is being supported by repeat purchases, product upgrades and rising ownership of multiple products within the same household. As penetration improves, categories are experiencing deeper and more recurring consumption patterns.

Product Innovation and Premiumization

Continuous product launches, improved features and differentiated designs are creating fresh demand cycles across the market. These innovations are encouraging consumers to trade up, thereby supporting higher realizations and long-term value growth.

(Sources: https://www.alltimeplastics.com/files/ IndustrvReport.pdi. https://www.mordorintelliaence.com/industrv-reports/india-kitchen-appliances-products-market- industry)

WAY FORWARD FOR BOROSIL Future-Ready Manufacturing: Borosil has established a strong domestic manufacturing foundation with significant capabilities across glassware and opalware categories. The Company operates a large-scale pressware manufacturing facility with a furnace capacity of 25 TPD along with two opalware furnaces at Jaipur with a combined capacity of 84 TPD. These capabilities enabling Borosil to meet growing consumer demand while maintaining stringent quality standards.

Building on this strong foundation, Borosil continues to invest in advanced technology, modern machinery, process automation, and mould development. These initiatives are aimed at enhancing manufacturing efficiency, improving productivity, accelerating innovation and developing products tailored to the evolving needs of Indian kitchens. Through these efforts, the Company further strengthens its category leadership.

To support future growth, Borosil is expanding its glassware manufacturing capabilities at Bharuch through dedicated mass-production lines for jars, bottles, and tumblers. This expansion will enable greater scale, improved cost efficiencies, and enhanced responsiveness to market demand.

Alongside capacity expansion, the Company remains focused on driving operational excellence and increasing the proportion of locally manufactured products across its portfolio. In addition, through Stylenest India Limited, Borosil is establishing dedicated manufacturing capabilities for vacuum-insulated stainless-steel bottles, flasks, and containers. This will further strengthen supply security, reduce import dependence, and support long-term profitable growth.

(Source: https://manufacturina.economictimes. indiatimes.com/news/industrv/borosil-approves-92-crore- capex-for-bharuch-alassware-plant-iaipur-capacitv- expansion/129393397)

Product Innovation and Premiumization: Innovation remains central to Borosils growth strategy, driven by a deep understanding of consumer needs, evolving lifestyles, and emerging usage occasions. Our innovation pipeline is powered by a strong customer listening system that continuously captures consumer feedback and insights, enabling the development of differentiated products that address real consumer challenges while enhancing everyday living.

A strong example of this approach is the launch of the premium Aura Dinnerware range featuring proprietary ION Glass Technology. Through customer feedback mechanisms, we identified the perceived fragility of glass as a key barrier to adoption. To address this concern, Aura is manufactured using advanced ION Glass Technology, making it up to 1.5 times more durable than ordinary glassware. In addition, its superior scratch resistance combines elegance with enhanced durability.

To cater to the growing mass-premium segment and the aspirations of new homemakers, Borosil introduced its first-of-its-kind Color Serving Range in microwave-safe glassware. Available in vibrant contemporary colors, the range seamlessly blends aesthetics with functionality, complementing modern kitchen decor while serving multiple needs across serving and storage.

Recognizing Indias deep-rooted tea-drinking culture, Borosil also launched Opalware Kulhad Mugs in vibrant color. The range combines the nostalgic appeal of the traditional kulhad with the durability, convenience, and elegance of modern opalware. As a result, it has successfully connected with consumers seeking a contemporary expression of a cherished tea-drinking experience.

Our innovation philosophy extends beyond consumerware into kitchen appliances as well, where we continue to address evolving consumer needs. With growing interest in healthy lifestyles and homemade nutrition, we identified a significant gap in the juicer market, where extensive fruit preparation remained a challenge. To address this need, Borosil introduced the Vita Rich Cold Press Slow Juicer, featuring a wide feeder tube that accommodates whole fruits such as apples and oranges. Its advanced slow-juicing technology maximizes juice extraction while preserving nutrients, and its user-friendly design automatically separates pulp, making healthy juice preparation more convenient and efficient.

Through such innovations, Borosil continues to strengthen its portfolio across consumerware, hydration, cookware, and kitchen appliances. By combining functionality, durability, aesthetics, and health benefits, we remain closely aligned with the evolving aspirations of Indian consumers.

Deeper Market Penetration: Expanding market reach and strengthening channel partnerships remain key pillars of Borosils growth strategy. Over the years, we have built strong and enduring relationships with distributors and retailers, creating a robust and scalable distribution ecosystem that supports sustainable growth across geographies and channels.

Today, Borosil products are available through more than 24,000 retail outlets, supported by an extensive distributor network that enables deep market penetration across both urban and emerging markets. Our omnichannel presence spanning general trade, modern trade, e-commerce, quick commerce, B2B, exclusive brand stores, and export markets provides a strong platform to enhance consumer access and accelerate growth.

To enhance channel efficiency and execution excellence, we have invested in strengthening our digital capabilities. Our Distributor Management System (DMS) and Borosil SAARTHI Sales Force Automation platform have improved market coverage, enhanced outlet visibility, and increased employee productivity. These systems streamline inventory management, automate product replenishment, improve order fulfillment, and reduce turnaround times, enabling faster and more responsive service across the value chain.

Our retailer loyalty and engagement initiatives further strengthen long-term, mutually rewarding relationships with trade partners. Through personalized engagement programs, performance-based incentives, rewards, and recognition platforms, we actively encourage retailer participation, advocacy, and business growth while building a more connected and responsive trade ecosystem. This reinforces Borosils position as a preferred partner within the trade community.

Further strengthening our go-to-market capabilities, we have deployed advanced AI-powered product recommendation systems that assist frontline sales teams to identify the most relevant assortment opportunities for each retailer. This data-driven approach improves sales productivity, enhances outlet-level assortment quality, increases retailer profitability, and ultimately drives higher throughput across our distribution network.

Together, these investments in distribution, technology, and trade engagement position Borosil to expand its market reach, improve execution efficiency, and capture growth opportunities across both existing and emerging channels.

Brand Strength and Consumer Trust: Backed by a legacy of trust, Borosil and Larah continue to benefit from strong brand equity in categories where quality, durability and safety influence purchase decisions. As consumers increasingly shift toward organized and branded players, our trusted positioning, product quality and category leadership strengthen our competitive advantage across domestic and international markets.

Digital and Technology Enablement: We are accelerating our digital transformation agenda by strengthening our presence across leading online marketplaces, quick commerce platforms and our direct-to-consumer platform. Simultaneously, investments in technology-enabled supply chain systems, demand planning and customer engagement capabilities are enhancing service levels, improving responsiveness and strengthening consumer connect.

Sustainable and Profitable Growth: Our roadmap is equally focused on improving efficiency while building longterm resilience. Investments in renewable energy, including expanded solar power capacity, are expected to reduce operating costs and strengthen our ESG profile. Alongside operating leverage, localization initiatives and an improved product mix, these measures are expected to support sustainable profitability over the long term.

CHALLENGES AND OPPORTUNITIES

The consumerware and kitchen appliances segment operates in an increasingly competitive market, with organized and unorganized players influencing pricing, market share and category dynamics. In segments such as opalware, heightened competition and pricing pressure may moderate near-term growth. This makes brand differentiation, innovation and sharper market positioning critical to sustain momentum.

The business also remains exposed to changes in regulatory and sourcing frameworks. Recent quality compliance measures, including BIS-related norms across select categories, have created supply-side constraints for imported products and increased the need for localization, agile sourcing and execution discipline. In addition, volatility in foreign exchange rates, raw material costs and freight expenses may continue to influence margins and overall profitability.

Given the breadth of the portfolio, maintaining product availability across channels and seasonal demand cycles requires higher inventory holdings. This reinforces the need for strong working capital discipline, accurate demand planning and supply chain efficiency. At the same time, evolving consumer preferences, including the rapid adoption of digital commerce, quick commerce and convenience-led purchasing formats, require continuous channel adaptation and sharper go-to-market capabilities.

Despite these operating challenges, the long-term demand outlook remains favorable. Rising disposable incomes, premiumization, urbanization and increasing health awareness are driving preference for branded, durable and safer products across kitchen and dining categories. The structural migration from plastic to glass, stainless steel and opalware is further expanding opportunities across storage, hydration and everyday consumerware segments.

Borosil Limited is well placed to benefit from these structural shifts through its trusted brands, diversified portfolio, omnichannel reach and expanding domestic manufacturing base. Continued investments in capacity expansion, localization, renewable energy and innovation-led products are expected to enhance competitiveness, strengthen margins and support sustainable long-term growth.

RISK AND MITIGATION STRATEGY

Macroeconomic Conditions and Consumer Demand:

Demand across consumerware and kitchen appliance categories remains linked to broader economic conditions, household income growth, inflation trends and consumer sentiment. Periods of elevated inflation or pressure on disposable incomes may defer purchase decisions, drive downtrading or reduce discretionary spending, particularly in premium segments.

Competitive Intensity and Pricing Pressure: The industry continues to witness strong competition from both organized and unorganized players across categories. In segments such as opalware, increasing market saturation and pricing pressure may moderate growth and impact margins. In addition, the rise of digital channels has also intensified price transparency and promotional competition across marketplaces.

Regulatory and Compliance Changes: The business operates in a regulated environment where product quality, safety and certification requirements continue to evolve. Recent BIS-related requirements for insulated bottles and containers impacted product availability in the Hydra range, while new quality control norms for electrical appliances require timely compliance across sourcing and supply chains. Any delays in certification, vendor readiness or implementation could temporarily affect sales, sourcing continuity or costs.

Supply Chain Dependence and Import Exposure: Certain product categories have historically relied on imported sourcing, exposing the business to supply disruptions, shipping delays, geopolitical developments and foreign exchange volatility. To reduce these risks, the Company is actively pursuing localization and domestic manufacturing.

However, the transition may involve challenges related to vendor development, cost alignment and capacity ramp-up.

Working Capital and Inventory Management: The Companys diversified portfolio comprising multiple SKUs across categories and channels, requires significant inventory to maintain service levels and support seasonal demand cycles. Any mismatch in demand forecasting, slower sell-through or channel-level disruptions could lead to higher inventory holding costs and increased working capital intensity.

Execution Risk on Growth Investments: The Company has undertaken strategic investments in domestic manufacturing capacity, renewable energy and operational infrastructure. The expected benefits from these initiatives depend on timely commissioning, efficient ramp-up, optimal utilization and delivery of targeted cost and margin improvements. Any delay or underperformance could affect returns on capital deployed.

Changing Consumer Preferences: Consumer preferences continue to evolve toward healthier materials, premium aesthetics, convenience-led formats and digitally influenced purchasing behavior. To sustain category leadership, the Company focuses on continuous innovation, faster product refresh cycles and the ability to anticipate emerging usage trends.

Environmental and Social Responsibilities:

Manufacturing operations remain subject to environmental and workplace obligations relating to emissions, wastewater treatment, employee safety, skill availability and responsible operations. Any lapse in compliance, safety standards or workforce management may affect reputation, continuity and financial performance.

Brand Protection and Market Reputation: As a trusted consumer brand, Borosil remains exposed to risks from counterfeit products, lookalikes and unauthorized replicas that may dilute brand equity and erode customer confidence. Accordingly, continuous market monitoring, enforcement actions and consumer awareness remain important to safeguarding long-term brand value.

BUSINESS OVERVIEW

Borosil Limited is one of Indias leading consumer products companies, offering thoughtfully designed solutions that enhance everyday living. With a strong focus on quality, safety, functionality, and aesthetics, the Company caters to the evolving needs of modern Indian households through a diversified portfolio spanning cooking, serving, storage, hydration, dining, and kitchen convenience categories. Guided by deep consumer insights and a commitment to innovation, Borosil continues to create products that seamlessly combine utility with contemporary lifestyles.

During FY 2025-26, the consumer products business continued to demonstrate resilient growth amidst a dynamic operating environment. Consumer products recorded revenue of Rs. 1,197.78 crores, representing an increase of 8.1% over FY 2024-25. Revenue from glassware stood at Rs.295.49 crores, registering a growth of 17.3%, while non-glassware sales reached 463.75 crores, reflecting an increase of 2.4%. Opalware sales amounted to Rs. 411.85 crores, recording a growth of 7.3%, while other operating income stood at Rs. 26.69 crores. This performance underscores the strength of Borosils diversified business model, trusted brands, and ability to respond effectively to evolving consumer preferences.

Over the years, Borosil has successfully evolved from a glassware-led company into a diversified consumer products enterprise. Today, the Company offers a comprehensive portfolio comprising approximately 18,000 SKUs across multiple materials, categories, and price points. In addition to its leadership in borosilicate glassware, the Company has established a strong presence across opalware under the Larah brand, kitchen appliances, storage solutions, glass lunch boxes, stainless-steel cookware, and vacuum- insulated bottles and flasks. Built on decades of experience in the consumer products industry and a deep understanding of evolving consumer preferences, this diversified portfolio enables Borosil to participate across multiple household consumption occasions while addressing the aspirations of consumers across income segments and geographies.

The Companys manufacturing ecosystem continues to serve as a key competitive advantage. Borosil operates world-class manufacturing facilities at Jaipur for both opalware and borosilicate glass products, including Indias first borosilicate glass pressware facility. During the year, the Company further strengthened its future-ready manufacturing roadmap through planned investments in expanding borosilicate glass capacity, establishing a new glassware manufacturing facility at Bharuch, and developing domestic manufacturing capabilities for vacuum- insulated stainless-steel products through Stylenest India Limited. These initiatives are expected to enhance supply assurance, improve cost competitiveness, reduce import dependence, and strengthen long-term growth prospects. The Companys integrated manufacturing and supply chain ecosystem further enables it to leverage economies of scale while maintaining high standards of quality, efficiency, and responsiveness.

Large-scale manufacturing capabilities, coupled with robust supply chain management and disciplined inventory practices, enable Borosil to efficiently manage a diversified portfolio while ensuring superior service levels. The Company continues to leverage advanced technologies, process automation, and data-driven planning tools to optimize production, improve responsiveness, and maintain optimal inventory levels across the value chain.

Borosils products reach consumers through a comprehensive omnichannel distribution ecosystem spanning 24,000+ retail outlets across the country. The Companys extensive route-to-market architecture includes general trade, modern trade, e-commerce marketplaces, quick commerce platforms, direct-to-consumer channels, institutional sales, exports, and specialized channels catering to corporate clients and government departments. These capabilities are further strengthened by longstanding relationships with distributors and retail partners developed over the years, creating a robust and scalable distribution ecosystem. The Company has also established a strong presence across leading quick commerce platforms, reflecting its agility in adapting to evolving consumer purchasing behaviors and emerging retail formats. This diversified distribution footprint enables Borosil to deepen market penetration, strengthen consumer access, and capture emerging opportunities across both urban and emerging markets.

Technology and digital enablement continue to play an increasingly important role in strengthening execution excellence across the organization. The Company has made significant investments in digital platforms such as its Enterprise Resource Planning (ERP) system, Distributor Management System (DMS), and the Borosil SAARTHI sales force automation platform to improve market coverage, enhance outlet visibility, optimize inventory replenishment, and increase employee productivity. In addition, the deployment of AI-powered product recommendation capabilities is helping frontline teams improve assortment quality, enhance retailer profitability, and drive sales effectiveness.

Backed by decades of consumer trust, the Borosil and Larah brands continue to enjoy strong brand equity across categories where quality, safety, durability, and performance significantly influence purchase decisions. The Company continues to invest in consumer insights, digital engagement, retail visibility, and brand-building initiatives to strengthen brand salience and deepen its connect with consumers. Supported by a strong innovation pipeline and a consumer-centric approach, Borosil remains well positioned to strengthen its leadership in Indias evolving consumer products market.

Analysis of Financial Outcomes in Relation to Operational Performance

Consumer products recorded revenue of Rs.1,197.78 crores in FY 2025-26, representing an 8.1% increase compared to FY 2024-25. The revenue included Rs.295.49 crores from glassware, which grew by 17.3% over the previous year. Non-glassware sales reached Rs.463.75 crores, showing a 2.4% rise. Opalware sales amounted to Rs.411.85 crores, reflecting a growth of 7.3%. The other operating income amounted to Rs.26.69 crores.

Key Financial Ratios

Ratios (Based on Standalone Financials)	FY 2025-26	FY 2024-25	Change (%)	Explanation Where Changes are More than 25%
Debtors Turnover Ratio	11.41	11.50	(0.8%)
Inventory Turnover Ratio	3.44	3.78	(8.9%)
Interest Coverage Ratio	16.61	9.08	82.9%	Primarily due to repayment of borrowings
Current Ratio	2.27	1.96	15.7%	Primarily due to increase in current assets
Debt Equity Ratio	0.11	0.10	17.8%
Operating Profit Margin (%)	9.05	10.47	(13.6%)
Net Profit Margin (%)	6.31	6.70	(5.8%)
Return on Net Worth (%)	9.93	12.23	(18.8%)	Primarily due to increase in average net worth

Segment-Wise Performance

We are primarily engaged in the business of consumerware products, classified as a single segment under Ind AS 108 Operating Segments.

Key Factors Impacting Borosil Limiteds Operating Results

Diversified Product Portfolio across Categories and Price Segments

With over 18,000 SKUs across categories, materials and price segments, we offer a comprehensive portfolio that positions us as a one-stop destination for diverse consumer needs, preferences and budgets. In addition, our range spans cooking, serving, storage, hydration, dining and kitchen convenience products, enabling participation across multiple household consumption occasions.

During FY 2025-26, this diversified portfolio remained a key source of resilience. It helped balance category-specific demand cycles while serving consumers across income groups, geographies and purchase occasions. As a result, it enabled us to capture both recurring everyday demand and aspirational, lifestyle-led consumption trends.

Our product basket includes glassware, opalware, vacuum- insulated stainless-steel bottles and flasks, cookware, storage solutions and small kitchen appliances. Across materials such as borosilicate glass, opal glass and stainless steel, our offerings are designed to combine functionality, durability, safety and contemporary aesthetics.

Borosil continues to benefit from strong category positions built over time, led by opalware under the Larah brand and a trusted presence in borosilicate glassware. At the same time, our portfolio also reflects a track record of category creation and premium innovation through products such as microwavable glassware, glass lunch boxes, multi-utility storage solutions and design-led hydration products.

Guided by channel insights, distributor feedback and market trends, our innovation approach tracks evolving consumer behavior. This enables relevant product launches across premium, convenience-led and health-oriented segments, while also broadening access through offerings across multiple price points.

A balanced mix across categories and price tiers further supports business stability by reducing dependence on any single segment, moderating seasonality and mitigating demand volatility. This helps create a more sustainable revenue profile over time.

To address evolving consumer expectations, we continue refreshing and expanding our portfolio through design, functionality and material innovation. During FY 2025-26, we strengthened our new product pipeline across glassware, opalware and non-glassware categories, reinforcing our ambition to grow share in Indias evolving consumer products market.

External Suppliers for Raw Materials and Stock-in Trade

Borosil sources its raw materials, packaging components, and stock-in-trade from a diversified network of external suppliers. Procurement is primarily undertaken through purchase order-based arrangements rather than long-term supply contracts, providing the Company with flexibility in sourcing and supplier selection.

However, this operating model exposes the business to fluctuations in raw material prices and supply dynamics. Input costs can be influenced by a range of external factors, including manufacturing capacity constraints, transportation costs, infrastructure disruptions, regulatory changes, government policies, labor-related issues, export restrictions, and shifts in demand across industries and end markets.

The Company continues to closely monitor these developments and actively manage procurement strategies and supply relationships to minimize disruptions and ensure continuity across operations.

Building Manufacturing Efficiency

Improving manufacturing efficiency continues to be a key driver for profit margin expansion. To achieve this, we introduced automation and integrated advanced technology at critical points across design, production and distribution. These measures enhance efficiency while maintaining quality in a cost-effective manner.

In parallel, we strengthened tooling design and optimized process control to reduce defects and improve overall efficiency. We have also developed specialized furnace and feeder refractory through design and product changes including:

1. XiROC new AZS blocks introduced in main throat cover area to increase throat life and reduce glass defects

2. For process and productivity improvement, plunger design was changed from 102 mm diameter to 108/112 mm diameter for feeder refractory; the feeder spout design was also changed from 7/8-inch size to 8/8-inch size in double gob operation to improve production efficiency

3. To extend furnace life, a 3D scan was conducted to understand the side-wall corrosion patterns. Based on the 3D report, side-wall cooling profiles were modified and the second patching height increased from 750 mm to 950 mm in both Opal furnaces Going forward, the focus will be on improving furnace capacity utilization through the adoption of new technology like XiROC throat main blocks. Operational cost will be further optimized by expanding automation and evaluating alternate sourcing options.

In addition, high-cost furnace-top electrode cooling arms will be reused, while the Godrej IFC demand-side control system will be incorporated in existing compressed air network, targeting a 5% reducing in energy costs through power consumption. The LPG system will also be updated with an atomizing mechanism to scatter/break gas molecules, enabling complete burning and delivering a 10% reduction in consumption.

Borosil also aims to modernize existing machinery and acquire new or alternate equipment featuring the latest technology to enhance productivity and minimize waste. This includes introducing a batch mixer with new technology as a spare, addressing recurring gearbox failure issues in the current system.

Distribution Network

Borosil maintains a strong pan-India market presence through a network of 24,000+ retail outlets, including large-format stores and an extensive distributor base. In addition, our omnichannel strategy seamlessly integrates major e-marketplaces, quick commerce, and our D2C hub, www.mvborosil.com. ensuring seamless customer access across channels.

Beyond retail, the Companys specialized B2B team caters to diverse corporate requirements, while the Company also serves the Indian Armed Forces through the CSD and CPC channels.

This nationwide distribution network is powered by a dedicated sales and marketing team of 224 professionals. It is further supported by a robust enterprise resource planning system that enables efficient production forecasting and optimized inventory management.

Over the years, we have built strong and enduring relationships with our distributors and retailers. In addition, the Company has also made significant investments in Distributor Management System (DMS) and the Borosil SAARTHI sales force automation platform. These initiatives have expanded market reach, enhanced visibility, and improved employee productivity by streamlining inventory control and product replenishment, thereby reducing turnaround times.

In parallel, our retailer loyalty and engagement initiatives are designed to build long-term, mutually rewarding relationships with our trade partners by creating a more connected, responsive, and growth-oriented ecosystem. Through personalized engagement programs, incentive structures, and recognition platforms, we actively encourage retailer participation, strengthen advocacy, and support sustained business growth with Borosil.

During the year, SAARTHI was further expanded to include Large Format Stores (LFS), the Canteen Stores Department (CSD), and Central Police Canteens (CPC). In addition, digitalization and automation continued to anchor our transformation journey.

Maintaining the right balance between product availability and inventory levels is critical to efficient resource deployment. Despite an extensive geographic presence, our operations remain agile and responsive to the evolving needs of our distributor network and trade consumers. As a result, the Company continues to adapt to shifting consumer preferences and dynamic market demand patterns.

We have also established a strong presence across leading e-commerce marketplaces, including Amazon, Flipkart, Myntra, and JioMart, recognizing their importance in reaching digitally empowered consumers. These platforms significantly expand our reach and visibility, enabling Borosil to showcase the breadth and depth of its product portfolio.

Through dedicated e-commerce teams, data-driven merchandising, and targeted advertising campaigns, we ensure strong product discoverability, competitive pricing, and meaningful customer engagement. High-quality imagery, enhanced content formats, and customer reviews further strengthen conversion and brand trust. In parallel, we leverage platform analytics and consumer insights to continuously refine our offerings, identify emerging trends, and personalize promotions.

Borosil recognized early that quick commerce represented a transformative shift in consumer behavior rather than a short-term trend. Rising urbanization, evolving lifestyles, and growing demand for convenience have accelerated its adoption as a key consumption channel.

Accordingly, Borosil expanded its presence across leading platforms such as Blinkit, Flipkart Minutes, Swiggy Instamart, Zepto, and BigBasket. Today, quick commerce contributes approximately 35% of our total e-commerce sales.

In response to this opportunity, we strategically aligned our product assortment, packaging, and supply chain to meet the specific requirements of the channel. Our focus included smaller pack sizes and high-frequency use products such as glass lunch boxes, storage containers, microwavable cookware, and Opalware dinner sets suited for gifting and immediate use.

Operationally, we partnered closely with quick commerce platforms to optimize inventory placement, strengthen data- driven demand forecasting, and enable rapid fulfillment capabilities. At the same time, we maintained a strong focus on unit-level profitability to ensure sustainable and profitable growth.

This combination of early foresight and agile execution helped Borosil establish a strong position within the quick commerce ecosystem. As a result, we are reinforcing our standing as a trusted brand for quality kitchenware and tableware delivered with speed and convenience.

Our direct-to-consumer website, www.mvborosil.com. continues to attract significant traffic through targeted marketing initiatives, intuitive navigation, and a seamless purchase journey. To enhance consumer engagement, we offer personalized products, including customized water bottles and glass storage solutions. The platform also introduces exclusive lifestyle products not available through other channels, enabling us to gather valuable consumer insights and evaluate the success potential of new offerings.

Supporting this ecosystem is a dedicated customer experience team powered by Salesforce, which ensures seamless post-purchase assistance and customer support. In addition, customer sentiment is continuously monitored through our online reputation management and social listening platform, Konnect Insights. This ensures proactive brand protection while capturing actionable customer feedback that supports ongoing improvements in products, processes, and overall consumer experience.

Borosils Competitive Strengths

Success in Indias consumer products market depends on multiple factors. These include brand trust, product relevance, portfolio breadth, manufacturing capability, route-to-market strength, marketing effectiveness and the ability to adapt quickly to evolving consumer preferences. In a dynamic and competitive category, sustained leadership requires both scale and agility.

In this environment, Borosil Limiteds competitive strength is anchored in its integrated business model. This model brings together a diversified portfolio, strong consumer equity, expanding domestic manufacturing capabilities and a multi-channel distribution platform, creating a well- balanced foundation for long-term growth.

Borosil operates in a highly competitive industry, where several players benefit from larger scale, deeper financial resources, established supplier relationships and higher brand spending. These advantages can intensify pricing pressure and promotional activity across categories.

In response, we continue to strengthen our market presence through focused brand investments, channel incentives, portfolio enhancement and sharper execution. At the same time, we maintain a disciplined focus on profitability and long-term brand equity.

Our broad portfolio across glassware, opalware, hydration products, cookware, storage solutions and kitchen appliances enables us to address multiple household needs across categories, materials and price points. This diversified presence reduces reliance on any single segment while allowing participation in both recurring everyday demand and premium lifestyle-led opportunities.

We also benefit from strong brand recognition built over decades of consumer trust. The Borosil brand is associated with quality, durability and safety, while Larah holds a leading position in the opalware category. In segments where purchase decisions are increasingly driven by reliability and product assurance, these trusted brands provide a clear competitive advantage.

Our manufacturing capabilities further strengthen our market position. We operate one of Indias largest opalware facilities and the countrys first borosilicate glass pressware plant, supporting quality consistency, supply assurance and cost competitiveness. Meanwhile, ongoing investments in domestic manufacturing for vacuum-insulated bottles and flasks are expected to deepen localization, enhance compliance readiness and improve supply chain resilience.

Our distribution network spans general trade, modern trade, e-commerce, quick commerce, direct-to-consumer platforms, institutional channels and exports, enabling deeper market penetration and diversified revenue streams. This omnichannel presence allows us to respond effectively to evolving consumer buying behavior and channel shifts.

Innovation remains central to sustaining our competitive edge. We continuously track consumer trends, usage patterns and channel feedback to shape our product pipeline. As a result, we consistently launch products aligned with evolving preferences across health-conscious, convenience-led and premium segments. By integrating functionality, design and affordability, we ensure sustained relevance in a rapidly changing market.

While certain competitors may have larger resources or longer operating histories, Borosils strategy remains focused on leveraging brand strength, advancing differentiated products, driving efficient execution, deepening channel partnerships and sustaining continuous innovation. Together, these pillars reinforce our long-term market leadership.

Capital Employed

As of March 31, 2026, the Company had operating capital employed (without considering investments and capital work in progress) of about 841.7 crores (compared to 841.1 crores as of March 31, 2025).

Our working capital days increased to 97.4 in FY 2025-26, primarily due to higher inventory levels maintained to ensure supply continuity amid regulatory uncertainties related to BIS/Quality Control Order implementation in the Appliances and Hydra categories.

Inventory for Borosilicate glassware rose due to lower capacity utilization, while the shift to in-house manufacturing led to increased stocking of raw materials, packing materials, and bought-out components.

The fixed assets as of March 31, 2026 (including capital work in progress) were 636.81 crores. After the implementation of the Borosilicate facility and the expansion of the Larah opalware capacity, the maintenance and plant upgrades, including furnace rebuild capex in the business, is anticipated to be in the range of 30-35 crores each year.

OUTLOOK

Indias consumerware market continues to present a compelling long-term growth opportunity, supported by favorable demographics, rising disposable incomes, rapid urbanization, and evolving lifestyle aspirations. The Indian consumerware market, estimated at Rs.299.9 billion in FY 2024-25, is projected to reach Rs. 498.7 billion by FY 2029-30, expanding at a CAGR of 10.7% over FY 2025-30. Within this, the consumer houseware segment is expected to grow from 256.3 billion to Rs. 415.9 billion during the same period, while the consumer glassware market is projected to nearly double from Rs. 52.8 billion to Rs. 99.5 billion, reflecting a CAGR of 13.5%. These projections underscore the significant headroom for growth across Borosils core categories and reinforce the long-term attractiveness of the Indian consumer products market.

The market is also witnessing a structural shift in consumer behavior. Increasing health and hygiene consciousness, growing preference for branded and food-safe products, rising premiumization, and the rapid adoption of organized retail, e-commerce, and quick commerce are reshaping consumption patterns. Consumers are increasingly seeking products that seamlessly combine functionality, convenience, aesthetics, and superior user experiences, creating significant opportunities for trusted and innovation- led brands.

Against this backdrop, Borosil remains well positioned to capitalize on these favorable industry dynamics. Backed by strong brand equity, category leadership in borosilicate glassware and opalware, and a diversified portfolio comprising approximately 18,000 SKUs across categories, materials, and price points, the Company continues to strengthen its presence across multiple consumer touchpoints and usage occasions. This extensive portfolio enables Borosil to address diverse consumer needs across income segments while participating in both everyday consumption and aspirational lifestyle-led opportunities. Our ability to anticipate evolving consumer preferences and translate them into relevant, design-led offerings remains central to our growth strategy.

Looking ahead, premiumization will continue to remain a powerful growth lever. As consumers increasingly gravitate toward aspirational, aesthetically superior, and value-added products, Borosil will continue to strengthen its premium portfolio through differentiated offerings, contemporary designs, and meaningful consumer experiences.

Simultaneously, our focus on continuous product innovation, category expansion, and sustained brand-building initiatives will enable us to address emerging consumption trends, deepen consumer engagement, and unlock new growth opportunities across both existing and adjacent categories.

The Company is also making strategic investments to build future-ready capabilities and strengthen longterm competitiveness. The expansion of borosilicate glass manufacturing capacity, the upcoming glassware manufacturing facility at Bharuch, and the establishment of domestic manufacturing capabilities for vacuum-insulated stainless-steel products through Stylenest India Limited are expected to enhance supply assurance, improve responsiveness, reduce import dependence, and support sustainable growth over the long term. These investments reflect our confidence in the long-term potential of Indias consumer market and our commitment to investing ahead of demand.

Our omnichannel distribution architecture, spanning general trade, modern trade, e-commerce, quick commerce, direct- to-consumer platforms, institutional sales, and exports, provides a robust platform to deepen market penetration and strengthen consumer access across geographies. Supported by technology-enabled distribution systems, digital consumer engagement capabilities, and strong channel partnerships, we remain well positioned to capture growth opportunities emerging across both traditional and new-age retail formats. In addition, the Company continues to embed digital and technology-led solutions across manufacturing, supply chain, distribution, and consumer engagement processes to enhance agility, improve decision-making, and drive execution excellence.

Supported by robust supply chain capabilities, localization initiatives, and disciplined inventory management practices, Borosil remains well equipped to navigate market volatility while ensuring continuity of supply and superior customer service. As the Company continues to strengthen its manufacturing ecosystem, accelerate innovation, deepen market reach, and drive operational excellence across the value chain, it remains confident of sustaining profitable growth, reinforcing market leadership, and creating enduring value for all stakeholders. Backed by trusted brands, expanding domestic manufacturing capabilities, and a strong balance sheet, Borosil is well positioned to participate meaningfully in Indias evolving consumption story.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has established internal control systems aligned with the scale and nature of its operations. These systems ensure accuracy in financial reporting, safeguard assets, and maintain compliance with applicable regulations.

Internal audit processes are conducted by an in-house team, supported by external auditors, ensuring a comprehensive review of control effectiveness across functions. In addition, the Audit Committee periodically reviews audit findings and monitors the implementation of corrective actions, ensuring consistency in governance and control processes.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

During the period, Borosil Limited strengthened its people practices in alignment with its growth agenda and expanding business portfolio. Key focus areas included:

• Talent and Leadership Capability: Strengthened leadership pipeline across manufacturing and emerging business verticals through structured learning interventions and institutionalized succession planning frameworks

• Performance and Productivity Orientation: Refined the performance management framework with sharper KRAs, stronger linkage to business outcomes, and increased emphasis on pay-for-performance

• HR Digitization: Adopted HR technology platforms to streamline employee lifecycle processes, enable data-driven decision-making, and enhance employee experience

• Employee Engagement and Retention: Focused initiatives for shop-floor and sales teams, along with targeted retention strategies for critical talent segments

• Diversity and Inclusion: Continued efforts toward improving gender diversity across corporate and frontline roles

INDUSTRIAL RELATIONS (IR)

Industrial relations remained stable and harmonious across all manufacturing locations during the period. The Company continues to operate in a non-unionized environment with direct engagement between management and the workforce. Key highlights include:

• Operational Stability: Recorded zero instances of strikes, lockouts, or work stoppages during the period

• Direct Engagement Framework: Addressed employee concerns and grievances through structured internal mechanisms, ensuring transparency and timely resolution

• Employee Connect: Conducted regular shop-floor engagement, open communication, and strong leadership accessibility fostering a culture of trust

• Compliance and Governance: Continued adherence to applicable labor laws and internal policies, ensuring a disciplined workplace environment

WORKFORCE STRENGTH (NUMBER OF EMPLOYEES)

The Companys workforce witnessed measured growth, aligned with business expansion, particularly in consumer products and manufacturing capacity. Key aspects include:

• Calibrated Workforce Growth: Headcount expansion aligned with business requirements

• Productivity Focus: Emphasis on automation, multiskilling, and process optimization rather than linear headcount increases

PEOPLE PRACTICES AND CAPABILITY DEVELOPMENT FRAMEWORK

• Learning and Development (L&D): Our L&D function continued to shape future-ready capabilities and foster a culture of continuous learning and agility across the organization, while delivering a comprehensive suite of programs to strengthen talent capabilities and business performance.

• Performance Management: KRA Setting workshops reinforced performance management as a structured, purpose-driven process.

• Customer Centricity: Customer Centricity training programs enabled Customer Service teams to better understand customer needs and enhance service delivery, aligned with the Vision of becoming Indias most customer-centric company.

• Future-Ready Skills (AI): Programs such as AI Advantage and Presentation Skills with AI equipped employees to adopt AI tools and emerging technologies, improving efficiency and productivity.

• Data and Analytics Capability: Business Intelligence Foundations strengthened technical skills in Power

Query and Power Pivot, enabling teams to build dashboards, generate insights, and support data- driven decision-making.

• Leadership Development: Select senior leaders were nominated to premier B-school executive education programs to further strengthen strategic leadership capabilities and drive organizational success.

• Collaboration and Interpersonal Skills: The Building Bonds program, supported by psychometric assessments, enhanced collaboration by strengthening active listening, empathy, and relationship-building across teams.

• Ethics and Culture: The in-house Borosil Essentials program reinforced a strong cultural and ethical foundation, covering POSH, Code of Conduct, Human Rights, Organizational Values, and the Ethics Helpline.

• Womens Development: Secure Her Future focused on women employees, emphasizing health, holistic well-being, and financial empowerment.

• Learning Culture: The Gyansarovar library facility continued to promote reading and support self development by enhancing knowledge and skill

As of March 31, 2026, the Company had 699 permanent employees.