Borosil Scientific: consolidated PAT turns profitable YoY at ₹4.36 Cr, slows QoQ

Borosil Scientific's consolidated PAT came in at ₹4.36 Cr for Q1 FY27, versus a ₹4.21 Cr loss a year ago, on revenue of ₹106.75 Cr (+11.2% YoY). No street estimates or analyst previews for this stock turned up in a web search, so the print can't be graded against consensus — flagged as unknown rather than guessed. There is no formal management guidance on record either from our database or from public sources, so the result is being read purely against its own trend line. Sequentially, revenue fell 25.4% from Q4 FY26's ₹143.17 Cr and PAT dropped 84% from ₹27.25 Cr — Q4 is typically the seasonally heavier quarter for institutional/lab-equipment billing at this company, so the QoQ decline reads as normalization rather than a fresh deterioration. The YoY turnaround needs an asterisk: the Q1 FY26 base included a one-off ₹6.61 Cr VRS exceptional charge at the Nashik plant that pushed that quarter into a loss. Stripping it out, adjusted Q1 FY26 PAT was ~₹2.40 Cr, making underlying YoY PAT growth closer to +81% rather than a straightforward loss-to-profit swing — still a real improvement, just not as dramatic as the headline turnaround implies. On margins, NPM expanded YoY to 3.98% from -4.26% and OPM to 7.92% from -1.81%, but both compressed sharply from Q4 FY26's 18.76%/22.43% — driven mainly by employee benefits expense rising 22.5% QoQ to ₹21.98 Cr even as revenue fell, since headcount-linked costs didn't scale down with the smaller order book. At the segment level, Glassware swung to a positive ₹0.19 Cr PBT versus a ₹2.40 Cr loss a year ago and a ₹1.73 Cr loss last quarter — a genuine, if small, turnaround. Standalone PAT of ₹6.84 Cr is 57% higher than the ₹4.36 Cr consolidated figure because subsidiary Goel Scientific Glass Works lost ₹2.36 Cr on ₹7.63 Cr of revenue this quarter, a divergence worth flagging since standalone-only readers will see a materially better number. The quarter also sits alongside two governance items disclosed with the results: Sharad Tiwari's exit from a senior managerial role (July 14) and the board's same-day approval of ESOP scheme amendments raising the maximum option-grant discount from 10% to 20% — neither tied directly to the P&L but both worth tracking into next quarter. No management press release accompanied this filing, so there's no company framing to reconcile against the numbers.