Borosil Shares Gain 6% In Early Trade After DGTR Recommends Anti-Dumping Duty On Chinese Glassware

Shares of Borosil Ltd. gained as much as 6% in early trade on Monday, 28 September, after the Directorate General of Trade Remedies (DGTR) issued its final findings and recommended an anti-dumping duty on Chinese borosilicate table and kitchen glassware.

The stock later pared some gains, with Borosil broadly flat on a year-to-date basis. At 12:11 pm, Borosil shares were up 4.57% on the National Stock Exchange of India (NSE).

The proposed duty could support Borosil’s domestic tableware and kitchenware business by changing the competitive landscape for imported products. However, the recommendation does not mean the duty has taken effect yet. The Central Government is yet to issue the final notification imposing the levy.

Potential Earnings Impact

Analysts estimate that the proposed anti-dumping duty could add around ₹22 crore to Borosil’s FY28E earnings before interest, taxes, depreciation, and amortisation (EBITDA), assuming the company captures 50% of the potential price benefit.

The potential benefit would come if the duty allows domestic producers to gain some pricing advantage over Chinese imports. The impact would depend on the final duty notification and the extent to which the benefit reaches Borosil’s operations. The proposed measure could also improve margins in Borosil’s press ware operations.

Analysts included the possible anti-dumping duty benefit in their estimates while also factoring in some moderation in opalware margins. They have consequently raised their FY28E profit after tax estimate for Borosil by 9%. Market watchers said the proposed trade measure could also support Borosil’s plans to increase local production and replace imports from China.

Borosil’s Capacity Expansion

Borosil has been increasing its manufacturing capacity as part of its efforts to reduce dependence on imported table and kitchen glassware.

The DGTR recommendation comes against this backdrop. If the government implements the proposed duty, domestic manufacturers could face less price competition from Chinese products in the affected categories. The final government notification remains the key next step before the anti-dumping duty can take effect.

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