Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
26 Nov 2025
Blog
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key listed players – Borosil, La Opala & Cello. Our learnings - The industry has shown clear signs of revival ahead of the festive and wedding season with listed players driving momentum. Within Opalware, Borosil and Cello remain the fastest-moving brands, supported by strong retailer push and rising consumer preference (also visible in H1FY26 results). Borosil enjoys one of the highest brand recalls, backed by its extensive SKU range, superior design, and quality, while Cello remains aggressive on pricing. La Opala has seen a temporary dip in market share due to dealer rationalisation. The co. given its high product quality remains optimistic about regaining its footing. Unorganised players were present but remain limited in scale and distribution reach. In Glassware, Borosil continues to dominate with the highest consumer recall, while in adjacent categories such as steel flasks, the unorganised segment persists despite BIS norms. Our pecking order – Borosil (BUY), Cello Ltd (BUY) and La Opala (BUY) .
Demand scenario:
The Opalware and Glassware market is witnessing a clear demand recovery, driven by the ongoing festive and wedding season. Channel checks indicate rising footfalls, strong gifting demand, and increased brand activity through new designs and product launches. Cello and Borosil continue to see strong traction supported by wide SKUs and innovation, while Opalware demand—muted over the past six months—is now improving. We expect Borosil, Cello, and La Opala to benefit from the positive demand sentiment in the coming quarters.
Product availability:
Borosil and Cello products enjoy wide availability and strong brand visibility across key markets, aided by extensive SKU ranges and attractive dealer incentive programs that ensure strong retail push. La Opala’s visibility remains relatively lower due to dealer rationalisation undertaken over the past year, resulting in market share loss.
Customer perception:
Customer perception remains strongest for Borosil and Cello, supported by high visibility, continuous innovation, and diversified portfolios spanning Opalware, Glassware, and small kitchen appliances. La Opala, though more narrowly focused, continues to be recognised as a pioneer in Opalware and retains a premium positioning owing to its product quality. With festive and wedding demand picking up, La Opala is expected to regain momentum in the near term.
Other categories (Glassware & Steel Flasks):
In the Glassware segment, Borosil continues to dominate with the highest brand recall, driven by its established presence, consistent product upgrades, and strong consumer trust. The steel flask and hydration category remains highly fragmented, with unorganised players continuing to dominate despite BIS norms. However, with Borosil’s upcoming in-house steel flask facility, we expect the company to effectively capture the growing demand opportunity in this space, leveraging its strong brand equity and premium positioning.
Market Share, Ad Spends & Capacity:
La Opala, a pioneer in the Opalware category, has seen a steady decline in market share in recent years, with both Borosil and Cello adopting a more aggressive growth approach. Borosil’s market share has expanded from ~29% in FY21 to ~36% in FY25, while Cello has risen from ~26% to ~31% over the same period. In contrast, La Opala’s share has declined from ~43% to ~32%. Borosil’s market share gains reflect its stronger consumer connect, supported by higher advertising spends of ~8% of revenue versus less than 2% for peers. While La Opala has historically maintained industry-leading margins of ~40%, they have moderated to ~32% in FY25, with Borosil and Cello gradually catching up at ~30%. Despite this La Opala remains a serious cash generating machine with ~70% OCF/EBITDA conversion.
Our View:
We expect all three players to maintain healthy growth momentum, with Borosil and Cello currently holding a clear visibility-led advantage, while La Opala remains well-positioned for a potential comeback. Overall, the Opalware segment appears well positioned to sustain its growth trajectory in the near to medium term, aided by robust festive and wedding-related demand—particularly with around ~5mn weddings expected in end-CY25, where Opalware continues to be a popular gifting choice.
Click to download the full report
Analyst:
- Rahul Dani - Research Analyst, Institutional Equities (NISM-201500034725)
- Vaidik Bafna - Research Associate, Institutional Equities (NISM-202100035711)
Disclaimer: - You are advised to read our disclaimer here: https://www.mnclgroup.com/disclaimers
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We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
