Excipients (fillers, binders), empty capsules, blister films and pharma glass (vials, ampoules, cartridges) - the non-active inputs in every finished dose.
Sigachi IndustriesDirect supplier · HighListed
Borosil ScientificDirect supplier · HighListed
SCHOTT PoonawallaDirect supplier · HighUnlisted
ACG WorldwideDirect supplier · HighUnlisted
Borosil Scientific (BOROSCI)
Laboratory glassware and instruments plus pharma primary packaging (Klasspack vials, ampoules and cartridges)
Price
₹102.00
snapshot 30 Oct 2026
Strengths
Direct exposure to injectable and lab demand via Klasspack primary packaging
Brand leadership in Indian lab glassware
Risks
Very small company, and the stock has fallen in the year to Oct 2026
Competes with SCHOTT Poonawalla and imports in pharma glass
Note: Demerged from Borosil Ltd and listed in 2024; FY22-FY23 not reported as a standalone company
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Supplies the inactive materials and primary packaging every finished dose needs: excipients like microcrystalline cellulose (MCC) that make up most of a tablet's weight, empty hard capsules, blister films and foils, and Type-I borosilicate glass vials, ampoules and cartridges for injectables.
Why it matters
These inputs are small in cost but impossible to skip: a formulation is registered with a specific excipient and container, so switching suppliers needs regulatory change filings. That makes qualified suppliers sticky - and makes injectable and GLP-1 growth a direct pull on pharma-glass capacity.
Where the value pool sits
Mid-teens to 20%+ EBITDA margins for qualified specialists. Volumes track global formulation output; pricing is helped by long qualification cycles but pressured by Chinese and European competitors in commodity grades.
Key drivers
Growth in injectables, prefilled syringes and GLP-1 pens (cartridges)
Generic volume growth and new plant commissioning in India
Import substitution of specialty excipients and glass
Potential bottlenecks
Type-I borosilicate glass tubing comes from a handful of global suppliers
Process-safety risk in powder handling (the June 2025 Sigachi Pashamylaram explosion)
Qualification with each customer takes 12-24 months