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BORORENEW - Borosil Renew.

📊 NSE: BORORENEW 🏢 Glass & Glass Products 📅 Last Updated: 12/13/2025 19:46

📢 Recent Corporate Announcements

Borosil Renewables Receives 'IND A' Credit Rating with Positive Outlook

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 10 Mar 2026, 05:00 PM

India Ratings & Research (Ind-Ra) has reaffirmed Borosil Renewables' credit ratings, maintaining the 'Positive' outlook established in December 2025. The long-term bank facilities are rated 'IND A' while short-term facilities are rated 'IND A1'. The update provides a detailed breakdown of bank-wise limits across HDFC, Kotak Mahindra, IndusInd, and HSBC, totaling approximately ₹727.14 crore in rated facilities. This confirmation of a positive outlook suggests the company's credit profile is on an improving trajectory.

Long-term bank facilities assigned 'IND A' rating with a 'Positive' outlook.
Short-term bank facilities assigned 'IND A1' rating.
Total rated facilities include a ₹2,632.5 million term loan from HDFC Bank and ₹1,761.9 million from Kotak Mahindra Bank.
The outlook was recently upgraded from 'Negative' to 'Positive' in late 2025, reflecting improved financial stability.
Total bank-wise facilities detailed across four major lenders remain unchanged in aggregate value.

💡 The 'Positive' outlook is a constructive signal for debt-holders and equity investors, indicating potential for a future rating upgrade. Investors should monitor the company's quarterly margins to see if operational performance justifies this improved credit stance.

Borosil Renewables Chairman Pradeep Kumar Kheruka Shares Business Update on CNBC-TV 18

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Mar 2026, 02:07 PM

Borosil Renewables Limited has notified the exchanges regarding a televised interview of its Executive Chairman, Mr. Pradeep Kumar Kheruka, with CNBC-TV 18 on March 10, 2026. The discussion primarily focused on providing a general business update and the company's current operational outlook. While the filing itself does not contain specific financial data, such management interactions are key for understanding qualitative business trends. Investors can access the full interview through the provided digital links to gauge management's sentiment on the solar glass industry.

Executive Chairman Pradeep Kumar Kheruka conducted a business update interview on March 10, 2026.
The interaction was broadcast on CNBC-TV 18 and focused on general company operations.
The company has provided a public YouTube link for shareholders to view the full discussion.
This disclosure is part of the company's routine regulatory compliance for management media interactions.

💡 Investors should watch the interview to identify any qualitative commentary on market demand or policy changes, but no immediate action is required based on this routine filing.

Borosil Renewables Updates on Transfer of 100 Physical Shares and IEPF Entitlement

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Mar 2026, 04:50 PM

Borosil Renewables has processed a request for the re-lodgement of 100 physical shares of the erstwhile Gujarat Borosil Limited under SEBI's special window. Due to historical corporate restructurings, these 100 shares now entitle the holder to 50 shares of Borosil Renewables, 50 shares of Borosil Limited, and 37 shares of Borosil Scientific Limited. As the original shares were transferred to the Investor Education and Protection Fund (IEPF), the company will issue entitlement letters after a 6-month lock-in period following a public notice with no objections. This administrative process allows the transferee to eventually claim the shares from the IEPF.

Processed re-lodgement request for 100 physical shares of Gujarat Borosil Limited (Folio 01457276).
Entitlement includes 50 shares of Borosil Renewables and 50 shares of Borosil Limited following a 2020 amalgamation.
Additional entitlement of 37 shares of Borosil Scientific Limited resulting from a 2023 demerger.
No objections received following newspaper advertisements published on December 27, 2025.
Entitlement letters to be issued after a 6-month lock-in period to facilitate claims from the IEPF.

💡 No action is required for general shareholders as this is a routine administrative update regarding a specific physical share transfer. It highlights the company's adherence to SEBI's procedural requirements for legacy physical shareholdings.

Borosil Renewables Updates Link for Executive Chairman's Business Interview on ET Now

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Feb 2026, 11:05 AM

Borosil Renewables Limited has issued a correction regarding a previous announcement about an interview with Executive Chairman Mr. Pradeep Kumar Kheruka. The interview, which originally aired on ET Now on February 18, 2026, focused on a general business update for the company. Due to a technical glitch in the previous filing, the company has now provided a functional YouTube link for investors to access the content. This is a routine administrative update to ensure transparency and accessibility of management commentary to the public.

Executive Chairman Pradeep Kumar Kheruka participated in a business update interview on ET Now on February 18, 2026.
The company provided an updated YouTube link to resolve a technical glitch from a prior communication.
The interview content covers general business updates and the company's current operational outlook.
The filing ensures that all shareholders have access to the same management commentary provided to media outlets.

💡 Investors should watch the interview via the provided link to gain insights into management's view on the solar glass industry and company strategy. No immediate portfolio changes are recommended based on this administrative update.

Borosil Renewables Chairman Pradeep Kheruka Shares Business Update via ET Now Interview

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Feb 2026, 12:41 PM

Borosil Renewables Limited has informed the exchanges about an interview of its Executive Chairman, Mr. Pradeep Kumar Kheruka, with ET Now on February 18, 2026. The interview focused on providing a general business update regarding the company's operations and market position. This disclosure is a standard regulatory requirement to ensure transparency regarding management's public appearances. Investors can access the full discussion via the provided YouTube link to gain insights into the company's strategic outlook.

Executive Chairman Pradeep Kumar Kheruka conducted a televised interview on February 18, 2026.
The discussion focused on general business updates and the company's current operational status.
The company has shared a public link to the interview for investor transparency.
No specific financial targets or new projects were detailed in the brief regulatory filing.

💡 Watch the interview to gauge management's sentiment on solar glass demand and competitive pressures. Maintain current positions as this is a routine communication.

Borosil Renewables to Attend Axis Capital's Flagship India Conference on February 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 02:57 PM

Borosil Renewables Limited has announced its participation in the Axis Capital Flagship India Conference scheduled for February 10, 2026, in Mumbai. The company's management will engage in both group and one-on-one meetings with institutional investors. The primary focus of these discussions will be the investor presentation for the quarter and nine months ended December 31, 2025. Such meetings are standard practice for listed companies to maintain transparency and provide clarity on financial performance to the institutional community.

Participation in Axis Capital's Flagship India Conference on February 10, 2026.
The event will take place in-person in Mumbai through group and one-on-one sessions.
Discussions will revolve around the financial results for Q3 and 9M ended December 31, 2025.
The investor presentation for the period is already available on the stock exchange and company websites.

💡 Investors should review the Q3 FY26 investor presentation and watch for any post-conference updates or transcripts to gauge institutional sentiment and management's forward-looking commentary.

Borosil Renewables Q3 FY26: EBITDA Surges 518% to ₹129 Cr; Expansion on Track for Dec 2026

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 02:48 PM

Borosil Renewables reported a strong Q3 FY26 with standalone revenue rising 40% YoY to ₹386.5 crores, driven by higher selling prices of ₹149.97 per mm. EBITDA saw a massive 518% jump to ₹129.04 crores, maintaining a healthy margin of 33.4%. The company has successfully deconsolidated its insolvent German subsidiary, Geosphere, removing future loss liabilities from the consolidated books. Management remains optimistic about domestic demand, with plans to increase capacity by 60% by late 2026 to meet the growing 55 GW solar glass requirement.

Standalone revenue reached an all-time high of ₹386.5 crores, a 40% YoY increase.
EBITDA margins expanded significantly to 33.4% compared to 7.6% in the previous year.
Average selling price rose to ₹149.97 per mm from ₹104.54 per mm YoY.
Capacity expansion to increase production by 60% is targeted for completion by December 2026.
German subsidiary Geosphere deconsolidated, eliminating further impact on consolidated P&L.

💡 Investors should view the strong margin recovery and the resolution of the German subsidiary issue as positive catalysts. Monitor the progress of the 60% capacity expansion and the final DGTR findings on Malaysian CVD for long-term growth sustainability.

Borosil Renewables Releases Audio Recording of Q3 & 9M FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jan 2026, 07:02 PM

Borosil Renewables Limited has made the audio recording of its Analysts and Institutional Investors Conference Call available to the public. The call, held on January 29, 2026, discussed the company's financial results for the third quarter and the nine-month period ending December 31, 2025. This filing is a routine regulatory requirement under SEBI (LODR) Regulations. Investors can access the full discussion via the company's investor relations website to understand management's outlook.

Audio recording of the Q3 and 9M FY26 earnings call is now available online.
The conference call took place on January 29, 2026, following the financial results announcement.
The recording link is hosted on the official Borosil Renewables investor portal.
Filing complies with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements).

💡 Review the recording for management's perspective on the solar glass industry and future growth guidance. Monitor the call for updates on anti-dumping duties and domestic manufacturing incentives.

Borosil Renewables Q3 FY26: EBITDA Surges 518% YoY to ₹129 Cr; Margins Expand to 33.4%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 01:23 PM

Borosil Renewables reported a robust standalone performance for Q3 FY26, with revenue rising 40.4% YoY to ₹386.50 crore. The growth was primarily driven by a significant increase in average selling prices to ₹149.97/mm, up from ₹104.54/mm a year ago, following the imposition of anti-dumping duties. Standalone EBITDA margins saw a massive jump to 33.4% compared to 7.6% in Q3 FY25. While domestic operations are thriving, the company continues to manage insolvency proceedings for its German subsidiaries and has made significant impairment provisions.

Standalone EBITDA grew 517.7% YoY to ₹129.04 crore with margins expanding to 33.4%.
Average selling price increased significantly to ₹149.97/mm from ₹104.54/mm in the corresponding quarter last year.
Company is progressing with a ₹950 crore expansion plan (600 TPD) targeted for commissioning by December 2026.
Raised ₹371.49 crore in October 2025 through a preferential issue to institutional and individual investors.
Consolidated PAT turned positive at ₹100.19 crore for the quarter, despite ongoing challenges in European subsidiaries.

💡 Investors should view the sharp recovery in domestic margins as a positive outcome of favorable regulatory duties. Monitor the timely execution of the 600 TPD capacity expansion and the final resolution of the German subsidiary's insolvency as key future triggers.

Borosil Renewables Q3 Standalone PAT Jumps to ₹78.26 Cr; Revenue Up 40% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 07:23 PM

Borosil Renewables reported a strong standalone operational performance for Q3 FY26, with revenue growing 40.4% YoY to ₹386.50 crore. The company achieved a standalone net profit of ₹78.26 crore, a significant turnaround from a loss of ₹8.64 crore in the previous year's corresponding quarter. While domestic demand remains robust, the company has recognized massive exceptional hits totaling ₹359.78 crore for the nine-month period due to the insolvency of its German subsidiary (GMB) and impairment of Interfloat Corporation. Additionally, the company successfully raised ₹371.49 crore through a preferential issue in October 2025 to bolster its financial position.

Standalone Revenue from Operations grew 40.4% YoY to ₹386.50 crore from ₹275.28 crore.
Standalone Net Profit reached ₹78.26 crore compared to a net loss of ₹8.64 crore in Q3 FY25.
Recognized exceptional losses of ₹359.78 crore in 9M FY26 related to overseas subsidiary insolvency and impairments.
Raised ₹371.49 crore via preferential allotment of 69.43 lakh shares at ₹535 per share in October 2025.
Domestic revenue contributed ₹365.76 crore, representing over 94% of total revenue for the quarter.

💡 Investors should view the strong domestic operational turnaround and the cleaning up of international subsidiary losses as a long-term positive. The focus should now shift to the utilization of newly raised capital for domestic capacity expansion.

Borosil Renewables Schedules Q3FY26 Earnings Conference Call for January 29, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Jan 2026, 05:32 PM

Borosil Renewables Limited has announced its conference call for analysts and investors to discuss the Q3FY26 financial results. The call is scheduled for Thursday, January 29, 2026, at 4:00 PM IST, following the official earnings release on January 28, 2026. Senior management, including the Executive Chairman and CFO, will be present to discuss performance and answer questions. This is a standard procedure for the company to engage with the investment community regarding its quarterly performance for the period ended December 31, 2025.

Earnings conference call scheduled for January 29, 2026, at 4:00 PM IST
Financial results for the quarter ended December 31, 2025, to be released on January 28, 2026
Management representation includes Executive Chairman P.K. Kheruka and CFO Sunil Roongta
The call is being coordinated by Axis Capital with universal dial-in +91 22 6280 1145

💡 Investors should review the financial results on January 28 and participate in the call to gain insights into the company's solar glass margins and future growth outlook.

Borosil Renewables Appoints Ajay Singh as VP - Manufacturing for Bharuch Plant

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 21 Jan 2026, 11:26 AM

Borosil Renewables has appointed Mr. Ajay Singh as Vice President - Manufacturing at its Bharuch Plant, effective January 21, 2026. Mr. Singh brings over 26 years of extensive experience in glass manufacturing and plant leadership, having previously served in senior roles at Guardian Industries and Gerresheimer. His expertise in float glass, value-added processing, and large-scale growth projects is expected to drive improvements in productivity and EBITDA. This appointment strengthens the senior management team at a critical manufacturing hub for the company.

Appointment of Mr. Ajay Singh as VP - Manufacturing at Bharuch Plant effective Jan 21, 2026
Mr. Singh brings over 26 years of experience in manufacturing operations and plant leadership
Previous experience includes serving as Plant Director at Gerresheimer and leadership roles at Guardian Industries
Expertise spans float glass manufacturing, capex execution, and reliability-led performance improvements

💡 Investors should monitor the impact of this leadership change on the operational efficiency and margin profile of the Bharuch plant over the next few quarters. The addition of a seasoned glass industry veteran is a positive sign for the company's execution capabilities.

Borosil Renewables Initiates Legal Action Against Resigning Plant Head Over Loan Recovery

🔴 NEGATIVE ⭐ 6/10

MANAGEMENT 📅 20 Jan 2026, 06:11 PM

Borosil Renewables has disclosed that Mr. Anoj Kumar Singh, AVP & Plant Head (Bharuch), tendered his resignation on June 20, 2025. The company has refused to formally accept the resignation due to outstanding loan amounts that are recoverable from him. Consequently, the company has decided to pursue legal action against the former senior management personnel. This disclosure, made on January 20, 2026, indicates a significant delay in reporting the dispute to the exchanges.

Mr. Anoj Kumar Singh resigned as AVP & Plant Head (Bharuch) on June 20, 2025.
The company has not accepted the resignation due to unrecovered loan amounts granted to the employee.
Legal proceedings are being initiated by Borosil Renewables to recover the outstanding debt.
The formal regulatory disclosure was delayed by approximately seven months until January 20, 2026.

💡 Investors should monitor the progress of the legal recovery and evaluate if the delayed disclosure reflects any weaknesses in internal compliance or governance. Check for any operational impact at the Bharuch plant following the leadership exit.

Borosil Renewables Restructures Preferential Issue Proceeds to ₹371.49 Cr Due to Undersubscription

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 08 Jan 2026, 10:39 AM

Borosil Renewables has revised its fund utilization plan following an undersubscription in its recent preferential issue of equity shares. The total proceeds have decreased from ₹376.02 Crores to ₹371.49 Crores, representing a minor reduction of ₹4.53 Crores. Crucially, the company has maintained its capital expenditure allocation of ₹317.34 Crores for the solar glass expansion at its Bharuch facility. The shortfall has been adjusted solely from the General Corporate Purposes budget, which now stands at ₹54.15 Crores.

Total preferential issue proceeds reduced by ₹4.53 Crores to a final amount of ₹371.49 Crores
Capital expenditure for Bharuch solar glass expansion remains unchanged at ₹317.34 Crores
General Corporate Purposes allocation reduced from ₹58.68 Crores to ₹54.15 Crores
Restructuring was necessitated by undersubscription from a few proposed allottees

💡 Investors should take comfort that the core expansion project remains fully funded despite the slight fundraising shortfall. Monitor the execution timelines of the Bharuch solar glass facility as it remains the primary growth catalyst.

Borosil Renewables Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Jan 2026, 02:31 PM

Borosil Renewables Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, covers the quarter ended December 31, 2025. It confirms that securities received for dematerialization were processed, listed on exchanges, and physical certificates were mutilated and cancelled as per law. This is a standard administrative filing required for all listed entities in India.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by Registrar and Transfer Agent MUFG Intime India Private Limited.
Confirms dematerialization requests were processed within prescribed timelines.
Verification of security certificate cancellation and listing on stock exchanges completed.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial results for operational performance updates.

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💰 Financial Performance

Revenue Growth by Segment

Standalone revenue grew 42.5% YoY to ₹378.44 Cr in Q2 FY26, driven by a 29% increase in selling prices. Consolidated revenue for the same period was ₹378.88 Cr.

Geographic Revenue Split

Domestic India accounts for 87.9% of turnover; Exports contributed 12.1% (₹45.61 Cr) in Q2 FY26, up from 10.4% in the preceding quarter.

Profitability Margins

Standalone PAT grew 263.1% YoY to ₹45.82 Cr. Consolidated PBT grew 1238% YoY to ₹94.38 Cr, reflecting the deconsolidation of loss-making GMB operations.

EBITDA Margin

Standalone EBITDA margin improved to 33.2% in Q2 FY26 from 19.9% YoY, an absolute increase of 137.3% to ₹125.50 Cr.

Capital Expenditure

A 600 TPD expansion project is currently in progress with a typical setup time of 1.5 years; planned addition of 4 GW capacity by December 2026.

⚙️ Operational Drivers

Capacity Expansion

Current installed capacity is 1000 TPD (~6.5 GW). Planned expansion includes an additional 4 GW by December 2026.

Raw Material Costs

Input costs for certain raw materials increased during the year, but the impact was mitigated through process efficiencies and better yield management.

Manufacturing Efficiency

Mitigated raw material cost increases through process efficiencies and better yield management, leading to improved EBITDA margins.

Logistics & Distribution

Reduction in freight costs from China to India previously lowered the landed cost of imports, forcing the company to adjust pricing downward to remain competitive.

📈 Strategic Growth

Growth Strategy

Achieving growth through capacity expansion (4 GW by Dec 2026), focusing on high-margin specialized export products, and leveraging government demand from PM Surya Ghar Yojana and PM-KUSUM schemes.

Products & Services

Solar glass, including specialized high-margin products for export markets and glass with Anti-Reflective Coating (ARC).

Brand Portfolio

Borosil Renewables.

New Products/Services

Specialized high-margin export glass products that require unique manufacturing capabilities.

Market Expansion

Focusing on high-margin export markets and domestic demand surges from utility-scale and rooftop solar projects.

Market Share & Ranking

India's first and largest solar glass manufacturer with a capacity of 1000 TPD (~6.5 GW).

🌍 External Factors

Industry Trends

The solar glass industry is growing rapidly with 16 GW of new capacity expected by Dec 2026. Demand is driven by PM Surya Ghar Yojana (rooftop) and PM-KUSUM schemes.

Competitive Landscape

Faces intense competition from Chinese exporters; domestic competition is expanding with 16 GW of new capacity expected from existing players by late 2026.

Competitive Moat

Cost leadership as the largest domestic producer and technical capability to produce specialized high-margin glass for exports provide a durable competitive advantage.

Macro Economic Sensitivity

Highly sensitive to global freight costs and Chinese export pricing; previous reductions in freight lowered landed costs of imports, impacting domestic margins.