BORORENEW - Borosil Renew.
Financial Performance
Revenue Growth by Segment
Standalone revenue grew 42.5% YoY to ā¹378.44 Cr in Q2 FY26, driven by a 29% increase in selling prices. Consolidated revenue for the same period was ā¹378.88 Cr.
Geographic Revenue Split
Domestic India accounts for 87.9% of turnover; Exports contributed 12.1% (ā¹45.61 Cr) in Q2 FY26, up from 10.4% in the preceding quarter.
Profitability Margins
Standalone PAT grew 263.1% YoY to ā¹45.82 Cr. Consolidated PBT grew 1238% YoY to ā¹94.38 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 ā¹125.50 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
Expected Growth Rate
Not disclosed
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.
Consumer Behavior
Shift toward rapidly rising rooftop solar installations under the PM Surya Ghar Yojana.
Geopolitical Risks
Geopolitical shifts and non-tariff barriers pose significant threats to pricing stability in the solar industry.
Regulatory & Governance
Industry Regulations
Anti-Dumping Duty (ADD) effective from December 4, 2024, significantly improved domestic pricing and operational performance.
Environmental Compliance
Maintains a Business Responsibility and Sustainability Report (BRSR) disclosing initiatives; costs not disclosed.
Legal Contingencies
Insolvency proceedings for GMB (overseas subsidiary) initiated July 4, 2025; recorded an exceptional item of ā¹5.47 Cr for advances given to GMB.
Risk Analysis
Key Uncertainties
Sustainability of Anti-Dumping Duty (ADD) protection and potential for renewed dumping from China through opaque trade routes.
Geographic Concentration Risk
87.9% of revenue is concentrated in the Indian domestic market.
Technology Obsolescence Risk
Technological disruption is identified as a key risk requiring proactive management under the ERM framework.