Investor Communication
Borosil Renewables Q1 FY27 Results: Revenue Rises 22%, EBITDA Margin Expands to 35%; Expansion Project on Track
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- Borosil Renewables Limited reported strong standalone financial performance for Q1 FY27 with revenue increasing 22.1% YoY to ₹405.69 crore and EBITDA growing 53.5% YoY to ₹142 crore.
- EBITDA margin expanded to 35%, supported by higher selling prices and improved operating efficiency.
- The company also confirmed that its 600 TPD expansion project remains on schedule for commissioning in December 2026 while strengthening its presence in rooftop solar solutions. Â
PRICE-SENSITIVE TRIGGER
Event: Borosil Renewables released its Investor Presentation for the quarter ended June 30, 2026.
Type: Quarterly Financial Results & Investor Communication
Impact: Positive
Immediate Effect: The company reported robust earnings growth, margin expansion and reaffirmed progress on its ongoing capacity expansion, indicating continued operational strength despite industry challenges.Â
financials:
Key Metrics:
- Revenue: ₹405.69 crore (▲22.1% YoY)
- EBITDA: ₹142.00 crore (▲53.5% YoY)
- EBITDA Margin:Â 35.0% (up 720 bps YoY)
- PBT (Before Exceptional Items): ₹118.35 crore (▲77.8% YoY)
- PAT: ₹87.71 crore
- QoQ Revenue Movement:Â -7.3%
- QoQ EBITDA Movement:Â -1.8%
Highlight:
- EBITDA Margin:Â 35.0%, marking the fourth consecutive quarter with margins above 33%, reflecting pricing strength and operating leverage.
What Happened ?
Borosil Renewables delivered a strong first quarter of FY27 driven by improved realizations, higher selling prices and stable operational performance.
Average ex-factory selling prices increased to ₹160.3/mm compared with ₹138.1/mm in the corresponding quarter last year, aided by a fuel surcharge introduced to offset higher fuel costs following geopolitical developments in West Asia.
The company also benefited from increased renewable energy usage after commissioning a new hybrid captive power plant, helping reduce power costs while supporting profitability.
key details
Standalone Performance Highlights:
- Revenue increased to ₹405.69 crore, up 22.1% YoY.
- EBITDA grew 53.5% YoY to ₹142 crore.
- EBITDA margin expanded from 27.8% to 35.0%.
- Profit before exceptional items rose 77.8% YoY.
- Selling price improvements remained the primary earnings driver.
- Renewable energy accounted for approximately 93% of the company’s quarterly power requirement following commissioning of the new hybrid captive power plant.Â
Consolidated Performance:
- Consolidated revenue stood at ₹405.69 crore, growing 17.1% YoY.
- Consolidated EBITDA increased 103.7% YoY to ₹141.16 crore.
- Consolidated EBITDA margin improved to 34.8% from 20.0% a year earlier.
- Consolidated PAT stood at ₹86.64 crore.Â
Capacity Expansion Update:
Borosil Renewables confirmed that work on its major capacity expansion continues as scheduled.
Key developments include:
- Two new furnaces (SG-4 & SG-5) of 300 TPD each.
- Combined additional capacity of 600 TPD.
- Estimated investment of ₹950 crore.
- Commissioning targeted for December 2026.
- Funding through a mix of equity, debt and internal accruals.
- Expansion supported by anti-dumping duties and rising domestic solar glass demand.Â
Rooftop Solar Business Expansion:
The company has entered the rooftop solar solutions segment by offering:
- Borosil branded solar panels.
- Solar inverters.
- Lithium batteries.
- End-to-end rooftop solar solutions.
- Initial focus on Gujarat, Rajasthan and Uttar Pradesh through distributor and direct customer channels.Â
Industry Outlook:
Management highlighted several structural drivers supporting long-term demand:
- Rapid expansion in India’s solar manufacturing ecosystem.
- Higher domestic module and cell manufacturing capacity.
- Government support through ALMM, PLI and anti-dumping measures.
- Increasing domestic demand for solar glass.
- Continued import substitution opportunity for Indian manufacturers.
Risk Analysis
Summary:
- Although operating performance remained strong, Borosil Renewables continues to face risks from commodity prices, execution of its ongoing expansion and changing global market conditions.
Key Risks:
- Dependence on sustained domestic solar demand.
- Timely execution of the 600 TPD expansion project.
- Volatility in energy and raw material costs.
- Changes in government policies or trade protection measures.
- Competition from imported solar glass if trade protection weakens.
Worst Case:
- Delays in expansion commissioning, lower solar demand or adverse changes in pricing and import policies could affect future profitability and capacity utilization.
Risk Level: Medium
Company Commentary
- Revenue growth was primarily driven by stronger selling prices.
- EBITDA margins have remained above 33% for four consecutive quarters.
- Renewable power usage has significantly reduced operating costs.
- The 600 TPD expansion remains on schedule for December 2026.
- The company expects continued demand support from India’s expanding solar manufacturing ecosystem and government policy initiatives.
Official Exchange Filing: Borosil Renewables Limited
