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CVD extension on Malaysian imports uncertain
View Risks →BOROSIL RENEWABLES LIMITED — Q3 FY26
Borosil Renewables reported a strong Q3 FY26 with consolidated revenue of ₹390.46 crore and EBITDA of ₹130.94 crore, driven by a 40% YoY sales increase on standalone basis and a 518% EBITDA jump to ₹129.04 crore.
bullish
high
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Borosil Renewables reported a strong Q3 FY26 with consolidated revenue of ₹390.46 crore and EBITDA of ₹130.94 crore, driven by a 40% YoY sales increase on standalone basis and a 518% EBITDA jump to ₹129.04 crore. The key driver was higher average selling prices at ₹149.97 per sqm versus ₹104.54 last year, reflecting improved pricing power and domestic demand. Management remains cautious on capacity expansion despite strong demand, citing talent poaching and operational focus; the 600 TPD expansion is on track for December 2026. Risks include potential volatility from CVD extension on Malaysian imports and the ongoing German subsidiary insolvency, though deconsolidation limits further impact. The Indo-EU trade deal and ALMM policies provide a supportive backdrop, but overcapacity in module manufacturing could pressure margins.
बोरोसिल रिन्यूएबल्स ने तीसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई ₹390.46 करोड़ और EBITDA ₹130.94 करोड़ रही। स्टैंडअलोन बिक्री में 40% और EBITDA में 518% का उछाल आया। इसकी मुख्य वजह बढ़ी हुई कीमतें हैं - अब ₹149.97 प्रति वर्ग मीटर, जो पिछले साल ₹104.54 थी। इससे पता चलता है कि कंपनी की मांग और कीमत तय करने की ताकत बढ़ी है। प्रबंधन नए कारखाने के विस्तार में सावधानी बरत रहा है क्योंकि कुशल कर्मचारियों की कमी है। 600 टीपीडी विस्तार दिसंबर 2026 तक तैयार होगा। जोखिमों में मलेशियाई आयात पर सीवीडी बढ़ने और जर्मन सहायक कंपनी के दिवालिया होने का असर शामिल है। भारत-यूरोपीय संघ व्यापार समझौता और एएलएमएम नीतियां मददगार हैं, लेकिन सोलर मॉड्यूल की अधिक आपूर्ति से मुनाफा कम हो सकता है।
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Average Selling Price (ASP)
₹149.97/sqm
+43.4% YoY
ASP increased from ₹104.54/sqm in Q3 FY25, driving revenue growth despite flat volumes.
Domestic Solar Installations (9M FY26)
30 GW
+25% YoY
India added 30 GW in first 9 months, with 40 GW expected for full year, boosting glass demand.
Import Share of Solar Glass
70%
flat
Imports still dominate domestic consumption, leaving room for import substitution as local capacity grows.
Volume Growth (9M FY26 vs 9M FY25)
6%
+6% YoY
Volume growth was modest at 6% due to capacity constraints; further marginal gains expected.
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Guidance and risk preview
Two new furnaces are being built side-by-side, with first firing expected in December 2026 and stabilization within 3 months.
The CVD on Malaysian glass imports expires June 2026; if not extended, cheaper imports could pressure domestic pricing.
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