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...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered3Evaded / deflected12Questions audited
Evasive
High priority
What triggers further capacity expansion given strong demand and competition?
Asked by Vikram Sharma, Nisha
Management did not provide any concrete trigger or timeline for expansion, only cited caution.
no specific trigger givenvague cautionno timeline
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Question
what would be uh a trigger for announcing further capacity expansion like if demand remain very strong and if we see other players are announcing aggressive expansion plans...
Management (unnamed)
we are cautious we don't want to move in a hurry and not be able to manage the situation. So I guess that should answer your question.
Answered
Medium priority
What is the impact of rupee depreciation on selling prices?
Asked by Vikram Sharma, Nisha
Management provided specific numbers and a clear assessment of the impact.
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Question
what will be the impact of rupee depreciation? So what has our selling price improved in uh this quarter or we are we expecting it will improve further?
Management (unnamed)
our average realization was 147.50 and this quarter it is nearly 150 rupees. So some advantage we are gaining out of this uh depreciation but uh it's only marginal uh increase and not a significant one.
Evasive
High priority
Timeline for divestment from German subsidiary and when losses stop?
Asked by Nidisha, ICIC securities
Management did not provide a timeline, only described the ongoing insolvency process.
no timeline givendeferred to court process
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Question
I want to know firstly on the on the divestment from uh the the German subsidiary. What are our timelines on that? When can we expect you know the the loss to sort of go away from our our control P&Ls?
Management (unnamed)
the company has filed for insolvency... until that entire process is complete and a final recommendation is placed before the court the next action cannot be foreseen by us.
Partial answer
High priority
Is the expansion on track for December 2026 and utilization ramp-up?
Asked by Nidisha, ICIC securities
Management confirmed building both furnaces but did not give utilization ramp-up specifics.
no utilization percentage givenvague on timeline
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Question
I can see that we are on track uh to complete by December by December 26. Is this the entire capacity then or are we willing or will we be saving it uh phasing it out and when can we expect uh say utilizations up 8% on uh the expansion?
Management (unnamed)
we expect that always to start one furnace first, stabilize it and then start the second one. As matters stand, we are building both the furnaces side by side.
Evasive
Medium priority
Where are solar glass prices headed given macroeconomic factors?
Asked by Nidisha, ICIC securities
Management refused to give any price direction, citing uncertainty.
no price outlookdeclined to predict
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Question
where do you think the prices for solar glass specifically are headed given that uh there there are a lot of other macroeconomic factors that are affecting these prices?
Management (unnamed)
it's impossible to predict anything with certainty.
Answered
Medium priority
Pricing difference between Indian and Malaysian solar glass?
Asked by Deepak Punwasi, Swan Capital
Management gave a specific percentage range for the pricing difference.
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Question
what is the pricing difference between Malaysia and India root Indian manufacturer and Malaysian route?
Management (unnamed)
the difference between Chinese and Malaysian and Vietnam pricing uh is of the order of 3 to 4% I in my view
Answered
Medium priority
Any raw material or fuel cost inflation currently?
Asked by Deepak Punwasi, Swan Capital
Management clearly stated no inflation in inputs.
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Question
if you can give a broader sense in terms of uh are we facing any raw material or fuel cost inflation at the current juncture or how we are placed at the current juncture?
Management (unnamed)
At the moment we do not see any inflationary tendencies in the cost of inputs whether raw materials or fuel.
Answered
High priority
Volume growth in 9 months and efficiency gains in existing capacity?
Asked by Deepak Punwasi, Swan Capital
Management provided a specific volume growth percentage and outlook.
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Question
if you can give the uh data related to the volume growth in the 9 months and u we were also talking some efficiency gains which we would look at look out in the existing capacity.
Management (unnamed)
the operational gains in the form of volume is about 6% up from the compared to last year's 9 months and uh uh we expect this to continue in the current quarter as well.
Answered
Medium priority
Will ALMM policy for cells cause demand issues for module manufacturers?
Asked by Fken Sha, Dubai MC
Management gave a clear opinion that government will not halt module production.
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Question
do you think a temporary demand uh issue could come up because the module manufacturers may not be able to sell if they don't have their own uh cell capacity.
Management (unnamed)
I do not think government will take a stand that uh uh the the module production has to stop if the solar sales are not available locally.
Answered
High priority
Room for further expansion after 600 TPD capacity?
Asked by Fken Sha, Dubai MC
Management confirmed there is room for another furnace.
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Question
do we have any room for further expansions uh after the 600 TPD is in place I mean the land space and you know the uh utilities wise?
Management (unnamed)
we can easily go for another furnace.
Partial answer
High priority
What will be revenue for next four quarters?
Asked by Wittita Amlani
Management gave a qualitative outlook but no quantitative revenue guidance.
no specific revenue numbersqualitative only
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Question
What will be the revenue for next four quarters?
Management (unnamed)
We do not expect any major changes in revenue... once we start the production from the new funders which are under construction right now in the Q4 FY27 we might see some revenue coming from them.
Answered
Medium priority
Proportion of electricity and natural gas in power cost and savings from renewables?
Asked by Karan Sanwal, Nishay
Management provided specific percentages and savings estimates.
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Question
what would be the proportion of uh electricity and natural gas in our power cost and how much savings can we you know can be made from uh addition of renewable energy?
Management (unnamed)
power and fuel is close to 32% of the cost of production... we can save uh uh almost 1.5 bips in in terms of the incremental margin... about 1.25 crores per month or something like that.