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View Claim Ledger →Borosil Renewables Ltd — Q4 FY26
Borosil Renewables delivered a stellar Q4 FY26 with standalone revenue of ₹437.6 crore (+34% YoY) and EBITDA of ₹144.6 crore (+88% YoY), driven by higher realizations (₹150.2/m² vs ₹127.6 YoY) and volume growth of 15%.
bullish
high
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Borosil Renewables delivered a stellar Q4 FY26 with standalone revenue of ₹437.6 crore (+34% YoY) and EBITDA of ₹144.6 crore (+88% YoY), driven by higher realizations (₹150.2/m² vs ₹127.6 YoY) and volume growth of 15%. The EBITDA margin expanded to 33% (+950bps YoY), aided by anti-dumping duties on Chinese imports and improved operating leverage. Full-year revenue crossed ₹1,535 crore (+38% YoY). Management guided for sustained 30-33% margins and expects the ongoing 600 TPD expansion to commission by Q4 FY27, adding 60% capacity. The new rooftop solar division targets ₹75 crore revenue in its first year. Key risks include prolonged West Asia conflict impacting fuel costs and potential price pressure from Indonesian imports.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Risk Intelligence
Prolonged West Asia conflict impacting fuel costs
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Average Selling Price (ASP)
₹150.2/m²
+17.7% YoY
ASP increased from ₹127.6/m² in Q4 FY25, driven by anti-dumping duties and strong demand.
Sales Volume Growth
15%
+15% YoY
Volume grew 15% YoY and 14% sequentially, reflecting robust domestic demand.
Domestic Solar Module Capacity
193 GW
+193 GW vs prior
India's module capacity reached 193 GW as of May 2026, driving glass demand.
Solar Installations (FY26)
44.6 GW
+87% YoY
Record solar installations in FY26, implying module consumption of 60-62 GW.
What Changed vs Last Quarter
NEW
EBITDA margin guidance of 30-33%
Management expects to sustain EBITDA margins in the 30-33% range barring unforeseen circumstances.
NEW
600 TPD expansion commissioning by Q4 FY27
Two new furnaces of 300 TPD each are expected to be commissioned in Q4 FY27, increasing capacity by 60%.
NEW
Rooftop solar division targeting ₹75 crore revenue in first year
The new rooftop solar business aims for ₹75 crore revenue in its first year, with initial margins below 10%.
NEW
CVD on Malaysian imports expected to continue
The DGTR has recommended continuation of countervailing duty on solar glass from Malaysia; final notification expected before June 8, 2026.
DROPPED
600 TPD capacity expansion to be commissioned by December 2026
Two new furnaces are being built side-by-side, with first firing expected in December 2026 and stabilization within 3 months.
DROPPED
Revenue to remain stable until new capacity ramps up in Q4 FY27
Management expects similar quarterly revenue until new furnaces contribute, after which revenue will increase by 60%.
DROPPED
ROCE target of 25%+ post-expansion
Once the 600 TPD expansion is fully operational, ROCE is expected to exceed 25%.
DROPPED
No further equity dilution planned
The expansion is fully funded; any future capex will be supported by internal cash flows.
NEW RISK
Prolonged West Asia conflict impacting fuel costs
The ongoing war has more than doubled imported gas prices and raised furnace oil costs by over 50%, though management has passed on fuel surcharges so far.
NEW RISK
Indonesian import competition
A Chinese-owned factory in Indonesia with 1,500 TPD capacity could pressure domestic prices, though management notes limited near-term impact due to high demand.
NEW RISK
Ind AS revenue reversal impact on quarterly run-rate
Q4 revenue included a ~6% benefit from Ind AS adjustments; normalized quarterly run-rate is around ₹400-410 crore, which may disappoint if extrapolated.
NEW RISK
Rooftop solar business margin uncertainty
Management expects initial margins below 10% and no profit in the first year, with no clear timeline for profitability.
RISK GONE
CVD extension on Malaysian imports uncertain
The CVD on Malaysian glass imports expires June 2026; if not extended, cheaper imports could pressure domestic pricing.
RISK GONE
German subsidiary insolvency may lead to contingent liabilities
The German bank ILB demanded €4.81M from Borosil's subsidiary; though deconsolidated, legal risks remain.
RISK GONE
Overcapacity in module manufacturing could reduce glass demand
India's module capacity is 145 GW vs. expected demand of 55 GW, potentially leading to lower utilization and pricing pressure.
RISK GONE
Talent poaching and execution risks for expansion
Management cited poaching of expert personnel as a reason for cautious expansion, which could delay the 600 TPD project.
Fast read
Guidance and risk preview
Management expects to sustain EBITDA margins in the 30-33% range barring unforeseen circumstances.
The ongoing war has more than doubled imported gas prices and raised furnace oil costs by over 50%, though management has passed on fuel surcharges...
View Risks →