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.
BOROSILRENEWABLES
Energy
12 May 2026
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%.
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2-Min Summary
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.
Key Numbers
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.
Management Guidance
EBITDA margin guidance of 30-33%
Management expects to sustain EBITDA margins in the 30-33% range barring unforeseen circumstances.
margins600 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%.
expansionRooftop 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%.
revenueCVD 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.
otherKey Risks
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.
high · management_commentaryIndonesian 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.
medium · analyst_questionInd 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.
medium · data_observationRooftop solar business margin uncertainty
Management expects initial margins below 10% and no profit in the first year, with no clear timeline for profitability.
low · management_commentaryNotable Quotes
We are already at almost peak of the pricing.
The only other manufacturer internationally is Shisham in Turkey, but shipping charges would be exorbitant.
We do not really see any challenge from any other producer as of now.