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...
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.
96%Questions answered0Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
Medium priority
Realization breakdown: pass-through of gas cost vs. underlying price.
Asked by Sahil Sate, Anantraati Institutional Equities
Management gave a specific numeric answer (less than a rupee).
Read the exchange
Question
if we were to look at a realization for the quarter it is at around rupees 150 per mm what part of this realization would be because of the pass through in increase of gas
Management (unidentified)
it's very minor amount very minor less than a rupee
Answered
High priority
Pressure on margins from upcoming domestic capacity.
Asked by Sahil Sate, Anantraati Institutional Equities
Management gave a clear 'no pressure' answer with reasoning.
Read the exchange
Question
Do you see any pressure in materializations or margin terms in the coming year for the company for domestic gas manufacturing?
Management (unidentified)
I do not see any pressure. you know the demand is much higher than 51 and uh most of these capacities which are coming up are for captive consumption.
Answered
Medium priority
Key export markets besides US.
Asked by Sahil Sate, Anantraati Institutional Equities
Management named Europe and mentioned US potential, answering directly.
Read the exchange
Question
in terms of our uh export markets apart from US which are the other key markets uh which has the most potential right now
Management (unidentified)
There are specialized demand centers in Europe which we are meeting for green houses and um light blade solar collectors and so on.
Answered
High priority
Clarification on CVD deadline and extension.
Asked by Anu Chain, Globe Capital
Management explained the CVD expiry date and extension process clearly.
Read the exchange
Question
there is some deadline which is on 8th June 2026 that government will come with some notification what was that sir
Management (unidentified)
we had applied for extension or variation in the CBD which has been imposed on imports from Malaysia... the date for expiry of the previous CVD is 6th of June.
Answered
High priority
Headroom for pricing and competitive landscape.
Asked by Anu Chain, Globe Capital
Management stated pricing is near peak, giving a clear answer.
Read the exchange
Question
what kind of headroom is available for this pricing? I mean what kind of differential is available in the international market as well as in the Indian market.
Management (unidentified)
We are already at almost peak of the pricing.
Partial answer
Medium priority
Pass-through of fuel costs in current quarter.
Asked by Anu Chain, Globe Capital
Management gave a qualitative outlook but no specific numbers.
deferred to end of quarterno specific number
Read the exchange
Question
what is the scenario you know uh in this current quarter like we are already in the middle of the current quarter. So I mean do we see that uh that passing on of the fuel higher fuel costs is possible?
Management (unidentified)
the fuel search charge which was levied has been continuing... on balance we feel that it will even out as far as we we see the the data the pricing difference and the cost difference would eventually be even out at the end of 30th June
Answered
High priority
Expected EBITDA margins going forward.
Asked by Anu Chain, Globe Capital
Management gave a specific margin range (30-33%).
Read the exchange
Question
What sort of you know margins we can expect going uh for this financial year and onwards.
Management (unidentified)
I think we already said that 30 to 30 33% margin is something what we consider as achievable barring any unforcing circumstances.
Answered
Medium priority
Impact of West Asia crisis on raw materials beyond fuel.
Asked by Mayul Bajani, 40 cents
Management acknowledged impact but said it's not high yet, with specifics.
Read the exchange
Question
in view of the current West Asia crisis... do we see apart from the fuel impact do you see any other impact in terms of raw material or any other which can adversely impact us?
Management (unidentified)
there are several raw materials which are affected by oil and oil prices... so far the impact has not been very high in terms of the rise in input cost
Answered
High priority
Expansion plans beyond current capacity.
Asked by Mayul Bajani, 40 cents
Management confirmed ongoing expansion with specific capacity and timeline.
Read the exchange
Question
are we planning any expansion which we have not uh I mean or or are we in the are we in the discussion process of expanding further
Management (unidentified)
we are already well on way to set up new production of 300 tons per day two furnaces. So that is 600 tons per day which we hope to see in production within this financial year.
Answered
High priority
Timeline for new furnaces to contribute to top line.
Asked by Mayul Bajani, 40 cents
Management gave a specific quarter (Q1 next year).
Read the exchange
Question
when would they contribute to our top line sensibly
Management (unidentified)
Sensibly we should take it from the next year. Q1 of next year sir.
Answered
Medium priority
Tax rate guidance going forward.
Asked by Vitta Amlani, individual investor
Management gave a specific tax rate (21%).
Read the exchange
Question
can you please guide what tax bracket can we consider going forward?
Management (unidentified)
okay we can consider around 21% on PBT yes
Answered
High priority
Reason for volume gain and Ind AS impact.
Asked by Deepak Paswani, Swan Investments
Management gave a specific split (50/50) between production gain and Ind AS.
Read the exchange
Question
there seems to some volume gain... is it primarily a 10% efficiency gain which we have seen that's the reason there is a sharp improvement in the volume or how should we read into it?
Management (unidentified)
it is almost 50/50 you can say out of the 15% or 14% 7% would be the uh production gain and maybe similar amount due to the Indas.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin guidance 30-33% | 33% | 33% | Matches filing |
| Rooftop solar first year revenue target 75 cr | ₹75 cr | ₹437.62 cr | Understated vs filing |
| Normal quarterly run rate 400-410 cr | ₹410 cr | ₹437.62 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.