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Revenue
₹390.46 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹130.94 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Two new furnaces are being built side-by-side, with first firing expected in December 2026 and stabilization within 3 months.
- Management expects similar quarterly revenue until new furnaces contribute, after which revenue will increase by 60%.
- Once the 600 TPD expansion is fully operational, ROCE is expected to exceed 25%.
- The expansion is fully funded; any future capex will be supported by internal cash flows.
Risks flagged
- The CVD on Malaysian glass imports expires June 2026; if not extended, cheaper imports could pressure domestic pricing.
- The German bank ILB demanded €4.81M from Borosil's subsidiary; though deconsolidated, legal risks remain.
- India's module capacity is 145 GW vs. expected demand of 55 GW, potentially leading to lower utilization and pricing pressure.
- Management cited poaching of expert personnel as a reason for cautious expansion, which could delay the 600 TPD project.
Key quotes
- We are cautious, we don't want to move in a hurry and not be able to manage the situation.
- The government is doing every single thing possible to increase solarization and deployment of solar energy in the country.
- We have all the utilities batch house everything is ready in case we want to go ahead. There's nothing stopping us other than caution.
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