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Revenue
₹437.62 Cr
verified against source
Revenue YoY
33.7%
reported change
EBITDA
₹144.61 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 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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to sustain EBITDA margins in the 30-33% range barring unforeseen circumstances.
- Two new furnaces of 300 TPD each are expected to be commissioned in Q4 FY27, increasing capacity by 60%.
- The new rooftop solar business aims for ₹75 crore revenue in its first year, with initial margins below 10%.
- The DGTR has recommended continuation of countervailing duty on solar glass from Malaysia; final notification expected before June 8, 2026.
Risks flagged
- 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.
- 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.
- Q4 revenue included a ~6% benefit from Ind AS adjustments; normalized quarterly run-rate is around ₹400-410 crore, which may disappoint if extrapolated.
- Management expects initial margins below 10% and no profit in the first year, with no clear timeline for profitability.
Key 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.
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