SOLAR

Borosil Renewables Reports 53% Sales Value Growth; Advances ₹950 Crore Expansion

July 23, 2026 By Gaurav Nathani 5 min read
0:00 / 05:28

Fast Facts / At a Glance

  • Standalone Revenue (Q1 FY27): ₹405.69 Cr
  • Standalone EBITDA (Q1 FY27): ₹142.00 Cr
  • EBITDA Margin: 35%
  • Standalone Profit After Tax (Q1 FY27): ₹87.71 Cr
  • Total Expansion Capital Expenditure: ₹950 Cr (Estimated for SG-4 and SG-5)
  • Target Commissioning Window: March 2027 (Public commitment for end of FY27)
  • Operational Milestone: 93% of electrical energy requirement currently sourced via new solar-wind hybrid captive power plant.

The Big Picture

Borosil Renewables Limited (BRL) has reported its financial performance for the quarter ended June 30, 2026, characterized by a significant 53% year-on-year jump in total sales value. While revenue from operations recorded a growth of 22.1%, the broader sales value surge was primarily fueled by improved realizations, with average ex-factory selling prices reaching INR 160.3/mm.

These results coincide with the company’s aggressive pursuit of capacity expansion to capture burgeoning domestic demand for solar glass. Management indicates that the current performance provides a robust foundation as the company moves toward a major production ramp-up intended to solidify its market-leading position.

Financial Performance & Realization Breakdown

The company’s standalone performance for Q1 FY27 marked a substantial shift in profitability compared to the year-ago period, driven by both pricing discipline and volume growth.

ParticularsQ1 FY27 (₹ Cr)Q1 FY26 (₹ Cr)YoY Change (%)
Revenue405.69332.2622.1%
EBITDA142.0092.5353.5%
PBT118.35(259.35)Turnaround
PAT87.71(272.35)Turnaround

Pricing Drivers The growth in sales value was largely underpinned by increased realization per unit. The average ex-factory selling price rose to INR 160.3/mm in Q1 FY27, up from INR 138.1/mm in Q1 FY26. This realization includes a fuel surcharge implemented on March 10, 2026, a strategic levy introduced to mitigate volatile energy costs following geopolitical instability in West Asia.

Exceptional Items & Tax Shield In the preceding quarter (Q4 FY26), the company reported a Profit After Tax (PAT) of ₹169.01 Cr, which was notably higher than its Profit Before Tax (PBT) of ₹120.03 Cr. This disparity was the result of a recognized tax shield. The shield arose from the write-off of provisions totaling ₹325.91 Cr previously made against loans, advances, and investments in overseas German subsidiaries (Geosphere and GMB).

Expansion Project & Asset Breakdown

Borosil Renewables is currently advancing the “SG-4 & SG-5” expansion projects at its existing manufacturing site to address the domestic demand surge.

  • Manufacturing Capacity Boost: The project involves the installation of two new furnaces with a capacity of 300 TPD each, adding a total of 600 TPD. This will expand the existing 1,000 TPD (~6.5 GW) capacity by 60%.
  • Timeline and Status: While the company maintains an internal benchmark of December 2026, the formal public commitment is to have both furnaces lit by March 2027 (the end of FY27). A full production ramp-up is projected for Q1 FY28 (April–June 2027). Civil work is currently in progress, and all key long-lead items have been ordered.
  • Funding: The ₹950 Cr investment is being met through a strategic mix of equity, debt, and internal accruals.
  • Operational Efficiency: The solar-wind hybrid captive power plant commissioned in March 2026 has fundamentally altered the company’s energy profile. By sourcing 93% of its power from renewable sources, the company has achieved significant energy cost savings while enhancing the environmental sustainability of its operations.

Strategic Context & Rationale

Regulatory Tailwinds Growth is being supported by a five-year anti-dumping duty on Chinese and Vietnamese solar glass imports. Effective December 4, 2024, with a duty range of USD 570–664 per tonne, this measure has established a level playing field for domestic manufacturers, protecting the industry from historically low-priced imports.

Market Objectives BRL’s strategic roadmap focuses on:

  • Providing high-quality domestic substitutes for imported glass.
  • Capturing the domestic demand surge driven by government renewable energy mandates.
  • Achieving volume-led growth and improved economies of scale through the upcoming 60% capacity increase.

New Business Division: Rooftop Solar BRL has entered the Rooftop Solar solutions market, targeting specific high-growth segments:

  • Target Scales: Residential Rooftop (1-10 kW) and Commercial & Industrial (C&I) Rooftop (up to 1MW).
  • Product Portfolio: Borosil-branded solar panels (> 600W), inverters (3kW–150kW), and lithium batteries (12.8V–51.2V).
  • Geographic Focus: Initial operations are concentrated in Gujarat, Rajasthan, and Uttar Pradesh.

The Borosil Group Context

Borosil Renewables Limited is a premier entity within the Borosil Group, which carries a corporate heritage of more than 60 years of excellence. The group comprises three primary listed companies:

  • Borosil Renewables Limited: India’s first and largest solar glass manufacturer (1,000 TPD current capacity).
  • Borosil Limited: A dominant market leader in consumer glassware and kitchenware.
  • Borosil Scientific Limited: A major provider of laboratory consumables, equipment, and pharmaceutical primary packaging.

To provide the official citations and hyperlinks for your report, I have identified the primary company-issued documents from the sources. These include the official investor relations page, the latest investor presentation, and the conference call transcript.

Official Sources

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