Borosil Renewables

Borosil Renewables delivered significantly improved quarterly results with EBITDA rising to 630 million rupees from 228 million rupees year-over-year. The company's EBITDA margin expanded substantially to 18.2% compared to 6.14% in the same period last year. The company achieved a consolidated profit before exceptional items of 360 million rupees, marking a turnaround from a loss of 160 million rupees in the previous year. However, revenue declined to 3.47 billion rupees from 3.71 billion rupees year-over-year.

Borosil Renewables Limited issued a corrigendum for its Extra-Ordinary General Meeting scheduled for August 14, 2025, revising its preferential issue details. The company removed four proposed allottees - Mr. Yaman Shailesh Shah, Mr. Abhishek Jain, Mr. Raviendra Manchala and Mr. Santosh Kumar Sinha - due to ineligibility. Three allottees had sold shares during the 90 trading days preceding the relevant date, while one failed to provide complete information required by stock exchanges. Consequently, the fund raise amount was reduced from Rs 379.52 crores to Rs 376.02 crores, and the number of equity shares decreased from 70,93,874 to 70,28,456. The issue price remains unchanged at Rs 535 per share. The proceeds will be used for capital expenditure to expand solar glass manufacturing capacity at the Bharuch facility (Rs 317.34 crores) and general corporate purposes (Rs 58.68 crores). The preferential issue is being made entirely to non-promoter category investors.

Borosil Renewables declared its German subsidiary GMB Glasmanufaktur Brandenburg GmbH insolvent, booking a one-time loss of ₹325.91 crore. The company acquired the German solar glass facility in 2022 but faced severe challenges when Chinese manufacturers dumped over 80 GW worth of ultra-cheap solar modules into Europe, causing module prices to fall from 25 cents to below 10 cents. Monthly losses reached ₹8.5-9 crore with no policy support from German authorities. The company is now refocusing entirely on India's solar market, where standalone revenue grew 37% year-on-year to ₹332.26 crore in Q1 FY26, with EBITDA surging 211% to ₹92.53 crore and margins hitting 27.8%. India imposed anti-dumping duties on Chinese and Vietnamese solar glass imports in December 2024, improving domestic pricing to ₹135-140 per mm square. Borosil announced a ₹950 crore expansion plan to build two new 300-tonne furnaces at its Bharuch facility, funded through ₹650 crore from equity and internal accruals and ₹300 crore debt. The expansion targets India's solar glass supply gap, with domestic capacity at only 15 GW against projected 50 GW demand.