Borosil Renewables published the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, in newspapers on May 13, 2026. The publication was made in Business Standard (all editions) and NavShakti (Mumbai edition) pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 12, 2026. Statutory auditors M/s. Chaturvedi & Shah LLP issued audit reports with unmodified opinions on both the standalone and consolidated financial results. The results are also available on the websites of BSE, NSE, and the Company.

The company delivered a strong quarterly performance, with Q4 EBITDA surging to 1.36B rupees compared to 155M rupees in the same period last year, while the EBITDA margin expanded sharply to 31% from 4.1% year-on-year. Q4 revenue stood at 4.4B rupees versus 3.7B rupees in the prior year period, and consolidated net profit for Q4 came in at 1.7B rupees compared to a loss of 201M rupees year-on-year. Looking ahead, the company expects EBITDA margins to remain between 30% and 33% this financial year and forward, barring any unexpected developments. The company also projects a tax rate of approximately 21% on profit before tax, attributable to deferred taxes and expansion capitalisation.

Standalone Financial Performance

Borosil Renewables delivered a strong standalone performance for FY26, with revenue from operations rising sharply year-on-year. The following table summarises the key standalone financial metrics:

* Not annualised

Standalone revenue from operations for FY26 stood at ₹1,53,482.50 Lakhs, compared to ₹1,10,993.63 Lakhs in FY25. Domestic revenue contributed ₹1,42,153.55 Lakhs and international revenue accounted for ₹11,328.95 Lakhs for FY26. The standalone exceptional item of ₹35,977.85 Lakhs for FY26 relates to the write-off of the Company's entire exposure of ₹32,590.81 Lakhs towards its German subsidiaries — Glasmanufaktur Brandenburg GmbH (GMB) and Geosphere Glassworks GmbH — following insolvency proceedings, and a partial impairment of ₹3,387.04 Lakhs out of total exposure of ₹5,758.86 Lakhs in Interfloat Corporation (IF). The paid-up equity share capital stood at ₹1,401.89 Lakhs as at March 31, 2026, with other equity (excluding revaluation reserve) at ₹1,49,201.02 Lakhs.

Consolidated Financial Performance

On a consolidated basis, the Group reported a turnaround in profitability for FY26. Key consolidated financial metrics are presented below:

* Not annualised

Consolidated revenue from operations for FY26 was ₹1,55,583.50 Lakhs, compared to ₹1,47,932.89 Lakhs in FY25. Domestic revenue was ₹1,42,153.55 Lakhs and international revenue was ₹13,429.95 Lakhs for FY26. The Group's consolidated exceptional items of ₹21,340.80 Lakhs for FY26 represent impairment of subsidiary assets and recognition of additional liabilities consequent to the insolvency proceedings of GMB and Geosphere, after giving effect to deconsolidation. Profit attributable to owners of the Company for FY26 stood at ₹12,908.17 Lakhs, compared to a loss of ₹6,956.76 Lakhs in FY25. Other equity (excluding revaluation reserve) on a consolidated basis stood at ₹1,49,681.45 Lakhs as at March 31, 2026.

Balance Sheet Highlights

The standalone and consolidated balance sheet positions as at March 31, 2026 are summarised below:

The Company's standalone total assets grew to ₹1,81,647.79 Lakhs from ₹1,51,410.26 Lakhs, driven largely by a significant increase in current investments to ₹57,713.75 Lakhs from ₹2,013.74 Lakhs, reflecting deployment of funds raised through preferential issues. Standalone cash and cash equivalents improved to ₹3,118.27 Lakhs from ₹164.37 Lakhs. Net cash generated from standalone operating activities for FY26 was ₹42,450.91 Lakhs, compared to ₹18,644.96 Lakhs in FY25.

Key Board Decisions

Beyond the financial results, the Board approved several significant resolutions at its May 12, 2026 meeting. Notably, the Board also approved starting a new Rooftop Solar Solutions division, which targets approximately ₹75 crores in sales for its first year, with no initial capital expenditure planned. The company also expects new furnace capacity to boost revenue starting next financial year, with potential sales possible this year.

The Board also noted that the Company raised ₹23,514.23 Lakhs under a preferential issue allotted on February 14, 2025, of which ₹18,500.00 Lakhs was utilised towards satisfaction of liabilities arising from a Standby Letter of Credit extended on behalf of GMB and ₹5,014.23 Lakhs towards capital expenditure. Additionally, under a separate preferential issue on October 17, 2025, the Company raised ₹37,148.75 Lakhs through allotment of 69,43,691 equity shares at ₹535/- each, with ₹7,872.16 Lakhs utilised towards capital expenditure and general corporate purposes, and the balance temporarily invested in mutual funds.

Conference Call and Recording

Following the financial results announcement, Borosil Renewables held a conference call with analysts and investors on May 13, 2026, at 4:00 p.m. IST. The call, led by Mr. Sumit Kishore of Axis Capital, featured management discussion with Executive Chairman Mr. P.K. Kheruka and CEO Mr. Melwyn Moses, followed by an interactive Q&A session. Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, the audio recording of the conference call is now available on the Company's website at https://borosilrenewables.com/investor/analyst-meet .

The Trading Window for dealing in the Company's equity shares, which was closed for Designated Persons and their immediate relatives from April 01, 2026, will reopen 48 hours after the declaration of the audited financial results. The intimation was signed by Kishor Talreja, Company Secretary and Compliance Officer.

Borosil Renewables Limited submitted monitoring agency reports for the quarter ended March 31, 2026, to the stock exchanges on May 12, 2026, in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The reports were prepared by ICRA Limited and CARE Ratings Limited, serving as monitoring agencies for two distinct preferential issues conducted by the company. Both agencies confirmed that the utilisation of issue proceeds remained in line with the objects disclosed in the respective offer documents, with no material deviation reported.

ICRA Report: February 2025 Preferential Issue

ICRA Limited monitored the proceeds from the preferential issue that opened on February 06, 2025, and closed on February 13, 2025. The issue involved equity shares and fully convertible warrants, with an original issue size of INR 700.00 Crore (1,13,20,754 warrants + 18,86,793 equity at ₹530 each). The issue size was subsequently revised to INR 517.66 Crore (78,80,436 warrants + 18,86,793 equity at ₹530 each) following a board resolution passed through circulation on March 05, 2025. The reduction occurred in two stages — first to INR 697.56 Crore due to the ineligibility of two proposed allottees for warrants, and then to INR 517.66 Crore due to undersubscription. As of March 31, 2026, proceeds credited to the equity and warrant account stood at INR 235.14 Crore, which ICRA monitored for Q4FY2026.

The following table summarises the revised cost of objects and progress in utilisation as monitored by ICRA:

ICRA noted that INR 20.54 Crore utilised during the quarter towards capital expenditure represents a reimbursement of expenses incurred earlier by the company from its internal accruals. The actual unutilised proceeds stood at INR 473 as only part payment had been received against the warrants as on March 31, 2026, with the closing balance of the HSBC Warrant Account at INR 473.

CARE Ratings Report: October 2025 Preferential Issue

CARE Ratings Limited monitored the proceeds from the preferential issue of equity shares with an issue period of October 10, 2025, to October 17, 2025. The original issue size was Rs. 376.02 crore; however, the actual amount raised was Rs. 371.49 crore owing to undersubscription. CARE Ratings confirmed no deviation from the objects of the issue and noted no major deviation from its previous monitoring agency report dated January 28, 2026, for the quarter ended December 31, 2025.

The following table presents the cost of objects and utilisation progress as reported by CARE Ratings:

The General Corporate Purposes allocation was revised to ₹54.15 crore owing to undersubscription of equity shares offered to certain investors. The shortfall in proceeds for funding the originally envisaged General Corporate Purposes is proposed to be met through internal accruals, with the restructuring of utilisation of issue proceeds approved by the Board through its resolution dated January 08, 2026. CARE Ratings noted that ₹68.72 crore was spent towards capital expenditure and ₹10.00 crore towards issue-related expenses, tracked through the company's Cash Credit account and sample invoices.

Deployment of Unutilised Proceeds

CARE Ratings reported that the unutilised proceeds of Rs. 292.77 crore were deployed across six money market mutual funds as at March 31, 2026. The company redeemed earlier mutual fund investments and reinvested in Nippon India Money Market Fund and Tata Money Market Fund during Q4FY26.

Key Disclosures: Subsidiary Insolvency Proceedings

Both monitoring agencies flagged material developments relating to the company's European subsidiaries. ICRA took note of the exchange disclosure dated July 5, 2025, pertaining to GMB Glasmanufaktur Brandenburg GmbH (GMB), a step-down subsidiary, whose Managing Director filed an insolvency application on July 4, 2025, before the insolvency court at Cottbus, Germany, citing the absence of clear indications of demand recovery and possible liquidity issues. ICRA noted that INR 185 Crore of issue proceeds had been utilised towards satisfaction of financial liabilities of GMB during Q4FY2025.

CARE Ratings additionally noted the exchange disclosure dated December 23, 2025, pertaining to Geosphere Glassworks GmbH (Geosphere), the wholly owned subsidiary that held a majority stake in GMB. Geosphere filed for insolvency on December 22, 2025, after a German Government Bank claimed recovery of a capital subsidy of EUR 4.81 million granted to GMB, alleging non-compliance with subsidy conditions following GMB's insolvency. CARE Ratings noted that with the initiation of insolvency proceedings, the Group has lost control over both GMB and Geosphere. The reports were submitted to the stock exchanges by Company Secretary and Compliance Officer Kishor Talreja (Membership No. FCS – 7064).