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:
| Metric: |
Q4 FY26 (Audited) |
Q3 FY26 (Unaudited) |
Q4 FY25 (Audited) |
FY26 (Audited) |
FY25 (Audited) |
| Revenue from Operations (₹ Lakhs): |
43,761.69 |
38,650.48 |
32,722.82 |
1,53,482.50 |
1,10,993.63 |
| Other Income (₹ Lakhs): |
891.96 |
713.78 |
686.96 |
2,338.32 |
1,649.26 |
| Total Income (₹ Lakhs): |
44,653.65 |
39,364.26 |
33,409.78 |
1,55,820.82 |
1,12,642.89 |
| Total Expenses (₹ Lakhs): |
32,650.95 |
28,955.01 |
28,914.37 |
1,16,749.58 |
1,07,957.24 |
| Profit Before Exceptional Items & Tax (₹ Lakhs): |
12,002.70 |
10,409.25 |
4,495.41 |
39,071.24 |
4,685.65 |
| Exceptional Items (₹ Lakhs): |
— |
— |
— |
35,977.85 |
— |
| Profit Before Tax (₹ Lakhs): |
12,002.70 |
10,409.25 |
4,495.41 |
3,093.39 |
4,685.65 |
| Profit for the Period/Year (₹ Lakhs): |
16,900.91 |
7,825.96 |
3,313.21 |
2,074.08 |
3,346.58 |
| Total Comprehensive Income (₹ Lakhs): |
16,923.60 |
7,762.59 |
3,321.61 |
2,019.62 |
3,319.02 |
| Basic EPS (after Exceptional Items) (₹): |
12.06* |
5.63* |
2.52* |
1.52 |
2.56 |
| Diluted EPS (after Exceptional Items) (₹): |
12.05* |
5.59* |
2.52* |
1.52 |
2.56 |
| Basic EPS (before Exceptional Items) (₹): |
6.20* |
5.63* |
2.52* |
21.56 |
2.56 |
| Diluted EPS (before Exceptional Items) (₹): |
6.20* |
5.59* |
2.52* |
21.52 |
2.56 |
* 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:
| Metric: |
Q4 FY26 (Audited) |
Q3 FY26 (Unaudited) |
Q4 FY25 (Audited) |
FY26 (Audited) |
FY25 (Audited) |
| Revenue from Operations (₹ Lakhs): |
43,992.13 |
39,046.17 |
37,353.83 |
1,55,583.50 |
1,47,932.89 |
| Other Income (₹ Lakhs): |
893.82 |
790.12 |
1,190.81 |
2,493.63 |
3,524.61 |
| Total Income (₹ Lakhs): |
44,885.95 |
39,836.29 |
38,544.64 |
1,58,077.13 |
1,51,457.50 |
| Total Expenses (₹ Lakhs): |
32,835.34 |
29,259.01 |
40,386.97 |
1,22,437.60 |
1,58,870.40 |
| Profit/(Loss) Before Exceptional Items & Tax (₹ Lakhs): |
12,011.39 |
10,559.09 |
(1,849.99) |
35,581.14 |
(7,438.15) |
| Exceptional Items (₹ Lakhs): |
— |
(1,665.63) |
— |
21,340.80 |
— |
| Profit/(Loss) Before Tax (₹ Lakhs): |
12,011.39 |
12,224.72 |
(1,849.99) |
14,240.34 |
(7,438.15) |
| Profit/(Loss) for the Period/Year (₹ Lakhs): |
16,911.80 |
10,018.97 |
(2,952.89) |
12,739.65 |
(8,696.60) |
| Total Comprehensive Income (₹ Lakhs): |
16,983.02 |
9,040.30 |
(2,941.61) |
12,533.99 |
(8,742.25) |
| Basic EPS (after Exceptional Items) (₹): |
12.07* |
7.20* |
(1.53)* |
9.48 |
(5.32) |
| Diluted EPS (after Exceptional Items) (₹): |
12.06* |
7.15* |
(1.53)* |
9.46 |
(5.32) |
| Basic EPS (before Exceptional Items) (₹): |
6.21* |
6.00* |
(1.53)* |
25.14 |
(5.32) |
| Diluted EPS (before Exceptional Items) (₹): |
6.21* |
5.96* |
(1.53)* |
25.10 |
(5.32) |
* 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:
| Parameter: |
Standalone FY26 (₹ Lakhs) |
Standalone FY25 (₹ Lakhs) |
Consolidated FY26 (₹ Lakhs) |
Consolidated FY25 (₹ Lakhs) |
| Total Assets: |
1,81,647.79 |
1,51,410.26 |
1,82,489.10 |
1,45,446.41 |
| Total Equity: |
1,50,602.91 |
1,08,931.25 |
1,50,962.65 |
99,970.95 |
| Non-Current Borrowings: |
9,324.03 |
16,121.43 |
9,324.03 |
16,121.43 |
| Current Borrowings: |
6,889.77 |
8,945.88 |
6,889.77 |
8,945.88 |
| Cash and Cash Equivalents: |
3,118.27 |
164.37 |
6,121.33 |
5,281.53 |
| Current Investments: |
57,713.75 |
2,013.74 |
57,713.75 |
2,013.74 |
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.
| Decision: |
Details |
| Fund-Raising Resolution: |
Enabling resolution to raise funds up to ₹750 crores via FPO, ADR/GDR, FCCB, QIP, or any combination, subject to shareholder approval at the ensuing AGM |
| Re-appointment of Whole-Time Director & KMP: |
Mr. Sunil Roongta (DIN: 02422690) re-appointed as Whole-Time Director & KMP for the period May 27, 2027 to July 22, 2029, in addition to his role as CFO, subject to shareholder approval |
| Re-appointment of Statutory Auditors: |
M/s. Chaturvedi & Shah LLP re-appointed for a second term of five consecutive years from the conclusion of the 63rd AGM to the conclusion of the 68th AGM (year 2031), subject to shareholder approval |
| New Business Division: |
Board approved starting a new division to sell Rooftop Solar Solutions, targeting approximately ₹75 crores in first-year sales with no initial capital expenditure planned |
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.
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