Borosil Renewables increased its reliance on clean energy sources during FY 2025-26, raising the share of renewable electricity consumption to 29.23% from 21.66% in FY 2024-25. The Mumbai-based solar glass manufacturer achieved this milestone by expanding its captive power infrastructure, including the commissioning of a 16.5 MW wind-solar hybrid plant in March 2026. This addition complements its existing 10 MW wind-solar hybrid power plant and a 1.5 MW wind farm. The disclosure was made on July 30, 2026, pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company’s sustainability efforts extend beyond energy sourcing to include significant changes in manufacturing inputs and waste management. Borosil Renewables has eliminated the use of antimony, a hazardous material, from its solar glass products, aligning with global standards for safer manufacturing. Additionally, the firm transitioned to recyclable packaging solutions and reusable steel pallets, recovering 37.15% of steel pallets and 3.13% of wooden pallets from customers. These initiatives support the company’s zero-waste solar glass manufacturing goal, where all broken or rejected glass (culets) are reused in the production process.

Environmental Performance Metrics

The report provides detailed data on the company’s environmental footprint, showing a reduction in total energy consumption despite operational scale. Total energy consumed fell to 23,06,991.24 GJ in FY 2025-26 from 26,10,098.00 GJ in the previous year. While renewable energy usage grew, non-renewable energy consumption declined significantly.

Greenhouse gas emissions saw a slight increase, with total Scope 1 and Scope 2 emissions rising to 2,06,517.51 tCO2e from 1,91,071.46 tCO2e. However, emission intensity per rupee of turnover improved, dropping to 1.35 tCO2e/Rupee lakhs from 1.72 in the prior year. Water withdrawal at the Jhagadia plant in Bharuch, Gujarat, decreased to 3,64,684.00 kilolitres from 3,99,833.00 kilolitres, reflecting enhanced water efficiency through Zero Liquid Discharge (ZLD) mechanisms.

Governance and Compliance Disclosures

In terms of governance, Borosil Renewables reported no violations of its Code of Conduct during the year. Approximately 76% of employees were covered by training initiatives related to the Code of Ethics, whistleblower mechanisms, and safety protocols. The company maintained an ombudsman mechanism for grievance redressal and conducted 19 structured training sessions for over 500 employees.

However, the report discloses a monetary penalty of ₹1,00,300 (inclusive of GST) paid to each stock exchange, BSE Limited and National Stock Exchange of India Limited, under Principle 1 for the delay in submission of financial results within prescribed timelines. No appeal was preferred against this penalty. The company emphasized that its Anti-Bribery and Anti-Corruption (ABAC) policy maintains a zero-tolerance approach, with no disciplinary actions taken against directors or employees for bribery or corruption charges in FY 2025-26.

Social Responsibility and Employee Well-being

Borosil Renewables highlighted its focus on employee welfare, achieving an average of 17.3 training man-hours per employee. All permanent employees underwent annual health assessments. The company’s Corporate Social Responsibility (CSR) spending included a contribution of ₹108.96 lakhs towards the construction of 342 borewells under the Jal Sanchay Jan Bhagidari initiative in Gujarat. The firm also reported zero fatalities and a Lost Time Injury Frequency Rate (LTIFR) of 2.39 for employees and 2.29 for workers, indicating a stable safety record.

Borosil Renewables Limited has released its Annual Report for FY 2025-26, marking a significant operational turnaround on a standalone basis while navigating substantial one-time charges from the insolvency of its German subsidiaries. The Company's 63rd Annual General Meeting is scheduled for Thursday, August 27, 2026, at 11:00 a.m. (IST) through video conferencing.

Standalone Financial Performance

The Company achieved a strong standalone recovery in FY 2025-26, driven by the imposition of provisional anti-dumping duties on solar glass imports from China and Vietnam effective December 4, 2024, a 6% increase in production, and inventory reduction. The following table summarises the key standalone financial metrics:

Exports amounted to ₹11,328.95 lakhs, accounting for 7.38% of turnover, compared to ₹8,711.46 lakhs (7.85% of turnover) in the previous year.

Consolidated Performance

On a consolidated basis, the Group reported a significant improvement in EBITDA despite the closure of overseas operations. The table below presents the key consolidated metrics:

Consolidated revenue from operations rose 5.2% to ₹1,55,583.50 lakhs from ₹1,47,932.89 lakhs, while consolidated EBITDA climbed 401.90% to ₹46,596.26 lakhs from ₹9,283.99 lakhs.

Exceptional Items and German Subsidiary Insolvency

The financial year was significantly impacted by exceptional items totalling ₹35,977.85 lakhs on a standalone basis. GMB Glasmanufaktur Brandenburg GmbH filed for insolvency on July 4, 2025, following a complete absence of demand recovery in the European solar glass market. Subsequently, Geosphere Glassworks GmbH filed for voluntary insolvency on December 22, 2025. The Board of Directors decided to write off the entire exposure of ₹32,590.81 lakhs comprising investments, loans (including interest thereon), and other receivables in the German subsidiaries. An additional provision of ₹3,387.04 lakhs was made against the investment in Laxman AG due to impairment in the value of its subsidiary Interfloat Corporation, leaving a balance investment of ₹2,371.82 lakhs.

The step-down subsidiaries GMB and Geosphere were deconsolidated from the consolidated financial statements with effect from July 4, 2025 and December 22, 2025, respectively.

Capital Raising and Share Capital

During FY 2025-26, the Company undertook two significant capital-raising activities:

Additionally, 5,412 equity shares were allotted upon exercise of stock options under the Borosil Employee Stock Option Scheme 2017. The Board has not recommended any dividend for FY 2025-26 in order to conserve resources for future growth.

Key Financial Ratios (Standalone)

The following table presents significant changes in key standalone financial ratios:

Sustainability and Renewable Energy

The Company commissioned a 16.5 MW wind-solar hybrid power plant in March 2026 under a group captive mechanism, taking its renewable energy share to nearly 75% of power requirements. The share of electricity consumption from renewable sources increased from 21.66% in FY 2024-25 to 29.23% in FY 2025-26. Total Scope 1 and Scope 2 GHG emissions stood at 2,06,517.51 tCO2e for FY 2025-26 compared to 1,91,071.46 tCO2e in FY 2024-25.

Key sustainability metrics for FY 2025-26 include:

CSR spending of ₹108.96 lakhs was directed towards the construction of 342 borewells under the Jal Sanchay Jan Bhagidari initiative of the Ministry of Jal Shakti in Bharuch district and its vicinity areas in Gujarat, against a CSR obligation of ₹95.14 lakhs, resulting in an excess spend of ₹13.82 lakhs.

Innovation and Market Position

Borosil Renewables maintains its position as India's largest manufacturer of low-iron textured solar glass and the world's largest solar glass producer outside China, with a standalone solar glass production capacity of 1,000 tons per day (TPD) at its Bharuch, Gujarat facility. The Company's 2 mm solar glass has emerged as a flagship offering aligned with the industry's transition toward bifacial and glass-glass modules. During the year, the Company also entered the rooftop solar segment by offering Borosil-branded solar panels, inverters, and lithium battery storage solutions.

India added a record 44.6 GW of solar capacity in FY 2025-26 and crossed the 150 GW milestone in installed solar capacity, reaching 150.26 GW as of March 31, 2026, providing a strong demand backdrop for the Company's products.