Borosil Renewables Grants 5,10,100 Stock Options to Employees Under ESOP Scheme

Borosil Renewables Limited , a leading player in the renewable energy sector, has announced a significant employee stock option (ESOP) grant under its Borosil Employee Stock Option Scheme 2017. The company's Nomination and Remuneration Committee (NRC) has approved the allocation of 5,10,100 stock options to eligible employees, demonstrating its commitment to employee retention and long-term value creation.

Key Details of the ESOP Grant

The stock options have been granted at a price of Rs. 491.00 per option, which represents a 20% discount to the market price. Each option entitles the holder to apply for one equity share of Re. 1.00 face value. The vesting of these options is scheduled over multiple years, allowing employees to benefit from the company's potential growth over time.

Vesting Schedule

The granted options will vest according to the following schedule:

Date of Vesting	Vesting Percentage
1st Anniversary from date of grant	33% of options granted
2nd Anniversary from date of grant	33% of options granted
3rd Anniversary from date of grant	34% of options granted

Exercise Period and Pricing

Employees will have an exercise period of 5 years from the date of vesting for each tranche of options. The pricing formula for the options takes into account the latest available closing price on the National Stock Exchange of India Limited on November 20, 2025, being the trading day immediately preceding the grant date.

Compliance and Regulatory Aspects

The ESOP scheme is in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. This grant aligns with the company's disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Impact on Company Financials

While the diluted earnings per share impact is yet to be determined as the options are still to be exercised, the grant represents a potential issuance of 5,10,100 new equity shares upon full exercise. This move is likely aimed at aligning employee interests with those of shareholders and fostering a sense of ownership among the workforce.

The stock option grant by Borosil Renewables reflects a strategic approach to human resource management, potentially enhancing employee motivation and retention in the competitive renewable energy sector. As the company continues to grow, this ESOP scheme may play a crucial role in attracting and retaining top talent, which is essential for long-term success in the rapidly evolving renewable energy market.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.68%	-10.50%	-12.76%	+7.95%	+38.20%	+419.95%

Borosil Renewables Limited , a leading solar glass manufacturer, has reported robust financial results for the second quarter of fiscal year 2026, demonstrating significant improvement in profitability despite challenges in its European operations.

Key Financial Highlights

Revenue: INR 378.44 crores, up 42% year-on-year
EBITDA: INR 125.50 crores, with a margin of 33.2%
Net Profit: INR 61.60 crores

Operational Performance

Borosil Renewables achieved near-full capacity utilization of 991 tons per day during Q2 FY26, showcasing strong operational efficiency. The company's average ex-factory selling price increased to INR 147.50 per millimeter, contributing to the improved financial performance.

Financial Performance Breakdown

Metric	Q2 FY26	Q2 FY25	YoY Change
Revenue	INR 378.44 crores	INR 265.61 crores	+42%
EBITDA	INR 125.50 crores	INR 52.88 crores	+137%
EBITDA Margin	33.2%	19.9%	+1330 bps
Net Profit	INR 61.60 crores	INR -13.10 crores	N/A

The company's EBITDA margin saw a significant improvement, rising from 19.9% in Q2 FY25 to 33.2% in Q2 FY26, primarily driven by higher selling prices and improved production efficiencies.

Export Performance

Exports amounted to INR 45.61 crores, accounting for 12.1% of the turnover, compared to INR 34.62 crores (10.4% of turnover) in the preceding quarter, indicating growing international demand for the company's products.

European Operations and Impairment

Borosil Renewables faced challenges with its European subsidiary, Interfloat Corporation. Due to reduced demand following the cessation of annealed glass production at GMB Germany, the company took an impairment provision of INR 33.87 crores. This provision was disclosed as an exceptional item in the Q2 FY26 results.

Industry Outlook

The domestic demand for solar glass remains robust, with solar module manufacturing capacity in India expected to reach 150 gigawatts by March 2027. The implementation of the Approved List of Models and Manufacturers (ALMM) mechanism for modules from April 2024 has led to increased demand for all components, including solar glass.

Management Commentary

P.K. Kheruka, Executive Chairman of Borosil Renewables, stated, "We see good prospects for the company over the next few years, looking at the growth in the sector, robust demand, and stable selling prices of solar glass. This surge will come from both large-scale utility projects, PM-KUSUM scheme, and rapidly rising rooftop installations under the PM Surya Ghar Yojana."

Conclusion

Borosil Renewables' strong Q2 FY26 performance, marked by significant revenue growth and margin expansion, positions the company well to capitalize on the growing demand for solar glass in India. Despite challenges in its European operations, the company's focus on operational efficiency and strategic positioning in the domestic market bodes well for its future growth prospects.