Borosil Renewables Limited has filed monitoring agency reports for the quarter ended December 31, 2025, pursuant to Regulation 32(6) of SEBI LODR 2015. The reports cover two preferential issues undertaken by the solar glass manufacturer, with combined proceeds of ₹889.15 crore.

ICRA-Monitored Preferential Issue

The first preferential issue, monitored by ICRA Limited, was originally planned for ₹700.00 crore but was reduced to ₹517.66 crore due to undersubscription and ineligibility of certain proposed allottees. The issue comprised equity shares and warrants at ₹530 each, conducted between February 06, 2025, and February 13, 2025.

ICRA reported that ₹185.00 crore was utilized for satisfying standby letter of credit liabilities related to GMB Glasmanufaktur Brandenburg GmbH, a step-down subsidiary. An additional ₹29.60 crore was deployed for capital expenditure at the Bharuch facility, leaving ₹303.06 crore unutilized as of December 31, 2025.

CARE-Monitored Preferential Issue

The second preferential issue, monitored by CARE Ratings Limited, was conducted between October 10, 2025, and October 17, 2025. Originally sized at ₹376.02 crore, the issue raised ₹371.49 crore due to undersubscription.

CARE confirmed no utilization occurred during Q3FY26, with the entire ₹371.49 crore remaining unutilized and invested in money market mutual funds.

Fund Deployment and Investment Strategy

Both monitoring agencies reported that unutilized proceeds have been temporarily invested in money market mutual funds to generate returns while awaiting deployment. The ICRA-monitored issue shows ₹20.54 crore in actual unutilized proceeds, with ₹19.42 crore invested in Aditya Birla Sun Life Money Manager Fund generating returns of 7.08% per annum.

For the CARE-monitored issue, the entire ₹371.49 crore is distributed across four mutual funds:

Regulatory Compliance and Timeline

Both monitoring agencies confirmed no deviations from the stated objectives of the respective issues. The capital expenditure projects for expanding solar glass manufacturing capacity at the Bharuch facility remain on schedule, with completion timelines of 18 months for the ICRA-monitored issue and 24 months for the CARE-monitored issue.

Notable Development

ICRA highlighted a significant development regarding GMB Glasmanufaktur Brandenburg GmbH, where ₹185.00 crore was utilized. The German subsidiary filed for insolvency proceedings in July 2025 due to demand recovery challenges and liquidity issues, as disclosed in the company's exchange filing dated July 5, 2025.

The monitoring reports demonstrate Borosil Renewables' adherence to regulatory requirements and transparent fund utilization practices, with both agencies confirming compliance with SEBI guidelines for preferential issue proceeds management.

Borosil Renewables Limited has announced its Q3FY26 financial results, demonstrating a strong operational turnaround with significant revenue growth and return to profitability. The company's Board of Directors approved the unaudited financial results for the quarter and nine months ended December 31, 2025, at their meeting held on January 28, 2026.

Strong Quarterly Performance Shows Recovery

The company delivered impressive standalone financial performance in Q3FY26, marking a substantial improvement across key metrics. Revenue from operations reached Rs. 38,650.48 lakhs, while the company achieved a net profit of Rs. 7,825.96 lakhs, representing a remarkable turnaround from the previous year.

Nine-Month Performance Impacted by Exceptional Items

For the nine months ended December 31, 2025, the company reported revenue from operations of Rs. 1,09,720.81 lakhs compared to Rs. 78,270.81 lakhs in the corresponding previous period. However, the nine-month performance was significantly impacted by exceptional items totaling Rs. 35,977.85 lakhs, resulting in a net loss of Rs. 14,826.83 lakhs.

Subsidiary Challenges Drive Exceptional Provisions

The exceptional items primarily relate to provisions for the company's German subsidiaries and step-down subsidiaries. GMB Glasmanufaktur Brandenburg GmbH filed for insolvency proceedings in July 2025 due to absence of demand recovery and significant funding requirements. The company provided Rs. 32,590.81 lakhs for its total exposure to GMB and Geosphere Glassworks GmbH.

Additionally, Interfloat Corporation faced operational challenges following cessation of annealed production at GMB, leading to a provision of Rs. 3,387.04 lakhs during Q2FY26. The company assessed that fierce competition from East Asia and reduced sales made operations unviable in the near term.

Successful Capital Raising Initiatives

Borosil Renewables successfully completed two preferential issues during the period, significantly strengthening its financial position:

February 2025 Preferential Issue:

• Allotted 18,86,793 equity shares to promoters at Rs. 530 per share
• Issued 78,80,436 warrants to non-promoter investors
• Total funds raised: Rs. 23,514.23 lakhs

October 2025 Preferential Issue:

• Allotted 69,43,691 equity shares to non-promoter investors at Rs. 535 per share
• Total funds raised: Rs. 37,148.75 lakhs

Fund Utilization and Strategic Investments

The company utilized the raised funds strategically across multiple priorities:

The remaining funds from the October 2025 issue have been temporarily invested in mutual funds pending actual utilization.

Operational Highlights and Market Position

The company's domestic revenue performance remained strong, with revenue within India reaching Rs. 36,576.37 lakhs in Q3FY26 compared to Rs. 25,927.63 lakhs in Q3FY25. Export revenue was Rs. 2,074.11 lakhs for the quarter. The company continues to focus on its core business of flat glass manufacturing, which represents a single segment under Indian Accounting Standards.

Borosil Renewables' operational recovery demonstrates the resilience of its domestic business despite challenges in international subsidiaries, positioning the company for continued growth in the Indian solar glass market.