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

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.

Borosil Renewables , a leading manufacturer of solar glass, has announced plans to improve its production efficiency and increase sales in the coming quarters. The company's management has outlined several initiatives aimed at enhancing operational performance and financial results.

Efficiency Improvements

The company's management has indicated potential for small efficiency improvements of around 3% in production. These enhancements are expected to be achieved through:

1. Commissioning of a captive power plant by the end of the month
2. Operational improvements in raw materials and coating materials
3. Production efficiencies

Financial Outlook

Borosil Renewables expressed confidence in its future performance, stating that it expects to achieve higher sales and EBITDA in the coming quarters, barring unforeseen circumstances. The management also conveyed its confidence in sustaining EBITDA margins at 33.00%.

Investor Communication

In line with regulatory requirements, Borosil Renewables has made available the audio recording of its recent conference call with institutional investors and analysts. This call, held on November 12, 2025, discussed the company's performance for the quarter and half-year ended September 30, 2025. Interested parties can access this recording on the company's website.

Commitment to Transparency

The company has demonstrated its commitment to transparency by promptly addressing an inadvertent error in its Unaudited Consolidated Financial Results. On November 12, 2025, Borosil Renewables issued a rectification notice regarding the omission of the "Purchases of Stock-in-Trade" line item in the previously submitted results. The company clarified that this error did not affect the overall consolidated financial results and has submitted corrected financial statements along with the Limited Review Reports from the auditor.

These recent developments highlight Borosil Renewables' focus on operational improvements, financial growth, and maintaining transparent communication with its stakeholders. As the company implements its efficiency measures and capitalizes on market opportunities, investors and industry observers will be keen to see how these initiatives translate into tangible results in the upcoming quarters.