Borosil Renewables Q4 FY26: Realizations surge as capacity expansion moves ahead

Standalone FY26 revenue from operations was INR 1,534.83 crore and EBITDA was INR 491.68 crore (32.0% margin). PBT before exceptional items was INR 390.71 crore.

Management attributed the turnaround mainly to higher ex-factory realizations (INR 146.7 per mm in FY26 vs INR 113.4 per mm in FY25) after anti-dumping duties on imports from China and Vietnam in Dec 2024, along with higher volumes and efficiency improvements.

The Board approved two new furnaces (SG-4 and SG-5), 300 TPD each, total 600 TPD, with estimated capex of INR 950 crore. Target commissioning is Dec 2026; management also indicated the first furnace may go live around Jan 2027.

The company disclosed fresh infusion of INR 889.15 crore via preferential issues. Feb 2025 issue included non-promoter warrants with INR 282.52 crore balance pending; the last date to pay and convert warrants is Aug 2026. Oct 2025 preferential equity issue of INR 371.49 crore was fully received.

Management stated that on a normal basis, EBITDA margin of 30% to 33% is considered achievable, barring unforeseen circumstances.

Management said the company has started a rooftop solar solutions division under the Borosil brand, sourcing modules, inverters and batteries from external vendors. They indicated no capex for the initial 1 to 1.5 years and mentioned a first-year revenue aspiration of around INR 75 crore, with initial margin expected to be under 10%.

Management said a provision of INR 325.91 crore was made earlier for exposure in Geosphere and GMB after insolvency filing. Based on the insolvency administrator’s report, the company wrote off the exposure in FY26; since a full provision existed, management stated it did not create additional loss beyond what was already provided.