Borosil Renewables posts Rs 155.42 crore H1 profit

Borosil Renewables Limited reported consolidated profit of Rs 155.42 crore for the half year ended 30 September 2026, reversing a Rs 141.91 crore loss a year earlier. Borosil Renewables recorded profit before tax of Rs 207.49 crore against a Rs 99.96 crore loss, while revenue from operations rose to Rs 802.39 crore from Rs 725.45 crore.

How did Borosil Renewables perform in the September 2026 quarter?

Borosil Renewables reported consolidated profit of Rs 68.78 crore for the quarter ended 30 September 2026, up from Rs 61.58 crore a year earlier but down from Rs 86.64 crore in the quarter ended 30 June 2026. Revenue from operations rose 4.70% year on year to Rs 396.70 crore from Rs 378.88 crore, while declining 2.22% sequentially from Rs 405.69 crore.

Total income was Rs 407.59 crore in the September 2026 quarter, compared with Rs 380.69 crore a year earlier and Rs 419.68 crore in the preceding quarter. Other income reached Rs 10.88 crore, compared with Rs 1.81 crore in September 2025 and Rs 13.99 crore in June 2026, while total expenses increased to Rs 317.72 crore from Rs 302.40 crore sequentially.

Profit before share of associates, exceptional items and tax was Rs 89.86 crore in the September 2026 quarter, against Rs 117.28 crore in June 2026 and Rs 94.53 crore a year earlier. The quarter included a Rs 0.27 crore share of loss from associates, compared with a Rs 0.62 crore share of profit in the preceding quarter.

Why did Borosil Renewables return to first-half profit?

Borosil Renewables returned to first-half profit because the six months ended 30 September 2026 had no exceptional items, compared with Rs 230.06 crore of exceptional items in the corresponding prior-year period. Profit before exceptional items and tax rose to Rs 207.49 crore from Rs 130.11 crore, while the reported prior-year result moved to a pre-tax loss after the exceptional charge.

The prior-year exceptional items related to impairment of assets of German subsidiaries Geosphere Glassworks GmbH and GMB Glasmanufaktur Brandenburg GmbH, as well as additional liability recognition linked to insolvency proceedings. Borosil Renewables said these items reflected management estimates after accounting for the deconsolidation of the two German subsidiaries.

Revenue from operations increased by Rs 76.94 crore to Rs 802.39 crore in the latest first half, and total income rose by Rs 93.72 crore to Rs 827.26 crore. Total expenses increased by Rs 16.69 crore to Rs 620.12 crore, while tax expense rose to Rs 52.08 crore from Rs 41.95 crore, resulting in post-tax profit of Rs 155.42 crore.

Basic earnings per share, not annualised and after exceptional items, were Rs 10.95 for the half year ended 30 September 2026, compared with a loss per share of Rs 10.55 a year earlier. Total comprehensive income was Rs 155.05 crore, compared with a negative Rs 134.89 crore in the corresponding half year.

Which costs and sales markets changed for Borosil Renewables?

Borosil Renewables' power and fuel expense increased to Rs 198.70 crore in the six months ended 30 September 2026 from Rs 161.07 crore a year earlier, a rise of Rs 37.63 crore. Purchases of stock-in-trade rose to Rs 15.67 crore from Rs 0.80 crore, while cost of materials consumed increased to Rs 180.81 crore from Rs 175.55 crore.

Several expense lines declined year on year during the first half. Employee benefits expense fell to Rs 52.52 crore from Rs 58.35 crore, depreciation and amortisation decreased to Rs 45.30 crore from Rs 51.77 crore, and finance costs reduced to Rs 4.95 crore from Rs 7.81 crore. Other expenses also declined to Rs 138.14 crore from Rs 149.45 crore.

Revenue within India rose to Rs 776.11 crore in the latest first half from Rs 630.47 crore a year earlier, accounting for the increase in operating revenue. Revenue outside India declined to Rs 26.28 crore from Rs 94.98 crore; in the September 2026 quarter, domestic revenue was Rs 384.71 crore and overseas revenue was Rs 11.99 crore.

Borosil Renewables reported one operating segment, manufacturing of flat glass, under Indian Accounting Standard 108, Operating Segments. Its share of profit from associates was Rs 0.35 crore for the first half, against a Rs 0.01 crore share of loss a year earlier, although the September quarter included the Rs 0.27 crore associate loss.

What do Borosil Renewables' cash flows and expansion plans show?

Borosil Renewables generated net cash flow from operating activities of Rs 135.23 crore in the six months ended 30 September 2026, compared with Rs 135.75 crore in the prior-year period. Cash generated from operations was Rs 173.75 crore, followed by net direct taxes paid of Rs 38.52 crore.

Investing activities used Rs 247.95 crore in the latest first half, compared with Rs 129.83 crore a year earlier, including Rs 278.92 crore spent on property, plant and equipment, capital work-in-progress and intangible assets. Financing activities generated Rs 240.41 crore, including Rs 278.05 crore of net proceeds from the issue of equity shares and warrants.

Total assets were Rs 2,261.86 crore at 30 September 2026, compared with Rs 1,824.89 crore at 31 March 2026. Capital work-in-progress rose to Rs 348.50 crore from Rs 107.61 crore, total equity increased to Rs 1,944.77 crore from Rs 1,509.63 crore, and non-current borrowings declined to Rs 59.06 crore from Rs 93.24 crore.

During the September 2026 quarter, Borosil Renewables' board approved a revised commissioning timeline for the SG4 and SG5 furnaces at Bharuch, Gujarat, to the end of March 2027. The two furnaces are planned at 300 tonnes per day each, with an additional Rs 150 crore cost outlay and an estimated total investment of about Rs 1,100 crore for 600 tonnes per day.

Conclusion

Borosil Renewables moved from a Rs 141.91 crore first-half loss to Rs 155.42 crore of profit as operating revenue increased by Rs 76.94 crore and the prior-year Rs 230.06 crore exceptional charge did not recur. The September-quarter profit was higher than a year earlier, but lower than the June-quarter figure as revenue and other income declined sequentially while expenses increased.

The next disclosed operational milestone is the planned commissioning of the two 300-tonnes-per-day SG4 and SG5 furnaces at Bharuch by the end of March 2027. Management's revised plan includes an additional Rs 150 crore outlay, while capital work-in-progress stood at Rs 348.50 crore on 30 September 2026.