Borosil Renewables Shines in Q3 FY26 with Record Sales and Strategic Expansion

Borosil Renewables Limited, a prominent player in India's solar glass manufacturing sector, has reported an impressive performance for the third quarter of Financial Year 2026 (Q3 FY26). The company achieved an all-time high consolidated net revenue of 390.46 crore, marking an 8.0% year-on-year increase. This robust top-line growth was complemented by a significant surge in profitability, with consolidated EBITDA reaching 130.94 crore, a monumental 2520.2% increase compared to the same quarter last year. Consolidated Profit After Tax (PAT) stood at 100.19 crore, reflecting strong operational leverage and improved market conditions.

The company's standalone performance mirrored this positive trend, with sales soaring to 386.50 crore, a 40.4% increase year-on-year. Standalone EBITDA jumped by an astounding 517.7% to 129.04 crore, with EBITDA margins expanding to 33.4%. This remarkable growth was primarily driven by increased sales prices, with the average ex-factory selling price rising to 149.97 per millimeter compared to 104.54 per millimeter in the corresponding quarter last year, leading to a significant boost in margins. While exports contributed 20.74 crore (5.4% of turnover), major export markets in the EU, Turkey, and USA continued to face challenges due to low demand.

Financial Highlights: A Snapshot

Strategic Expansion and Funding Initiatives

Borosil Renewables is aggressively pursuing capacity expansion to capitalize on India's burgeoning solar market. The Board has approved the setup of two new furnaces (SG-4 & SG-5), each with a capacity of 300 TPD, totaling 600 TPD. This expansion, estimated at 950 crore, is targeted for commissioning by December 2026. Civil work is in progress, and key items have been ordered. This move is strategically backed by a 5-year anti-dumping duty on Chinese and Vietnamese imports, effective December 4, 2024, which provides a strong tailwind for domestic manufacturers.

To fund these ambitious plans, the company successfully completed two preferential issues. In February 2025, it raised approximately 517.66 crore, including 100 crore from the Promoter & Promoter Group and 417.66 crore from Non-Promoter Investors through warrants. A further 371.49 crore was raised in October 2025 through the allotment of 69,43,691 equity shares to non-promoter investors. These funds are crucial for the expansion project and other corporate purposes, with management indicating that future expansions would be supported by internal cash accruals, negating the need for further equity dilution.

Navigating Market Dynamics and Policy Support

India's solar power generation capacity is witnessing robust growth, with renewables now accounting for 40% (~207 GW) of the total installed capacity of ~514 GW as of December 2025. Solar alone contributes 136 GW, making up 66% of the renewable capacity. The government's target to install 280 GW of solar capacity by 2030, coupled with expected installations of 40 GW in FY26, presents a massive opportunity for solar glass manufacturers. Policies like the Production Linked Incentive (PLI) Scheme, National Solar Mission, PM Suryaghar Yojana, and the Approved List of Models and Manufacturers (ALMM) are significantly boosting domestic manufacturing and demand.

Despite the positive outlook, the company is navigating challenges such as the oversupply and dumping of solar PV cells and modules by China, which keeps global prices low. The sunset review of the Countervailing Duty (CVD) on Malaysian solar glass imports, extended to June 8, 2026, is a critical regulatory development. Management emphasizes the importance of continuing this CVD to control imports and ensure a level playing field for domestic players. The insolvency of its German subsidiary, Geosphere, following a demand for capital subsidy repayment, also highlights the complexities of international operations.

Innovation and Sustainability at Core

Borosil Renewables continues to lead with innovation, being the world's first company to produce fully tempered 2mm textured solar glass and antimony-free textured solar glass. Their product portfolio includes high-performance solar glass for various applications, customized sizes, and specialized coatings like Anti-Reflective (AR) and Anti-Soiling (AS). The company is also exploring new segments like glass for Greenhouses and Building-Integrated Photovoltaics (BIPV).

Sustainability is a core tenet of Borosil Renewables. The company maintains a 22% lower carbon footprint compared to the default value for glass manufacturing. It currently meets 27% of its electricity consumption from renewable sources and aims to increase this to 60%-65% by Q3 FY26 with the commissioning of another 16.5 MW Wind-Solar Hybrid power plant. Initiatives like using reusable packing material, waste material in raw materials, and a closed-loop water circuit system underscore their commitment to eco-conscious operations.

Outlook and Management Confidence

Borosil Renewables is on the cusp of a manufacturing surge, with new solar glass capacities expected to take local production to almost 51 GW by March 2027, substantially substituting imports. Management is confident in the company's trajectory, projecting an ROCE upwards of 25% post-expansion. The company's strategic vision, coupled with a supportive policy environment and a strong focus on innovation and sustainability, positions it well for sustained growth in India's rapidly expanding renewable energy sector.