Borosil Renewables raises Rs 274.2959 crore on warrants

Borosil Renewables Limited received Rs 274.2959 crore in the quarter ended 30 September 2026 after holders exercised 69,00,526 warrants and paid the outstanding 75% consideration. Borosil Renewables cancelled 1,12,578 warrants whose holders did not make the balance payment within the stipulated period, forfeiting Rs 149.17 lakh in upfront subscription money.

How much did Borosil Renewables receive from warrant conversions?

Borosil Renewables received Rs 274.2959 crore during the quarter ended 30 September 2026 from holders exercising rights attached to warrants. The payment represented the remaining 75% due on exercise, and the company allotted 69,00,526 fully paid equity shares with a face value of Re. 1 each.

The allotment increased paid-up equity share capital by Rs 69.01 lakh and securities premium by Rs 365.0378 crore. Paid-up equity share capital was Rs 14.7184 crore at 30 September 2026, compared with Rs 14.0283 crore at 30 June 2026, matching the Rs 69.01 lakh increase from the conversion shares.

Borosil Renewables said it had received Rs 513.1882 crore overall under the preferential issue. At the initial allotment, the company had received full consideration for equity shares and 25% of the warrant consideration; warrant holders paid the balance on conversion.

The consolidated cash-flow statement reported Rs 278.0458 crore of net proceeds from the issue of equity shares and warrants in the half year ended 30 September 2026. That financing-cash-flow line is higher than the Rs 274.2959 crore conversion receipt disclosed for the September quarter because it covers equity shares and warrants over the six-month period.

What happened to Borosil Renewables’ unexercised warrants?

Borosil Renewables cancelled 1,12,578 warrants because their holders did not pay the balance conversion amount within the stipulated period. The cancelled instruments will not be eligible for conversion into Borosil Renewables equity shares.

The company forfeited Rs 149.17 lakh of upfront warrant subscription money associated with those warrants. The filing identifies the sum as subscription money received at allotment, while the unpaid balance was not received because the conversion rights were not exercised in time.

The September-quarter disclosure separates the two warrant outcomes. The 69,00,526 exercised warrants resulted in fully paid shares, while the 1,12,578 unexercised warrants were cancelled and did not add to the Rs 14.7184 crore paid-up equity share capital reported at 30 September 2026.

The capital position had also changed from Rs 14.0189 crore at 31 March 2026 to Rs 14.7184 crore at 30 September 2026. The reported increase includes the Rs 69.01 lakh share-capital rise from the September warrant conversion, whereas forfeiture affected neither the share count nor paid-up capital.

Where has Borosil Renewables deployed preferential-issue proceeds?

Borosil Renewables had used Rs 185 crore of preferential-issue proceeds by 30 September 2026 to satisfy a liability arising from a standby letter of credit for Geosphere Glassworks GmbH, a subsidiary. The disclosure links this application to the German subsidiary-related liability rather than to operating expenditure.

The company had also used Rs 134.4007 crore for capital expenditure to expand production capacity as of 30 September 2026. The remaining proceeds were temporarily invested in mutual funds and fixed deposits, or held with a bank, pending utilisation.

Borosil Renewables separately disclosed an earlier preferential issue of 69,43,691 equity shares to non-promoter investors at Rs 535 per share. That issue raised Rs 371.4875 crore, of which Rs 123.574 crore had been used by 30 September 2026 for capacity-expansion capital expenditure and general corporate purposes; the balance was temporarily invested in mutual funds.

How did Borosil Renewables perform in the September 2026 quarter?

Borosil Renewables reported consolidated revenue from operations of Rs 396.7018 crore for the quarter ended 30 September 2026. This was lower than Rs 405.6907 crore in the quarter ended 30 June 2026 but higher than Rs 378.875 crore in the quarter ended 30 September 2025.

Consolidated profit for the period was Rs 68.775 crore in the September 2026 quarter, compared with Rs 86.6404 crore in the preceding quarter and Rs 61.5756 crore a year earlier. Power and fuel expense was Rs 96.5697 crore, down from Rs 102.1318 crore in June 2026 but above Rs 82.0431 crore in September 2025.

For the half year ended 30 September 2026, revenue from operations rose to Rs 802.3925 crore from Rs 725.452 crore in the corresponding 2025 half year. Consolidated profit for the half year was Rs 155.4154 crore, against a loss of Rs 141.9112 crore a year earlier, when exceptional items totalled Rs 230.0643 crore.

Domestic revenue was Rs 384.7093 crore in the September 2026 quarter, while revenue outside India was Rs 11.9925 crore. A year earlier, domestic revenue was Rs 332.837 crore and overseas revenue was Rs 46.038 crore, so the year-on-year revenue increase reflected higher domestic sales despite lower revenue outside India.

What is Borosil Renewables’ timetable for the Bharuch furnaces?

Borosil Renewables’ board approved a revised plan to commission the SG4 and SG5 furnaces at Bharuch, Gujarat, by the end of March 2027. The filing states that the two furnaces are each described as 300 TPC and gives an estimated total investment of about Rs 1,100 crore for the 600 TPD project.

The revised timetable includes an additional cost outlay of Rs 150 crore. Borosil Renewables attributed the revised commissioning date to certain reasons but did not specify those reasons in the financial-results notes dated 30 October 2026.

Capital work-in-progress was Rs 348.4951 crore at 30 September 2026, up from Rs 107.6149 crore at 31 March 2026. This increase occurred alongside the disclosed Rs 134.4007 crore deployment of preferential-issue proceeds for production-capacity expansion, although the filing does not allocate the entire work-in-progress change to that source.

The group is mainly engaged in flat-glass manufacturing and reports it as a single segment under Indian Accounting Standard 108, Operating Segments. Its total assets were Rs 2,261.8567 crore at 30 September 2026, compared with Rs 1,824.891 crore at 31 March 2026, while capital work-in-progress formed part of the increase.

Conclusion

The warrant exercise brought Rs 274.2959 crore into Borosil Renewables during the September 2026 quarter and converted 69,00,526 instruments into equity shares. The simultaneous cancellation of 1,12,578 warrants closed the conversion opportunity for holders that did not make the required payment, while the company retained Rs 149.17 lakh of upfront subscription money.

The next disclosed milestone is commissioning of the SG4 and SG5 Bharuch furnaces by the end of March 2027, following the Rs 150 crore additional cost outlay and the approximately Rs 1,100 crore estimated project investment. Progress in deploying proceeds still held in mutual funds, fixed deposits and bank balances is also a disclosed matter to watch.