Financial Performance (Standalone)

Q1 FY27 (Quarter Ended June 30, 2026):

  • Revenue: ₹405.69 crore
  • EBITDA: ₹142.00 crore (35% of sales)
  • Profit Before Tax (PBT before exceptional item): ₹118.35 crore
  • Profit After Tax (PAT): ₹87.71 crore

Quarter-on-Quarter (QoQ) Comparison (vs. Q4 FY26):

  • Revenue decreased by 1% from ₹437.62 crore.
  • EBITDA decreased by 2% from ₹144.61 crore.
  • EBITDA margin improved by 200 basis points to 35% from 33%.
  • PBT (before exceptional item) decreased by 1% from ₹120.03 crore.

Year-on-Year (YoY) Comparison (vs. Q1 FY26):

  • Revenue increased by 53% from ₹332.26 crore.
  • EBITDA increased by 53% from ₹92.53 crore.
  • EBITDA margin improved by 710 basis points to 35% from 27.9%.
  • PBT (before exceptional item) increased by 77% from ₹66.56 crore.

Key Financial Highlights:

  • The average ex-factory selling price increased to ₹160.3 per mm from ₹138.1 per mm in Q1 FY26 and ₹150.2 per mm in Q4 FY26. This includes a fuel surcharge levied from March 10, 2026, to offset rising fuel prices.
  • EBITDA margin has remained above 33% for four consecutive quarters.
  • A new 16.5 MW wind-solar hybrid captive power plant, commissioned in March 2026, increased the share of renewable power in total consumption to 93% for the quarter.
  • The PAT for Q4 FY26 (₹169.01 crore) was higher than its PBT due to the recognition of a tax shield of ₹325.91 crore from the write-off of a provision against loans, advances, and investments in overseas German subsidiaries (Geosphere and GMB) made in Q1 FY26.

Financial Performance (Consolidated)

Q1 FY27 (Quarter Ended June 30, 2026):

  • Revenue: ₹405.69 crore
  • EBITDA: ₹141.16 crore (34.8% of sales)
  • Profit Before Tax (PBT): ₹117.89 crore
  • Profit After Tax (PAT): ₹86.64 crore

Quarter-on-Quarter (QoQ) Comparison (vs. Q4 FY26):

  • Revenue decreased by 7.8% from ₹439.92 crore.
  • EBITDA decreased by 2.9% from ₹145.32 crore.
  • PBT decreased by 1.8% from ₹120.11 crore.

Year-on-Year (YoY) Comparison (vs. Q1 FY26):

  • Revenue increased by 17.1% from ₹346.58 crore.
  • EBITDA increased by 103.7% from ₹69.28 crore.
  • PBT turned positive from a loss of ₹186.58 crore.

Expansion Plan Update

  • The company is setting up two new furnaces (SG-4 & SG-5), each with a capacity of 300 tons per day (TPD), totaling 600 TPD at its existing location.
  • The estimated investment is ₹950 crore.
  • The commissioning target is December 2026, and work is reported to be on schedule. Civil work is in progress, and orders for key items have been placed.
  • The expansion is financed through a mix of equity, debt, and internal accruals.
  • The strategic rationale is to capture growing domestic demand supported by a 5-year anti-dumping duty on imports from China and Vietnam (effective December 4, 2024).

New Business Division: Rooftop Solar

  • The company has entered the rooftop solar solutions business, offering Borosil-branded solar panels, inverters, and lithium batteries.
  • The strategy involves a phased approach: Co-branding → OEM → CKD (Completely Knocked Down).
  • The initial geographic focus is on three states: Gujarat, Rajasthan, and Uttar Pradesh.
  • Target segments include Residential Rooftop (1-10 kW), Commercial & Industrial Rooftop (up to 1 MW), and off-grid segments.
  • A dual-channel approach will be used: Product Distribution (distributor-driven) and Direct Customer (end-to-end project execution).

Capital Structure Update

  • The company received a fresh capital infusion of ₹238.89 crore.
  • Breakdown of funds received: Promoters contributed ₹100.00 crore, and Non-Promoters contributed ₹138.89 crore.
  • A balance of ₹278.77 crore is pending from Non-Promoters, with the last date for exercising the option to pay and convert into shares being August 13, 2026.
  • The amount received (₹238.89 crore) has already been utilized. An amount of ₹285.97 crore is currently invested in money market mutual funds.

Industry and Market Context

  • As of May 31, 2026, India's total installed power generation capacity was 542 GW, with renewables accounting for 231 GW (43% share). Solar capacity within renewables stood at 157 GW (68% share).
  • The government has raised its solar installation target to 500 GW by 2036.
  • Key government schemes driving demand include the PM Suryaghar Yojana (targeting 30 GW from rooftops), the Kusum program (extended to March 2027), and PLI schemes (totaling ~₹18,500 crore).
  • The Directorate General of Trade Remedies (DGTR) imposed a 5-year anti-dumping duty on solar glass from China and Vietnam in December 2024. On June 2, 2026, a countervailing duty (CVD) of 9.71% on imports from Malaysia was extended for another 5 years.
  • Domestic module manufacturing capacity has surged to 203 GW from 11 GW five years ago. Domestic solar glass capacity is 2,600 TPD (18 GW), with an expected rise to 7,700 TPD (51 GW) by March 2027, still indicating a supply gap that the company aims to fill.

Company Capacity and USP

  • The current installed solar glass capacity is 1,350 TPD. With the planned expansion, the combined capacity is projected to reach 1,600 TPD (~10.5 GW).
  • The company's Unique Selling Propositions (USPs) include higher light transmission, enhanced mechanical strength (2-4x stronger than standard glass), fully tempered safety glass, and patented antimony-free (NoSbEra) production.
  • The product portfolio includes glass in thicknesses of 2mm, 2.5mm, 2.8mm, 3.2mm, and 4mm, with various coatings (Anti-Reflective, Anti-Soiling).

ESG Initiatives

  • The company emphasizes eco-conscious operations, with a reported 22% lower carbon footprint than the industry default.
  • 93% of power required in Q1 FY27 came from renewable sources, aided by captive wind and hybrid power plants.
  • Strategic ESG priorities include aiming for carbon-neutral operations, transitioning to low-carbon energy, and enhancing waste management.