Revenue: ₹405.69 crores, representing a 53% year-on-year (YoY) increase from ₹332.26 crores in Q1 FY26.
Quarter-on-Quarter (QoQ) Comparison: Revenue decreased by 8% from ₹437.62 crores in Q4 FY26. This Q4 figure included ₹32.07 crores of goods dispatched in previous quarters but delivered in Q4.
EBITDA: ₹142 crores, at 35% of sales, compared to ₹92.53 crores (27.9% of sales) in Q1 FY26.
QoQ EBITDA: Nearly flat compared to ₹144.61 crores in Q4 FY26, which included ₹9.77 crores EBITDA from the aforementioned ₹32.07 crores of delayed goods.
Profit After Tax (PAT): The PAT figure was clarified during the Q&A. Q4 FY26 PAT of ₹169 crores was unusually high due to a one-time tax shield of ₹75 crores related to the write-off of an investment in a German subsidiary. Adjusting for this, Q1 performance is consistent.
Effective Tax Rate: Stated at 25.2% for the quarter, which management expects to maintain for the full year.
Operational and Pricing Metrics
Sales Volume: Increased by 8% YoY in quantity terms.
Average Selling Price (ASP): Increased to ₹160.30 per square meter from ₹138.10 in Q1 FY26 and ₹150.20 in Q4 FY26.
Fuel Surcharge: A surcharge of ₹9.50 per square meter was levied from March 10, 2026, to offset increased fuel costs due to the West Asia war. This surcharge is included in the ASP and is being adjusted downward as fuel costs ease.
Capacity Utilization: Plants operated at full capacity (1,000 TPD) during the quarter despite supply disruptions.
Production Yield: Net production was 125 lakh square meters for the quarter.
EBITDA Margin: Has remained consistently above 33% for the last four consecutive quarters.
Cost Efficiency and Captive Power
A new solar-wind hybrid captive power plant was commissioned in March 2026.
It increased the share of renewable power sources to 93% of total power requirements for the quarter.
This initiative is both environment-friendly and cost-saving, contributing to strong margins.
Annual savings from this plant are estimated at ₹18 crores, with savings of over ₹6 crores achieved in Q1 alone.
Market Context and Government Support
Domestic Module Capacity: Has grown dramatically to 203 GW from just 11 GW five years ago, driven by government PLI schemes, Basic Custom Duty, and the ALMM (Approved List of Models and Manufacturers) scheme.
ALMM 2: Implemented from June 1, 2026, mandating the use of domestically produced solar cells. Cell capacity is now 30 GW, expected to rise to 75 GW by 2027.
ALMM 3: Scheduled for June 2028, it will mandate domestic sourcing of ingots and wafers, with an expected 50 GW capacity by 2029.
Demand Drivers: Annual solar installations reached 45 GW (AC) / 62 GW (DC) in 2025-26. Growth is expected from electric vehicles, data centers, and green hydrogen.
Import Duties: The government extended a 9.71% Countervailing Duty (CVD) on solar glass imports from Malaysia for five years from June 2, 2026. Anti-dumping duties on imports from China and Vietnam were imposed earlier in December 2024.
Supply-Demand Gap: 62 GW module demand requires ~11,000 TPD of solar glass. Domestic capacity is 2,600 TPD (~18 GW), with a dependence on imports. Capacity is expected to rise to 7,700 TPD (~51 GW) by March 2027, still leaving a supply gap. A significant portion of new capacity is for captive consumption.
Expansion Plans (Capex)
Ongoing Project: A 600 TPD expansion at the existing location is underway.
Timeline: Construction is on track for completion by December 2026. Commissioning of the two new furnaces (SG4 & SG5) is expected in Q4 FY27 (Jan-Mar 2027), with a gap of about one month between them.
Financial Impact: Once fully operational (conservatively from April 1, 2027, for modeling), it is expected to increase sales by 60% and EBITDA proportionally (approx. ₹80-85 crores extra quarterly EBITDA at current rates).
Funding: The project is fully funded. No equity raise is foreseen for near-term future expansions.
New Business Initiative: Solar Rooftop Solutions
The company has launched a new business offering integrated solar kits (module, inverter, battery) for residential rooftops.
FY27 Target: Internal revenue target is ₹36 crores for the financial year.
Q1 FY27 Revenue: ₹1.3 crores.
Margin Profile: profitability is expected to be in the single digits (EBITDA%), significantly lower than the core glass manufacturing business, as it involves trading bought-out components.
The business is in a nascent stage, starting in a few states.
Subsidiary Performance (Consolidated)
Overseas subsidiaries, including step-down entities, generated no revenue in Q1 FY27.
They reported a negative EBITDA of ₹0.84 crores, an improvement from a negative EBITDA of ₹23.24 crores on revenue of ₹14.32 crores in Q1 FY26.
Consolidated Figures: Net revenue stood at ₹405.69 crores and EBITDA at ₹141.16 crores for Q1 FY27.
Maintenance and Operational Risks
Furnaces SG1 and SG2 will require major refurbishment (a rebuild of refractories) approximately every 6-7 years.
Impact: A shutdown of 75 days is required for the rebuild, plus a 15-day ramp-up period, totaling ~90 days of lost production per furnace.
Timing: This is not certain but is anticipated potentially in Q4 FY27 or FY28 (Q1/Q2). A minor 4-day patchwork was already performed on SG1 in Q1, costing ~₹3 crores in lost production.
This is a standard industry practice but will cause a quantum loss of volume when it occurs.
Future Growth Strategy
Management is evaluating the next phase of growth beyond the current expansion.
Options: Include setting up additional solar glass furnaces or diversifying into allied/adjacent fields within their glass expertise.
Goal: To grow the company from an expected ~₹2,500 crores post-current expansion to at least ₹4,000 crores in the next 3-4 years.
A decision on the strategy and project size is expected within the next 5-6 months.
Management and Promoter Focus
Mr. P.K. Kheruka (Executive Chairman) is fully focused on Borosil Renewables.
A dedicated management team, including a CEO and CFO, handles day-to-day operations.
The promoters have structured separate teams for their other listed businesses (Borosil Ltd., Borosil Scientific).
Export and Geopolitical Impact
Exports to the U.S. are currently very small and focused on niche products, so recent U.S. tariff announcements have had no material impact.
The company remains primarily focused on robust domestic demand. The West Asia situation caused fuel price volatility, but recent easing has allowed for a reduction in the fuel surcharge passed to customers.
Customer Concentration
The top 10 customers account for 65-68% of total sales volume.
The customer base includes large integrated module manufacturers. The industry is consolidating, and the company will adapt its customer strategy based on how manufacturers fare under new ALMM rules for domestic cells.
