Financial Performance (Standalone)

Q2 FY27 (Quarter Ended September 30, 2026)

  • Revenue from Operations: ₹396.2 crore (4.7% increase YoY from ₹378.4 crore in Q2FY26; 2.3% decrease QoQ from ₹405.7 crore in Q1FY27)
  • Other Income: ₹10.9 crore (503.2% increase YoY from ₹1.8 crore)
  • Total Income: ₹407.0 crore (7.0% increase YoY)
  • Total Expenditure: ₹290.7 crore (14.1% increase YoY)
  • EBITDA: ₹116.3 crore (7.3% decrease YoY from ₹125.5 crore)
  • EBITDA Margin: 28.6% (decrease of 440 basis points YoY from 33.0%)
  • Depreciation & Amortization: ₹21.6 crore
  • Profit Before Interest & Tax (PBIT): ₹94.7 crore (8.7% decrease YoY)
  • Finance Cost: ₹2.6 crore (27.3% decrease YoY)
  • Exceptional Item: ₹0.0 crore (compared to -₹33.9 crore in Q2FY26)
  • Profit Before Tax (PBT): ₹92.1 crore (39.2% increase YoY)
  • Tax: ₹21.9 crore (7.8% increase YoY)
  • Net Profit (PAT): ₹70.1 crore (53.1% increase YoY from ₹45.8 crore)
  • PAT Margin: 17.2% (increase of 520 basis points YoY from 12.0%)

H1 FY27 (Half-Year Ended September 30, 2026)

  • Revenue from Operations: ₹801.8 crore (12.8% increase YoY from ₹710.7 crore in H1FY26)
  • Other Income: ₹24.9 crore (239.5% increase YoY)
  • Total Income: ₹826.7 crore (15.1% increase YoY)
  • Total Expenditure: ₹568.4 crore (13.7% increase YoY)
  • EBITDA: ₹258.3 crore (18.5% increase YoY from ₹218.0 crore)
  • EBITDA Margin: 31.2% (increase of 80 basis points YoY from 30.4%)
  • Depreciation & Amortization: ₹43.0 crore
  • Profit Before Interest & Tax (PBIT): ₹215.4 crore (23.5% increase YoY)
  • Finance Cost: ₹4.9 crore (36.6% decrease YoY)
  • Exceptional Item: ₹0.0 crore (compared to -₹359.8 crore in H1FY26)
  • Profit Before Tax (PBT): ₹210.5 crore (compared to -₹193.2 crore in H1FY26)
  • Tax: ₹52.6 crore (57.7% increase YoY)
  • Net Profit (PAT): ₹157.8 crore (compared to -₹226.5 crore in H1FY26)
  • PAT Margin: 19.1% (compared to -31.5% in H1FY26)

Management Commentary

Executive Chairman Mr. P.K. Kheruka stated the company delivered a strong half-yearly performance. He noted that India's solar manufacturing ecosystem continues to expand, supported by capacity additions and long-term renewable energy ambitions. The company's 60% expansion is aimed at enhancing its ability to address growing demand for solar glass and reduce import dependence for the country. Priorities remain focused on improving operating performance, enhancing manufacturing efficiencies, and creating sustainable value for stakeholders.

Operational & Strategic Updates

Realization and Margin Dynamics

  • Q2 realizations moderated due to a reduction in fuel surcharge by approximately ₹9.50/sq. m, following a temporary decline in gas prices.
  • A routine furnace maintenance led to a slight dip in production, weighing on gross margins.
  • The decline in gas prices was short-lived, and realizations have reverted near Q1FY27 levels in Q3. Earnings are expected to revert back with subsequent rise in production levels and increase in selling price.
  • The company reported a 28.6% EBITDA margin for Q2.
  • The captive solar-wind hybrid plant supplied 78% of renewable power needs in H1FY27.

Capacity Expansion

  • The company is expanding its installed solar glass capacity by 60%, from 1,000 TPD (~6.5 GW module equivalent) to 1,600 TPD (~10.5 GW module equivalent).
  • The expansion involves adding 600 TPD across two new lines (SG-4 & SG-5).
  • The expansion plan was re-activated upon the imposition of anti-dumping duties on solar glass imports and is on schedule for furnace commissioning in March 2027.

Market Opportunity & Demand Drivers

  • A significant supply gap exists in the domestic solar glass market. Current domestic capacity is 2,900 TPD (~17.4 GW) against a demand of 10,400 TPD (~62 GW), leaving a gap of 7,500 TPD (~44.6 GW).
  • Domestic capacity is expected to rise to 7,900 TPD (~47.4 GW) by March 2027, still leaving a supply gap.
  • Key demand drivers include government support leading to 45 GW (62 GW DC) installations in 2025-26, customs duties on imports (9.71% CVD on Malaysia, higher anti-dumping on China/Vietnam), and growing demand from new applications, storage, and policy support.
  • India's total installed power capacity is ~559 GW as of September 2026, with renewables at 44% (~247 GW). Solar capacity stands at 171 GW (69% of renewable capacity). The national target is 280 GW by 2030, recently raised to 500 GW by 2036.

Business Overview & Differentiators

  • Borosil Renewables is India's first and largest solar glass manufacturer.
  • It developed the world's first antimony-free textured solar glass (patented, branded NoSbEra) and the world's first fully tempered 2.0mm textured solar glass.
  • It offers specialized solutions including high-transmission, anti-glare, anti-soiling, anti-reflective, and matt-matt solar glass.
  • The company has a reported 22% lower carbon footprint versus the global glass manufacturing benchmark.
  • It serves over 100 domestic customers and exports to Western Europe, Turkey, and is expanding to the Americas and MENA.
  • The company is expanding downstream into end-to-end rooftop solar solutions (panels, inverters, batteries, installation, and service).

Annexures

  • The presentation includes the company's group structure, noting Borosil Renewables Limited (Market Cap ~₹5,792 crore as of October 29, 2026), Borosil Limited (Market Cap ~₹2,906 crore), and Borosil Scientific Limited (Market Cap ~₹944 crore).
  • ESG priorities are listed, including aiming for carbon-neutral operations, over 75% renewable electricity usage, and various community and governance initiatives.
  • The Board of Directors is listed, including Executive Chairman Mr. P.K. Kheruka and Vice Chairman Mr. Shreevar Kheruka.