BOROSIL RENEWABLES LIMITED has informed the Exchange about Transcript
BORORENEW · price
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Borosil Renewables reported strong Q1 FY26 standalone results with sales of ₹332.26 crores (up 37% YoY) and EBITDA of ₹92.53 crores at a 27.8% margin, a 211% jump from a year ago, driven by average selling prices rising to ₹138.1/mm from ₹105.5/mm after the December 2024 anti-dumping duty on Chinese and Vietnamese solar glass. The company approved a preferential equity issue of ₹379.52 crores to fund a 600 TPD brownfield expansion costing ₹950 crores (₹650 cr equity + ₹300 cr debt), targeted for commissioning by Q3 FY27. The German step-down subsidiary GMB filed for insolvency on July 4, 2025, and the company took a one-time provision of ₹325.91 crores for the entire exposure, ending the drag from European operations. Management guides for further EBITDA margin improvement of a couple of percentage points from 28%, domestic demand of ~50 GW this year, and 6-8% volume growth in FY26, while evaluating an additional 500-600 TPD capacity with no further equity raise planned.
Strong quarterly performance and a clean exit from the loss-making German subsidiary should boost consolidated ROCE and EPS going forward, removing a major overhang. The preferential equity issue will dilute existing shareholders but funds the next leg of growth. Margin guidance of 28-30% and 6-8% volume growth signal a positive near-term outlook, though capacity-constrained growth until the new 600 TPD project commissions by end of FY27.