BOROSIL RENEWABLES LIMITED has informed the Exchange regarding 'Article published regarding the Company s Strategic Focus on Solar opportunities in India'.
BORORENEW · price
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Borosil Renewables disclosed an Economic Times article where Chairman P.K. Kheruka and Director Ashok Jain discussed the company's pivot back to India after its German subsidiary GMB Glasmanufaktur Brandenburg GmbH filed for insolvency on July 4, 2025, booking a one-time loss of INR325.91 crore in Q1 FY26. The German failure was caused by Chinese solar module dumping that crashed prices and demand in Europe. Meanwhile, the Indian business is thriving — Q1 FY26 standalone revenue grew 37% YoY to INR332.26 crore, EBITDA jumped 211% to INR92.53 crore with record 27.8% margins, helped by anti-dumping duties on Chinese and Vietnamese solar glass. The company has announced an INR950 crore expansion at its Bharuch plant (two new 300 TPD furnaces, 60% capacity increase) funded by INR650 crore equity/internal accruals and INR300 crore debt, with commissioning targeted by Q3 FY27.
Short-term, the German insolvency write-off is a known drag but should stop further bleeding and improve ROCE and EPS going forward. The strong domestic performance and INR950 crore capex signal management's confidence in India's solar boom, but execution risk on the new furnaces and reliance on continued policy support remain key things to watch for shareholders.