BOROSIL RENEWABLES LIMITED has submitted to the Exchange, the financial results for the period ended Jun 30, 2025, and preferential issue
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Borosil Renewables reported standalone revenue from operations of Rs. 332.26 crore for Q1 FY26, up about 37% from Rs. 241.82 crore in Q1 FY25, with profit before exceptional items and tax of Rs. 66.56 crore versus a loss of Rs. 5 crore a year ago, showing a sharp operational turnaround. However, the company booked a one-time exceptional charge of Rs. 325.91 crore related to its step-down German subsidiary GMB Glasmanufaktur Brandenburg GmbH, which has been pushed into insolvency proceedings in Germany, wiping out quarterly profit and leading to a reported net loss of Rs. 272.35 crore. Consolidated results have been deferred because GMB's financials are not available. Separately, the board approved a preferential issue of up to 70.94 lakh equity shares at Rs. 535 each to about 82 non-promoter investors, raising up to Rs. 379.52 crore, with an EGM scheduled on August 14, 2025. Auditor Chaturvedi & Shah LLP issued an emphasis of matter note flagging the non-preparation of consolidated results but did not modify its review conclusion.
Operationally, the standalone solar glass business is doing well with strong revenue growth and a swing back to profit, but shareholders must absorb a massive one-time write-off tied to the German subsidiary's insolvency, which has turned reported quarterly PAT deeply negative. The Rs. 379.52 crore preferential issue will dilute existing equity by roughly 5% and dilute EPS, though the funds are likely aimed at strengthening the balance sheet after the GMB provisioning.