Investor Presentation
BORORENEW · price
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Borosil Renewables, India's largest solar glass manufacturer, reported record FY26 performance with standalone revenue of ₹1,535 crore (up 38% YoY) and operational EBITDA of ₹492 crore (up 172% YoY). The dramatic turnaround was driven by a 29% increase in average selling prices to ₹146.7/mm following the government's anti-dumping duties on Chinese and Vietnamese solar glass imports (December 2024), plus 8% volume growth. Q4FY26 standalone revenue was ₹438 crore with EBITDA margin of 33%. The company is expanding with two new 300 TPD furnaces (SG-4 & SG-5) totaling 600 TPD capacity at an investment of ₹950 crore, targeting December 2026 commissioning to capture growing domestic demand backed by policy tailwinds.
Strong execution and favorable policy environment (anti-dumping duties, ALMM mandates) are driving margin expansion and volume growth. The expansion plan positions the company to maintain market leadership as domestic solar installations are projected to reach 75 GW annually, with the government's 500 GW solar target by 2036 providing long-term demand visibility.