Transcript of Analysts / Investors Conference Call
BORORENEW · price
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Borosil Renewables achieved a major milestone with standalone sales of INR1,534.83 crores for FY '26, up 38% from INR1,109.94 crores last year. EBITDA jumped 172% to INR491.68 crores (32% margin vs 16% last year). Q4 sales were INR437.62 crores with EBITDA of INR144.61 crores (33% margin). The company attributed this turnaround to government antidumping duties on solar glass imports from China and Vietnam (December 2024), which allowed domestic prices to rise to INR150.2/mm. Management guided that 30% to 33% EBITDA margins are achievable going forward. The company is expanding capacity by 600 tons/day (two 300-ton furnaces) expected to commission in Q4 FY '27, adding 60% capacity. It also launched a new rooftop solar division targeting INR75 crores revenue in year one using an outsourced model. A provision of INR325.91 crores was made for the write-off of German subsidiary Geosphere/GMB exposure due to insolvency.
The company's strong performance driven by anti-dumping duties is expected to sustain with 30-33% EBITDA margins. The capacity expansion and new rooftop business provide growth catalysts, though near-term volume growth will be limited until new furnaces commission.