Borosil Renewables (BORORENEW) Q4 25/26 earnings summary

Executive summary

• Achieved record revenue and EBITDA in FY26, driven by higher selling prices, increased sales volumes, and strong domestic demand.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified audit opinions.

• Benefited from government-imposed anti-dumping duties on solar glass imports, supporting domestic market share.

• Board approved seeking shareholder approval to raise up to Rs. 750 crores via various instruments.

• Expansion plans underway with two new furnaces and a new rooftop solar solutions division to meet rising demand.

Financial highlights

• FY26 standalone revenue from operations: ₹1,53,482.50 lakhs, up from ₹1,10,993.63 lakhs in FY25.

• Standalone operational EBITDA: ₹492 crore (32% margin), up 172% year-over-year.

• Consolidated FY26 revenue: ₹1,55,583.50 lakhs, up from ₹1,47,932.89 lakhs in FY25.

• Standalone net profit for FY26 was Rs. 16,900.91 lakhs, compared to Rs. 7,825.96 lakhs in FY25.

• Consolidated net profit for FY26 was Rs. 12,739.65 lakhs, compared to a loss of Rs. 8,696.60 lakhs in FY25.

Outlook and guidance

• Expansion to add 600 TPD capacity by December 2026, targeting growing domestic demand and import substitution.

• Board seeks enabling resolution to raise up to Rs. 750 crores for future growth and expansion.

• Solar glass demand outlook remains positive, supported by policy tailwinds and robust module manufacturing growth.

• Expansion of production capacity and entry into rooftop solar solutions expected to drive future growth.