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Borosil Renewables (BORORENEW) investor relations material
Borosil Renewables Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Standalone and consolidated Q2 FY26 results were approved, showing strong operational and financial performance with near full capacity utilization and robust domestic demand.
Standalone revenue rose 42.5% year-over-year to ₹378.44 crore, driven by higher selling prices and improved margins.
Consolidated Q2 FY26 revenue was ₹378.88 crore, up 1.6% year-over-year and 9.3% sequentially, with EBITDA of ₹120.42 crore, a 248.4% year-over-year increase.
Exports accounted for 12.1% of turnover, up from 10.4% in the previous quarter.
Significant management changes included the resignation and appointment of Company Secretary and new KMPs for disclosures.
Financial highlights
Standalone sales reached ₹378.44 crore, up from ₹332.26 crore in Q1 and ₹265.61 crore in Q2 last year.
Standalone EBITDA margin improved to 33.2% (₹125.5 crore), a 137% increase year-over-year and 36% sequentially.
Consolidated EBITDA margin reached 31.8%, up from 9.3% year-over-year.
Standalone PBT before exceptional items increased 473.3% year-over-year to ₹100.04 crore.
Exceptional items included impairment and losses related to subsidiaries and deconsolidation of GMB due to insolvency.
Outlook and guidance
Management is confident in sustaining current EBITDA margins and expects continued strong performance in sales and profitability, barring unforeseen circumstances.
Expansion plan underway with two new furnaces (600 TPD total) targeted for commissioning by December 2026, aiming to capture growing domestic demand and benefit from anti-dumping duties.
Domestic solar glass demand is expected to remain robust, with significant capacity additions planned across the industry.
No significant pushback on pricing from customers despite module price corrections in the ecosystem.
Management notes ongoing insolvency proceedings for German subsidiary and challenging European market conditions.
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