Borosil Renewables (BORORENEW) Q1 25/26 earnings summary

Executive summary

• Standalone Q1 FY26 sales reached INR 332.26 crores, up 37% year-over-year, driven by higher selling prices and robust domestic demand.

• EBITDA surged 211% year-over-year to INR 92.53 crores, with margins improving to 27.8% due to price increases and anti-dumping duties.

• A one-time provision of INR 325.91 crores was made for the German subsidiary's insolvency, removing future drag on consolidated results.

• Strategic exit from European operations via insolvency of German subsidiary, with focus realigned to Indian market and capacity expansion.

• Consolidated Q1 FY26 net loss was Rs. 20,348.68 lakhs, significantly impacted by exceptional items related to subsidiary insolvency.

Financial highlights

• Standalone sales: INR 332.26 crores (Q1 FY26) vs INR 241.82 crores (Q1 FY25); Q1 FY26 revenue up 37.4% year-over-year.

• EBITDA: INR 92.53 crores (27.8% margin), up from INR 29.71 crores (Q1 FY25); exceptional item: INR 325.91 crores provision for German subsidiary.

• Exports: INR 35.67 crores, 10.7% of turnover, up from 5.8% in the previous quarter.

• Basic and diluted EPS (after exceptional items) for the quarter were Rs. (12.56) consolidated and Rs. (20.54) standalone.

• Consolidated total expenses for Q1 FY26 were Rs. 31,727.96 lakhs, down from Rs. 40,386.97 lakhs in the previous quarter.

Outlook and guidance

• Expectation of further improvement in sales and EBITDA for FY26, supported by strong domestic demand and stable prices.

• EBITDA margin guidance of 28-30% for the coming quarters, with potential for a couple of percentage points improvement.

• Volume growth of 6-8% expected for FY26; capacity utilization at 95%.

• New 600 TPD capacity to be fully stabilized by March 2027; expansion plan to be commissioned by Dec 2026.

• No explicit forward-looking guidance for the German subsidiary due to ongoing insolvency proceedings.