Borosil Renewables (BORORENEW) Q2 25/26 earnings summary

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.