Borosil Renewables (BORORENEW) Q2 25/26 earnings summary

Executive summary

• Standalone and consolidated Q2 FY26 results were approved, showing strong operational and financial performance driven by robust domestic demand, improved margins, and higher selling prices.

• Near full capacity utilization achieved, with Q2 averaging 991 tons per day, up from 942 tons per day in Q1.

• Export sales increased to 12.1% of turnover, up from 10.4% in the previous quarter.

• European subsidiaries faced demand challenges, leading to impairments, deconsolidation of GMB due to insolvency, and cessation of production.

• Significant management changes included the resignation and appointment of Company Secretary and new KMPs for disclosures.

Financial highlights

• Standalone Q2 FY26 revenue was ₹378.44 crore, up from ₹332.26 crore in Q1 and ₹265.61 crore in Q2 last year; EBITDA reached ₹125.5 crore, up 137% year-over-year.

• Standalone PBT before exceptional items was ₹100.04 crore, up 473.3% year-over-year.

• Consolidated Q2 FY26 revenue was ₹378.88 crore, up 1.6% year-over-year; EBITDA was ₹120.42 crore, up 248.4% year-over-year.

• Exceptional items included impairments and losses related to European subsidiaries, totaling ₹32,590.81 lakhs and ₹3,387.04 lakhs in H1 FY26.

• Export sales accounted for ₹45.61 crore (12.1% of turnover) in Q2.

Outlook and guidance

• Expansion projects are progressing, with two new furnaces (600 TPD total) targeted for commissioning by December 2026 and additional capacity expected by March 2027.

• Management is confident in sustaining current EBITDA margins and expects continued strong performance in sales and profitability, barring unforeseen circumstances.

• Positive demand outlook supported by policy tailwinds, anti-dumping duties, and projected solar installations in India reaching 35 GW in FY26.

• No significant pushback on pricing from customers despite module price corrections.

• Management notes ongoing insolvency proceedings for German subsidiary and challenging European market conditions.