Borosil Renewables (BORORENEW) Q2 26/27 earnings summary

Executive summary

• H1 FY27 standalone sales rose 12.8% YoY to INR 801.8 crore and EBITDA increased 18.5% to INR 258.3 crore; PAT was INR 157.8 crore.

• Q2 production and margins were affected by furnace maintenance, tuning, lower fuel surcharges and higher input costs; output recovered to record levels by October.

• SG4 and SG5 commissioning is targeted for end-March 2027, adding 600 TPD of capacity; the project estimate rose by INR 150 crore to INR 1,100 crore.

Financial highlights

• Q2 standalone sales were INR 396.2 crore, including INR 14.1 crore from solar kits; solar-glass sales were INR 382.1 crore.

• Q2 standalone EBITDA was INR 116.3 crore, down 7.3% YoY; the margin was 28.6% of total income versus 33.0% YoY.

• Q2 consolidated revenue from operations was INR 396.70 crore and net profit was INR 68.78 crore; H1 consolidated revenue was INR 802.39 crore and net profit INR 155.42 crore.

• H1 standalone PAT was INR 157.83 crore versus a loss of INR 226.53 crore in H1 FY26; prior-year results included exceptional charges.

• Q2 solar-glass EBITDA was INR 116.34 crore, or 30.4% of solar-glass sales, versus INR 125.5 crore and 33% in Q2 FY26.

Outlook and guidance

• Q3 realizations were expected to return near Q1 FY27 levels after gas prices rose and the fuel surcharge was restored; production recovery and higher prices were expected to support earnings normalization.

• SG4 and SG5, each 300 TPD, are targeted for commissioning by end-March 2027, taking installed capacity from 1,000 TPD to 1,600 TPD.

• At full-year run rate after expansion, turnover is estimated at ~INR 2,500 crore versus INR 1,535 crore in FY26, with ~3% EBITDA-margin operating leverage.

• SG1 and SG2 may each require a 75-day rebuild in H1 FY28; timing depends on furnace condition, and recovery of any shutdown losses is uncertain.