Borosil Renewables (BORORENEW) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 saw a 14% sequential volume growth but only 3.6% value growth due to steep export price declines from Chinese dumping.

• Standalone and consolidated financial results for Q3 FY25 showed net losses, with standalone loss at INR 8.64 crores and consolidated loss at INR 32.45 crores, impacted by lower prices, non-routine repair costs, and rights issue expenses.

• Export sales fell to 6% of turnover from 13% in the previous quarter due to weak global demand and Chinese competition.

• Borosil Renewables is India's first and largest solar glass manufacturer, with a combined capacity of 1,350 TPD (~8.5 GW), and a market cap of ~₹6,493 crore as of Feb 2025.

• The company has a global presence, supplying over 100 domestic customers and expanding into Europe, Americas, and MENA.

Financial highlights

• Standalone sales reached INR 275.28 crores in Q3 FY25, up from INR 265.61 crores sequentially, with a 14% volume increase despite a 9% drop in average selling price.

• Standalone EBITDA for Q3 FY25 was INR 20.89 crores, down from INR 52.88 crores in Q2 FY25, impacted by lower prices, non-routine repairs, and rights issue expenses.

• Consolidated net revenue was INR 361.49 crores with EBITDA of INR 5 crores, down from INR 373 crores and EBITDA of INR 34.7 crores in the previous quarter.

• Overseas subsidiaries reported net revenue of INR 86.2 crores and negative EBITDA of INR 14.38 crores.

• Standalone net loss for Q3 FY25 was INR 8.64 crores, compared to a profit of INR 12.62 crores in the previous quarter.

Outlook and guidance

• Profitability is expected to improve as anti-dumping duties raise domestic prices and demand remains strong.

• Expansion plan revised to add 500 TPD capacity, with commissioning expected by September 2026 and a reduced investment of INR 675 crores.

• Management anticipates full resumption of operations at GMB Glasmanufaktur Brandenburg GmbH after a temporary cool down due to weak demand.