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.

• EBITDA dropped sharply to INR 20.89 crores from INR 52.88 crores in the previous quarter, impacted by lower prices, non-routine repairs, and rights issue expenses.

• The company posted a net loss of INR 8.64 crores versus a profit of INR 12.62 crores in the prior quarter.

• Export sales fell to 6% of turnover from 13% sequentially, reflecting 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.

Financial highlights

• Standalone revenue for Q3 FY25 was INR 275.28 crores, up from INR 265.61 crores sequentially; consolidated net revenue was INR 361.49 crores, down from INR 373 crores in the previous quarter.

• Standalone EBITDA was INR 20.89 crores; consolidated EBITDA was INR 5 crores, both down sharply quarter-over-quarter.

• Standalone PAT was a loss of INR 8.64 crores in Q3 FY25, compared to a profit of INR 12.62 crores in Q2 FY25 and a loss of INR 11.04 crores in Q3 FY24.

• Overseas subsidiaries posted negative EBITDA of INR 14.38 crores on revenue of INR 86.2 crores.

• 9MFY25 standalone revenue grew 2.6% YoY to INR 782.71 crores; PAT was INR 0.33 crores versus a loss of INR 3.16 crores in 9MFY24.

Outlook and guidance

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

• Expansion plan revised to add 500 TPD capacity (from 1,100 TPD), with commissioning expected by July–September 2026 and a reduced investment of INR 675 crores.

• Management expects margins to reach 30% at INR 56/kg realization, with most incremental revenue flowing to EBITDA.

• Solar installations in India expected to reach 25 GW in FY25 and 35 GW in FY26, supporting strong demand for solar glass.

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