Borosil Renewables (BORORENEW) Q3 25/26 earnings summary

Executive summary

• Achieved record standalone quarterly sales of INR 386.5 crores, up 40% year-over-year, with EBITDA of INR 129.04 crores, a 518% increase and 33.4% margin.

• Consolidated net revenue for the quarter was INR 390.46 crores, with EBITDA of INR 130.94 crores, both higher than the previous quarter.

• Net profit attributable to owners for the quarter was INR 100.10 crores, compared to a loss of INR 26.75 crores last year.

• Overseas subsidiaries GMB Glasmanufaktur Brandenburg GmbH and Geosphere Glassworks GmbH filed for insolvency, leading to deconsolidation and exceptional items.

• Expansion plans underway with two new furnaces to increase capacity by 600 TPD by December 2026.

Financial highlights

• Standalone Q3 FY26 revenue rose 40.4% YoY to INR 386.5 crores; EBITDA up 517.7% YoY to INR 129.04 crores (33.4% margin).

• Consolidated Q3 FY26 revenue up 8% YoY to INR 390.46 crores; EBITDA up 2520.2% YoY to INR 130.94 crores.

• Standalone sales for nine months reached INR 1,097 crores, up 40% YoY, with EBITDA up 235%.

• PAT and EPS improved sharply, with basic EPS at INR 7.20 versus a loss of INR 2.05 last year.

• Exports accounted for 5.4% of turnover, but major export markets faced low demand.

Outlook and guidance

• Revenue and margins expected to remain stable until new capacity comes online in Q4 FY 2027, after which a 60% increase is anticipated.

• Solar glass demand expected to rise with India's solar installation target of 280 GW by 2030.

• No major changes in revenue or margins expected in the near term; full production and sales utilization ongoing.

• ROC targeted to be above 25% post-expansion.

• Management monitoring impact of new Indian Labour Codes for future accounting adjustments.