Borosil Renewables (BORORENEW) Q4 24/25 earnings summary

Executive summary

• Total sales for FY25 grew 12% year-over-year to INR 1,110 crore, driven by a 10% volume increase and 4% higher selling prices.

• 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 ~₹7,055 crore as of May 2025.

• The group includes subsidiaries Geosphere Glassworks GmbH, Laxman AG, GMB Glasmanufaktur Brandenburg GmbH, Interfloat Corporation, and associates ReNew Green (GJS Two) Pvt. Ltd. and Clean Max Prithvi Pvt. Ltd.

• Q4 FY25 sales rose 44% year-over-year to INR 327.23 crore, with a 16% volume increase and a 28% rise in average selling price.

• EBITDA for FY25 increased 51.8% to INR 180.51 crore; Q4 EBITDA surged to INR 77.03 crore from INR 13.13 crore in Q4 FY24.

Financial highlights

• Standalone FY25 revenue grew 12% year-over-year to ₹1,109.94 crore, with EBITDA up 51.8% to ₹180.51 crore.

• Consolidated FY25 revenue increased 7.7% year-over-year to ₹1,479.33 crore; consolidated EBITDA up 24% to ₹92.84 crore.

• Standalone PAT for Q4FY25 was ₹33.13 crore, a turnaround from a loss of ₹13.37 crore in Q4FY24.

• Export sales for FY25 dropped to INR 91.73 crore (8.3% of turnover) from INR 199.78 crore due to weak European demand.

• Overseas subsidiaries posted Q4 net revenue of INR 46.31 crore and negative EBITDA of INR 49.67 crore, impacted by German operations.

Outlook and guidance

• Standalone profitability expected to improve further in coming quarters, supported by higher selling prices and efficiency gains.

• Additional 16.5 MW solar plus wind hybrid power plant to be commissioned in Q2 FY26, expected to cover 65%-70% of electricity needs.

• Expansion plan for an additional 500 TPD capacity is under reassessment, with board review pending; financing to be a mix of equity, debt, and internal accruals.

• Solar glass demand outlook remains positive, driven by growth in module manufacturing and recent anti-dumping duties on imports.

• Management expects improvement in market conditions for its German subsidiary GMB, with optimism for resumption of manufacturing operations and positive policy support in Germany.