India Ratings & Research has upgraded Borosil Renewables Limited’s (BRL) bank loan facilities. The long-term rating has been enhanced to ‘IND AA-‘ from ‘IND A’ with a Stable Outlook, and the short-term rating to ‘IND A1+’ from ‘IND A1’. This upgrade reflects BRL’s significantly improved operating profitability and strengthened credit metrics over the past quarters.
Credit Rating Upgrade Announced
Borosil Renewables Limited (BRL) has received an upgrade in its credit ratings from India Ratings & Research (Ind-Ra). The agency has elevated the company’s bank loan facilities’ long-term rating to ‘IND AA-‘ from ‘IND A’, accompanied by a Stable Outlook. Concurrently, the short-term rating has been upgraded to ‘IND A1+’ from ‘IND A1’. This positive rating action was communicated on October 30, 2026.
Key Drivers for the Upgrade
The upgrade is primarily attributed to a significant improvement in BRL’s consolidated EBITDA margins, which have been consistently strong over the last five quarters. Following the imposition of anti-dumping duties in December 2024, BRL reported healthy consolidated EBITDA margins of 31% in 1QFY27, a substantial increase from 3.9% in FY25. This improvement is also bolstered by healthier consolidated EBITDA margins of 31.5% in 1QFY27 on a standalone basis. The company has also demonstrated significantly improved capital structure and healthy credit metrics, turning net cash positive in FY26.
Details of Instruments and Ratings
The upgraded ratings cover BRL’s existing bank loan facilities, originally sized at INR 7,271.4 million and now rated at INR 6,734.08 million. Additionally, proposed bank loan facilities of INR 450 million have been assigned a rating of ‘IND AA-/Stable/IND A1+’. These ratings reflect the company’s enhanced financial performance and stable outlook.
Company Outlook and Position
Ind-Ra anticipates BRL’s business profile will strengthen due to increasing demand for solar glass, government initiatives supporting renewable energy, and a gap between domestic demand and production. Despite a significant capacity expansion project, the company is expected to remain net cash positive at FYE27. The ratings are supported by BRL’s established market position as a first-mover in India’s solar glass manufacturing sector.
Source: BSE
