Borosil Renewables reported strong Q3 FY’26 results, driven by a 40% increase in sales compared to the previous year. Standalone sales reached INR386.5 crores, with an EBITDA of INR129.04 crores, representing 33.4% of sales. The company’s performance was boosted by higher average selling prices, despite challenges in export markets. Borosil anticipates domestic demand to remain steady and sees significant potential for capacity expansion in the future.
Financial Performance
Borosil Renewables achieved record sales in Q3 FY’26, with standalone revenue reaching INR386.5 crores, compared to INR275.28 crores in the same quarter last year. EBITDA stood at INR129.04 crores, a significant increase from INR20.89 crores in the corresponding quarter of the previous year. Consolidated net revenue for the quarter was INR390.46 crores, with an EBITDA of INR130.94 crores.
Key Growth Drivers
The increase in sales value was primarily driven by higher average selling prices, which rose to INR149.97 per millimeter, compared to INR104.54 per millimeter in the same quarter last year. Domestic demand remains robust, offsetting challenges in export markets such as the EU, Turkey, and the U.S.A.
Subsidiary Performance
Overseas subsidiaries generated net revenue of INR3.96 crores and EBITDA of INR1.9 crores for Q3 FY’26. This contrasts with net revenue of INR0.43 crores and a negative EBITDA of INR5.08 crores in the previous year. However, the wholly-owned German subsidiary, Geosphere, has filed for insolvency.
Future Outlook and Expansion
Borosil Renewables anticipates domestic demand to remain steady, despite previous challenges faced by solar module manufacturers. The company expects its new capacity expansion to be completed by March 2027, with potential for further expansion based on demand. The company sees large scope for capacity addition considering imports still occupy about 70% share of consumption, for domestic installations.
Policy and Regulatory Landscape
The government’s introduction of ALMM-II, mandating the use of domestically produced solar cells, is expected to boost solar cell capacity in India. The CVD on imports from Malaysia, set to expire on March 8, 2026, has been extended by 3 months to June 8, 2026.
Source: BSE
