Borosil Renewables (BORORENEW) Q4 25/26 earnings summary

Executive summary

• Achieved record annual standalone sales of INR 1,534.83 crore, up 38% year-over-year, and consolidated net revenue of INR 1,555.84 crore, despite German subsidiary shutdown and insolvency.

• EBITDA rose 172% year-over-year to INR 491.68 crore (32% margin), with Q4 EBITDA at INR 144.61 crore (33% margin), up 88% from last year.

• Benefited from government-imposed anti-dumping duties and strong domestic demand, supporting market share and pricing.

• Expansion plans underway with two new furnaces to meet rising domestic solar glass demand.

• Board approved seeking shareholder approval to raise up to INR 750 crore via various instruments.

Financial highlights

• Standalone sales for FY26: INR 1,534.83 crore vs INR 1,109.94 crore last year (+38%).

• Standalone EBITDA: INR 491.68 crore (32% margin) vs INR 180.51 crore (16% margin) last year.

• Q4 sales: INR 437.62 crore vs INR 327.23 crore last year; Q4 EBITDA: INR 144.61 crore (33% margin) vs INR 77.03 crore (23.5% margin) last year.

• Consolidated net revenue: INR 1,555.84 crore; consolidated EBITDA: INR 465.96 crore vs INR 92.84 crore last year.

• Standalone net profit for FY26 was INR 16,900.91 lakh, up from INR 7,825.96 lakh in FY25.

Outlook and guidance

• Management expects continued strong demand, with no margin or realization pressure anticipated due to limited market-available capacity and high domestic demand.

• EBITDA margin guidance maintained at 30%-33% for the coming year, barring unforeseen circumstances.

• Expansion of 600 tons/day (two furnaces) expected to increase capacity by 60%, with commissioning targeted for Q1 next year or by December 2026.

• New rooftop solar solutions division launched, targeting INR 75 crore sales in the first year, with potential for significant growth.