Borosil Renewables LtdQ1 FY27
Borosil Renewables Ltd Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹529P/E: 20.1Market Cap: ₹8.1K CrSector: Industrial Products
Management growth scorecard
Revenue
Category 2
Margin
Category 3
Fundraise
No
Order
N/A
Capex
Yes
1 of 4 growth signals are positive — mixed outlook.
Full analysisRevenue guidance
Category 2- →Company aims to grow from INR2,500 crores revenue to around INR4,000 crores in the next 3-4 years (Page 7).
- →Expansion underway to increase capacity from 1,000 TPD to 1,600 TPD by March 2027, expecting corresponding rise in production and EBITDA (Page 7, 12).
- →Volume growth of 8% in the recent quarter, with net production 10% higher (Page 9, 11).
- →Demand remains robust; even with capacity expansion to 7,700 TPD by March 2027, it will meet only 25% of demand (Page 6).
- →Capacity expansions will support servicing new and existing customers, with flexibility on client composition due to industry consolidation (Page 8-9).
- →New solar rooftop business expected to generate INR36 crores revenue this year; early stage with growth potential (Page 12).
- →Further growth beyond current expansion involves evaluating new products or further solar glass capacity after 5-6 months (Page 9).
Margin guidance
Category 3- →Gross margin expected to hold around 78-80% as raw material costs and selling prices remain stable, supporting margin stability.
- →EBITDA likely to improve due to full realization of post-anti-dumping duty price increases, unlike the previous year with partial price realization.
- →Ongoing capacity expansion of 600 TPD by Dec 2026, expected to raise sales and EBITDA by about 60% post-commissioning (Q4 FY27/Q1 FY28).
- →Furnace maintenance shutdown (up to 90 days) will cause temporary volume loss, impacting near-term production.
- →Solar rooftop and new ventures currently at nascent stage (~INR36 crores revenue FY27) with low single-digit EBITDA margins but seen as long-term growth areas.
- →Company aims to nearly double turnover from INR2,500 crores to INR4,000 crores in 3-4 years, exploring additional projects beyond solar glass expansion.
- →Current profitability stable; future profit growth expected with increased volumes, operational efficiency, and new business lines.
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Fundraise plans
No- →For the current capacity expansion, Borosil Renewables Limited is already fully funded and does not plan any immediate new fundraising.
- →Regarding future expansions, the company will decide on financing based on the project size.
- →The company expects to generate sufficient cash from operations after the current expansion is commissioned (by March 2027) to support the next expansion through equity.
- →Some amount of debt may be required if the next project size is large.
- →The management does not foresee any equity raise in the near future.
Order book
- →The company is currently unable to meet demand fully due to capacity constraints.
- →They are unable to service some customers they would like to onboard.
- →Expansion plans aim to increase capacity by 600 tons per day by December 2026.
- →With increased capacity, the company expects to cater to additional existing and new customers.
- →There is ongoing evaluation about which customers to continue servicing based on industry consolidation and technology shifts.
- →No specific number was given for the current orderbook or pending orders, but demand remains robust and capacity expansion is aimed at fulfilling more orders.
Capex plans
Yes- →Borosil Renewables is expanding capacity by 600 TPD, expected to be completed by December 2026 and commissioned by March 2027, increasing total capacity from 1,000 TPD to 1,600 TPD.
- →The company is evaluating options for additional capex:
- → - Either further increase solar glass capacity by setting up new furnaces or
- → - Diversify into allied or adjacent fields related to glass production.
- →Any further capacity beyond the current 600 TPD expansion would require a separate new project with new building and facilities.
- →Financing for ongoing expansion is fully funded; future expansions may involve a mix of equity (funded through internal cash generation) and some debt; no near-term equity raise planned.
- →The company is also selectively expanding into solar rooftop solutions and solar kits, which is nascent but seen as a large opportunity.
- →No comment on any ongoing strategic investment discussions.
How does Borosil Renewables Ltd rank vs peers in Industrial Products?
Pro feature1Borosil Renewables Ltd
Rev 2Mar 3
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How does Borosil Renewables Ltd rank in Industrial Products?
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