Borosil Renewables Ltd

- Borosil Renewables has proposed a rights issue to raise funds up to Rs. 450 crores by issuing equity shares. - The rights issue proceeds are planned mainly to reduce debt for both Indian operations and the overseas subsidiary. - The Company has received in-principle approvals for the rights issue from BSE and NSE. - The major pending approval is from SEBI, expected soon; once obtained, the Company will file the final Letter of Offer. - Rights issue timing is anticipated around end of September or early October 2024. - No significant new capacity expansions or other major debt raise is currently mentioned; earlier CAPEX plans for expansion are on hold pending economic clarity and anti-dumping duty outcomes.

- The Board had approved an expansion by 1,100 tonnes per day by setting up another furnace to increase production from the current 1,000 tonnes per day. - This expansion was put on hold due to changed economics after removal of anti-dumping duty against China. - With positive developments like the basic customs duty and clarity on anti-dumping duty, the Board is expected to reconsider the expansion plan. - Once a decision on the expansion is made, the Company will communicate it to investors. - Additionally, an extra 16.5 MW solar/wind hybrid power plant has been finalized to further optimize power costs; expected commissioning in Q2 FY 2026. - The rights issue to raise up to Rs. 450 crores is planned mainly to reduce debt for Indian operations and overseas subsidiaries. - No significant new capacity is under construction currently except a Reliance project for captive purpose.

- Expectation of better selling prices due to the imposition of basic customs duty (BCD) of 10% from October 1, 2024, which effectively increases landed cost of imports by about 11%, enabling price hikes. - Domestic solar glass demand growing rapidly, driven by solar module manufacturing capacity expected to cross 100 GW in 2-3 years. - Increased use of locally produced solar modules post-implementation of ALMM (Approved List of Models and Manufacturers) from April 2024, boosting solar glass consumption. - Government tenders increasingly mandating use of domestically made solar cells and modules; efforts ongoing to include solar glass in mandates to strengthen local ecosystem. - Sales volume rose 23% year-on-year in Q1 FY25; revenue increased 6% over preceding quarter. - New demand visibility and positive outlook due to customs duty and expanding domestic manufacturing. - Capacity expansion plans contingent on anti-dumping duty clarity and favorable economics to resume previously put on hold furnace expansion.

- EBITDA margins are expected to settle between 20% to 25% post imposition of basic customs duty (from October 1, 2024), improving from current levels (~12%) due to an added 11% landed cost on imports. - Positive outlook driven by better selling prices and higher production efficiencies. - New 16.5 MW solar/wind hybrid power plant to commission by Q2 FY26, optimizing power costs. - Rights issue planned to raise Rs. 450 crores to reduce debt and support operations. - Anti-dumping duty (ADD) and countervailing duty (CVD) applications in progress; final views expected by December 2024, which may further boost profitability. - Capacity expansion previously approved (1,100 TPD furnace) currently on hold; likely reconsidered once anti-dumping clarity and customs duty benefits materialize. - German subsidiary showing operational improvements; cost optimization and workforce rationalization ongoing to enhance overseas profitability. - Overall performance shows improvement in Q1 FY25, with expectations of further gains in upcoming quarters.

The transcript provided does not explicitly mention the current or expected order book or pending orders for Borosil Renewables Limited. However, some relevant points related to demand and operations include: - Demand visibility in domestic markets is sizable and rapidly growing due to increased solar module manufacturing capacity and ALMM implementation from April 2024. - Domestic solar glass consumption in India is about 4,000 tonnes per day, with domestic production around 1,600 tonnes per day and imports covering the shortfall. - Overseas subsidiaries are working on improving operations and entering new overseas markets despite demand slowdowns in Europe. - Management is actively working on anti-dumping duties and government policies to boost operations and growth. - There is an emphasis on resuming past business glory, signaling optimism on order inflows once market conditions improve. No direct quantitative order book or pending orders data is disclosed in the transcript.