Any current/future new fundraising through debt or equity?

No specific mention of any new fundraising through debt or equity was made during the call. The company has recently received INR 371.49 crores from investors via a preferential share issue and allotted 69,43,691 equity shares as of October 17, 2025. There is an outstanding amount of INR 282.52 crores pending from the earlier warrant issue with a payment deadline in August 2026, which the company expects to receive. No discussions or plans for additional fundraising through debt or equity were highlighted. The focus appears to be on managing growth with existing resources, particularly manpowe

Future growth expectations in sales/revenue/volumes?

Industry described as a "sunrise industry" with very large growth potential (Page 15). Domestic demand robust; solar module manufacturing capacity in India expected to rise from 110 GW to 150 GW by March 2027 (Page 4). Solar installations projected at about 35 GW in FY 2025-26 versus 25 GW in previous year, implying higher solar glass consumption (~50 GW) (Page 4). Current solar glass capacity in India is 2,600 TPD (~17 GW) with imports covering 70% of demand, indicating large scope for capacity addition and import substitution (Page 4). Additional 12 GW new capacity commissioning by F

Future growth expectations in earnings/operating earnings/profits/EPS?

The management is confident of sustaining the improved performance in sales and EBITDA going forward, barring unforeseen circumstances. EBITDA margin of around 33% is seen as sustainable. Strong domestic demand is expected to continue, driven by large-scale utility projects, PM-KUSUM scheme, and rooftop installations under PM Surya Ghar Yojana. Capacity expansions underway (600 TPD furnace expansion and 4 GW new capacity by the company) to meet rising demand. Demand expected to grow beyond current levels due to ALMM mechanism and import substitution, given large import dependence (~70%). Opera

Borosil Renewables LtdQ3 FY26

Borosil Renewables Ltd Q3 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹579P/E: 19.8Market Cap: ₹7.9K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Industry described as a "sunrise industry" with very large growth potential (Page 15).
→Domestic demand robust; solar module manufacturing capacity in India expected to rise from 110 GW to 150 GW by March 2027 (Page 4).
→Solar installations projected at about 35 GW in FY 2025-26 versus 25 GW in previous year, implying higher solar glass consumption (~50 GW) (Page 4).
→Current solar glass capacity in India is 2,600 TPD (~17 GW) with imports covering 70% of demand, indicating large scope for capacity addition and import substitution (Page 4).
→Additional 12 GW new capacity commissioning by FY26 year-end and another ~16 GW by December 2026, including 4 GW by Borosil Renewables (Page 4).
→Company expects good prospects driven by utility projects, government schemes (PM-KUSUM, PM Surya Ghar Yojana), and rising rooftop installations (Page 4).
→Management confident to sustain current margins and improve production efficiency (Pages 7, 15).

Margin guidance

Category 3

→The management is confident of sustaining the improved performance in sales and EBITDA going forward, barring unforeseen circumstances.
→EBITDA margin of around 33% is seen as sustainable.
→Strong domestic demand is expected to continue, driven by large-scale utility projects, PM-KUSUM scheme, and rooftop installations under PM Surya Ghar Yojana.
→Capacity expansions underway (600 TPD furnace expansion and 4 GW new capacity by the company) to meet rising demand.
→Demand expected to grow beyond current levels due to ALMM mechanism and import substitution, given large import dependence (~70%).
→Operational efficiencies, including captive power plant commissioning, expected to enhance margins.
→No major provisioning expected beyond current impairment for subsidiaries, supporting profitability.
→Overall expectation of growth in earnings/profits and EPS aligned with sector growth and robust demand fundamentals.

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Fundraise plans

Yes

→No specific mention of any new fundraising through debt or equity was made during the call.
→The company has recently received INR 371.49 crores from investors via a preferential share issue and allotted 69,43,691 equity shares as of October 17, 2025.
→There is an outstanding amount of INR 282.52 crores pending from the earlier warrant issue with a payment deadline in August 2026, which the company expects to receive.
→No discussions or plans for additional fundraising through debt or equity were highlighted.
→The focus appears to be on managing growth with existing resources, particularly manpower and operational efficiency, rather than raising new capital immediately.

Order book

The transcript does not explicitly mention the current or expected order book or pending orders for Borosil Renewables Limited. However, relevant points related to demand and capacity are: - Domestic solar module manufacturing capacity in India is 110 GW, expected to reach 150 GW by March 2027. - Solar installations for 2025-26 are expected to be about 35 GW, implying solar glass consumption of about 50 GW. - Present solar glass capacity in India is about 2,600 tons per day (~17 GW), with imports fulfilling about 70% of domestic demand. - Additional capacities totaling approximately 28 GW (12 GW primarily captive + 16 GW by existing players including 4 GW by Borosil) are expected by December 2026. - Management is confident in robust demand and stable selling prices, with ample opportunities for capacity expansion. - No direct statement on pending orders or order backlog was provided.

Capex plans

Yes

- The company is currently expanding with a capex project underway to add 600 tons per day (TPD) capacity for new furnaces, a large capex requiring significant money, manpower, and management time. - No immediate plans for greenfield or inorganic expansions outside current locations, as economies of scale and management efficiencies are prioritized. - Management is open to greenfield or acquisition opportunities if the right opportunity arises but currently sees no manufacturers interested in selling. - Lead time for setting up new capacity is about 1.5 years; cautious approach is due to skilled manpower constraints. - Additional capacities from other players and the company will add about 16 GW by December 2026; the company plans to commission 4 GW capacity. - Further capex increases are contemplated but with careful evaluation considering manpower and operational readiness. Overall, Borosil Renewables is progressing with planned expansion but remains cautious about aggressive capex until operational and manpower capabilities align.

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