Borosil Renewables Ltd

- Revenue: Expected to remain broadly flat for the next 4 quarters, with full production and sales of all manufactured products; minor fluctuations possible but no major change anticipated (Page 10). - Volume Growth: Achieved ~6% volume growth in the first 9 months compared to last year, with potential for an additional 2-3% increase through operational efficiencies before new capacity starts (Page 8). - Expansion Impact: New furnace capacity (60% increase) expected to come online by Q4 FY '27, leading to corresponding revenue growth post stabilization (Page 9 & 12). - Utilization: Stabilization of new lines anticipated within 3 months after firing of furnace (planned December '26), aiming for utilization above 89% post-expansion (Page 11). - Market Demand: Domestic demand remains steady; exports face global challenges but see potential upside from Indo-EU trade deal (Pages 3 & 10).

- Revenue is expected to remain largely stable in the near term, with full production and sales at current capacity (Page 9). - New furnace production is expected to start in Q4 FY '27, leading to a 60% capacity increase and corresponding revenue growth post-commissioning (Page 10). - Volume growth has been about 6% in the last 9 months, with potential for an additional 2-3% efficiency gains before new capacity comes online (Page 8). - Targeted ROCE after the 4,600 TPD expansion is upwards of 25%, indicating strong operating profitability improvement (Page 10). - Margins are expected to remain stable despite power and fuel cost increases due to efficiency measures (Page 12). - Addition of renewable energy is forecasted to save power costs, adding approximately 1.5 bps to incremental margins (Page 11). - No further equity dilution planned, expansions funded through existing resources (Page 10).

The transcript does not provide explicit details on the current or expected order book or pending orders for Borosil Renewables Limited. However, relevant insights related to demand and production capacity include: - The company is manufacturing at full production and selling everything produced, indicating strong demand with no inventory buildup. - Revenue is expected to remain largely flat quarter-on-quarter for the near future. - Expansion of production capacity by 60% is underway, expected to be commissioned by December 2026. - Demand remains strong and steady domestically, despite some challenges faced by solar module manufacturers due to GST changes and cash flow blockages. - The company is cautious about further expansion due to availability of skilled manpower but is aware of increased demand. - The market is competitive with imports constituting around 70% of consumption, with imports from Malaysia growing since antidumping duties on China and Vietnam. No specific figures on order book or pending orders were disclosed.

- There will be no further equity dilution as the company is completely funded for its current expansions. - Future expansions, if any, will be supported through internal cash accruals, with no immediate plans to raise additional equity. - No specific mention of new debt fundraising was made; current expansions are presumably funded. - The company is cautious about further capacity expansions despite strong demand, prioritizing operational readiness and management.

- Borosil Renewables is on track to complete capacity expansion by December 2026, increasing capacity by 60%. - After the expansion, the company targets a Return on Capital Employed (ROCE) upwards of 25%. - No further equity dilution is planned; expansions are fully funded, with future expansions expected to be supported by cash accruals. - The company has the land and utilities capacity at Bharuch to add another furnace beyond the current 600 TPD expansion, though management is cautious about further expansions. - Stabilization of new lines is expected to take about 3 months following commissioning (expected furnace firing in December 2026). - Management remains alert to increasing demand and may consider further capacity expansion if needed, but is balancing caution due to resource constraints like skilled manpower.