Any current/future new fundraising through debt or equity?

Borosil Renewables Limited has taken an enabling resolution to raise up to INR 750 crores for any eventuality but currently has no plans or need to raise capital. The management stated that should any opportunity or need arise, they may consider fundraising, but as of now, no active fundraising is underway. For the rooftop solar business planned for the next 1 to 1.5 years, no major capital expenditure or capital raising is envisaged as the model will be largely asset-light with outsourced components. Expansion of manufacturing capacity (two new furnaces totaling 600 tons per day) is alr

Any current/future capex/capital investment/strategic investment?

Borosil Renewables is commissioning an expansion of 2 new furnaces, each 300 tons per day, totaling 600 tons per day, expected to be operational by January 2027, increasing capacity by 60%. The company plans a capex of around INR950 crores for this expansion in the current financial year. No major capital investment is planned for the rooftop solar business in the next 1 to 1.5 years; the model will be largely asset-light and outsourced initially. There is an enabling resolution for fundraising up to INR750 crores for any future needs or opportunities, but no current plans to raise capit

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

The company expects EBITDA margins in the range of 30% to 33% going forward, assuming no unforeseen circumstances (Page 8). The ongoing expansion of 600 tons per day capacity (two furnaces of 300 tons each) is expected to increase production capacity by 60%, likely leading to operating leverage and improved margins (Pages 6, 13). New installations with upgraded technology are expected to yield better operating efficiencies and margins (Page 13). Rooftop solar business is a new venture expected to generate revenues of around INR75 crores in the first year, with initially lower margins (~<10%) b

Current/ Expected Orderbook/ Pending Orders?

The company has contracts for both medium-term and short-term orders, broadly securing quantities. Prices remain a challenge due to fluctuating market prices for gas. Despite duty imposition, imports continue as domestic production meets only about 30% of solar glass demand; thus, a significant portion of demand is fulfilled by imports. Sales volumes remain strong with increasing production efficiency. Inventory levels were notably low at the end of March 2026 due to high demand, indicating strong order fulfillment. The company is managing supply well without disruptions so far. Pricing is ali

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Borosil Renewables LtdQ1 FY26Industrial Products

Borosil Renewables Ltd Q1 FY26 Earnings Call Analysis

Q: Future growth expectations in sales/revenue/volumes?

Future growth expectations for Borosil Renewables Limited: Capacity Expansion: Addition of 600 tons per day (2 furnaces of 300 tons each) expected by January 2027, increasing capacity by ~60%. Sales Volume: Current sales run rate around INR400-410 crores per quarter, with no reason to expect decline. Operating Leverage: New expanded capacity expected to generate operating leverage and better margins. Demand Environment: Domestic demand remains robust, driven by rising solar module production and government policies (ALMM mechanism). Export Markets: Growth potential in specialized European mar

Q: Current/ Expected Orderbook/ Pending Orders?

The company has contracts for both medium-term and short-term orders, broadly securing quantities. Prices remain a challenge due to fluctuating market prices for gas. Despite duty imposition, imports continue as domestic production meets only about 30% of solar glass demand; thus, a significant portion of demand is fulfilled by imports. Sales volumes remain strong with increasing production efficiency. Inventory levels were notably low at the end of March 2026 due to high demand, indicating strong order fulfillment. The company is managing supply well without disruptions so far. Pricing is ali

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

Price: ₹545P/E: 21.4Market Cap: ₹7.0K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Future growth expectations for Borosil Renewables Limited: - Capacity Expansion: Addition of 600 tons per day (2 furnaces of 300 tons each) expected by January 2027, increasing capacity by ~60%. - Sales Volume: Current sales run rate around INR400-410 crores per quarter, with no reason to expect decline. - Operating Leverage: New expanded capacity expected to generate operating leverage and better margins. - Demand Environment: Domestic demand remains robust, driven by rising solar module production and government policies (ALMM mechanism). - Export Markets: Growth potential in specialized European markets and emerging US market due to preference for non-Chinese materials. - Rooftop Solar Business: New division targeting INR75 crores revenue in first year, expected to scale up with profitability improving as volumes grow. - Caution: Supply chain uncertainties from geopolitical events noted; no major adverse impact expected if situation normalizes. Overall, the company expects steady volume growth with volume-driven revenue increase and margin improvement post-expansion.

Margin guidance

Category 3

→The company expects EBITDA margins in the range of 30% to 33% going forward, assuming no unforeseen circumstances (Page 8).
→The ongoing expansion of 600 tons per day capacity (two furnaces of 300 tons each) is expected to increase production capacity by 60%, likely leading to operating leverage and improved margins (Pages 6, 13).
→New installations with upgraded technology are expected to yield better operating efficiencies and margins (Page 13).
→Rooftop solar business is a new venture expected to generate revenues of around INR75 crores in the first year, with initially lower margins (~<10%) but scalable to meaningful EBITDA as volumes increase (Pages 12-13).
→Overall, expectations are for incremental profit growth from capacity expansion and operational efficiencies, though rooftop solar margins will be lower initially.
→No near-term capital raising is planned, but an enabling resolution for up to INR750 crores is in place for future funding needs (Page 11).
→Operating leverage from the expansion and cost efficiencies should support future profit and EPS growth.

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Fundraise plans

Yes

→Borosil Renewables Limited has taken an enabling resolution to raise up to INR 750 crores for any eventuality but currently has no plans or need to raise capital.
→The management stated that should any opportunity or need arise, they may consider fundraising, but as of now, no active fundraising is underway.
→For the rooftop solar business planned for the next 1 to 1.5 years, no major capital expenditure or capital raising is envisaged as the model will be largely asset-light with outsourced components.
→Expansion of manufacturing capacity (two new furnaces totaling 600 tons per day) is already underway and expected to be commissioned without mention of separate debt or equity fundraising at this stage.

Order book

→The company has contracts for both medium-term and short-term orders, broadly securing quantities.
→Prices remain a challenge due to fluctuating market prices for gas.
→Despite duty imposition, imports continue as domestic production meets only about 30% of solar glass demand; thus, a significant portion of demand is fulfilled by imports.
→Sales volumes remain strong with increasing production efficiency.
→Inventory levels were notably low at the end of March 2026 due to high demand, indicating strong order fulfillment.
→The company is managing supply well without disruptions so far.
→Pricing is aligned with landed costs of imported Chinese glass, maintaining competitiveness.
→Capacity expansion with two new furnaces (300 tons each) is expected, which will increase production and order fulfillment capabilities.

Capex plans

Yes

→Borosil Renewables is commissioning an expansion of 2 new furnaces, each 300 tons per day, totaling 600 tons per day, expected to be operational by January 2027, increasing capacity by 60%.
→The company plans a capex of around INR950 crores for this expansion in the current financial year.
→No major capital investment is planned for the rooftop solar business in the next 1 to 1.5 years; the model will be largely asset-light and outsourced initially.
→There is an enabling resolution for fundraising up to INR750 crores for any future needs or opportunities, but no current plans to raise capital.
→Rebuilding and repairing old furnaces (SG1 and SG2) may involve capex of about INR100 crores in the next calendar year.
→Manufacturing of inverters for rooftop solar may be considered after ~1 year, but no capex yet for solar module manufacturing.

How does Borosil Renewables Ltd rank vs peers in Industrial Products?

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1Borosil Renewables Ltd

Rev 3Mar 3

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