Borosil Renewables Reports Strong Q1 FY27 Performance with Significant Revenue Growth

Borosil Renewables Reports Strong Q1 FY27 Performance with Significant Revenue Growth​

Borosil Renewables Limited has presented its investor presentation for the quarter ended June 30, 2026, highlighting robust growth in revenue and EBITDA margins. The company, which operates as India's first and largest solar glass manufacturer, showcased a significant year-over-year increase in sales driven by favorable selling prices and strategic operational improvements.

Financial Performance Highlights​

The company reported a notable jump in sales for the first quarter of FY27 compared to the corresponding period in the previous year. A key driver for this growth was the increase in average Ex-factory selling prices, which rose to INR 160.3/mm from INR 138.1/mm in the previous year's quarter. This price adjustment included a fuel surcharge implemented in March 2026 to mitigate rising fuel costs.

The company also maintained an EBITDA margin above 33% for the fourth consecutive quarter. Additionally, the commissioning of a new solar-wind hybrid captive power plant in March 2026 has bolstered the company's sustainability efforts by increasing the share of renewable power sources to 93% of its total power requirements for the quarter.

Standalone Profit & Loss Snapshot (₹ Crs)​

Expansion and Strategic Growth Initiatives​

Borosil Renewables is undertaking a significant expansion plan involving the setup of two new furnaces (SG-4 & SG-5) at its existing location. Each furnace will have a capacity of 300 TPD, bringing the total new capacity to 600 TPD. The estimated investment for this project is ₹ 950 crore, with a commissioning target of December 2026.

The expansion is supported by policy tailwinds, including a 5-year anti-dumping duty on Chinese and Vietnamese imports. This move is intended to capture growing domestic demand for solar glass and provide an import substitute. The project is being financed through a combination of equity, debt, and internal accruals.

Capacity Planning Evolution (TPD)​

The company also entered the rooftop solar solutions business, offering branded solar panels, inverters, and lithium batteries. This new division focuses on distributed solar segments, including residential (1-10 kW) and C&I rooftop (up to 1 MW) systems, with a strategic focus on Gujarat, Rajasthan, and Uttar Pradesh.

Capital Structure and Market Dynamics​

To strengthen its capital structure for growth, the company received a fresh infusion of ₹ 889.15 cr. This included a preferential issue in February 2025 involving promoters and non-promoters, totaling ₹ 517.66 cr.

The broader Indian solar manufacturing landscape is seeing significant growth. Module manufacturing capacity has reached 203 GW compared to 11 GW five years ago. Furthermore, the government has extended a CVD of 9.71% against imports of solar glass from Malaysia for an additional period of 5 years, providing further support for domestic manufacturing.

The company remains positioned to meet growing demand as domestic solar glass production capacity is expected to rise toward 7,700 TPD by March 2027.

Stock Price Movement​

As of 09:19, Man Infraconstruction Ltd shares are sliding to ₹100.60, down 1.23%. The stock is currently testing its intraday low of ₹100.60 after starting at an opening high of ₹101.25.