Borosil Renewables posts record FY2025-26 revenue, expands solar glass capacity
Borosil Renewables Limited has reported its highest-ever standalone revenue from operations for FY2025-26, supported by higher solar glass prices, improved margins and continued domestic demand following the imposition of anti-dumping duties on imports from China and Vietnam.
The company also announced plans to expand its solar glass manufacturing capacity and enter the rooftop solar solutions business through a new division approved by its board.
Standalone revenue from operations increased 38% year-on-year to Rs 1,535 crore in FY2025-26. Operational earnings before interest, taxes, depreciation and amortization (EBITDA) rose 172% to Rs 492 crore, while EBITDA margin expanded to 32% from 16.3% in the previous year. Profit before tax and exceptional items increased 734% to Rs 391 crore.
Borosil Renewables attributed the performance to a rise in average ex-factory selling prices, which increased to Rs 146.7 per mm in FY2025-26 from Rs 113.4 per mm in FY2024-25. The increase followed the government’s decision to impose anti-dumping duties on solar glass imports from China and Vietnam in December 2024. Sales volumes also rose 8% year-on-year.
The company said it managed to maintain full production despite higher global energy costs caused by rising imported liquefied natural gas (LNG) prices linked to the conflict in West Asia. Borosil Renewables implemented a fuel surcharge mechanism accepted by customers while simultaneously pursuing cost reduction measures to safeguard profitability.
As part of its expansion strategy, the board approved the creation of a new business division focused on rooftop solar solutions.
The company is also moving ahead with plans to install two new solar glass furnaces, SG-4 and SG-5, each with a capacity of 300 tonnes per day (TPD). The total investment for the 600 TPD expansion project is estimated at Rs 950 crore, with commissioning targeted for December 2026.
According to the company, the project is progressing on schedule and is expected to help increase domestic market share while reducing reliance on imports. The expansion is also expected to benefit from the existing five-year anti-dumping duty framework.
The board additionally approved a proposal to seek shareholder approval for raising up to Rs 750 crore through multiple routes, including a further public offer, depository receipts, foreign currency convertible bonds and qualified institutions placement.
The company also approved the re-appointment of Sunil Roongta as Whole-Time Director and Key Managerial Personnel for the period from May 27, 2027, to July 22, 2029, subject to shareholder approval.
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