Borosil Renewables LimitedQ1 FY27 Results & Financial Update
Borosil Renewables Limited: Q1 FY27 consolidated results and company financials – revenue ₹405.69 Cr, PAT ₹86.64 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Borosil Renewables Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
For the quarter ended 30 June 2026 (Q1 FY27), Borosil Renewables reported a consolidated revenue from operations of INR 405.69 crore and total income of INR 419.68 crore, underpinned by steady demand from domestic solar module makers.
Profitability for the quarter remained solid, with profit before tax (PBT) reaching INR 117.28 crore and net profit after tax (PAT) standing at INR 86.64 crore, translating to a basic earnings per share (EPS) of INR 6.19.
The company's financial performance was supported by other income of INR 13.99 crore, while finance costs were contained at INR 2.32 crore and depreciation and amortization expenses stood at INR 21.56 crore.
Tax expenses for the quarter amounted to INR 31.25 crore, reflecting standard statutory provisions applied against the operating earnings achieved during the period.
Operationally, the company maintained high ecological efficiency, utilizing approximately 93% renewable power for its manufacturing operations during Q1 FY27, aligned with its long-term objective of maintaining sustainable production standards.
The structural demand environment for solar glass in India continues to exhibit a sizeable domestic supply deficit, with industry demand estimated at 11,000 TPD against an aggregate domestic capacity of 2,600 TPD, providing a favorable backdrop for ongoing operations and expansion planning.
Profit after tax was ₹86.64 Cr for the reported quarter. EPS was ₹6.19 for the reported quarter.
01 · Business model
What does Borosil Renewables do?
Borosil Renewables Limited operates as India's pioneer and leading manufacturer of textured solar glass, providing specialized high-performance glass components directly to solar module manufacturers across domestic and international markets.
The company's core production capabilities include large-scale furnace technology located in Bharuch, Gujarat, offering customized glass dimensions, low-sodium structural formulations, and value-added surface coatings such as anti-reflective (AR), anti-soiling (AS), and high-transmission treatments designed to enhance photovoltaic module efficiency.
The operational footprint spans over 100 domestic customers alongside an established export presence in Western Europe and Türkiye, with growing market outreach into the Americas and Middle East and North Africa (MENA) regions.
In addition to solar glass manufacturing, the company has ventured into end-to-end rooftop solar solutions under a lower-risk, asset-light market entry model, providing branded solar panels, inverters, and batteries paired with installation and after-sales service.
02 · Historical context
What shaped the business before this quarter
Established India's first solar glass production line with a 180 TPD facility in Bharuch, Gujarat.
Developed the world's first antimony-free textured solar glass under the patented NoSbEra brand.
Acquired an 86% stake in the Interfloat Group, Europe's largest solar glass manufacturer.
Commissioned a 3rd furnace with 550 TPD capacity in Q4 FY23, bringing aggregate capacity higher.
German subsidiary GMB Glasmanufaktur Brandenburg GmbH (350 TPD) filed for insolvency.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹405.69 Cr |
| Total income | ₹419.68 Cr |
| Profit before tax | ₹117.28 Cr |
| Profit after tax | ₹86.64 Cr |
| EPS | ₹6.19 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 21.4% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 28.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹13.99 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Direct supply of high-performance textured solar glass to over 100 domestic solar module manufacturers catering to utility-scale, rooftop, and solar pump applications.
Steady international dispatches to established customers across Western Europe and Türkiye, alongside expanding market outreach in the Americas and MENA regions.
What drove margins
Achieved 93% renewable power utilization during Q1 FY27, helping curb energy expenses and lower the overall carbon footprint.
Realization support derived from advanced value-added offerings, including anti-reflective coatings, anti-soiling layers, high-transmission glass, and 2mm fully tempered configurations.
05 · Demand, customers & order book
Where demand is coming from
Serving over 100 domestic solar module customers across utility scale, rooftop installations, agricultural solar pumps, floating solar, and BIPV segments.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Core manufacturing operations maintained consistent output across thicknesses ranging from 2mm to 4mm, tailored for 60, 72, and 96-cell photovoltaic modules as well as bifacial and greenhouse applications.
Progressing with a pilot-led, asset-light market entry strategy in initial geographies including Gujarat, Rajasthan, Uttar Pradesh, West Bengal, and Maharashtra.
Geography and market mix
Retained the position of India's largest solar glass manufacturer, leveraging shorter lead times and flexible order quantities for local module producers.
Maintained active supply channels across European nations such as Germany, Netherlands, France, and Italy, alongside export destinations in Asia and the Americas.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Current aggregate solar glass production capacity stands at 1,000 TPD in India, equivalent to approximately 6.5 GW of module manufacturing capacity.
Projects, capex and execution
Board-approved setup of two new furnaces (SG-4 and SG-5), each with a capacity of 300 TPD (totaling 600 TPD), keeping total planned capacity on schedule for furnace firing by December 2026.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Expanding downstream into branded distributed solar solutions encompassing solar panels (>600W), inverters (3-150 kW), and batteries (12.8-51.2V) through OEM partnerships and CKD assembly.
09 · Reported developments
What changed operationally
Received official recognition from the Department of Scientific and Industrial Research (DSIR), Government of India, for the company's in-house R&D unit during Q1 FY27.
Imposition of countervailing duty (CVD) of 9.71% on solar glass imports from Malaysia via customs notification on 2nd June 2026.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Maintained efficient working capital cycles, reported at 46 days for FY26 on a standalone basis.
Capital allocation & funding
The company maintains a strong balance sheet position and anticipates remaining net cash positive through the ongoing 600 TPD expansion capital expenditure program.
11 · Management guidance & targets
What management is targeting from here
Management expects full-year turnover at full run rate post-expansion to reach approximately Rs. 2,500 crore (representing roughly a 60% increase compared to FY26 levels).
Management anticipates an estimated ~3% operating leverage expansion in EBITDA margin driven by higher scale and operational efficiencies upon completion of the 600 TPD expansion.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Life Cycle Carbon Footprint
A formal Life Cycle Assessment confirmed that Borosil Renewables maintains a 22% lower carbon footprint than the global baseline for glass manufacturing.
Reported update
Patent Recognition
Holds a registered patent for its proprietary NoSbEra antimony-free textured solar glass manufacturing technology.
13 · Key Q&A
The quarter, answered directly
What does Borosil Renewables do?
Borosil Renewables Limited operates as India's pioneer and leading manufacturer of textured solar glass, providing specialized high-performance glass components directly to solar module manufacturers across domestic and international markets.
What is the clearest takeaway from Q1 FY27?
For the quarter ended 30 June 2026 (Q1 FY27), Borosil Renewables reported a consolidated revenue from operations of INR 405.69 crore and total income of INR 419.68 crore, underpinned by steady demand from domestic solar module makers.
What drove revenue or demand?
Direct supply of high-performance textured solar glass to over 100 domestic solar module manufacturers catering to utility-scale, rooftop, and solar pump applications.
What mattered most for margins or profitability?
Achieved 93% renewable power utilization during Q1 FY27, helping curb energy expenses and lower the overall carbon footprint.
What changed operationally beyond the headline numbers?
Current aggregate solar glass production capacity stands at 1,000 TPD in India, equivalent to approximately 6.5 GW of module manufacturing capacity.
What is management guiding or targeting from here?
Management expects full-year turnover at full run rate post-expansion to reach approximately Rs. 2,500 crore (representing roughly a 60% increase compared to FY26 levels).
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Furnace Firing Milestone: Monitor the scheduled commissioning and furnace firing of the 600 TPD expansion (SG-4 and SG-5) targeted for December 2026.
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