Borosil Renewables LimitedQ2 FY27 Results & Financial Update
Borosil Renewables Limited: Q2 FY27 consolidated results and company financials – revenue ₹396.70 Cr, PAT ₹68.78 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 Q2 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 September 30, 2026, Borosil Renewables reported consolidated revenue from operations of INR 396.70 crore, reflecting a moderate sequential decline of 2.22% compared to INR 405.69 crore in the preceding quarter ended June 30, 2026.
Total consolidated income for Q2 FY27 stood at INR 407.59 crore, which includes other income of INR 10.88 crore, compared to INR 419.68 crore in the first quarter of the fiscal year.
Profit before tax (PBT) before share of profit in associates and exceptional items came in at INR 89.86 crore, down 23.37% sequentially from INR 117.28 crore reported in Q1 FY27, driven by higher operating and energy input expenses.
Consolidated net profit (PAT) for the quarter was recorded at INR 68.78 crore, marking a 20.62% decrease over the INR 86.64 crore reported in the previous quarter.
Basic and diluted earnings per share (EPS) for the quarter stood at INR 4.78 and INR 4.76 respectively, compared to INR 6.19 for both basic and diluted EPS in the June 2026 quarter.
Domestic sales formed the overwhelming majority of revenue at INR 384.71 crore, while export revenue contributed INR 11.99 crore during the quarter under review.
01 · Business model
What does Borosil Renewables do?
Borosil Renewables Limited is primarily engaged in the manufacturing of flat glass, specifically specialized solar glass used for photovoltaic panels, solar thermal systems, and green energy applications.
The company operates manufacturing facilities located at Bharuch in Gujarat, supplying its specialized solar glass products to domestic solar module manufacturers as well as international clients.
Its primary revenue engine is the high-volume production and sale of patterned solar glass, operating within a single reportable operating segment for flat glass under Indian Accounting Standards.
02 · Historical context
What shaped the business before this quarter
In earlier years, the company allotted equity shares and warrants to promoter and non-promoter investors under preferential issues, raising substantial growth capital.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹396.70 Cr | ₹405.69 Cr |
| Total income | ₹407.59 Cr | ₹419.68 Cr |
| Profit before tax | ₹89.86 Cr | ₹117.28 Cr |
| Profit after tax | ₹68.78 Cr | ₹86.64 Cr |
| EPS | ₹4.78 | ₹6.19 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations within India stood at INR 384.71 crore for Q2 FY27, forming the vast majority of the total topline.
Outside India revenue contribution was recorded at INR 11.99 crore for the quarter.
What drove margins
Power and fuel expenses represented a major operating cost item, amounting to INR 96.57 crore for the quarter.
Cost of materials consumed stood at INR 89.74 crore, alongside changes in inventories of finished goods and work-in-progress reflecting an inventory build of INR 6.84 crore.
Employee benefits expense was INR 27.01 crore, while other expenses stood at INR 71.05 crore for the quarter.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The group operates entirely within a single primary business segment of manufacturing flat glass in accordance with Ind AS 108.
Geography and market mix
Out of total operational revenue of INR 396.70 crore in Q2 FY27, INR 384.71 crore was generated within India and INR 11.99 crore came from outside India.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
During the quarter ended September 30, 2026, the Board approved a revised timeline for commissioning SG4 and SG5 furnaces of 300 TPD each at Bharuch, Gujarat, by the end of March 2027.
Projects, capex and execution
The commissioning of the SG4 and SG5 furnaces involves an additional cost outlay of INR 150.00 crore, bringing the total estimated investment to approximately INR 1,100.00 crore for a total capacity of 600 TPD.
Out of preferential issue proceeds, INR 13,440.07 Lakhs had been utilised towards capital expenditure for expanding production capacity as of September 30, 2026.
07 · Strategy & new businesses
How the company is trying to change its growth mix
The Board approved amendments to the Borosil Employee Stock Option Scheme 2017 to facilitate share allotment via primary issuance or secondary acquisition through a trust route, alongside a direct route.
08 · Reported developments
What changed operationally
During Q2 FY27, the company received INR 274.30 crore from warrant holders upon exercise of rights, leading to the allotment of 69,00,526 fully paid-up equity shares.
09 · Pressure points & risks
What is not going smoothly
The Board approved the forfeiture of 1,12,578 unexercised warrants along with upfront subscription money of INR 149.17 Lakhs due to non-payment within the stipulated period.
The timeline for utilizing preferential issue proceeds allocated for general corporate purposes was extended from October 16, 2026, to March 31, 2027, due to unforeseen operational exigencies.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash flow generated from operating activities for the half year ended September 30, 2026, stood at INR 135.23 crore.
Net cash used in investing activities was INR 247.95 crore, while net cash from financing activities reached INR 240.41 crore, largely aided by proceeds from equity shares and warrants.
Capital allocation & funding
Proceeds from preferential issue funds amounting to INR 18,500.00 Lakhs were utilized to satisfy liabilities arising from the Standby Letter of Credit (SBLC) extended as security to lenders of German step-down subsidiary GMB.
As of September 30, 2026, non-current borrowings stood at INR 59.06 crore and current borrowings stood at INR 68.99 crore.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Auditor Review
The standalone and consolidated financial results for the quarter and half year ended September 30, 2026, were subjected to a limited review by statutory auditors Chaturvedi & Shah LLP.
12 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations decreased by 2.22% from INR 405.69 crore in Q1 FY27 to INR 396.70 crore in Q2 FY27, while PAT declined by 20.62% sequentially from INR 86.64 crore to INR 68.78 crore.
13 · Key Q&A
The quarter, answered directly
What does Borosil Renewables do?
Borosil Renewables Limited is primarily engaged in the manufacturing of flat glass, specifically specialized solar glass used for photovoltaic panels, solar thermal systems, and green energy applications.
What is the clearest takeaway from Q2 FY27?
For the quarter ended September 30, 2026, Borosil Renewables reported consolidated revenue from operations of INR 396.70 crore, reflecting a moderate sequential decline of 2.22% compared to INR 405.69 crore in the preceding quarter ended June 30, 2026.
What drove revenue or demand?
Revenue from operations within India stood at INR 384.71 crore for Q2 FY27, forming the vast majority of the total topline.
What mattered most for margins or profitability?
Power and fuel expenses represented a major operating cost item, amounting to INR 96.57 crore for the quarter.
What changed operationally beyond the headline numbers?
During the quarter ended September 30, 2026, the Board approved a revised timeline for commissioning SG4 and SG5 furnaces of 300 TPD each at Bharuch, Gujarat, by the end of March 2027.
What are the main pressure points disclosed for the quarter?
The Board approved the forfeiture of 1,12,578 unexercised warrants along with upfront subscription money of INR 149.17 Lakhs due to non-payment within the stipulated period.
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 Commissioning Milestone: Monitor the physical progress and commercial commissioning of the SG4 and SG5 furnaces at Bharuch by the targeted deadline of March 2027.
- 02
Deployment of Unutilized Proceeds: Track the utilization of remaining preferential issue proceeds currently parked in mutual funds, fixed deposits, and bank accounts.
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