Borosil Renewables: Business Overview & Financial Analysis
Borosil Renewables is India's first and only solar glass manufacturer, headquartered in Mumbai, Maharashtra. Promoted by the Kheruka family, the company manufactures patterned, low-iron solar glass used in solar photovoltaic (PV) modules. Operating high-capacity solar glass manufacturing units in Ankleshwar (Gujarat) alongside overseas facilities in Germany through its subsidiary Interfloat Group, Borosil Renewables supplies solar module manufacturers across India, Europe, the Americas, and Asia-Pacific.
Geographic & Subsidiary Revenue Breakdown of Borosil Renewables (FY2026)
Borosil Renewables structures its operational manufacturing sales across domestic Indian operations and overseas European operations via Interfloat Group.
- Domestic Indian Operations (Borosil Renewables Standalone) – 68.5% of Total Operating Revenue
- European Operations (Interfloat Group / GMB Glasmanufaktur Brandenburg) – 31.5% of Total Operating Revenue
- Total Consolidated Revenue from Operations (FY2026) – Rs 1,425.40 crore (+12.8% YoY)
Domestic operations in Gujarat serve as the primary revenue anchor, supplying solar glass to Indian PV module original equipment manufacturers (OEMs). European manufacturing facilities in Germany provide direct access to EU solar module developers and international export markets.
Installed Manufacturing Capacity & Plant Scale of Borosil Renewables (Q1 FY2027)
Borosil Renewables operates solar glass melting furnaces and processing facilities across India and Germany.
- Total Operational Solar Glass Melting Capacity Base – 1,300 Tonnes Per Day (TPD)
- Ankleshwar Plant Capacity (India) – 1,000 TPD across 3 solar glass furnaces (SG1, SG2, SG3)
- GMB Brandenburg Plant Capacity (Germany) – 300 TPD solar glass furnace
- Equivalent Annual PV Module Glass Supply Scale – ~8.5 Gigawatts (GW) of solar PV modules per annum
- Ultra-Thin Solar Glass Capability – Processing 2.0 mm to 3.2 mm anti-reflective coated solar glass
Manufacturing capacity expanded to 1,300 TPD, enabling supply for ~8.5 GW of solar module production annually. In-house tempering and anti-reflective coating lines process ultra-thin 2.0 mm glass for modern bifacial solar modules.
Product Portfolio & Technical Solar Glass Capabilities of Borosil Renewables (FY2026)
Borosil Renewables designs and manufactures specialized glass products tailored for high-efficiency solar energy applications.
- Anti-Reflective (AR) Coated Solar Glass – 82.5% of Total Solar Glass Sales
- Anti-Soiling / Self-Cleaning Coated Glass – 10.2% of Total Solar Glass Sales
- Non-Coated & Spezial Patterned Solar Glass – 7.3% of Total Solar Glass Sales
- World's First Fully Antimony-Free Solar Glass – Proprietary eco-friendly glass formulation
Anti-reflective coated solar glass accounts for over eight-tenths of total dispatches, boosting light transmittance and module power output. Developing antimony-free solar glass positions the company to meet stringent European environmental standards.
Client Base & Key Customer Profile of Borosil Renewables (FY2026)
Borosil Renewables maintains long-term supply arrangements with tier-1 solar module manufacturers in India and overseas.
- Domestic Client Market Share in India – ~35.0% domestic solar glass market share
- Key Domestic Solar OEM Clients Covered – Waaree Energies, Vikram Solar, Tata Power Solar, Goldi Solar, and Premier Energies
- Overseas Export Destinations – Exports to 30+ countries including Germany, USA, Turkey, and Spain
- Top 10 Customer Revenue Contribution – 42.0% of Total Operating Revenue
Supplying top Indian solar module OEMs under long-term agreements provides volume stability. Direct exports to Europe and the Americas diversify revenue across global solar installation corridors.
Latest Quarterly Financial Performance of Borosil Renewables (Q1 FY2027)
Borosil Renewables recorded top-line revenue expansion alongside margin recovery during the first quarter of FY2027.
- Consolidated Revenue from Operations – Rs 385.40 crore (+18.2% YoY)
- Consolidated Operating EBITDA – Rs 58.20 crore (+42.5% YoY)
- Operating EBITDA Margin – 15.10% (+258 bps YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 18.40 crore (vs Net Loss of Rs 12.50 crore in Q1 FY2026)
- Domestic Sales Realisation Growth – +12.5% YoY
First-quarter operating revenue rose 18.2% year-on-year to Rs 385.40 crore, supported by anti-dumping duty protections and higher domestic solar module production. Consolidated Net Profit After Tax reached Rs 18.40 crore, while operating EBITDA margins expanded to 15.10%.
Consolidated Annual Financial Performance of Borosil Renewables (FY2026)
Borosil Renewables delivered full-year turnover expansion and operational earnings growth for full financial year FY2026.
- Full Year Consolidated Revenue from Operations – Rs 1,425.40 crore (+12.8% YoY)
- Full Year Consolidated Operating EBITDA – Rs 185.20 crore (+28.4% YoY)
- Full Year Operating EBITDA Margin – 12.99% (+158 bps YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 42.50 crore (vs Net Loss of Rs 28.20 crore in FY2025)
- Return on Capital Employed (ROCE) – 8.5%
Full-year operating turnover crossed Rs 1,420 crore in FY2026, delivering a bottom-line turnaround with net profit of Rs 42.50 crore. Financial execution was supported by Ankleshwar capacity utilization and anti-dumping duties on imported Chinese solar glass.
Balance Sheet Structure & Financial Health Ratios of Borosil Renewables (Q1 FY2027)
Borosil Renewables maintains a capital structure supported by equity raises and operational cash flow conversion.
- Net Debt to Equity Ratio – 0.35x
- Total Financial Debt Base – Rs 480.00 crore
- Total Cash, Bank Balances & Surplus Investments – Rs 180.00 crore
- Total Consolidated Net Worth Base – Rs 1,350.00 crore
- Credit Rating Status – 'CARE A / Stable' and 'CRISIL A / Stable'
Consolidated net worth stood at Rs 1,350.00 crore as of June 30, 2026, with net debt to equity holding low at 0.35x. Credit ratings of 'A / Stable' provide access to low-cost working capital lines for raw material procurement.
Capital Expenditure & Capacity Expansion Pipeline of Borosil Renewables (FY2027–FY2028)
Borosil Renewables executes capital allocation outlays to establish new solar glass melting furnaces and expand European processing capacity.
- Planned Multi-Year Capex Outlay – Rs 600–700 crore over FY2027–FY2028
- Ankleshwar Plant Expansion Target (SG4) – Adding a new 550 TPD solar glass furnace in Gujarat
- Projected Total Capacity (Post-Expansion) – 1,850 TPD equivalent to ~12.0 GW module capacity
- Germany Plant Processing Upgrade Outlay – Upgrading cutting and tempering lines at GMB Brandenburg
- Funding Strategy – Funded through internal operational cash accruals, QIP proceeds, and term debt
Capital expenditure is budgeted at Rs 600–700 crore over FY2027–FY2028 to construct the 550 TPD SG4 furnace at Ankleshwar. Expanding capacity to 1,850 TPD will support ~12.0 GW of annual solar PV module manufacturing.
Strategic Outlook & Management Commentary of Borosil Renewables (Q1 FY2027 Concall)
Management guidance outlines strategic priorities centered on capacity expansion, domestic market share defense, and European operation turnaround.
- Management targets achieving a 20%–25% annual top-line revenue CAGR over the FY2027–FY2029 period.
- Consolidated operating EBITDA margins are guided to expand toward the 18.0%–20.0% corridor as SG4 capacity scales.
- Anti-dumping duties and ALMM policy mandates are expected to sustain domestic solar glass pricing realisations.
- European operations at Interfloat are targeted to achieve positive operating EBITDA during FY2027 via product repositioning.
- Capital allocation strategy will maintain Net Debt to Equity under 0.50x while executing brownfield capacity expansions.
Management anticipates rising domestic solar PV module manufacturing under the Production Linked Incentive (PLI) scheme to support glass demand. Operational focus centers on commissioning the SG4 furnace, scaling ultra-thin bifacial glass dispatches, and preserving balance sheet health.
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Sources & References
- Borosil Renewables Q1 FY2027 Consolidated Financial Results Disclosures & Stock Exchange Filings
- Borosil Renewables Q1 FY2027 Investor Presentation
- BSE Limited & National Stock Exchange of India (NSE) Corporate Filings for Borosil Renewables
- Ticker Finology Borosil Renewables Page
Disclaimer
The information presented above on Borosil Renewables has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Borosil Renewables page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.