Borosil Renewables Reports Record FY26 Results with EBITDA Surge

Borosil Renewables has unveiled record-breaking financial results for fiscal year 2026, reporting a standalone EBITDA surge of 172% to INR 491.68 crore. The company's revenue also saw robust growth, with standalone sales climbing over 38% to INR 1,534.83 crore. This impressive performance is attributed to recovering prices, driven by anti-dumping duties, and sustained strong domestic solar demand.

Record FY26 Performance Driven by Demand and Duties

The company's strong financial performance for the fiscal year ending March 2026 (FY26) saw its standalone EBITDA reach INR 491.68 crore, a substantial 172% year-on-year jump. Standalone sales surged by over 38% to INR 1,534.83 crore.

This impressive revenue growth was driven by a recovery in average ex-factory selling prices, which rose to INR 146.7/mm from INR 113.44/mm in FY25. The price rebound is largely attributed to anti-dumping duties (ADD) imposed in December 2024 on solar glass imports from China and Vietnam. Domestic demand also remained robust, with India's solar installations hitting a record 44.6 GW in FY26.

Policy Protection and Solar Growth Fuel Turnaround

This turnaround demonstrates the effectiveness of government protectionist measures, like anti-dumping duties, in shielding domestic manufacturers from cheaper imports. It also highlights the increasing significance of India's domestic solar energy sector, which is experiencing rapid expansion. The strong performance validates Borosil Renewables' strategy to expand capacity and leverage policy support.

Navigating Challenges: Subsidiary Loss and Market Support

Borosil Renewables' financial results follow a period of strategic capacity enhancements and navigating evolving policy landscapes. In June 2025, the company had to make a significant provision of INR 325.91 crore due to the insolvency filing of its German step-down subsidiary, GMB.

India’s imposition of anti-dumping duties on solar glass imports from countries including China and Malaysia, effective December 2023, provided a crucial shield. This policy support has been vital for domestic players like Borosil Renewables to improve their revenue.

Future Growth Hinges on Capacity Expansion and New Ventures

Shareholders can anticipate significantly improved financial metrics, with higher profitability and margins driven by policy support and strong demand. Future growth is now closely linked to the successful commissioning of its new 600 TPD production capacity, expected by January 2027.

The company is also entering the rooftop solar segment via an asset-light model, aiming for INR 75 crore in revenue within the first year.

Key Risks: Geopolitics, Subsidiary Write-off, and Policy Uncertainty

Geopolitical tensions in West Asia could impact oil and gas prices, as well as ocean freight rates, potentially affecting fuel costs and logistics. The full write-off of its exposure to the insolvent German subsidiary GMB represents a direct financial loss.

A key policy risk involves the impending expiry of the countervailing duty (CVD) on solar glass from Malaysia on June 8, 2026, though renewal is anticipated.

Market Position: India's Solar Glass Leader

Borosil Renewables holds a unique position as India's largest solar glass manufacturer and one of the few domestic producers. This domestic dominance allows it to directly benefit from India's rapidly expanding solar energy market and protective trade policies.

Globally, companies like Xinyi Solar Holdings (China) operate at substantially larger scales and influence international pricing. However, these international players face trade barriers, such as the ADD imposed by India.

Key Financial Highlights for FY26

• Standalone sales for FY26 reached INR 1,534.83 crore.
• Standalone EBITDA for FY26 was INR 491.68 crore, achieving a margin of 32%.
• Average ex-factory selling prices stood at INR 146.7/mm in FY26, up from INR 113.44/mm in FY25.
• A provision of INR 325.91 crore was made for the German subsidiary GMB as of June 2025.

Investor Watchlist: Key Milestones Ahead

Investors will closely monitor the renewal of the countervailing duty on Malaysian solar glass imports, expected by June 8, 2026. The timeline and successful commissioning of the 600 TPD new capacity, slated for January 2027, will be critical for future growth.

Performance and revenue generation from the new rooftop solar business will be an important growth driver to watch. The sustainability of EBITDA margins within the guided range of 30% to 33% is key, despite potential volatility in fuel costs and geopolitical factors. Management's commentary on future demand trends and the competitive landscape, particularly concerning Indonesian capacity, will be closely observed.