Borosil Renewables reported strong Q1 FY27 results with standalone revenue up 22% year-on-year to ₹405.69 crore. EBITDA surged 53% to ₹142 crore, with margins expanding to 35%. The company is also on track with its capacity expansion and has entered the solar rooftop business.
Detailed Coverage
Borosil Renewables Reports Strong Q1 FY27 with Revenue Growth and Margin Expansion
Borosil Renewables' standalone revenue for the first quarter of FY27 (Q1 FY27) reached ₹405.69 crore, marking a significant 22% increase from ₹332.26 crore in Q1 FY26. The company also saw a substantial improvement in profitability, with standalone EBITDA rising by 53% to ₹142 crore, and EBITDA margins expanding to 35% from 27.9% in the prior year's quarter.
Reader Takeaway: Strong revenue and margin growth driven by capacity utilization; monitor expansion execution and maintenance downtime.
What just happened
Borosil Renewables announced its Q1 FY27 financial results. Standalone revenue grew by 22% to ₹405.69 crore. Standalone EBITDA increased by 53% to ₹142 crore, with EBITDA margins improving to 35%. The company's plants are operating at full capacity of 1,000 Tonnes Per Day (TPD), and production yields were 10% higher than the previous year's quarter.
Why this matters
The strong performance indicates healthy demand and effective cost management. The expansion in EBITDA margins to 35% highlights the company's operational efficiency. The successful commissioning of a solar-wind hybrid captive power plant is expected to save ₹18 crore annually, further boosting profitability.
The backstory
Borosil Renewables is a leading manufacturer of solar glass in India. The company has been focused on expanding its production capacity to meet growing domestic demand for solar power. Its entry into the solar rooftop solutions segment marks a diversification move.
What changes now
The company is proceeding with its 600 TPD capacity expansion, expected to be commissioned by Q4 FY27, which is projected to increase sales volume by approximately 60%. Additionally, Borosil Renewables has entered the solar rooftop segment, targeting ₹36 crore in revenue for FY27, with ₹1.3 crore already achieved in Q1 FY27.
Risks to watch
Planned furnace maintenance for SG1 and SG2 furnaces in 2027, involving a ~90-day shutdown per furnace, could lead to production volume loss. Customer concentration, with the top 10 customers accounting for 65-68% of volume, remains a point to monitor. The business is also sensitive to policy shifts and fuel price volatility.
Peer comparison
While specific peer financial data for Q1 FY27 is not immediately available, Borosil Renewables operates in a sector with significant growth potential driven by government policies promoting renewable energy. Its capacity expansion and focus on solar glass production position it as a key player in the domestic market.
Context metrics (time-bound)
- Revenue (Q1 FY27): ₹405.69 crore (vs. ₹332.26 crore in Q1 FY26)
- EBITDA (Q1 FY27): ₹142 crore (vs. ₹92.53 crore in Q1 FY26)
- EBITDA Margin (Q1 FY27): 35% (vs. 27.9% in Q1 FY26)
- Capacity Utilization: 100% (1,000 TPD)
- Renewable Power Utilization: 93%
- Average Ex-Factory Price: ₹160.30 per square meter
- Solar Rooftop Revenue (Q1 FY27): ₹1.3 crore (Target FY27: ₹36 crore)
What to track next
Investors will be closely watching the progress of the 600 TPD capacity expansion and its commissioning timeline. The performance of the new solar rooftop solutions business and its margin profile will also be key. Additionally, the impact of the planned furnace maintenance in 2027 on production volumes and any changes in the external environment, such as policy shifts or customs duties, will be important factors to monitor.