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53.38 Lakh Shares Allotted via Warrant Conversion at Rs 530/Share
Borosil Renewables has allotted 5,338,840 equity shares following the conversion of warrants issued on a preferential basis to non-promoters. The conversion price was set at Rs 530 per share, with the company receiving the remaining 75% (Rs 397.50 per warrant) of the total issue price, amounting to approximately Rs 212.22 Cr. This allotment increases the total paid-up shares to 14.71 Cr. The proceeds are earmarked for the company's solar glass expansion project, which aims to add 4 GW of capacity by December 2026.
Confidence: HIGH
What changedConversion of 53.38 lakh warrants into equity shares, resulting in a capital infusion of ~Rs 212 Cr and a ~3.6% increase in total share count.
Why it mattersProvides non-debt funding for the company's significant capacity expansion, which is essential for scaling to meet domestic demand from schemes like PM Surya Ghar Yojana.
Shares Allotted: 5,338,840Conversion Price: Rs 530Cash Inflow (this tranche): Rs 212.22 CrInflow vs Net Worth: ~14.1%Expansion Target: 4 GW by Dec 2026
📅 Short termPositive sentiment expected as the capital infusion supports expansion plans without increasing the debt-to-equity ratio (currently low at 0.11).
📈 Long termThe company's structural growth depends on successfully commissioning the 4 GW expansion and maintaining pricing power against international competition.
⚠ Risk flags
- Equity dilution for existing shareholders
- Execution risk of the 4 GW capacity expansion
Key Highlights
Allotment of 5,338,840 equity shares of face value Re 1 each upon warrant conversion
Conversion price of Rs 530 per share, with Rs 397.50 per share received in this tranche
Total cash inflow from this conversion estimated at ~Rs 212.22 Cr
Funds to be utilized for the 4 GW solar glass expansion project scheduled for Dec 2026
Post-allotment paid-up equity capital increased to 14,71,83,709 shares
👀 What to Watch
Monitor the execution timeline of the 4 GW capacity expansion and the impact of Anti-Dumping Duties on maintaining the current 31.3% operating margins.
12.52 Lakh Shares Allotted via Warrant Conversion at Rs 530/share
Borosil Renewables has allotted 1,252,629 equity shares following the conversion of warrants issued on a preferential basis in February 2025. The conversion price of Rs 530 per share is at a ~7.6% discount to the current market price of Rs 574. This specific conversion results in a cash inflow of approximately Rs 49.79 crore (representing the 75% balance payment) and causes a marginal equity dilution of 0.88%. The capital infusion supports the company's ongoing capacity expansion and low-debt profile.
Confidence: HIGH
What changedThe company converted 12.52 lakh warrants into equity shares, increasing its paid-up capital and receiving the final 75% payment for these securities.
Why it mattersThis provides non-debt capital to fund the company's growth strategy, maintaining a healthy debt-to-equity ratio (currently 0.11) while expanding manufacturing capacity.
Shares Allotted: 1,252,629Conversion Price: Rs 530Cash Inflow (75% balance): Rs 49.79 CrEquity Dilution: ~0.88%Post-allotment Capital: 14,18,44,869 shares
📅 Short termThe market is likely to view the capital infusion positively as it validates investor interest at prices near current levels, despite the minor dilution.
📈 Long termThe conversion supports the structural growth of the company as it scales capacity to 4 GW to meet domestic solar demand under government schemes.
⚠ Risk flags
- Minor equity dilution
- Potential for further dilution from remaining unconverted warrants
Key Highlights
Allotment of 1,252,629 equity shares of Re 1 face value upon warrant conversion.
Conversion price of Rs 530 per share, with Rs 397.50 per share received as the final 75% payment.
Total cash inflow from this specific allotment is approximately Rs 49.79 crore.
Post-allotment paid-up equity capital increased to 14,18,44,869 shares.
Warrants were originally issued to non-promoter categories in February 2025.
👀 What to Watch
Monitor the utilization of these funds towards the planned 4 GW capacity expansion by December 2026 and watch for the conversion of the remaining warrants from the original 78.80 lakh issue.
BORORENEW to Expand Capacity 60% to 1600 TPD by Dec 2026; FY26 Turnaround Reported
Borosil Renewables has released its FY26 Annual Report, detailing a significant turnaround with a net profit of ₹127.4 crore versus a loss in FY25. The company is executing a major capacity expansion from 1,000 TPD to 1,600 TPD (~10.5 GW) by December 2026, supported by ₹889.15 crore raised through preferential issues and warrants. Operational efficiency is improving with 2mm glass production reaching 75%, targeting 100% by Q4 FY27. The implementation of Anti-Dumping Duties (ADD) in late 2024 has stabilized pricing, with average selling prices rising 28.2% YoY to ₹147.50/mm in Q2 FY26.
Confidence: HIGH
What changedThe company has moved from a period of losses and Chinese dumping pressure to a profitable growth phase backed by trade protections and a funded 60% capacity expansion plan.
Why it mattersAs India's largest solar glass manufacturer, Borosil is positioning itself to capture a significant share of the domestic market projected to reach 51 GW by FY27, while shifting toward higher-margin thinner glass products.
Planned Capacity Expansion: 1600 TPDTotal Funds Raised for Expansion: ₹889.15 CrFundraise vs Market Cap: ~10.6%FY26 Net Profit: ₹127.4 Cr2mm Glass Production Target: 100% by Q4 FY27Price Recovery (YoY): 28.2%
📅 Short termThe stock may see positive sentiment as the annual report confirms the turnaround in profitability and provides a clear roadmap for the 600 TPD expansion.
📈 Long termStructural growth is tied to the successful commissioning of new furnaces by Dec 2026 and the company's ability to maintain its 28%+ OPM amidst evolving global trade dynamics.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Chinese manufacturers shifting production to Malaysia/Indonesia to bypass duties
- High concentration of global solar glass capacity in China (96%)
- Vulnerability to raw material price volatility
Key Highlights
Planned capacity expansion of 600 TPD to reach a total of 1,600 TPD (~10.5 GW) by December 2026
Raised a total of ₹889.15 crore through preferential issues and warrants to fund the 60% capacity ramp-up
Average selling price recovered to ₹147.50/mm in Q2 FY26, up 28.2% from ₹115/mm in the previous year
Targeting 100% production of high-margin 2mm glass by Q4 FY 2026-27, up from the current 75%
Turnaround in profitability with FY26 PAT at ₹127.4 crore compared to a loss of ₹86.9 crore in FY25
👀 What to Watch
Investors should monitor the commissioning timeline of the SG 4 & 5 furnaces (600 TPD) and track whether Chinese manufacturers bypass current Anti-Dumping Duties by routing supply through Malaysia or Indonesia.
53% YoY Revenue Growth in Q1 FY27; 600 TPD Expansion on Track for Q4 FY27
Borosil Renewables reported a strong Q1 FY27 with standalone sales rising 53% YoY to ₹405.69 Cr, driven by a 16% increase in average selling prices to ₹160.30/sqm. EBITDA margins improved significantly to 35% from 27.9% YoY, aided by a fuel surcharge and 93% renewable power usage. The company is executing a 600 TPD capacity expansion expected to commission in Q4 FY27, which management projects will increase sales by 60%. Regulatory support remains robust with the extension of a 9.71% Countervailing Duty (CVD) on Malaysian solar glass for five years.
Confidence: HIGH
What changedThe company has successfully passed on fuel cost increases through surcharges and significantly improved its margin profile through higher realizations and renewable energy adoption.
Why it mattersWith domestic demand for solar glass at 11,000 TPD and local supply at only 2,600 TPD, Borosil is well-positioned to capture the supply gap, protected by anti-dumping and countervailing duties.
Q1 FY27 Standalone Sales: ₹405.69 CrEBITDA Margin: 35%Average Selling Price: ₹160.30/sqmPlanned Capacity Expansion: 600 TPDProjected Sales Increase from Expansion: 60%CVD on Malaysian Imports: 9.71%
📅 Short termPositive outlook due to strong margin recovery and realization growth, though fuel price volatility remains a minor tactical concern.
📈 Long termStructural growth is supported by the massive domestic supply-demand gap and government mandates (ALMM) requiring local components in solar projects.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Fuel price volatility linked to West Asia conflict
- Potential furnace maintenance shutdowns in late FY27
- Dependence on government trade protection (ADD/CVD)
Key Highlights
Standalone sales increased 53% YoY to ₹405.69 Cr for the quarter ended June 2026.
EBITDA margins reached 35% (₹142 Cr) compared to 27.9% (₹92.53 Cr) in the corresponding quarter last year.
Average ex-factory selling price rose to ₹160.30 per square meter from ₹138.10 YoY.
Ongoing 600 TPD expansion at the existing location is expected to boost sales by 60% upon Q4 FY27 commissioning.
Renewable energy share in power requirements reached 93% following the commissioning of a captive solar-wind hybrid plant.
👀 What to Watch
Watch for the timely commissioning of the 600 TPD expansion in Q4 FY27 and monitor the stability of fuel prices, which have been volatile due to West Asia conflicts.
Borosil Renewables Q1 FY27: Revenue Up 17% to ₹406 Cr; ₹950 Cr Expansion on Track
Borosil Renewables reported a strong Q1 FY27 with consolidated revenue growing 17.1% YoY to ₹405.69 Cr and EBITDA doubling to ₹141.16 Cr. The company turned profitable with a PAT of ₹86.64 Cr, compared to a loss of ₹203.49 Cr in the previous year, aided by a 16% increase in average selling prices to ₹160.3/mm. A major ₹950 Cr capacity expansion (SG-4 & SG-5) is underway to add 600 TPD by December 2026, representing approximately 61% of TTM revenue. The company has also diversified into the rooftop solar solutions business, targeting residential and C&I segments.
Confidence: HIGH
What changedThe company has transitioned from a loss-making period to significant profitability, driven by the implementation of Anti-Dumping Duties (ADD) and improved operational efficiencies.
Why it mattersThe sharp recovery in margins and the massive ₹950 Cr capex plan signal a shift toward aggressive growth, leveraging India's domestic solar manufacturing push and protective trade policies.
Q1 FY27 Revenue: ₹405.69 CrEBITDA Margin: 34.8%Expansion Capex: ₹950 CrCapex vs TTM Revenue: ~61%Avg Selling Price: ₹160.3/mmTarget Capacity (CY26): 1600 TPD
📅 Short termPositive sentiment is expected as the market reacts to the margin expansion and the successful pass-through of fuel surcharges to customers.
📈 Long termStructural growth is supported by India's target of 280 GW solar capacity by 2030 and the company's dominant position as the first and largest domestic solar glass manufacturer.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Vulnerability to changes in import duty structures (ADD/CVD)
- Execution risk for the ₹950 Cr expansion project
- Potential pricing pressure if global glass prices drop significantly
Key Highlights
Consolidated EBITDA margin expanded by 1,480 bps YoY to 34.8% in Q1 FY27
Average ex-factory selling price rose to ₹160.3/mm from ₹138.1/mm in Q1 FY26
₹950 Cr investment for 600 TPD expansion targeted for completion by December 2026
Renewable power share in operations reached 93% following new hybrid plant commissioning
Total solar glass capacity projected to reach 1,600 TPD (~10.5 GW) by CY26
👀 What to Watch
Monitor the execution timeline of the SG-4 and SG-5 furnaces scheduled for December 2026 and the sustainability of selling prices above ₹160/mm as import duty protections evolve.
₹86.8 Cr Net Profit in Q1 FY27; Borosil Renewables Returns to Profitability YoY
Borosil Renewables reported a consolidated net profit of ₹86.84 Cr for Q1 FY27, a sharp turnaround from a loss of ₹166.57 Cr in Q1 FY26, which was heavily impacted by German subsidiary insolvency. Revenue from operations grew 17% YoY to ₹405.69 Cr, with domestic sales contributing 96.5% of the total. The company has successfully deconsolidated its troubled overseas assets, leading to a cleaner balance sheet. Operational stability is supported by Anti-Dumping Duties and strong domestic demand from government solar schemes.
Confidence: HIGH
What changedThe company has returned to consolidated profitability following the deconsolidation and impairment of its insolvent German subsidiaries.
Why it mattersThis marks a transition to a leaner, domestic-focused business model protected by trade barriers, significantly improving the quality of earnings.
Consolidated Net Profit: ₹86.84 CrRevenue Growth (YoY): 17.0%Domestic Revenue Share: 96.5%Warrant Exercise Price: ₹530Expansion Capex Utilized: ₹50.14 Cr
📅 Short termThe stock is likely to react positively to the strong turnaround in profitability and the absence of exceptional losses.
📈 Long termLong-term value depends on the successful commissioning of the 4 GW expansion and maintaining cost leadership against potential global pricing shifts.
⚠ Risk flags
- High domestic market concentration (96.5%)
- Execution risk for 4 GW expansion by Dec 2026
- Vulnerability to changes in Anti-Dumping Duty policies
Key Highlights
Consolidated Net Profit of ₹86.84 Cr vs a loss of ₹166.57 Cr in the same quarter last year
Revenue from operations increased 17% YoY to ₹405.69 Cr from ₹346.58 Cr
Domestic revenue stood at ₹391.40 Cr, accounting for 96.5% of total revenue
Utilized ₹50.14 Cr from preferential issue proceeds specifically for capacity expansion
Allotted 94,338 equity shares at ₹530 per share following warrant conversion
👀 What to Watch
Watch for the execution of the planned 4 GW capacity expansion by December 2026 and the sustainability of margins as domestic competition evolves.
Borosil Renewables Receives DSIR Recognition for Pune R&D Unit; Valid Until 2029
Borosil Renewables has secured official recognition from the Department of Scientific and Industrial Research (DSIR) for its in-house R&D facility in Pune. This certification, valid until March 31, 2029, allows the company to avail customs duty exemptions on the import of equipment, instruments, and consumables used for research. This regulatory approval is expected to lower the cost of innovation and technological development in the solar glass segment. The recognition validates the company's R&D supremacy and commitment to international standards.
Key Highlights
Recognition granted by the Ministry of Science and Technology for the Pune (Hinjewadi) R&D unit.
The certification is valid from May 27, 2026, through March 31, 2029.
Entitles the company to customs duty exemptions on R&D-related imports under multiple government notifications.
Aims to reduce capital and operational expenditure specifically for research and development activities.
👀 What to Watch
Investors should view this as a positive step toward long-term cost efficiency and technological leadership in the renewable energy sector. No immediate action is required, but this strengthens the company's competitive moat.
Borosil Renewables: Govt Imposes 9.71% to 10.14% Countervailing Duty on Malaysia Solar Glass
The Ministry of Finance has notified the continued imposition of definitive Countervailing Duty (CVD) on solar glass imports from Malaysia for a period of five years starting June 2, 2026. Major Malaysian producers like Xinyi Solar and SBH Kibing will face a duty of 9.71%, while all other producers will be charged 10.14% of the CIF value. This regulatory move is intended to protect domestic manufacturers from subsidized imports that cause injury to the Indian solar glass industry. Borosil Renewables, as a primary domestic player, stands to benefit significantly from improved competitive positioning and potential margin expansion.
Key Highlights
Imposition of definitive Countervailing Duty (CVD) on solar glass imports from Malaysia for 5 years.
Duty rates fixed at 9.71% for specific producers (Xinyi Solar, SBH Kibing) and 10.14% for others.
Applies to Textured Toughened (Tempered) Glass with minimum 90.5% transmission and thickness up to 4.2 mm.
The move follows DGTR findings that subsidized imports were causing material injury to the domestic industry.
Measure expected to accelerate local production and investments in India's solar glass sector.
👀 What to Watch
Investors should view this as a major positive catalyst for Borosil Renewables as it provides a level playing field against cheaper imports. Monitor the company's capacity utilization and pricing power in the coming quarters to gauge the full impact on the bottom line.
Borosil Renewables: Govt Imposes 9.71% to 10.14% Countervailing Duty on Malaysian Solar Glass
The Ministry of Finance has notified the continued imposition of definitive Countervailing Duty (CVD) on solar glass imports from Malaysia for a period of five years starting June 2026. Major Malaysian producers like Xinyi Solar and SBH Kibing will face a duty of 9.71%, while other exporters will be charged 10.14%. This regulatory protection is designed to prevent injury to the domestic industry caused by subsidized imports. As India's primary solar glass manufacturer, Borosil Renewables is expected to benefit from improved market share and pricing power.
Key Highlights
Countervailing Duty (CVD) imposed on Malaysian solar glass for a fixed term of 5 years.
Specific duty rates set at 9.71% for Xinyi Solar and SBH Kibing, and 10.14% for all other producers.
The duty applies to textured toughened (tempered) glass with minimum 90.5% transmission.
DGTR findings confirmed that the cessation of duty would lead to a recurrence of subsidization and injury to domestic players.
The measure is expected to drive domestic investment and expansion in India's solar glass manufacturing sector.
👀 What to Watch
This is a major positive development for Borosil Renewables as it mitigates competition from subsidized imports; investors should maintain a positive outlook on the stock's long-term margin profile.
Borosil Renewables: 5-Year Countervailing Duty Imposed on Solar Glass Imports from Malaysia
The Ministry of Finance has notified the continued imposition of definitive Countervailing Duty (CVD) on solar glass imports from Malaysia for a five-year period starting June 2026. Major Malaysian producers like Xinyi Solar and SBH Kibing will face a duty of 9.71%, while all other producers will be charged 10.14% of the CIF value. This regulatory measure is designed to protect domestic manufacturers like Borosil Renewables from subsidized imports that cause injury to the local industry. This move is expected to improve the competitive positioning and pricing power of domestic solar glass producers.
Key Highlights
Definitive Countervailing Duty (CVD) imposed on solar glass imports from Malaysia for a period of 5 years.
Duty rate of 9.71% of CIF value applied to major producers Xinyi Solar and SBH Kibing.
A higher duty rate of 10.14% of CIF value applied to all other Malaysian producers and exports.
The notification (No. 02/2026-Customs) was issued on June 2, 2026, following findings of continued subsidization and injury to domestic industry.
The measure covers textured toughened (tempered) glass used primarily in the solar industry.
👀 What to Watch
This is a significant positive catalyst for Borosil Renewables as it provides a level playing field against subsidized imports; investors should look for improvements in the company's market share and operating margins over the coming quarters.
Borosil Renewables FY26 EBITDA Jumps 172% to ₹491.7 Cr; Plans ₹750 Cr Fundraise
Borosil Renewables reported a massive turnaround in FY26, with standalone revenue growing 38% to ₹1,534.83 crores and EBITDA surging 172% to ₹491.68 crores. The performance was primarily driven by a sharp rise in average selling prices to ₹146.7/mm following the imposition of antidumping duties on imports from China and Vietnam. Despite a full write-off of ₹325.91 crores related to its insolvent German subsidiaries, there was no additional P&L impact as it was previously provisioned. The company is now expanding capacity and has approved an enabling resolution to raise up to ₹750 crores in equity.
Key Highlights
Standalone FY26 revenue reached a milestone of ₹1,534.83 crores, up 38% YoY with Q4 hitting an all-time high of ₹437.62 crores.
EBITDA margins doubled from 16% to 32% for the full year, driven by higher realizations of ₹150.2/mm in Q4.
Board approved an enabling resolution to raise up to ₹750 crores through equity to fund future growth.
DGTR has recommended a 5-year extension of Countervailing Duty (CVD) on solar glass imports from Malaysia.
Domestic solar glass demand is projected at 65 GW per annum, significantly exceeding the current domestic capacity of 18 GW.
👀 What to Watch
Investors should capitalize on the company's improved pricing power and margin expansion resulting from favorable regulatory duties. Monitor the execution of the ₹750 crore fundraise and the timely commissioning of new domestic capacities to capture the 65 GW market opportunity.
Borosil Renewables FY26 Revenue Jumps 38% to ₹1,535 Cr; EBITDA Surges 172% on Margin Recovery
Borosil Renewables reported a strong financial turnaround in FY26, with standalone revenue growing 38% YoY to ₹1,535 crore and EBITDA surging 172% to ₹492 crore. The performance was significantly bolstered by a rise in average selling prices to ₹146.7/mm, aided by the imposition of anti-dumping duties on solar glass imports from China and Vietnam. The company maintained a healthy 32% EBITDA margin for the full year, a sharp increase from 16% in FY25. Furthermore, a ₹950 crore expansion plan for 600 TPD additional capacity is on track for December 2026, supported by recent fundraises of approximately ₹889 crore.
Key Highlights
Standalone FY26 Revenue grew 38% YoY to ₹1,535 crore, while Q4FY26 Revenue rose 34% to ₹438 crore.
Operational EBITDA for FY26 surged 172% to ₹492 crore with margins expanding to 32% from 16% in FY25.
Average ex-factory selling prices increased to ₹146.7/mm in FY26 vs ₹113.4/mm in FY25 due to anti-dumping duties.
Investing ₹950 crore to add 600 TPD capacity (SG-4 & SG-5) with a commissioning target of December 2026.
Successfully raised ~₹889 crore through preferential issues to strengthen capital structure and fund growth.
👀 What to Watch
Investors should view the margin recovery and anti-dumping duty protection as strong structural tailwinds for the company. The upcoming 600 TPD capacity expansion provides a clear roadmap for volume-led growth and market leadership in the domestic solar glass segment.
Borosil Renewables to Raise ₹750 Cr and Launch New Rooftop Solar Division
Borosil Renewables has announced a significant fundraising plan of up to ₹750 crores through various routes including QIP and FPO to fuel its growth. The company is strategically diversifying its business by launching a new division dedicated to Rooftop Solar Solutions, aiming to capture the expanding solar market. Leadership stability is maintained with the re-appointment of Mr. Sunil Roongta as Whole-Time Director and CFO until 2029. Additionally, the company reported its FY26 audited financial results with an unmodified audit opinion, signaling financial transparency.
Key Highlights
Board approved raising funds up to ₹750 crores via QIP, FPO, ADR, GDR, or FCCB routes.
Expansion into a new business division for Rooftop Solar Solutions to enhance existing operations.
Re-appointment of Mr. Sunil Roongta as Whole-Time Director & KMP from May 2027 to July 2029.
Statutory Auditors M/s. Chaturvedi & Shah LLP re-appointed for a second five-year term until 2031.
Audited financial results for the year ended March 31, 2026, approved with an unmodified opinion.
👀 What to Watch
Investors should monitor the specific terms and timing of the ₹750 crore fundraise as it may lead to equity dilution. The entry into the rooftop solar segment is a positive diversification move that could drive long-term revenue growth.
Borosil Renewables to Raise ₹750 Cr, Enters Rooftop Solar, and Re-appoints WTD
Borosil Renewables has announced a major fundraising plan of up to ₹750 crores through various instruments like QIP or FPO to fuel its expansion. The company is diversifying its portfolio by establishing a new division for Rooftop Solar Solutions, tapping into the growing renewable energy market. Mr. Sunil Roongta has been re-appointed as Whole-Time Director and will continue as CFO until July 2029, ensuring leadership continuity. The board also cleared the FY26 audited financial results and extended the statutory auditor's term for another five years.
Key Highlights
Board approved raising up to ₹750 crores via QIP, FPO, ADR, GDR, or FCCB to support growth.
Strategic entry into the Rooftop Solar Solutions market with a new dedicated business division.
Re-appointment of Sunil Roongta as Whole-Time Director & CFO for a tenure ending July 2029.
Statutory auditors Chaturvedi & Shah LLP re-appointed for a second 5-year term (2026-2031).
Audited financial results for FY26 approved with an unmodified audit opinion.
👀 What to Watch
Investors should monitor the specific terms and timing of the ₹750 crore fundraise as it may lead to equity dilution. The expansion into rooftop solar provides a new growth vertical that complements their existing solar glass business.
Borosil Renewables to Raise ₹750 Cr and Launch New Rooftop Solar Division
Borosil Renewables has approved a significant capital raise of up to ₹750 crores through various routes including QIP, FPO, or FCCBs to support its growth objectives. In a strategic move, the company is diversifying its business by launching a new division focused on Rooftop Solar Solutions. The Board also confirmed the re-appointment of M/s. Chaturvedi & Shah LLP as Statutory Auditors for a second five-year term and extended the tenure of Mr. Sunil Roongta as Whole-Time Director. These decisions coincide with the release of FY26 audited financial results which received an unmodified audit opinion.
Key Highlights
Approved fundraising of up to ₹750 crores via FPO, QIP, ADR/GDR, or Foreign Currency Convertible Bonds.
Announced the launch of a new business division dedicated to Rooftop Solar Solutions.
Re-appointed M/s. Chaturvedi & Shah LLP as Statutory Auditors for a 5-year term until 2031.
Re-appointed Mr. Sunil Roongta as Whole-Time Director and KMP for the period May 2027 to July 2029.
Confirmed audited financial results for FY26 with an unmodified opinion from the statutory auditors.
👀 What to Watch
The ₹750 crore fundraise and entry into the rooftop solar segment are strong growth signals; investors should monitor the potential equity dilution and the execution of the new business division.
Borosil Renewables to Raise ₹750 Crore and Expand into Rooftop Solar Solutions
Borosil Renewables has announced a major strategic shift by approving the launch of a new business division dedicated to Rooftop Solar Solutions. To support its growth initiatives, the Board has sought shareholder approval to raise up to ₹750 crores through various instruments including QIP, FPO, or FCCBs. The company also reported its audited financial results for the fiscal year ended March 31, 2026, with an unmodified audit opinion. Additionally, the Board confirmed the re-appointment of Sunil Roongta as Whole-Time Director and CFO, ensuring leadership continuity.
Key Highlights
Board approved an enabling resolution to raise funds up to ₹750 crores via QIP, FPO, ADR, GDR, or FCCBs.
Strategic expansion into a new business division for selling Rooftop Solar Solutions.
Approval of audited standalone and consolidated financial results for the year ended March 31, 2026.
Re-appointment of Mr. Sunil Roongta as Whole-Time Director and KMP for the period 2027-2029.
Re-appointment of M/s. Chaturvedi & Shah LLP as Statutory Auditors for a second 5-year term until 2031.
👀 What to Watch
Investors should view the ₹750 crore fundraise and the entry into the rooftop solar market as strong growth signals, though they should watch for potential equity dilution. Monitor the upcoming Annual General Meeting for final shareholder approval on these resolutions.
Borosil Renewables Promoter Shreevar Kheruka Acquires Shares Worth ₹2 Crore
Mr. Shreevar Kheruka, Promoter and Vice Chairman of Borosil Renewables, has purchased 52,577 equity shares of the company through an open market transaction on March 30, 2026. The acquisition was valued at approximately ₹2 crore, reflecting a direct investment by the top leadership. This transaction has increased his individual stake in the company from 1.39% to 1.43%. Promoter buying is typically interpreted by the market as a strong signal of confidence in the company's intrinsic value and future growth potential.
Key Highlights
Promoter Shreevar Kheruka purchased 52,577 equity shares on March 30, 2026
The total transaction value was approximately ₹2,00,12,277
Individual promoter holding increased from 19,51,747 (1.39%) to 20,04,324 (1.43%) shares
The shares were acquired through an open market purchase on the NSE
👀 What to Watch
Investors should take this as a positive sentiment indicator, as promoter skin-in-the-game often suggests the stock may be undervalued or has strong upcoming prospects. It supports a long-term 'Hold' or 'Accumulate' strategy.
Borosil Renewables Receives 'IND A' Credit Rating with Positive Outlook
India Ratings & Research (Ind-Ra) has reaffirmed Borosil Renewables' credit ratings, maintaining the 'Positive' outlook established in December 2025. The long-term bank facilities are rated 'IND A' while short-term facilities are rated 'IND A1'. The update provides a detailed breakdown of bank-wise limits across HDFC, Kotak Mahindra, IndusInd, and HSBC, totaling approximately ₹727.14 crore in rated facilities. This confirmation of a positive outlook suggests the company's credit profile is on an improving trajectory.
Key Highlights
Long-term bank facilities assigned 'IND A' rating with a 'Positive' outlook.
Short-term bank facilities assigned 'IND A1' rating.
Total rated facilities include a ₹2,632.5 million term loan from HDFC Bank and ₹1,761.9 million from Kotak Mahindra Bank.
The outlook was recently upgraded from 'Negative' to 'Positive' in late 2025, reflecting improved financial stability.
Total bank-wise facilities detailed across four major lenders remain unchanged in aggregate value.
👀 What to Watch
The 'Positive' outlook is a constructive signal for debt-holders and equity investors, indicating potential for a future rating upgrade. Investors should monitor the company's quarterly margins to see if operational performance justifies this improved credit stance.
Borosil Renewables Q3 FY26: EBITDA Surges 518% to ₹129 Cr; Expansion on Track for Dec 2026
Borosil Renewables reported a strong Q3 FY26 with standalone revenue rising 40% YoY to ₹386.5 crores, driven by higher selling prices of ₹149.97 per mm. EBITDA saw a massive 518% jump to ₹129.04 crores, maintaining a healthy margin of 33.4%. The company has successfully deconsolidated its insolvent German subsidiary, Geosphere, removing future loss liabilities from the consolidated books. Management remains optimistic about domestic demand, with plans to increase capacity by 60% by late 2026 to meet the growing 55 GW solar glass requirement.
Key Highlights
Standalone revenue reached an all-time high of ₹386.5 crores, a 40% YoY increase.
EBITDA margins expanded significantly to 33.4% compared to 7.6% in the previous year.
Average selling price rose to ₹149.97 per mm from ₹104.54 per mm YoY.
Capacity expansion to increase production by 60% is targeted for completion by December 2026.
German subsidiary Geosphere deconsolidated, eliminating further impact on consolidated P&L.
👀 What to Watch
Investors should view the strong margin recovery and the resolution of the German subsidiary issue as positive catalysts. Monitor the progress of the 60% capacity expansion and the final DGTR findings on Malaysian CVD for long-term growth sustainability.
Borosil Renewables Q3 FY26: EBITDA Surges 518% YoY to ₹129 Cr; Margins Expand to 33.4%
Borosil Renewables reported a robust standalone performance for Q3 FY26, with revenue rising 40.4% YoY to ₹386.50 crore. The growth was primarily driven by a significant increase in average selling prices to ₹149.97/mm, up from ₹104.54/mm a year ago, following the imposition of anti-dumping duties. Standalone EBITDA margins saw a massive jump to 33.4% compared to 7.6% in Q3 FY25. While domestic operations are thriving, the company continues to manage insolvency proceedings for its German subsidiaries and has made significant impairment provisions.
Key Highlights
Standalone EBITDA grew 517.7% YoY to ₹129.04 crore with margins expanding to 33.4%.
Average selling price increased significantly to ₹149.97/mm from ₹104.54/mm in the corresponding quarter last year.
Company is progressing with a ₹950 crore expansion plan (600 TPD) targeted for commissioning by December 2026.
Raised ₹371.49 crore in October 2025 through a preferential issue to institutional and individual investors.
Consolidated PAT turned positive at ₹100.19 crore for the quarter, despite ongoing challenges in European subsidiaries.
👀 What to Watch
Investors should view the sharp recovery in domestic margins as a positive outcome of favorable regulatory duties. Monitor the timely execution of the 600 TPD capacity expansion and the final resolution of the German subsidiary's insolvency as key future triggers.
