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BOROSIL RENEWABLES LIMITED (BORORENEW)

📊 NSE: BORORENEW 🏢 Glass & Glass Products 📅 Last Updated: 12/13/2025 19:46

📢 Recent Corporate Announcements

Borosil Renewables: Executive Chairman Media Interview on CNBC Bajar

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Sep 2026, 06:33 PM

Borosil Renewables has submitted an intimation regarding a media interview by its Executive Chairman, Mr. Pradeep Kumar Kheruka, on CNBC Bajar on September 10, 2026. The discussion centered on general business updates regarding the company. No new financial guidance, quantitative commitments, or material corporate actions were disclosed in the filing. The company recorded TTM revenue of ₹1,615 Cr and TTM PAT of ₹418 Cr.

Interview conducted with Executive Chairman Pradeep Kumar Kheruka on September 10, 2026
Aired on CNBC Bajar covering general business updates
YouTube link provided as public disclosure by the company
Company trades at a market cap of ₹7,573 Cr with TTM revenue of ₹1,615 Cr

💡 Track subsequent quarterly filings and commentary on anti-dumping duty impact and the planned 4 GW capacity expansion by December 2026.

Borosil Renewables to Attend JM Financial Conclave on September 23, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 12:45 PM

Borosil Renewables has announced its schedule to participate in the JM Financial Environmental & Energy Conclave on September 23, 2026, at 2:00 PM IST. The company's management will hold physical in-person group and one-to-one interactions with institutional investors, analysts, and family offices. No operational or financial updates were shared in this disclosure, which represents routine investor relation activity. With a market capitalization of ₹7,751 crore and TTM revenue of ₹1,615 crore, attendance at sector conclaves is standard procedure.

Event: JM Financial Environmental & Energy Conclave scheduled for September 23, 2026
Meeting time: 2.00 pm (IST)
Mode: In-Person Physical interactions (Group and One-to-One)
Audience includes Brokers, Analysts, PMS, Family Offices, and Institutional Investors

💡 Track if the company releases an updated investor presentation or disclosure transcripts on exchanges following the conference on September 23, 2026.

Borosil Renewables: 600 TPD Expansion to Take Capacity to 1,600 TPD (~10.5 GW)

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 09:38 AM

Borosil Renewables released an updated corporate presentation outlining its strategic positioning as India's leading solar glass manufacturer. The company currently operates at 1,000 TPD capacity (~6.5 GW module equivalent) and is executing a 600 TPD expansion (SG-4 & SG-5) to reach 1,600 TPD (~10.5 GW). For FY26, standalone operating EBITDA margin stood at 30.5% with a net working capital cycle of 46 days. The company is also expanding into an asset-light downstream adjacency offering end-to-end branded rooftop solar solutions.

Current solar glass capacity is 1,000 TPD (~6.5 GW), expanding by 600 TPD to reach 1,600 TPD (~10.5 GW)
Delivered a 32.3% Revenue CAGR and 45.5% Operating EBITDA CAGR over FY19–FY26 on a standalone basis
Reported FY26 standalone Operating EBITDA margin of 30.5% and net working capital of 46 days
Serves 100+ domestic customers alongside export presence in Western Europe, Turkey, Americas, and MENA
Venturing into downstream distributed rooftop solar solutions (panels, inverters, batteries) across residential and C&I segments

💡 Track commissioning milestones and commercial production timelines for the 600 TPD expansion alongside quarterly margin resilience against imported solar glass pricing.

Borosil Renewables Schedules Institutional Investor Meet on September 7, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 02:29 PM

Borosil Renewables Limited has announced an in-person group interaction with analysts and institutional investors scheduled for Monday, September 7, 2026. The meeting will take place from 11:00 A.M. to 12:30 P.M. IST at BKC, Mumbai. The company noted that discussions will be limited to publicly available information, with no unpublished price-sensitive information shared.

Institutional investor group meeting scheduled for September 7, 2026
Meeting duration set from 11:00 A.M. to 12:30 P.M. IST
Physical interaction venue designated at BKC, Mumbai
Only publicly available information to be discussed per SEBI LODR compliance

💡 Track post-meet investor presentation filings or disclosure notes on stock exchanges for any operational updates regarding the planned 4 GW capacity expansion.

Borosil Renewables to Attend Omkara Capital Investor Conference on September 04, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 12:49 PM

Borosil Renewables Limited has informed the exchanges that its management will participate in the Omkara Capital Investor Conference on Friday, September 04, 2026, at 4:00 PM IST. The meeting will be conducted virtually through individual and group interactions. The audience includes brokers, analysts, PMS, family offices, and institutional investors. This is a standard regulatory intimation pursuant to SEBI Listing Regulations.

Event: Omkara Capital Investor Conference scheduled for September 04, 2026, at 4:00 PM IST
Interaction mode: Virtual format covering individual and group investor meetings
Participant group: Brokers, analysts, PMS, family offices, and institutional investors
Intimation submitted pursuant to Regulation 30 of SEBI LODR Regulations

💡 Look out for any subsequent investor presentations or post-meet disclosures submitted to the stock exchanges following the conference.

Borosil Renewables Shareholders Approve All 7 AGM Resolutions, Including Enabling Fundraise

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Aug 2026, 12:38 PM

Borosil Renewables disclosed the Scrutinizer's Report for its 63rd Annual General Meeting held on August 27, 2026, where shareholders approved all 7 resolutions with the requisite majority. Key approvals included the adoption of FY26 financial statements, the re-appointment of statutory auditors M/s Chaturvedi & Shah LLP for a 5-year term, and an enabling special resolution to raise funds via equity or other securities (99.83% in favour). Notably, public institutional shareholders showed pushback on the remuneration of Non-Executive Director Ashok Jain (52.95% institutional votes against), though the resolution passed with 94.27% overall approval.

All 7 resolutions approved at the 63rd AGM held on August 27, 2026
Enabling resolution to raise funds via equity/securities passed with 99.8326% votes in favour
Adoption of FY26 standalone and consolidated financial statements passed with 99.9997% votes
52.9497% of institutional votes cast were against Non-Executive Director Ashok Jain's remuneration, but the resolution passed overall with 94.2707% approval
Re-appointment of Statutory Auditors M/s Chaturvedi & Shah LLP approved for a second 5-year term

💡 Track subsequent board disclosures for any specific fundraise terms, timing, or quantum under the approved enabling resolution.

Borosil Renewables Concludes 63rd AGM; Enabling Resolution for Fundraise Put to Vote

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 02:59 PM

Borosil Renewables Limited conducted its 63rd Annual General Meeting (AGM) on August 27, 2026. Key business items presented to shareholders included the adoption of FY26 financial statements, the re-appointment of Statutory Auditors M/s Chaturvedi & Shah LLP for a second 5-year term, and an enabling special resolution to approve fundraising via equity shares or securities. The voting results and consolidated scrutiniser's report will be disclosed separately.

63rd Annual General Meeting held via Video Conferencing on August 27, 2026, from 11:00 a.m. to 11:52 a.m. IST
Special resolution presented for approval to raise funds by way of issuing equity shares or securities
Proposed re-appointment of M/s Chaturvedi & Shah LLP as Statutory Auditors for a second term of 5 consecutive years
Proposed re-appointment of Mr. Sunil Roongta as Whole Time Director for the period May 27, 2027 to July 22, 2029

💡 Track the outcome of the scrutiniser's voting report on stock exchanges, particularly for the enabling resolution regarding proposed fundraising.

Borosil Renewables to Attend DAM Capital Renewable Energy Conference on August 27, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 12:32 PM

Borosil Renewables Limited has informed the exchanges that company representatives will participate in the DAM Capital Renewable Energy Conference on Thursday, August 27, 2026, at 1:30 PM IST. The interaction will be an in-person individual/group meeting with institutional investors, analysts, PMS, and family offices. This is a routine schedule intimation submitted pursuant to Regulation 30 of SEBI Listing Regulations.

Conference scheduled for Thursday, August 27, 2026 at 1:30 PM IST
Event: DAM Capital Renewable Energy Conference (In-Person format)
Audience includes brokers, analysts, PMS, family offices, and institutional investors

💡 Track subsequent post-meet investor presentations or disclosures uploaded to the stock exchanges for any operational updates regarding capacity expansion plans.

1,12,578 Warrants Forfeited; ₹1.49 Cr Subscription Money Retained by Borosil Renewables

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 14 Aug 2026, 12:49 PM

Borosil Renewables has cancelled 1,12,578 warrants after holders failed to pay the balance conversion amount within the stipulated period. The company has forfeited the upfront subscription money of ₹1.49 crore, which will be retained by the company. Consequently, the planned capital expenditure for the Bharuch solar glass facility has been marginally adjusted downwards by ₹4.47 crore to ₹328.19 crore. This event is immaterial to the company's overall financial health, representing less than 0.1% of its ₹1,506 crore net worth.

1,12,578 warrants cancelled due to non-payment of balance conversion amount by holders.
₹1,49,16,585 (approx. ₹1.49 Cr) in upfront subscription money forfeited and retained by the company.
Proposed utilization for Bharuch facility capex reduced by ₹4.47 Cr from ₹332.66 Cr to ₹328.19 Cr.
₹185 Cr of the total issue proceeds already utilized for SBLC liabilities as of June 30, 2026.
Total revised issue proceeds utilization now stands at ₹513.19 Cr versus the original ₹517.66 Cr.

💡 Investors should focus on the execution of the 4 GW capacity expansion planned for December 2026, as this minor warrant forfeiture does not significantly impact the project's funding.

53.38 Lakh Shares Allotted via Warrant Conversion at Rs 530/Share

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 14 Aug 2026, 11:50 AM

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.

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

💡 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.

Borosil Renewables to Meet Institutional Investors at Kotak Manufacturing Forum on Aug 20, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 11:03 AM

Borosil Renewables (Market Cap: ₹8,810 Cr) has scheduled an in-person interaction with institutional investors, PMS, and family offices at the Kotak Manufacturing Forum 2026. The meeting, set for August 20, 2026, follows a period of financial recovery where TTM revenue reached ₹1,615 Cr and OPM improved to 31.3%. Investors will likely seek updates on the 4 GW capacity expansion due by December 2026 and the sustainability of the 28.2% price recovery enabled by Anti-Dumping Duties.

In-person meeting scheduled for August 20, 2026, at 1:00 PM IST
Participation in the Kotak Manufacturing Forum 2026 involving institutional investors and family offices
Company currently maintains a capacity of 1000 TPD (~6.5 GW)
Planned expansion of an additional 4 GW is targeted for completion by December 2026
Recent price recovery of 28.2% to ₹147.50/mm driven by Anti-Dumping Duty protection

💡 Monitor for any subsequent investor presentations or transcripts that may provide granular updates on the 4 GW expansion timeline and domestic demand trends from the PM Surya Ghar Yojana.

Borosil Renewables Schedules 63rd AGM for Aug 27, 2026; Releases FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Jul 2026, 03:19 PM

Borosil Renewables has announced its 63rd Annual General Meeting (AGM) for August 27, 2026, to be conducted via video conferencing. The company has released the web link for its FY 2025-26 Annual Report, following a year where TTM revenue reached ₹1,556 Cr and PAT recovered to ₹127 Cr. Shareholders as of the cut-off date, August 20, 2026, will be eligible to participate in remote e-voting. This is a procedural regulatory filing required under SEBI Listing Regulations.

63rd Annual General Meeting (AGM) scheduled for August 27, 2026, at 11:00 AM IST
Cut-off date for e-voting eligibility and AGM attendance set for August 20, 2026
Remote e-voting window opens August 24, 2026 (09:00 AM) and closes August 26, 2026 (05:00 PM)
Annual Report covers FY 2025-26, during which the company achieved a 28.3% OPM
Company maintains a current installed capacity of 1000 TPD (~6.5 GW)

💡 Investors should review the Annual Report for management's outlook on the planned 4 GW capacity expansion by December 2026 and the sustainability of margins under current Anti-Dumping Duty protections.

12.52 Lakh Shares Allotted via Warrant Conversion at Rs 530/share

🟢 POSITIVE ⭐ 5/10

FUNDRAISE 📅 30 Jul 2026, 02:55 PM

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.

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.

💡 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.

Borosil Renewables Reports 29.23% Renewable Energy Share in FY26 BRSR Filing

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jul 2026, 12:49 PM

Borosil Renewables has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, highlighting a significant increase in renewable energy usage to 29.23%, up from 21.66% in FY 2024-25. The company commissioned a 16.5 MW wind-solar hybrid facility in March 2026 to support its 1,000 TPD manufacturing operations. Governance metrics remain strong with zero reported code of conduct violations and 100% of the workforce undergoing health assessments. While the filing is a routine regulatory requirement, it confirms the company's progress in operational efficiency and ESG compliance as it works toward its 4 GW capacity expansion target by December 2026.

Renewable electricity share increased to 29.23% in FY26 from 21.66% in the previous year
Commissioned a 16.5 MW wind-solar hybrid power facility in March 2026
Achieved 17.3 training man-hours per employee, exceeding internal benchmarks
Zero data breaches and zero code of conduct violations reported during the fiscal year
Implementing ISO 27001:2022 for cybersecurity with 13 policies already finalized

💡 Investors should focus on the execution of the planned 4 GW capacity expansion by December 2026, as the current BRSR confirms stable ESG and governance frameworks.

BORORENEW to Expand Capacity 60% to 1600 TPD by Dec 2026; FY26 Turnaround Reported

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 30 Jul 2026, 12:20 PM

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.

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

💡 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.

View All BORORENEW Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue grew 42.5% YoY to ₹378.44 Cr in Q2 FY26, driven by a 29% increase in selling prices. Consolidated revenue for the same period was ₹378.88 Cr.

Geographic Revenue Split

Domestic India accounts for 87.9% of turnover; Exports contributed 12.1% (₹45.61 Cr) in Q2 FY26, up from 10.4% in the preceding quarter.

Profitability Margins

Standalone PAT grew 263.1% YoY to ₹45.82 Cr. Consolidated PBT grew 1238% YoY to ₹94.38 Cr, reflecting the deconsolidation of loss-making GMB operations.

EBITDA Margin

Standalone EBITDA margin improved to 33.2% in Q2 FY26 from 19.9% YoY, an absolute increase of 137.3% to ₹125.50 Cr.

Capital Expenditure

A 600 TPD expansion project is currently in progress with a typical setup time of 1.5 years; planned addition of 4 GW capacity by December 2026.

⚙️ Operational Drivers

Capacity Expansion

Current installed capacity is 1000 TPD (~6.5 GW). Planned expansion includes an additional 4 GW by December 2026.

Raw Material Costs

Input costs for certain raw materials increased during the year, but the impact was mitigated through process efficiencies and better yield management.

Manufacturing Efficiency

Mitigated raw material cost increases through process efficiencies and better yield management, leading to improved EBITDA margins.

Logistics & Distribution

Reduction in freight costs from China to India previously lowered the landed cost of imports, forcing the company to adjust pricing downward to remain competitive.

📈 Strategic Growth

Growth Strategy

Achieving growth through capacity expansion (4 GW by Dec 2026), focusing on high-margin specialized export products, and leveraging government demand from PM Surya Ghar Yojana and PM-KUSUM schemes.

Products & Services

Solar glass, including specialized high-margin products for export markets and glass with Anti-Reflective Coating (ARC).

Brand Portfolio

Borosil Renewables.

New Products/Services

Specialized high-margin export glass products that require unique manufacturing capabilities.

Market Expansion

Focusing on high-margin export markets and domestic demand surges from utility-scale and rooftop solar projects.

Market Share & Ranking

India's first and largest solar glass manufacturer with a capacity of 1000 TPD (~6.5 GW).

🌍 External Factors

Industry Trends

The solar glass industry is growing rapidly with 16 GW of new capacity expected by Dec 2026. Demand is driven by PM Surya Ghar Yojana (rooftop) and PM-KUSUM schemes.

Competitive Landscape

Faces intense competition from Chinese exporters; domestic competition is expanding with 16 GW of new capacity expected from existing players by late 2026.

Competitive Moat

Cost leadership as the largest domestic producer and technical capability to produce specialized high-margin glass for exports provide a durable competitive advantage.

Macro Economic Sensitivity

Highly sensitive to global freight costs and Chinese export pricing; previous reductions in freight lowered landed costs of imports, impacting domestic margins.