Borosil Renewables Q4 Results: Solar glass maker swings to profit; margin jumps to 31%

Borosil Renewables reported a sharp turnaround in its fourth-quarter earnings for FY26 on May 12, helped by strong operational performance and a significant improvement in margins amid stable domestic solar glass pricing and healthy demand conditions.

The company posted a net profit of ₹169.1 crore for the quarter, compared with a loss of ₹20 crore in the year-ago period. Revenue rose 17.8% year-on-year to ₹440 crore from ₹374 crore earlier.

Operating performance improved substantially during the quarter, with EBITDA surging to ₹136.4 crore from ₹15.5 crore a year ago. EBITDA margin expanded sharply to 31% from 4.1% in the corresponding quarter last year.

Following the earnings announcement, shares of Borosil Renewables hit an intraday high of ₹569 before paring gains to trade lower at ₹539.60 on the NSE.

The company’s board also approved seeking shareholders’ approval for raising up to ₹750 crore through various routes, including a further public offer, qualified institutional placement (QIP), foreign currency convertible bonds (FCCBs), ADRs, GDRs or a combination of instruments.

Separately, the board approved the re-appointment of Sunil Roongta as Whole-Time Director and Key Managerial Personnel for a period from May 27, 2027 to July 22, 2029, subject to shareholder approval. Roongta will continue in his current role as Chief Financial Officer.

Earlier this year, Executive Chairman Pradeep Kumar Kheruka told CNBC-TV18 that the company expected EBITDA margins in India to sustain at around 30% or higher, supported by stable pricing and full capacity utilisation. He had said Borosil was operating at full capacity utilisation and benefiting from the minimum import price imposed on solar glass imports from China.

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Borosil Renewables is India’s leading solar glass manufacturer and primarily caters to the solar photovoltaic industry, supplying specialised glass used in solar panels.