BOROSIL RENEWABLES LIMITED — Investor Meet, 21-02-2025: Analysts/Institutional Investor Meet/Con. Call Updates

**Financial Performance:** For the third quarter, Borosil Renewables reported a revenue of INR 275.28 Crore, marking a 3.6% increase from INR 265.61 Crore in the previous quarter. Volume sales grew by 14%, but average ex-factory prices fell significantly due to increased imports from China, leading to a reported EBITDA of INR 20.89 Crore, down from INR 52.88 Crore. The company faced a post-tax loss of INR 8.64 Crore compared to a profit of INR 12.62 Crore in the prior quarter, attributed to price pressures and one-time costs totaling INR 6.6 Crore.

**Future Outlook and Growth Drivers:** Management remains optimistic due to anticipated improvements from the provisional antidumping duty on solar glass imports from China and Vietnam. They expect this measure to stabilize prices, with estimates suggesting improved selling prices nearing INR 56,000 per ton. The rise in local module manufacturing capacity is also expected to propel demand for solar glass, with expectations of installations reaching up to 40-50 gigawatts annually in the coming years.

**Order Book and Operational Updates:** The company’s domestic capacity is projected to rise to 41.25 gigawatts by 2026, with 11.25 gigawatts already in development. A significant focus will be on improving operational efficiencies to mitigate previous losses.

**Analyst Q&A Insights:** Analysts probed the impact of the antidumping duties and potential capex plans. Management reiterated plans for a new 500 tons per day capacity expansion with an estimated capex of INR 675 Crore, supported by recent fundraising efforts.

**Strategic Focus Areas:** Borosil is emphasizing local production and responding to market demands with ongoing investment in R&D and technological advancements, aiming to offset competitive pressures and enhance market positioning.

**Investor Insight:** Given the current financial and operational challenges, alongside improved pricing support from antidumping measures, the outlook suggests a cautious optimism. The overall sentiment leans towards a 'hold' position, as ongoing operational adjustments and external market conditions continue to unfold.