BOROSIL RENEWABLES LIMITED — PPTs, 12-05-2025: Investor Presentation

1. Financial Highlights:

Standalone revenue rose 12% YoY to ₹1,110 Cr, driven by 10% volume growth and 2% price increase. Q4 sales surged 44% YoY to ₹327 Cr, supported by a hike in average selling price to ₹127.6/mm from ₹99.6/mm. EBITDA jumped 52% YoY to ₹181 Cr with margins expanding to 16.3%, reflecting better pricing and cost controls. PAT swung positive to ₹33 Cr from a prior loss. Export revenues declined to ₹92 Cr (8.3% of turnover) due to weak European demand and Chinese dumping. Consolidated revenue grew 7.7% YoY to ₹1,479 Cr, but EBITDA margin stayed subdued at 6.3% on European subsidiary losses.

2. Strategic Initiatives & Growth Drivers:

Capacity expansion plans targeting 500 TPD are under reassessment, funded through equity, debt, and internal accruals. Anti-dumping duties on Chinese and Vietnamese solar glass imports support domestic pricing. The company is leveraging India’s growing solar installations—23.8 GW in FY25, expected 35 GW in FY26—with a long-term goal of 280 GW by 2030. Product innovation continues around bifacial and glass-glass modules, thinner glass, and anti-reflective/soiling coatings to meet advanced market needs.

3. Business Developments:

German step-down subsidiary GMB has suspended furnace operations amid demand weakness and cash losses but maintains cold-end production. Borosil Renewables paid €21 million under SBLC guarantees for GMB loans, becoming a creditor to safeguard banking relations and asset value. Export expansion is active in Americas, MENA, and emerging verticals like greenhouse and building-integrated photovoltaics (BIPV).

4. Market Position & Competitive Advantage:

As India’s largest solar glass manufacturer with 1,350 TPD (~8.5 GW) capacity, the company benefits from low lead times, strong product quality, and a wide domestic client base (100+). Differentiation comes from patented Sb-free textured glass, and 65–70% captive renewable power usage underpins cost-efficiency and sustainability. Innovation in transmission and durability enhances competitive positioning despite global headwinds.

5. Investor Implications:

Standalone profit recovery, pricing stability aided by trade measures, and robust domestic solar demand highlight positive growth potential. Execution risk persists due to European challenges and capacity expansion plans, requiring close monitoring. SBLC payments indicate proactive risk management preserving shareholder interests. Overall, the company is poised to capitalize on India’s expanding solar manufacturing ecosystem and rising adoption of high-performance solar glass products.