BOROSIL RENEWABLES LIMITED — Investor Meet, 03-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Borosil Renewables delivered strong Q3 FY'26 standalone results with record sales of INR 386.5 Cr (+40% YoY) and EBITDA of INR 129.04 Cr (+518% YoY, 33.4% margin), driven by higher selling prices. The company's 9-month sales hit INR 1,097 Cr. Management foresees continued strong demand, with India's solar glass capacity (18 GW) currently meeting only 30% of domestic needs. A 60% capacity expansion is underway, expected by March '27, fully funded internally, targeting >25% ROCE. Domestic module manufacturing capacity is growing, and an Indo-EU trade deal offers export potential. Operational efficiency improvements are offsetting rising input costs, and the German subsidiary is deconsolidated with no further financial impact.