BOROSIL RENEWABLES LIMITED — Investor Meet, 16-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Borosil Renewables posted robust Q4 FY26 standalone sales of ₹437.62 Cr and EBITDA of ₹144.61 Cr (33% margin), an 88% jump YoY. Full-year FY26 standalone sales reached ₹1,534.83 Cr (38% growth) with EBITDA of ₹491.68 Cr (32% margin), up 172% YoY, driven by higher selling prices and favorable duties. Average Q4 selling price rose to ₹150.2/mm.

Management highlighted strong domestic demand for solar glass, boosted by increasing module production and supportive policies, projecting installations to reach ~65 GW. India's current glass capacity of 18 GW meets only a fraction of the ~62 GW consumption. The company's 600 TPD expansion is progressing, expected to contribute from next fiscal year. A new asset-light rooftop solar solutions division, leveraging the Borosil brand, targets ₹75 Cr sales in its first year, with initial lower margins. Management foresees sustainable EBITDA margins of 30-33% and no immediate need for the approved ₹750 Cr equity fundraising.