Borosil Renewables Q1 FY27: Revenue Surges 53%, Capacity Expansion and Rooftop Solar Drive Growth Strategy
Borosil Renewables Limited delivered a strong start to FY27, reporting robust revenue and profitability growth during the first quarter while outlining ambitious expansion plans to capitalize on India’s rapidly growing solar industry. During its Q1 FY27 earnings conference call held on July 17, 2026, the company’s management, led by Director Ashok Jain, CEO Melwyn Moses, and CFO Sunil Roongta, highlighted improving market conditions, capacity expansion, and new business opportunities that are expected to fuel long-term growth.
Q1 FY27 Financial Performance
Borosil Renewables reported an impressive 53% year-on-year increase in standalone revenue, with sales rising to ₹405.69 crore compared to ₹332.26 crore in the corresponding quarter of the previous year.
The company’s profitability improved significantly as standalone EBITDA climbed to ₹142 crore, representing an EBITDA margin of 35%, up from ₹92.53 crore and a 27.9% margin in Q1 FY26. The sharp improvement reflects stronger pricing, healthy demand, and efficient operations.
On a consolidated basis, the company reported:
- Revenue: ₹405.69 crore
- EBITDA: ₹141.16 crore
Management noted that overseas subsidiaries did not generate revenue during the quarter and reported a negative EBITDA of ₹0.84 crore.
Q4 FY26 Profit Included One-Time Tax Benefit
During the analyst interaction, management clarified that the unusually high Profit After Tax (PAT) reported in Q4 FY26 was primarily driven by a one-time tax write-back of approximately ₹75 crore.
The adjustment arose following the write-off of the company’s investment in its German subsidiary, making the previous quarter’s PAT of around ₹169 crore non-recurring.
Plants Operating at Full Capacity
Despite fuel supply disruptions resulting from geopolitical tensions in West Asia, Borosil Renewables operated its manufacturing facilities at full capacity throughout the quarter.
The company also achieved an 8% year-on-year increase in sales volume, demonstrating resilient demand for solar glass despite external challenges.
Major Capacity Expansion Underway
To meet rising demand from India’s fast-growing solar manufacturing industry, Borosil Renewables is expanding its production capacity by 600 tonnes per day (TPD) at its existing manufacturing facility.
The new capacity is expected to be commissioned during Q4 FY27 and is projected to increase the company’s overall sales capacity by nearly 60%.
This expansion is expected to strengthen Borosil’s position as India’s leading solar glass manufacturer while supporting domestic solar module production.
Furnace Refurbishment Planned
Management also discussed future maintenance plans for its manufacturing facilities.
The company’s SG1 and SG2 furnaces are expected to undergo refurbishment, likely during 2027. The rebuilding process will require temporary shutdowns, resulting in an estimated 90 days of cumulative production loss for the affected furnaces.
However, management indicated that the refurbishment is a planned long-term investment aimed at maintaining operational efficiency and extending the life of the manufacturing assets.
Renewable Energy Powers Operations
Borosil Renewables continues to improve its sustainability profile.
Following the commissioning of its solar-wind hybrid captive power plant in March 2026, the company sourced approximately 93% of its electricity requirements from renewable energy during Q1 FY27.
The increased use of clean energy is expected to lower operating costs while supporting the company’s environmental and sustainability goals.
Better Pricing Supports Margins
The company reported an average ex-factory realization of ₹160.30 per square metre during the quarter.
This included a fuel surcharge of ₹9.50 per square metre, introduced to offset higher fuel costs arising from global supply disruptions.
The pricing strategy helped protect margins despite elevated energy costs.
Government Policies Continue to Support Growth
Management highlighted that India’s supportive policy environment remains a major growth driver for the domestic solar manufacturing ecosystem.
Key initiatives benefiting the industry include:
- Production Linked Incentive (PLI) Scheme
- Basic Customs Duty (BCD)
- Approved List of Models and Manufacturers (ALMM)
Additionally, the Ministry of Finance recently extended the Countervailing Duty (CVD) of 9.71% on imports of solar glass from Malaysia for another five years, effective from June 2026.
These measures are expected to strengthen domestic manufacturers by encouraging local production and reducing dependence on imports.
Rooftop Solar Business Opens New Growth Avenue
Beyond manufacturing solar glass, Borosil Renewables has entered the rooftop solar solutions business.
The company has launched integrated rooftop solar kits that include:
- Solar modules
- Inverters
- Battery storage systems
Management has set an internal revenue target of approximately ₹36 crore from this business during the current financial year.
The initiative represents an important step toward expanding the company’s presence across the solar value chain.
Long-Term Vision: ₹4,000 Crore Revenue Target
Looking ahead, Borosil Renewables has outlined an ambitious growth roadmap.
Management aims to increase annual revenue from around ₹2,500 crore to nearly ₹4,000 crore over the next three to four years.
Growth is expected to come from:
- Additional solar glass furnace capacity
- Expansion into adjacent businesses
- Increasing domestic solar demand
- Higher renewable energy adoption
- Value-added product offerings