Solar glass manufacturer Borosil Renewables reported revenue of ₹3.97 billion (~$43.64 million) in the second quarter (Q2) of the financial year (FY) 2027, rising 4.7% year-over-year (YoY) from ₹3.79 billion (~$41.68 million).

Profit rose 11.7% YoY to ₹687.75 million (~$7.57 million) from ₹615.76 million (~$6.77 million).

Earnings per share (EPS) stood at ₹4.76 (~$0.05), compared with ₹1.97 (~$0.02) in Q2 FY 2026.

For Q1 FY 2027, Borosil reported revenue of ₹4.06 billion (~$42.1 million), up 17.1% YoY from ₹3.47 billion (~$36 million).

First Half FY 2027

Borosil reported revenue of ₹8.02 billion (~$88.26 million) in the first half (1H) of FY 2027, up 10.6% YoY from ₹7.25 billion (~$79.80 million).

Profit came in at ₹1.55 billion (~$17.10 million), compared with a loss of ₹1.42 billion (~$15.61 million) in the corresponding period last year.

EPS stood at ₹10.93 (~$0.12), compared with a loss per share of ₹10.55 (~$0.12) in 1H FY 2026.

Business Updates

Furnace maintenance reduced production by 4.5% during the quarter, resulting in an estimated revenue loss of ₹150 million (~$1.65 million).

The solar glass earnings before interest, taxes, depreciation, and amortization (EBITDA) margin declined to 30.4% from 33% a year earlier and 33.8% in the preceding quarter. Selling prices declined 2.8% following the partial rollback of the fuel surcharge in July 2026.

Soda ash prices increased approximately 10%, while freight costs for imported dolomite and limestone from China also rose. Soda ash accounts for 30% to 32% of raw material costs by value. The company said it cannot directly pass higher input costs on to customers.

Following furnace repairs and operational adjustments, production increased to 8% to 10% above previous levels, with record output in October 2026. Borosil also restored its fuel surcharge after natural gas prices rose again.

Captive power generation delivered savings of approximately ₹100 million (~$1.1 million) over six months. The company plans to increase domestic sourcing of dolomite to 60% to 70% of its requirements.

Overseas subsidiaries recorded no net revenue during Q2 and negative EBITDA of approximately ₹1.1 million (~$12,100).

Borosil also launched its rooftop solar and solar kit trading business in four states, appointing distributors and securing customer contracts.

During Q2, Borosil received ₹2.74 billion (~$30.17 million) from warrant holders and allotted 6.9 million equity shares, increasing its equity share capital by ₹6.90 million (~$75,911) and securities premium by ₹3.65 billion (~$40.15 million).

As of September 30, 2026, the company had utilized ₹1.85 billion (~$20.35 million) from preferential issue proceeds to meet liabilities related to a standby letter of credit issued for its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, and ₹1.34 billion (~$14.78 million) for capacity expansion.

Under a separate preferential issue, Borosil raised ₹3.71 billion (~$40.86 million) from non-promoter investors, of which ₹1.24 billion (~$13.59 million) was utilized for capacity expansion and general corporate purposes. The balance was temporarily invested in mutual funds.

The company also forfeited 112,578 warrants and ₹14.92 million (~$164,087) in upfront subscription money due to non-payment of the outstanding consideration.

Outlook

Borosil Renewables has deferred commissioning of its SG4 and SG5 furnaces at Bharuch, Gujarat, to March 2027. The furnaces will have a combined production capacity of 600 tons per day.

The expansion will require an additional investment of ₹1.5 billion (~$16.5 million), increasing the total estimated project cost to approximately ₹11 billion (~$121 million).

The company also extended the deadline for utilizing preferential issue proceeds earmarked for general corporate purposes from October 16, 2026, to March 31, 2027, citing unforeseen operational exigencies.

Borosil expects its EBITDA margin to exceed 31% by the end of Q3 FY 2027, supported by higher production and the restored fuel surcharge. The company expects to offset the Q2 production shortfall during the remainder of the financial year.

The company estimates annual domestic solar glass demand equivalent to approximately 62 GW of solar module installations, compared with domestic supply sufficient for approximately 18 GW, with imports meeting much of the balance.

Borosil expects its planned 60% capacity expansion to deliver a corresponding revenue increase and potentially improve EBITDA margins by two to three percentage points through operating leverage.

The company plans to rebuild its SG1 and SG2 furnaces sequentially in the first half of FY 2028. Each rebuild is expected to take approximately 75 days, with production from new facilities offsetting the temporary reduction.

Borosil expects to become net cash positive by March 2027 and is evaluating further solar glass expansion and specialty glass opportunities. It expects to decide on the next expansion phase and scale its rooftop solar business by the end of FY 2027.