Mumbai-based solar glass manufacturer Borosil Renewables reported revenue of ₹4.4 billion (~$46.24 million) in the fourth quarter (Q4) of the financial year (FY) 2026, increasing 17.77% from ₹3.74 billion (~$39.26 million) a year ago.

Its profit after tax (PAT) stood at ₹1.69 billion (~$17.78 million), against a net loss of ₹295.29 million (~$3.10 million) in the same quarter last year.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹1.45 billion (~$15.20 million), a 431.1% jump from ₹273.6 million (~$2.86 million) in the corresponding quarter of the previous year.

Earnings per share (EPS) stood at ₹12.06 (~$0.13), up from an EPS loss of ₹1.53 (~$0.02) a year ago.

During the quarter, the average ex-factory selling price of solar glass increased to ₹150.2 (~$1.57)/mm from ₹127.6 (~$1.34)/mm in the corresponding quarter, resulting in a marked improvement in margins. The company said improvements in production efficiencies and cost-reduction measures also contributed to the improvement in margins. Sales volumes in the quarter rose by 15% YoY.

Exports during the quarter amounted to ₹123.2 million (~$1.29 million), accounting for 2.8% of turnover, compared to ₹178.5 million (~$1.87 million) in the corresponding quarter.

During the quarter, the company’s major export markets continued to face low demand.

The company said it looks forward to opportunities to increase its exports as the U.S. restricts solar glass from Chinese companies.

Full Year Results

Borosil posted revenue of ₹15.56 billion (~$163.54 million) in FY 2026, a 5.2% year-over-year (YoY) growth from ₹14.79 billion (~$155.49 million).

Its PAT stood at ₹1.27 billion (~$13.39 million), compared to a net loss of ₹869.66 million (~$9.14 million) last year.

Its EBITDA came in at ₹4.66 billion (~$48.95 million), up 401.9% from ₹928.4 million (~$9.71 million) last year.

EPS came in at ₹9.46 (~$0.10), compared to an EPS loss of ₹5.32 (~$0.06) in FY 2025.

The average ex-factory selling price of solar glass increased to ₹146.7 (~$1.54)/mm during the year, up from ₹113.4 (~$1.19)/mm last year, contributing significantly to the rise in revenue and EBITDA margins.

The company said the rise in solar glass selling prices was driven by the government’s imposition of antidumping duties on solar glass imports from China and Vietnam in December 2024. Sales volumes of solar glass also surged by 8% compared to last year.

It generated export revenue of ₹1.13 billion (~$11.85 million), accounting for 7.4% of the year’s revenue, up from ₹871.1 million (~$9.11 million) last year.

In Q3 of FY 2026, Borosil reported revenue of ₹3.9 billion (~$42.45 million), up from ₹3.61 billion (~$39.31 million), representing 8% YoY growth.

As of May 7, 2026, Borosil Renewables’ market capitalization stood at ₹79.28 billion (~$829.03 million).

The company plans to expand its manufacturing capacity by 600 TPD by adding two new furnaces, with an investment of ₹9.5 billion (~$110.47 million). This expansion will increase the total manufacturing capacity by 60% over its existing 1,000 TPD.