Borosil Renewables Limited · NSE:BORORENEW
Borosil Renewables — Q3 FY26 Earnings Presentation
31 slides from Borosil Renewables's earnings presentation, Jan 29, 2026
Slide 1: Turning Sunlight into progress
Turning Sunlight into progress INVESTOR PRESENTATION Q3 FY26 1
Slide 2: Safe Harbour
Safe Harbour THIS PRESENTATION (PRESENTATION) IS NOT AN OFFER TO SELL ANY SECURITIES OR A SOLICITATION TO BUY ANY SECURITIES OF BOROSIL RENEWABLES LIMITED (THE “COMPANY”) OR ITS SUBSIDIARY (TOGETHER WITH THE COMPANY, THE “GROUP”). The material that follows is a Presentation of general background inf
Slide 3: Contents
Contents 1. Our Vision/Purpose & Our Group 2. Financials 3. Company & Industry updates 4. Increasing Share of Solar in Rising Renewables 5. Growth Drivers & Indian Solar Module Manufacturing Industry 6. Our Capacity & Growth 7. Our Worldwide Presence 8. Our USP, Innovations & Constant Evolution 9. P
Slide 4: Our Vision Purpose
Our Vision Purpose “To be the most Customer “Pioneering a sustainable future Centric Company” with reliability and quality” 4
Slide 5: Our Group
Our Group More than 60 Years of Excellence Borosil Group Borosil Renewables Limited Borosil Limited Borosil Scientific Limited One of the leading players in Laboratory INDIA’s first and largest solar glass One of the Market leaders in consumer Consumables, Laboratory Equipment, manufacturer with a c
Slide 6: Standalone Q3 FY26 P&L
Standalone Q3 FY26 P&L Stan dalon e Profit & L oss Sn apshot YoY QoQ YoY Partic ulars (₹ Crs) Q3FY26 Q2FY26 Q3FY25 9MFY26 9MFY25 Chan ge% Chan ge% Chan ge% Revenue 386.50 378.44 275.28 40.4% 2.1% 1,097.21 782.71 40.2% EBITDA 129.04 125.50 20.89 517.7% 2.8% 347.07 103.48 235.4% EBITDA % 33.4% 33.2% 7
Slide 7: Standalone Q3 FY26 Key Highlights
Standalone Q3 FY26 Key highlights of Standalone Quarterly Results ❖ On standalone basis, the company achieved all-time high quarterly sales of INR 386.50Cr versus INR 275.28 Cr in the same quarter last year and INR 378.44Cr in the preceding quarter. The company’s EBITDA at INR 129.04Cr (33.4% of sal
Slide 8: Consolidated Q3 FY26 P&L
Consolidated Q3 FY26 P&L Con sol i date d Profi t & L oss Sn apshot YoY QoQ YoY Parti c ul ars (₹ Crs) Q3FY26 Q2FY26 Q3FY25 9MFY26 9MFY25 Chan ge % Chan ge % Chan ge % Revenue 390.46 378.88 361.49 8.0% 3.1% 1,115.91 1,105.79 0.9% EBITDA 130.94 120.42 5.00 2520.2% 8.7% 320.65 65.48 389.7% EBITDA % 33
Slide 9: Consolidated Q3 FY26 Key Highlights
Consolidated Q3 FY26 Key highlights of Consolidated Quarterly Results ❖ The overseas subsidiaries including the step-down subsidiaries have generated net revenue of INR 3.96 Crs and EBITDA of INR 1.90 Crs for Q3FY26 as against net revenue of INR 0.43 Crs and negative EBITDA of INR 5.08 Crs in the pr
Slide 10: Update on Expansion plan
Update on Expansion plan ❖ Board approved setup of two new furnaces (SG-4 & SG-5), each of 300 TPD, totaling 600 TPD ❖ Estimated Investment: ₹950 crore ❖ Commissioning Target: Dec 2026. Work as per schedule. : Civil work in progress : Order placement of key items done ❖ Mode of financing : a mix of
Slide 11: Update on Fund Raise 1/2
Update on Fund Raise 1/2 A. Preferential Issue-February 2025 : Approx ₹517.66 crore • Promoter & Promoter Group : ₹100 crore raised through issuance of 18,86,793 equity share at ₹530 per share. Full amount was received by the company. • Non-Promoter Investors: ₹417.66 crore raised through issuance o
Slide 12: Update on Fund Raise 2/2
Update on Fund Raise 2/2 • B. Preferential Issue-October 2025 : Approx ₹371.49 crore • Non-Promoter Investors : The company raised ₹371.49 crore through the allotment of 69,43,691 equity shares of face value ₹1 each at a price of ₹535 per share (including ₹534 premium) to investors in the non-promot
Slide 13: Industry Updates
INDUSTRY UPDATES UPDATES ON REGULATORY AND POLICY FRONT AND OTHER ANALYSIS • In the course of its sunset review of CVD matter initiated by DGTR on imports of solar glass from Malaysia on 24th June 2025, the authorities conducted verification of our records at our Head office in Mumbai on 8th and 9th
Slide 14: Increasing Share of Solar in Rising Renewables
Increasing Share of Solar in Rising Renewables ➢ Out of total installed power generation capacity of ~514 GW as of Dec 2025 in India, the share of renewables has reached 40% (~207 GW). The share of solar (136 GW) has further increased to Total Installed Power Generation Capacity about 66% of the ren
Slide 15: Promising Growth Drivers
Growth Drivers National Solar Mission PLI Scheme National Tariff Policy Targets of 280 GW installed solar Total Production Linked Incentive (PLI) granted Enforcing the Renewable Purchase Obligation targets capacity to be achieved by 2030. Need in two tranches is about Rs. 18,500 Cr. This to promote
Slide 16: Indian Solar PV Manufacturing
Indian Solar PV Manufacturing • India has reached a solar module manufacturing capacity of around 145 GW. The module capacity is projected to rise to 200 GW by March 2027. However, as per industry sources around 30 GW of this is likely to become non operational due to technological changes leaving 1
Slide 17: Capacity Planning
Capacity Planning Combined Installed Capacity CY18 CY 20 CY 22 CY 23 & 24 CY 25 Est CY 26 (TPD)-Projected 180 TPD 450 TPD 750 TPD 1350 TPD -350 TPD 1600TPD Combined Solar Glass Rebuilt 1st Acquired Addition of 3rd GMB Board approved Capacity Planned 1600 TPD furnace with Interfloat Group furnace wit
Slide 18: Our Growth
Our Growth BRL’s journey has been marked with innovation and firsts in the industry… Introduced Produced the National award world's first 2021 3rd furnace anti-reflective with 550 TPD coating for fully tempered for successful textured solar commercializatio capacity: solar glass, a commissioned firs
Slide 19: Our Worldwide Presence
Our Worldwide Presence Europe • A global presence with products matching international • Netherlands • Bulgaria • Germany • Turkey standards and quality requirements. • France • Jordan • Portugal • Greece • The largest manufacturer of solar glass in India, offering N.America • Italy • Croatia Asia l
Slide 20: Our USP
OUR USP HIGHER TRANSMISSION ENGINEERED FOR LONG TERM DURABILITY • Low sodium. Low PID (Potential Induced Degradation) • High chemical durability: superior glass performance • Very High hydrolytic resistance ENHANCED MECHANICAL STRENGTH • Withstood > 180 Mpa, (Standard 90 Mpa as per EN 12150-1) • 2 x
Slide 21: Our Innovations
OUR INNOVATIONS INNOVATIONS: NEW PRODUCTS UPGRADING EXISTING PRODUCT LINES • First solar glass manufacturer to • Flagship product with low PID, high have successfully produced mechanical strength, and chemical without using Antimony (a harmful durability chemical) in its textured solar glass • Have
Slide 22: Constant Evolution
CONSTANT EVOLUTION Products designed to align with changing demands and emerging needs Solar PV market is moving towards use of bifacial modules and glass-glass modules which has accelerated the use of thinner solar glass to optimize module weight. This shift will significantly increase the overall
Slide 23: Product Portfolio
Product Portfolio MARKET SEGMENTS ADDITION OF VALUE ADDED PRODUCTS • High-Performance Solar Glass for • Utility-scale ground solar PV • Grid Printed Back Glass for Bifacial • High-Performance Green House Modules • Solar Rooftop • Shakti / Clear : High Efficiency Matt – • Bifacial, Glass-glass, BIPV
Slide 24: Eco-Conscious Innovators
Eco-Conscious Innovators • Efficient and cost-effective, low energy intensive process • A Life Cycle Assessment carried out by a reputed European institute indicated that the company maintained a 22% lower carbon footprint in comparison with the default value for glass manufacturing. • Use of low-co
Slide 25: ESG Journey
ESG Journey ESG is outcome-driven and not just good intentions. Environment Social Governance • Employee health • Emissions and safety • Risk management • Water Investors • Community system • Energy relations • Code of conduct • Climate change • Labour practices • Emissions • Health and • Water safe
Slide 26: ESG Journey
ESG Journey Our strategic ESG priorities Our Actions • ESG target disclosures and dedicated dashboard • Aim to achieve Carbon neutral operations to track emissions. • Explore waste management • Increase the ratio of sales in reusable packaging Greener planet material and explore further opportunitie
Slide 27: Awards & Accolades
Awards & Accolades 2025 2024 2024 2023 Great Place to Work Certified DET HURUN Award National Award for Best Industrial Mr. P. K. Kheruka received from the Outstanding Relations in the Medium prestigious EY entrepreneur of the Great Place to Work Trust Index Contribution to Enterprise category from
Slide 28: Stock Price and Shareholding Pattern
400 450 550 600 700 750 500 650 Jan 28, 2026 Jan 13, 2026 Dec 29, 2025 Dec 12, 2025 Nov 28, 2025 Nov 14, 2025 31-Oct-25 16-Oct-25 01-Oct-25 17-Sep-25 03-Sep-25 19-Aug-25 04-Aug-25 21-Jul-25 07-Jul-25 23-Jun-25 Market Cap NSE: as on 28th Jan 2026 09-Jun-25 Stock Price NSE (₹) ₹7387 26-May-25 12-May-2
Slide 29: Board Of Directors
Board Of Directors A seasoned legal professional Also the Managing with over 3 decades of Director and CEO of experience.. He is the Managing Industrialist having Rich Partner of Shardul Amarchand Borosil Limited with more experience in the Glass Industry Mangaldas & Co. and heads the than 17 years
Slide 30: Key Abbreviations
Key Abbreviations GWh : Gigawatt-hour PA : Per Annum ADD : Anti-dumping Duty INR : Indian Rupee PAT : Profit after tax ARC : Anti-Reflective Coating IP : Intellectual Property PBT : Profit before tax AS : Anti-soiling IPO : Initial Public Offering PID : Potential Induced Degradation BCD : Basic Cust
Slide 31: Thank You
Thank You Dhaval Patel Head – Investor Relations Dhaval.patel@borosil.com Registered/Corporate Office 1101, Crescenzo, G-Block, Opp. MCA Club, Bandra Kurla Complex, Bandra (East), Mumbai-400 051 31