Borosil Renewables Limited · NSE:BORORENEW
Borosil Renewables — Q2 FY2027 Earnings Presentation
34 slides from Borosil Renewables's earnings presentation, Oct 30, 2026
Slide 1: Regulation 30 Intimation Letter to Stock Exchanges
BOROSIL BOROSIL RENEWABLE$ LIMITED CIN : l26100MH1962PLC012538 Regd. OFfice: 1101. Crescenzo. G-Bloct Opp. MCA Oub. Sandra KI.Jfia Complex renewables Sandra (E). Mumbai - ◄00051. India. T : +9122 6740 6300 F : •9122 6740 6514 W : www.borosilrenewables.com Email : brl@borosa.com October 30, 2026 BSE
Slide 2: Turning Sunlight into Progress: Q2FY27 Earnings Presentation
BOROSIL ?f enewables Turning Sunlight into progress Q2FY27 Earnings Presentation October 2026
Slide 3: Disclaimer
BOROSIL Disclaimer 2 ,,,,11 Tenewables This presentation and the accompanying slides (the “Presentation”), which have been prepared by Borosil Renewables (the “Company”), have been prepared solely for information purposes only and does not constitute any offer or invitation, directly or indirectly,
Slide 4: Index
I. Quarterly Updates INDEX II. Business Overview III. What Sets Us Apart IV. Annexures 3
Slide 5: Our Vision and Purpose
BOROSlt renew ables Our Purpose Vision “To be the most “Pioneering a Customer Centric sustainable future with Company” reliability and quality”
Slide 6: Quarterly Update
BOROSIL renewables Quarterly Update Q2FY2027 Earnings Presentation
Slide 7: Management Commentary
BOROSIL Management Commentary 2 ,,,,11 Tenewables '' The Company delivered a strong half yearly performance as revenue from operation stood at ₹801.8 crore (rise of 12.8% over H1FY26), EBITDA at ₹258.3 crore(rise of 18.5% over H1FY26) and PAT at ₹157.8 crore. On a quarterly basis the revenue from op
Slide 8: Earnings at a Glance: Q2 & H1 FY2027
BOROSIL Earnings at a Glance: Q2 & H1 FY2027 2 ,,,,11 Tenewables Revenue from Operations EBITDA PBT PAT Q2 FY27 ₹396.2 Cr ₹116.3 Cr ₹92.1 Cr ₹70.1 Cr ↑ 4.7% YoY ↓7.3% YoY ↑ 39.2% YoY ↑ 53.1% YoY In H1 FY27 ₹801.8 Cr ₹258.3 Cr ₹210.5 Cr ₹157.8 Cr ↑ 12.8% YoY ↑ 18.5% YoY N/A N/A Note*: Calculated on s
Slide 9: Realization Mechanics & Profitability Resilience
BOROSIL Realization Mechanics & Profitability Resilience 2 ,,,,11 Tenewables Fuel surcharge moderation and lower production impacted quarterly realizations and margins REALIZATION & FUEL SURCHARGE DYNAMICS WHAT DROVE Q2 MODERATION? Average Selling Price (ASP), INR per sq. m/mm 160.30 03 | Normalizat
Slide 10: Solar Glass: Capacity Shortfall Creates a Large Market Opportunity
j OROSIL Solar Glass: Capacity Shortfall Creates a Large Market Opportunity -renew ables MODULE OVERCAPACITY DOES NOT IMPLY SOLAR GLASS OVERCAPACITY Excess solar module capacity does not necessarily mean there is enough solar glass supply. Domestic Capacity vs. Demand Key Demand Drivers The Opportun
Slide 11: Financial Highlights - Standalone - YoY comparison
.. . Financial Highlights- Standalone- YoY comparison 2 BOROSIL ,,,,11 Tenewables Revenue from Operation (In Cr.) EBITDA & Margins (%) PAT & Margins (%) 12.8 18.5% 7 % I 19.1% 30.4% 31.2% • -31.5% H1 FY26 158 258 802 218 711 H1FY26 Total Income (In Cr.) H1FY27 H1FY26 H1FY27 =------............. EBIT
Slide 12: H1 & Q2 FY27 Standalone Financial Performance
H1 & H1 & Q2 Q2 FY27 FY27 -– Standalone Standalone Financial Financial Performance Performance BOROSIL 'f enewables Particulars (Rs. Cr) Q2FY27 Q2FY26 YoY Q1FY27 QoQ H1FY27 H1FY26 YoY Revenue from Operations 396.2 378.4 4.7% 405.7 -2.3% 801.8 710.7 12.8% Other Income 10.9 1.8 503.2% 14.0 -22.2% 24.9
Slide 13: Business Overview
BOROSIL renewables Business Overview Q2FY2027 Earnings Presentation
Slide 14: Borosil Renewables: India's Leading Solar Glass Platform
BOROSIL Borosil Renewables: India’s Leading Solar Glass Platform 2 ,,,,11 Tenewables Company at a Glance India’s first solar glass production line, establishing an early- 1,000 TPD ~6.5 GW mover advantage in a critical solar PV component. Current Solar Glass Capacity Module Manufacturing Equivalent
Slide 15: Business Model: Core Solar Glass Manufacturing
BOROSIL Business Model 2 ,,,,11 Tenewables 1. Core Business: Technology-led Solar Glass Manufacturing BRL manufactures high-performance solar glass and supplies it directly to solar module manufacturers across domestic and international markets. RAW MATERIALS High-quality raw materials sourced from
Slide 16: Business Model: End-to-end Rooftop Solar Solutions
.. . BOROSIL Business Model ,,,,11 2 Tenewables 2. New Growth Adjacency: End-to-end Rooftop Solar Solutions Expanding downstream from solar glass into branded distributed solar solutions. 1. PRODUCT → SOLUTION 2. LOW-RISK MARKET ENTRY 3. TARGET CUSTOMERS 4. DUAL-CHANNEL MODEL ••1 II ■ SOLAR INVERTER
Slide 17: Global Presence
BOROSIL Global Presence renewables Europe • Netherlands • Bulgaria N. America • Germany • Turkey Russia USA • France • Jordan Canada • Portugal • Greece • Italy • Croatia Asia India S. America Sri Lanka Mexico Brazil , /\ 4K.'...':e,,,._,, ·~, ·~ .... \ \ Africa Egypt . ' "\, A global presence The l
Slide 18: What Set Us Apart
BOROSIL renewables What Set us Apart Q2FY2027 Earnings Presentation
Slide 19: Maximizing Power Generation via Superior Transmission
BOROSIL Maximizing Power Generation via Superior Transmission ,,,,11 2 Tenewables Advanced glass formulations are engineered specifically to maximize solar-spectrum absorption and optimize electricity output - translating into superior panel efficiency and higher power generation under all sunlight
Slide 20: Unrivalled Long-Term Durability
2 BOROSIL Engineered for Decades of High-Performance fenewables Low-sodium glass structures maintain pristine chemical and visual properties even in high- moisture and corrosive environments — protecting module output across a 25+ year lifespan. PID Mitigation • Low-sodium formulation drastically re
Slide 21: Innovation - 2.0mm Glass with Exceptional Mechanical Strength
BOROSIL Innovation - 2.0mm glass with exceptional Mechanical Strength ,,,,11 2 Tenewables Produced World-first fully tempered 2.0 mm textured solar glass Stress endurance vs. the 90 MPa Stronger than standard European standard (EN 12150-1) heat-strengthened glass Stress Endurance — 2x BRL vs. Regula
Slide 22: Ecological Leadership
BOROSIL Sustainable Production: ,,,,11 2 Tenewables Eco-Conscious Patents Antimony-Free Solar Glass • First global solar glass company to run fully antimony-free (toxic element) textured glass production — holding a registered patent for this green technology, branded NoSbEra. Lower Carbon Footprint
Slide 23: Investment Thesis
BOROSIL Investment Thesis 2 ,,,,11 Tenewables First-Mover Long-Term ~20% Lower Largest Pure Strong Balance Advantage with Customer Capex through Merchant Player Sheet with Net Deep Sector Relationships Brownfield with Volume Cash Position Expertise Driving Volume Expansion Scale Growth 22
Slide 24: Industry Overview: Rising India Solar Demand
BOROSIL Industry Overview: Rising India Solar Demand 2 ,,,,11 Tenewables Total Installed Power Generation Capacity Renewable Power Generation capacity in in India 559 GW as of 30th Sep’26 (in GW) Out of total installed power • India ~247 GW as of 30th Sep’26 (in GW) generation capacity of ~559 GW as
Slide 25: Growth Drivers
BOROSIL Growth Drivers 2 ,,,,11 Tenewables National Solar SECI/IREDA PM Suryaghar Demand for RTC Solarization of Mission Tenders Yojana Renewable Power Railways 1 Targets of 280 GW 2 3 This scheme aims to 4 Upcoming Hybrid 5 500 MW of Rooftop Tenders by SECI installed solar capacity provide rooftop
Slide 26: Our Capacity Planning
BOROSIL Our Capacity Planning 2 ,,,,11 Tenewables 180 TPD 450 TPD 750 TPD 1350 TPD -350 TPD 1600TPD Combined Installed Capacity (TPD)-Projected Rebuilt 1st Acquired Addition of 3rd GMB Board approved furnace with Interfloat furnace with a Glasmanuf setup of two Combined Solar Glass enhanced Group th
Slide 27: Where are we Headed
Where are we Headed Expanding capacity. Strengthening profitability. Building a brighter future. Margin Strong Balance Strong Next Phase Higher Expansion Sheet Current Scale of Growth Revenues Ahead Through Scale & Future Ready ₹1,535 Cr +600 TPD ~₹2,500 Cr ~3% ✓ To remain net cash positive even aft
Slide 28: Annexure
BOROSIL renewables Annexure Q2FY2027 Earnings Presentation
Slide 29: Group Structure
Group Structure More than 60 Years of Excellence Borosil Group Borosil Renewables Borosil Scientific Limited Limited INDIA’s first and largest solar One of the leading players in glass manufacturer with a Laboratory Consumables, capacity of 1000 TPD (~6.5 Laboratory Equipment, GW) Pharma Primary Pac
Slide 30: Our Journey
BOROSIL Our Journey 2 ,,,,11 Tenewables BRL’s journey has been marked with innovation and firsts in the industry… 1st furnace rebuilt to increase capacity to Acquisition of German Subsidiary GMB BRL sets up India's first 210 TPD. 2nd furnace of 240 TPD added on 86% stake in Glasmanufaktur Developed
Slide 31: Product Portfolio
BOROSIL Product Portfolio 2 ,,,,11 Tenewables 001 ADDITION OF GLASS IN SOLAR MARKET CUSTOMIZED GLASS VALUE VARIOUS GLASS WITH SEGMENTS SIZES COMPOSITION ADDED THICKNESSES COATINGS • High-Performance • Glass for 96/72/60 • Borosil Solar PRODUCTS • Anti Reflective Solar Glass for cells module (and Gla
Slide 32: Driving Sustainable & Responsible Growth
.. . BOROSIL Driving Sustainable & Responsible Growth 2 ,,,,11 Tenewables Our Strategic ESG Priorities Our Actions ❑ Aim to achieve Carbon neutral ❑ ESG target disclosures and dedicated dashboard operations Greener to track emissions. ❑ Explore waste management ❑ Increase the ratio of sales in reusa
Slide 33: Board of Directors
BOROSIL Board of Directors 2 ,,,,11 Tenewables Mr Akshaykumar Mr P.K. Kheruka Mr Shreevar Chudasama Executive Chairman Kheruka Independent Director Industrialist having Rich Vice Chairman A seasoned legal experience in the Glass Also the Managing Director professional with over 3 Industry of Borosil
Slide 34: Thank You
BOROSIL renewables Thank You Dhaval Patel Head – Investor Relations Dhaval.patel@borosil.com Khushbu Singhania Tanishka Tanvi khushbu@goindiaadvisors.com tanishka@goindiaadvisors.com Go India Advisors +91 85911 90410 +91 9297761958 Unbiased g Bal.1ncod