Borosil Renewables Reports 53.1% Profit Growth in Q2 FY27, Expands Solar Glass Capacity to 1,600 TPD

Borosil Renewables Limited has reported a strong financial performance for the second quarter and first half of FY2027, supported by growth in revenue, higher profitability, and continued expansion of its solar glass manufacturing capacity. The company’s performance reflects rising demand for solar glass in India amid increasing solar installations and expansion across the domestic renewable energy sector.

For the first half of FY2027, ended September 30, 2026, the company recorded revenue from operations of ₹801.8 crore, registering a 12.8% increase compared to ₹710.7 crore in the corresponding period of the previous financial year. EBITDA increased by 18.5% year-on-year to ₹258.3 crore from ₹218 crore in H1 FY26. Profit After Tax (PAT) for the six-month period stood at ₹157.8 crore.

During the second quarter of FY2027, Borosil Renewables reported revenue from operations of ₹396.2 crore, representing a 4.7% increase compared to ₹378.4 crore in Q2 FY26. The company recorded quarterly EBITDA of ₹116.3 crore, with an EBITDA margin of 28.6%. Net profit increased by 53.1% year-on-year to ₹70.1 crore, compared to ₹45.8 crore in the corresponding quarter of the previous year.

Commenting on the company’s performance, Executive Chairman P.K. Kheruka said the results reflect the growth of India’s solar manufacturing ecosystem, supported by increasing capacity additions across the renewable energy value chain. He also highlighted that the second-quarter performance experienced some moderation in realizations and gross margins due to a temporary reduction in fuel surcharges following lower gas prices.

Additionally, production was slightly affected by routine furnace maintenance activities during the quarter. However, the management expects earnings and realizations to normalize and return to Q1 FY27 levels in the third quarter, supported by improved production and higher selling prices.

Borosil Renewables is also progressing with its major manufacturing capacity expansion programme. The company is adding two new furnaces, SG-4 and SG-5, each with a capacity of 300 tonnes per day (TPD). This expansion is expected to increase its total installed solar glass manufacturing capacity by 60%, from the existing 1,000 TPD to 1,600 TPD by March 2027.

With the additional capacity, the company’s equivalent solar module manufacturing capacity is expected to increase from approximately 6.5 GW to 10.5 GW. The expansion aims to address the domestic supply gap in solar glass manufacturing and reduce India’s dependence on imports. Currently, India’s solar glass demand is estimated at 10,400 TPD, compared to domestic supply capacity of approximately 7,500 TPD.

The company expects to benefit from supportive government policies, rising domestic solar installations, and trade measures, including countervailing and anti-dumping duties on imported solar glass.

Borosil Renewables is also focusing on sustainable manufacturing. Around 78% of its electricity requirements are met through a captive solar-wind hybrid power plant. Its manufacturing operations have a carbon footprint approximately 22% lower than the global industry benchmark.

With a net cash-positive balance sheet, improving operational efficiencies, and ongoing capacity expansion, the company aims to strengthen its position in India’s solar glass manufacturing industry and support the country’s growing renewable energy requirements.