Borosil Renewables Limited (NSE:BORORENEW) disclosed the outcome of its Board of Directors meeting held on 16 July 2026, confirming approval of the unaudited standalone and consolidated financial results for the quarter ended 30 June 2026. On a standalone basis, the company reported revenue from operations of Rs 40,569.07 lakh and a net profit of Rs 8,770.55 lakh for Q1 FY27, a significant improvement over the loss recorded in the year-ago quarter.
Key Highlights
- The Board of Directors approved the unaudited standalone and consolidated financial results for Q1 FY27 at its meeting held on 16 July 2026, which commenced at 2:15 p.m. and concluded at 3:30 p.m.
- Standalone revenue from operations for the quarter ended 30 June 2026 stood at Rs 40,569.07 lakh, compared to Rs 33,226.04 lakh in Q1 FY26, reflecting a year-on-year increase of approximately 22.1 per cent.
- Standalone net profit for Q1 FY27 was Rs 8,770.55 lakh, against a standalone net loss of Rs 27,234.57 lakh in Q1 FY26, which had been impacted by exceptional items of Rs 32,590.81 lakh related to German subsidiary impairments.
- Profit before exceptional items and tax for Q1 FY27 was Rs 11,834.73 lakh, up from Rs 6,655.52 lakh in Q1 FY26, indicating a near-doubling of core operating profitability on a year-on-year basis.
- Basic earnings per share (EPS) for Q1 FY27 stood at Rs 6.25 (not annualised, after exceptional items), compared to a loss of Rs 20.54 per share in Q1 FY26, on a face value of Re 1 per share.
- During Q1 FY27, the company allotted 94,338 equity shares upon exercise of warrants by holders paying the balance 75% consideration of Rs 374.99 lakh, at an issue price of Rs 530 per warrant, under an earlier preferential issue.
- The statutory auditors, Chaturvedi and Shah LLP, conducted a limited review under Regulation 33 of the SEBI LODR Regulations and found no material misstatement in the standalone financial results.
About the Company
Borosil Renewables Limited is India's only manufacturer of solar glass used in photovoltaic (PV) modules and solar thermal applications. The company operates a manufacturing facility at Village Goval, Taluka Jhagadia, District Bharuch, Gujarat. It is classified under the renewable energy and solar materials sector and is listed on both BSE (Scrip Code: 502219) and the National Stock Exchange of India (NSE:BORORENEW). The registered office is at Bandra Kurla Complex, Mumbai. The company is engaged in the manufacture of flat glass as a single operating segment per Ind AS 108, with the majority of its revenue generated from domestic sales within India.
Announcement in Detail
The Board of Directors of Borosil Renewables Limited met on 16 July 2026 and approved the unaudited standalone and consolidated financial results for Q1 FY27 (quarter ended 30 June 2026), in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were prepared under Ind AS 34 (Interim Financial Reporting) and reviewed by the Audit Committee before receiving Board approval. The auditors, Chaturvedi and Shah LLP (Registration No. 101720W/W100355), issued limited review reports for both standalone and consolidated statements, with UDIN No. 2612217900NXUQ3546 for the standalone report.
On a standalone basis, total income for Q1 FY27 was Rs 41,967.96 lakh, comprising revenue from operations of Rs 40,569.07 lakh and other income of Rs 1,398.89 lakh. Total expenses were Rs 30,133.23 lakh, with power and fuel being the single largest cost item at Rs 10,213.18 lakh, followed by other expenses of Rs 6,679.07 lakh and cost of materials consumed at Rs 9,106.83 lakh. Domestic revenue accounted for Rs 39,140.34 lakh, while exports contributed Rs 1,428.73 lakh, compared to Rs 3,462.45 lakh in Q1 FY26, indicating a reduction in export revenue on a year-on-year basis.
A notable development during Q1 FY27 was the partial conversion of outstanding warrants. Under the preferential issue conducted in earlier years, warrants were issued at Rs 530 each to non-promoter investors. During the quarter, 94,338 warrants were converted into fully paid-up equity shares upon receipt of the balance 75% consideration of Rs 374.99 lakh, increasing paid-up equity share capital by Rs 0.94 lakh and securities premium by Rs 499.05 lakh. As of 30 June 2026, the company had cumulatively raised Rs 23,889.22 lakh under this preferential issue. Of the total proceeds, Rs 18,500 lakh was utilised to satisfy liabilities arising from a Standby Letter of Credit extended on behalf of GMB Glasmanufaktur Brandenburg GmbH, a step-down subsidiary, and Rs 5,014.23 lakh towards capital expenditure for production capacity expansion.
Impact on Investors
Investors will note that the Q1 FY27 standalone results represent a material turnaround in profitability relative to the year-ago period. The Q1 FY26 results were heavily distorted by exceptional items of Rs 32,590.81 lakh, representing provisions for impairment and amounts written off in respect of German subsidiaries, namely Geosphere Glassworks GmbH and GMB Glasmanufaktur Brandenburg GmbH, both subject to ongoing insolvency proceedings, as well as an impairment of Rs 3,387.04 lakh towards Laxman AG. The filing shows that no such exceptional items were recorded in Q1 FY27, resulting in a profit before tax of Rs 11,834.73 lakh versus a pre-tax loss of Rs 25,935.29 lakh in Q1 FY26.
Shareholders will observe that ongoing warrant conversions continue to cause incremental equity dilution, though the quantum in any single quarter is modest. The filing confirms that remaining warrants may be converted until 13 August 2026, after which the conversion window closes. The paid-up equity share capital as of 30 June 2026 stood at Rs 1,402.83 lakh (face value Re 1 per share). Other equity excluding revaluation reserve was Rs 1,49,201.02 lakh as of 31 March 2026. The insolvency proceedings of the German subsidiaries are noted as still ongoing in the filing, and shareholders should refer to the official exchange disclosure and audited annual report for further detail on the status of these exposures.
Sector / Market Context
India's solar energy sector has expanded substantially over the past several years, with the Ministry of New and Renewable Energy reporting cumulative installed solar capacity crossing 100 GW. Domestic demand for solar glass, a key component in photovoltaic module manufacturing, has grown in line with panel installation targets under government schemes. The government's Production Linked Incentive (PLI) scheme for solar PV modules has incentivised domestic module manufacturing, which in turn supports demand for domestically produced solar glass.
The reduction in export revenue for Borosil Renewables in Q1 FY27 (Rs 1,428.73 lakh versus Rs 3,462.45 lakh in Q1 FY26) reflects the broader context of competitive pressures in international solar glass markets, where Chinese manufacturers hold significant pricing influence. The domestic market, which accounted for approximately 96.5 per cent of the company's Q1 FY27 revenue from operations, remains the primary demand driver for the company's flat glass output.