Borosil Renewables Q2 Profit Up 11.7%; Solar Glass Supply Gap Flagged

Borosil Renewables reported that its Q2 FY2027 revenue rose 4.70% year-on-year to Rs. 396.70 crore. According to the company, profit for the quarter increased 11.69% year-on-year to reach Rs. 68.78 crore.

P.K. Kheruka, the Executive Chairman of Borosil Renewables, stated that the company delivered a strong half-yearly performance.

Half-Year Financial Performance

• Total revenue for H1 FY2027 reached Rs. 802.39 crore, a 10.60% increase from Rs. 725.45 crore in the same period last year.
• Revenue from operations grew 12.8% to Rs. 801.8 crore.
• EBITDA rose 18.5% to Rs. 258.3 crore.
• Profit after tax (PAT) for the half-year was Rs. 157.8 crore.
• The company’s revenue compounded at a 31.6% annual rate between FY2019 and FY2026.
• India added 45 GW of solar capacity in 2025-26, equivalent to 62 GW on a DC basis.

Quarterly Operational Metrics

While year-on-year growth remained positive, the quarter-on-quarter trend showed a contraction in both revenue and profitability. The table below compares the second quarter of FY2027 against the first quarter of the same fiscal year.

Metric	Q1 FY2027	Q2 FY2027	QoQ Change
Revenue	Rs. 405.69 crore	Rs. 396.70 crore	-2.22%
Profit	Rs. 86.64 crore	Rs. 68.78 crore	-20.62%

Revenue from operations stood at Rs. 396.2 crore, while EBITDA reached Rs. 116.3 crore and PAT was Rs. 70.1 crore.

Solar Glass Capacity and Demand

Current manufacturing capacity stands at 1,000 TPD, with an additional 600 TPD under expansion and 1,600 TPD in the planning phase. This totals 3,200 TPD of immediate and near-term capacity, falling well short of the projected demand of 10,400 TPD. The government targets a domestic production capacity of 7,900 TPD, equivalent to 47.4 GW, by March 2027.

The country’s solar module manufacturing capacity is currently equivalent to 10.5 GW, with plans for additional capacity exceeding 100 GW.

Expansion Timeline and Market Context

Borosil Renewables reactivated its expansion plan immediately following the imposition of anti-dumping duties on solar glass imports. The company’s investor presentation noted that excess solar module manufacturing capacity does not necessarily translate into an adequate supply of solar glass. In FY2026, the company’s EBITDA margin stood at 6.5%. Borosil Renewables associated its progress with government support that drove solar installations to 45 GW in 2025-26 and expects further growth as authorities address bottlenecks in power evacuation.

What to watch

Borosil Renewables Executive Chairman P.K. Kheruka stated the company's 60% expansion is currently under execution to enhance its ability to serve the market. The project targets furnace commissioning by March 2027, a milestone that will determine when new capacity becomes operational. Meanwhile, anti-dumping duties on solar glass imports from China and Vietnam remain active until December 2029.