Borosil Renewables Limited · NSE:BORORENEW
Borosil Renewables — Q2 FY26 Earnings Presentation
32 slides from Borosil Renewables's earnings presentation, Nov 11, 2025
Slide 1: Exchange filing cover letter: Investor Presentation
November 11, 2025 BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip code: 502219 Symbol: BORORENEW Dear Sirs, Subject: Investor Presentation Pursuant to
Slide 2: Turning Sunlight into progress – Investor Presentation Q2 FY26
Turning Sunlight into progress INVESTOR PRESENTATION Q2 FY26 1
Slide 3: 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 4: 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 5: Our Vision Purpose
Our Vision Purpose “To be the most Customer “Pioneering a sustainable future Centric Company” with reliability and quality” 4
Slide 6: 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 7: Standalone Q2 FY26 P&L
Standalone Q2 FY26 P&L Standalone Profit & Loss Snapshot YoY QoQ YoY Particulars (₹ Crs) Q2FY26 Q1FY26 Q2FY25 Change% Change% H1FY26 H1FY25 Change% Revenue 378.44 332.26 265.61 42.5% 13.9% 710.70 507.43 40.1% EBITDA 125.50 92.53 52.88 137.3% 35.6% 218.03 82.59 164.0% EBITDA % 33.2% 27.8% 19.9% 66.6%
Slide 8: Standalone Q2 FY26 Key Highlights
Standalone Q2 FY26 Key highlights of Standalone Quarterly Results ❖ The company achieved sales of INR 378.44 Cr versus INR 332.26 Cr in the trailing quarter and INR 265.61 Cr in the same quarter last year. Sales rose by 42.5% during this period compared to the corresponding quarter which comprises o
Slide 9: Consolidated Q2 FY26 P&L
Consolidated Q2 FY26 P&L Consolidated Profit & Loss Snapshot YoY QoQ YoY Particulars (₹ Crs) Q2FY26 Q1FY26 Q2FY25 Change% Change% H1FY26 H1FY25 Change% Revenue 378.88 346.58 373.09 1.6% 9.3% 725.45 744.30 -2.5% EBITDA 120.42 69.28 34.57 248.4% 73.8% 189.70 60.48 213.7% EBITDA % 31.8% 20.0% 9.3% 243.
Slide 10: Consolidated Q2 FY26 Key Highlights
Consolidated Q2 FY26 Key highlights of Consolidated Quarterly Results ❖ The consolidated net revenue for the quarter under review stands at INR 378.88 Crs and EBITDA of INR 120.42 Crs as compared to net revenue of INR 346.58 Crs and EBITDA of INR 69.28 Crs in the preceding quarter which had the impa
Slide 11: Expansion plan
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 already begun. ❖ Mode of financing : a mix of equity, debt and internal accruals ❖ Strategic Rationale: ▪ Backed by str
Slide 12: Update on Fund Raise
Update on Fund Raise 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 of 78,80
Slide 13: Additional Fund Raise
Additional Fund Raise • Fund raise in October 2025 : 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-promoter category on a preferential basis. • Key Investors: The a
Slide 14: 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 O
Slide 15: Increasing Share of Solar in Rising Renewables
Increasing Share of Solar in Rising Renewables ➢ Out of total installed power generation capacity of ~501 GW as of Sep 2025 in India, the share of renewables has reached 39% (~197 GW). The share of solar (127 GW) has further increased to Total Installed Power Generation Capacity about 64% of the ren
Slide 16: 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 17: Indian Solar PV Manufacturing
Indian Solar PV Manufacturing • India has a solar module manufacturing capacity of around 109.5 GW currently. The module capacity is projected to rise to 190 GW by March 2027. However, as per industry sources around 30 GW of this is likely to become non operational due to technological changes leavi
Slide 18: 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 19: Our Growth
Our Growth BRL’s journey has been marked with innovation and firsts in the industry… Introduced anti- Produced the National award world's first fully 2021 3rd furnace with reflective 550 TPD coating for solar tempered for successful textured solar commercialization capacity: glass, a first of commis
Slide 20: 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 21: 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
Slide 22: 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 without mechanical strength, and chemical using Antimony (a harmful chemical) durability in its textured solar glass product
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: Shareholding Pattern
Shareholding Pattern Borosil Renewables Limited Stock Price NSE (₹) Public & 750 Others, 700 650 32.56% 600 550 500 450 400 Promoter & Promoter Group, DII, 0.78% 61.85% ₹9801 Market Cap cr FII, 4.81% NSE: as on 11th Nov 2025 As on 30th Sep 2025 28
Slide 30: 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 31: 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 32: Thank You
Thank You Balesh Talapady Vice President – Investor Relations [email protected] Registered/Corporate Office 1101, Crescenzo, G-Block, Opp. MCA Club, Bandra Kurla Complex, Bandra (East), Mumbai-400 051 31