India · Delayed Price · Currency is INR Borosil Renewables Earnings Call Transcripts
Fiscal Year 2026
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Record sales and EBITDA growth driven by strong domestic demand, higher prices, and government support. Expansion projects and new rooftop solar business to boost future growth, with margins expected to remain robust at 30%-33%.
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Record quarterly sales and EBITDA growth driven by higher selling prices and operational efficiency. Revenue and margins are expected to remain stable until new capacity comes online in FY 2027, with no further equity dilution planned.
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Q2 FY26 saw strong sales and margin expansion, with near full capacity utilization and robust domestic demand. Expansion projects are on track, and management expects to sustain high EBITDA margins amid growing industry capacity and stable pricing.
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Standalone Q1 FY26 sales rose 37% year-over-year, with EBITDA margin at 27.8% and strong domestic demand. A one-time INR 325.91 crore provision was made for the insolvent German subsidiary, and a 600 TPD expansion is on track for Q3 FY27 commissioning.
Fiscal Year 2025
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Sales and EBITDA grew strongly year-over-year, driven by higher prices and robust domestic demand, while export sales declined due to weak European markets. Expansion plans are being revised upward, and anti-dumping duties are expected to support further margin improvement.
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Q3 FY25 saw strong volume growth but weak pricing due to Chinese dumping, leading to a net loss and sharply lower EBITDA. Anti-dumping duties are expected to boost prices and margins in coming quarters, with major expansion underway and improved profitability anticipated.
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Q2 FY25 saw improved sales and margins, with profit after tax turning positive. Indian operations drove growth, while German operations struggled with weak demand. Anti-dumping duties and a rights issue are expected to support future performance.
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Q1 FY25 saw sequential revenue and margin improvement, with EBITDA margin rising to 12.3% and post-tax loss narrowing. Positive outlook is supported by upcoming customs duties, rights issue plans, and ongoing cost optimization, though risks from Chinese dumping and European demand persist.