Borosil Renewables swings to ₹86.6 Cr consolidated PAT; solar-glass margins hold at guided 31%
revenue +17.06% · margins expanding
₹405.69 Cr
+17.06% YoY
₹86.64 Cr
20.64%
+78.3pp YoY
₹6.19
Borosil Renewables reported a clean turnaround in Q1 FY27 (quarter ended June 30, 2026), posting consolidated PAT of ₹86.6 Cr against a loss of ₹203.5 Cr a year ago, on revenue of ₹405.7 Cr, up 17.1% YoY. The prior-year loss was almost entirely a ₹222 Cr exceptional impairment tied to the insolvency of its German subsidiaries (GMB and Geosphere); stripping that out, underlying PAT still rose roughly 4x (≈₹18.8 Cr adjusted a year ago), so the print is a genuine operating recovery, not just a base-effect optical turnaround. There are no exceptional items this quarter.
Q1 FY-2027 vs prior quarters
The recovery sits on margins, not just volume. Consolidated EBITDA margin came in near 31.4%, squarely inside management's guided 30–33% band, driven by firmer domestic realisations and the protection of anti-dumping/safeguard duties on imported solar glass that the company has repeatedly flagged. Revenue of ₹405.7 Cr lands in the middle of management's own ₹400–410 Cr normalised quarterly run-rate guidance from the Q4 concall — so this quarter confirms, rather than contradicts, the confident outlook management gave in May. Exports remain a small slice (₹14.3 Cr, ~4% of revenue), with the business overwhelmingly India-driven (₹391.4 Cr domestic).
The stock went into the print at ₹617, up 9.4% over the past month of trading.
For context: PAT has now risen for 3 consecutive quarters.
What the summary numbers don't show
EPS ₹6.19 (consolidated, basic, not annualised) vs ₹(12.56) year ago — domestic sales ₹391.4 Cr of ₹405.7 Cr revenue.
Management guides for a normalized quarterly revenue run-rate of INR 400-410 crores with sustainable EBITDA margins of 30-33%, driven by robust domestic demand and protective duties. The company is executing a 60% capacity expansion expected to contribute meaningfully from FY28. Strategically, Borosil is entering the a
— This quarter: met
The headline QoQ moves mislead and should be read with care. Sequentially, revenue fell 7.8% and reported PAT fell 48.8% versus Q4 FY26's ₹169.1 Cr — but that Q4 number was flattered by a ~₹49 Cr tax write-back (PAT exceeded PBT). On a like-for-like PBT basis the two quarters are essentially flat (₹117.9 Cr vs ₹120.1 Cr), meaning underlying profitability held despite a modest topline dip. YoY is the real story here: loss to profit, with margins now normalised.
What to watch
W1
Revenue run-rate vs management's ₹400–410 Cr quarterly guidance — Q1 at ₹405.7 Cr is on track; watch whether Q2 sustains it as duty protection and domestic demand evolve.
W2
EBITDA margin holding in the guided 30–33% band (Q1 ~31.4%) — key to whether the earnings recovery is durable or duty-dependent.
W3
60% capacity expansion progress (₹50.1 Cr capex this quarter) toward the FY28 contribution management has flagged; remaining warrant conversions run until Aug 13, 2026.
Digital (non-scanned) filing, headers unambiguous, all arithmetic ties. Unit ₹ Lakh, converted to ₹ Cr (/100). No exceptional item this quarter; year-ago Q1FY26 carried a ₹222.31 Cr consolidated exceptional impairment (German subsidiaries GMB/Geosphere insolvency + Laxman AG) that drove its loss. Consolidated PBT includes ₹0.62 Cr share of associate profit and is after ₹0.20 Cr NCI (PAT to owners ₹86.84 Cr). Prior-quarter Q4FY26 PAT of ₹169.12 Cr was inflated by a ~₹49 Cr tax write-back (PAT>PBT), so QoQ PAT optics are distorted.
Informational and educational content only. Not investment advice.