Borosil Renewables FY25 Results: Strong Growth in India, Global Headwinds Remain

Borosil Renewables Q4 FY25 Results: Growth at Home, Struggles Abroad

Borosil Renewables ended FY25 with a mixed performance. Its India business showed solid growth, but its overseas operations faced challenges. With anti-dumping support, new capacity plans, and steady solar demand in India, the company is looking ahead with cautious optimism.

Strong Standalone Growth in India

In FY25, Borosil Renewables saw good growth in its Indian business.

• Revenue increased by 12% to ₹1,110 crore compared to last year.
• This was backed by a 10% rise in volume and a 4% price increase.
• The company’s EBITDA rose by 51.8% to ₹180.51 crore, showing strong operational performance.
• In Q4 alone, EBITDA jumped to ₹77.03 crore from just ₹13.13 crore a year ago.

Improved Realisations

The average selling price in Q4FY25 was ₹127.6 per mm per sqm, which is a 28% jump from last year. This shows prices are recovering fast, giving the company more breathing room on margins.

Weak Export Sales Due to Chinese Dumping

While the Indian market performed well, exports took a major hit.

• Export revenue dropped to ₹91.73 crore in FY25 from ₹199.78 crore in FY24.
• The main reason was a demand crash in Europe and Turkey, largely due to cheap Chinese imports.

Trouble in Germany

Borosil’s German unit faced big losses:

• Reported negative EBITDA of ₹49.67 crore in Q4.
• Had to write off ₹16 crore worth of inventory because the stock wasn’t moving.
• These issues affected the company’s overall performance despite a good run in India.

Anti-Dumping Duty Brings Relief

The Indian government announced anti-dumping duties (ADD) on solar glass imports.

• A provisional duty was introduced in December 2024.
• A final ADD was confirmed on May 9, 2025, and it will stay until December 2029.

This move is a big win for the company. The management called it “a breath of oxygen.”

Price Impact

With ADD in place, domestic prices are now close to ₹135–140 per mm per sqm, in line with reference prices.

Bright Future for Solar Demand in India

The demand for solar energy in India is rising steadily.

• India’s total solar module capacity has crossed 90 GW.
• It is expected to reach 150 GW by FY27.
• In FY25, 25 GW of solar installations were completed.
• The government is targeting 40–45 GW installations every year.

Room for Domestic Players

Even with growing capacity, imports still make up 55–60% of module demand. This means companies like Borosil Renewables have space to grow as domestic manufacturing picks up.

Margin Outlook and Production Efficiency

The company expects better margins in the coming year.

• In FY26, it aims to improve standalone EBITDA margins by 300–400 basis points.
• Currently, the Indian plant is running at around 95% capacity.

Maintenance and Optimization

• Furnace maintenance is scheduled in 18 months, which will cause a 45–60 days downtime.
• The company is focusing on yield improvement and better processing to boost output and lower costs.

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German Operations Still a Drag, But Some Hope Ahead

The German subsidiary continues to weigh down overall results.

• It is losing around ₹9 crore per month.
• But efforts are on to reduce this by 50%, mainly by retraining workers and optimizing cold-end operations.

Waiting for Policy Support

The company is waiting for support from the EU and German government to revive the plant.

It is also watching the US market closely as tariff changes might open new export opportunities. But exporting solar glass from Germany to India remains unviable due to high costs.

Malaysia Reroute: Not a Major Threat

Some importers are now sourcing from Malaysia to avoid duties.

• About 20% of India’s solar glass imports now come from Malaysia.
• But Borosil’s management is not too worried. They say Malaysia has limited product variety and capacity, so it’s not a serious risk.

Bigger Expansion Plan on the Table

Borosil Renewables has upgraded its expansion plans.

• Earlier, it planned to add 500 tonnes per day (TPD) capacity.
• Now, the plan is for 600 TPD. A final decision will be taken in 3–4 weeks.
• The new plant is expected to be ready by Q3FY27 (Oct–Dec 2026).

Funding and Investment

• The company recently raised ₹204.42 crore, out of which ₹185 crore was used to repay a GMB loan.
• The board has approved raising up to ₹500 crore more to support future projects.

Investing in Green Energy to Cut Costs

To reduce electricity costs, the company is setting up its own hybrid power plant.

• A 16.5 MW solar-wind plant is expected to go live by Q2FY26.
• It will supply around 65–70% of the company’s power needs, bringing down operational expenses.

Demand-Supply Gap Will Help Growth

Even after capacity expansions, supply may still fall short of demand in India.

• India’s solar demand is expected to hit 50 GW, but supply may only reach 30 GW by end of 2025.
• Also, there is a growing preference for 2+2 mm bifacial glass, which increases glass usage per GW.

This mismatch between supply and demand is a tailwind for Borosil Renewables.

Management Outlook: Positive but Realistic

The company is hopeful but careful in its planning.

• The domestic market outlook is strong because of high demand, good prices, and government support.
• For Europe, the management is cautiously optimistic, hoping that policies and subsidies will help improve conditions.
• Expansion will be demand-led and done step-by-step.

Key Financial Highlights (Standalone)

Here’s a quick summary of Borosil Renewables’ performance in FY25:

Metric	FY25	Change (YoY)
Revenue	₹1,110 crore	+12%
EBITDA	₹180.51 crore	+51.8%
Q4 EBITDA	₹77.03 crore	vs ₹13.13 crore
Export Revenue	₹91.73 crore	↓ from ₹199.78 cr
Q4 ASP	₹127.6/mm/sqm	+28% YoY

What Lies Ahead for Borosil Renewables?

Borosil Renewables is in a good place when it comes to its Indian operations. The anti-dumping duty, rising solar demand, and domestic expansion plans are all positives. Though the German unit is a challenge, there’s a plan to fix it.

If the demand trend continues and costs stay under control, Borosil Renewables can grow steadily in the coming years.

FAQs

Is Borosil Renewables affected by Chinese imports?

Yes, Chinese dumping badly hit its export business and the German unit. But India’s anti-dumping duty is now helping protect domestic sales.

What is the company doing to fix its losses in Germany?

They are trying to cut losses by training staff, reducing costs, and waiting for policy support in Europe.

Will the company expand its production?

Yes. It plans to add 600 TPD capacity, with the new plant likely ready by Q3FY27.

How will the hybrid power plant help?

It will meet most of their power needs and help cut electricity costs.

What is the company’s biggest strength right now?

Strong demand in India, better pricing, and support from the government through anti-dumping measures.

Borosil Renewables is focusing on growth where it matters most – India. With smart moves like expanding capacity, reducing costs, and investing in green power, the company is preparing for a strong future. While global markets remain tricky, the solid domestic base gives it a strong foundation to build on.

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