Q2 Results: Borosil Bounces Back, Converts Losses Into Profit

Indian solar glass manufacturer Borosil Renewables, which had been struggling with losses over the past few quarters, has now staged a strong comeback. The listed solar company reported positive growth in revenues on both a year-on-year (YoY) and quarter-on-quarter (QoQ) basis. Moreover, it successfully turned its losses into profit in the second quarter (Q2) of the current financial year.

The company reported a total revenue of ₹378.88 crore in Q2 FY26, compared to ₹346.58 crore in Q1 FY26 and ₹373.09 crore in Q2 FY25. On a YoY basis, this represents a 1.5% increase in revenue, while on a QoQ basis, revenues rose by 9.3%. After pausing operations at its german subsidiary, the firm has an operating capacity of 1000 tpd (tonnes pee day), equivalent to about 6.5 GW of solar module glass capacity.  With expansion underway to take this domestic capacity to 600 tpd by December 2026, the firm is expected to benefit from the rising demand for solar glass from India's 120 GW plus module manufacturing base.  

H1 Results 

Borosil also released its financial results for the first half (H1) of the current fiscal year. As per the data, the Mumbai-based company posted a total revenue of ₹725.45 crore, compared to ₹745.45 crore in the corresponding period of the previous year, marking a 2.5% decline YoY.

In terms of profitability, the firm reported a net profit of ₹61.58 crore in Q2 FY26, compared to a loss of ₹203.49 crore in Q1 FY26 and a loss of ₹13.13 crore in Q2 FY25. Thus, on a YoY basis, the company achieved an impressive 4.7-fold turnaround in its financial performance.

What Led To This Change 

The company which saw a dent to its avenues due to the intrusion of allegedly dumped cheap solar glass from countries like China is now on bolstered with the imposition of anti-dumping duties and customs duty against imports of solar glass into India. This led to lesser competition for the company which also pushed its to work towards capacity expansion and diversification. The firm has also halted its operations in Germany and reduce the financial burden due to that utility. The focus on the Indian market at a time of rising demand has been received positively by stakeholders.

Current CVD duty is at 9.71% on imports from Malaysia and the tenure is expiring on 08th March, 2026. the firm hooes to see this enhanced by the DGTR. The comoany has claimed that exporters from China/Vietnam had slashed the Solar glass FOB prices by as much as 32% between June and September 2024 bringing  the domestic prices to unsustainable levels and endangering the survival. The export FOB prices have been raised in the recent months by  about 20% which is still much lower than a reasonable level.