Strong Q3 Lifts Borosil Renewables, 9M Results Hit by Overseas Impairments

Borosil Renewables Limited reported its operational performance in the December quarter of FY26. The nine-month results were significantly impacted by large exceptional charges linked to overseas subsidiaries, according to the company’s unaudited standalone financial results.

For the quarter ended December 31, 2025, Borosil Renewables posted revenue of ₹38,650.48 lakh, marking a year-on-year increase of about 40.4 percent compared with ₹27,527.75 lakh recorded in the corresponding quarter of the previous year. 

Total income for the quarter, including other income, stood at ₹39,364.26 lakh, supported by higher domestic sales and stable operating conditions.

On a nine-month basis, revenue from operations increased to ₹1,09,720.81 lakh, up from ₹78,270.81 lakh in the same period last year, reflecting growth in demand for Indian solar glass.

Borosil Renewables reported a profit after tax of ₹7,825.96 lakh for Q3 FY26, reversing a loss of ₹864.25 lakh in the year-ago quarter,  Q3 FY25. 

Exceptional Items Drag Nine-Month Performance

Despite the strong quarterly showing, the company reported a net loss of ₹14,826.83 lakh for the nine months ended December 31, 2025. This was primarily due to exceptional items amounting to ₹35,977.85 lakh, arising from the full provisioning of the company’s exposure to its German step-down subsidiaries, including GMB Glasmanufaktur Brandenburg GmbH and Geosphere Glassworks GmbH.

The management reassessed its exposure following the initiation of insolvency proceedings at GMB, concluding that recovery prospects were uncertain, leading to the impairment being recognised as an exceptional charge.

Domestic Market Drives Revenue Mix

Domestic sales continued to account for the majority of the company’s revenue. Of the ₹38,650.48 lakh revenue recorded in Q3 FY26, ₹36,576.37 lakh came from within India, while overseas revenue contributed ₹2,074.11 lakh. 

For the nine months, domestic revenue stood at ₹99,623.66 lakh, underscoring India as the company’s primary growth market in the financial year so far.

Capital Structure and Equity Updates

During the nine months, Borosil Renewables increased its paid-up equity share capital to ₹1,401.89 lakh following preferential allotments and the exercise of employee stock options. 

The company also raised funds through preferential issues, a portion of which was utilised to meet obligations related to standby letters of credit and capacity expansion, with the balance temporarily invested in mutual funds.

In February 2025, Borosil Renewables undertook a preferential issue under which it allotted 18,86,793 equity shares to promoters at an issue price of ₹530 per share, alongside the issuance of 78,80,436 warrants to non-promoter investors. Through this preferential allotment and subsequent warrant conversions during the period, the company raised total funds of ₹23,514.23 lakh.

Subsequently, in October 2025, the company carried out another preferential issue, allotting 69,43,691 equity shares to non-promoter investors at an issue price of ₹535 per share. This round resulted in additional fund mobilisation of ₹37,148.75 lakh.