shares, which have been under pressure of late, may see an upswing going forward due to the company’s aggressive strategy to enter the rooftop solar business, marking its foray into a direct-to-consumer segment, according to experts.
In addition to manufacturing solar glass, Borosil Renewables is expanding into the business of branded distributed solar solutions. It expects this business to contribute ₹100 crore in the first year of operations, serving as a pilot phase.
According to the company’s annual report for FY26, the objective of entering the rooftop solar segment is to provide end-to-end rooftop solar solutions to customers seeking reliable and efficient solar energy systems.
The company has also announced a massive capacity expansion. As per the latest annual report, Borosil Renewables currently produces 1,000 tons per day (TPD) of solar glass capacity, which is being increased to 1,600 TPD following the addition of two 300 TPD furnaces. The company expects the additional capacity to be commissioned between December this year and March next year, with full benefits to be visible in 2027-28.
Experts turn positive
According to independent market analyst Ambarish Baliga, the solar sector holds significant potential, and companies entering this space are witnessing strong business growth; consequently, Borosil is also set to benefit.
Borosil’s stock has been under pressure this year, losing nearly 16%. However, on a shorter timeframe of six months, it has delivered a positive return of 11%.
The stock hit a 52-week low of ₹374.70 on 30 March this year after hitting a 52-week high of ₹720.85 on 12 November last year.
Abhinav Tiwari, Senior Research Analyst at Bonanza, underscored that Borosil Renewables has returned to profitability, supported by stronger pricing, anti-dumping protection and higher operating margins.
Tiwari pointed out that in Q1FY27, the company reported a standalone net profit of ₹87.7 crore compared with a loss of ₹27.2 crore in Q1 FY26. Consolidated revenue increased 17.1% YoY, while EBITDA more than doubled to ₹141.2 crore. The consolidated EBITDA margin expanded sharply to 34.8%.
According to Tiwari, the key structural driver is the anti-dumping duty on solar glass imports from China and Vietnam, which has reduced competitive pressure from low-priced imports and improved domestic pricing power. Average selling price increased to ₹160.3/sq m from ₹138.1/sq m a year ago.
“The company is also expanding capacity significantly. Two new furnaces, SG-4 and SG-5, with a total capacity of 600 TPD, are being built at an investment of around ₹950 crore and are targeted for commissioning by December 2026. The expansion could increase sales by around 60%, with full benefits expected from FY28,” said Tiwari.
Tiwari expects margins may also benefit from captive renewable power, which now meets around 93% of power requirements and is expected to save nearly ₹18 crore annually.
“Overall, the outlook remains supported by strong solar demand, higher utilisation and capacity expansion,” Tiwari said.
Borosil Renewables’ FY26 performance
The company’s consolidated revenue rose 5.17% year-on-year (YoY) to ₹1,555.84 crore in FY26. It reported a profit after tax of ₹127.40 crore for the year compared to a loss of ₹86.97 crore in FY25. EBITDA jumped 401.90% YoY to ₹465.96 crore, while EBITDA margin surged to 29.95% in FY26 from 6.30% in FY25.
“Even in the face of geopolitical and supply chain volatility, we delivered a performance that signals a robust financial recovery. On a consolidated basis, our results for FY26 reflect the successful realignment of our business. With the deconsolidation of our European assets, our financials mirror the high- growth trajectory of our core operations,” said Pradeep Kumar Kheruka, Executive Chairman, Borosil Renewables.
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