This article first appeared on GuruFocus .
Release Date: November 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Borosil Renewables Ltd ( BOM:502219 ) achieved a significant increase in sales, with a 42% rise compared to the corresponding quarter last year.
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The company reported a substantial improvement in EBITDA margins, reaching 33.2% compared to 19.9% in the same quarter last year.
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Domestic demand for solar glass remains robust, with manufacturing capacity for solar modules in India expected to rise significantly.
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The company is on track with its expansion plans, which include adding 600 tons per day of solar glass production capacity.
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Borosil Renewables Ltd ( BOM:502219 ) has successfully maintained high capacity utilization, with nearly full utilization in the last quarter.
Negative Points
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Interfloat Corporation, a subsidiary, faced challenges due to reduced demand and unremunerative pricing, leading to financial impairments.
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The company had to account for exceptional items due to impairments related to its European subsidiary, impacting overall financial results.
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There is fierce competition in the solar glass market, with significant pressure on pricing from imports.
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The company incurred increased other expenses due to one-time costs related to restructuring and insolvency proceedings of its European operations.
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Despite robust domestic demand, over 70% of solar glass consumption in India is still met through imports, indicating a reliance on foreign suppliers.
Q & A Highlights
Q: What is the current capacity utilization for Borosil Renewables? A: The company experienced nearly full capacity utilization in the last quarter, with production exceeding 960 to 980 tons per day out of a 1,000 tons per day capacity. In Q1, the utilization was slightly lower at 942 tons per day. (Respondent: Unidentified_3)
Q: Can you explain the increase in other expenses this quarter? A: The rise in other expenses includes one-time costs and payments related to overseas subsidiaries, such as auditor fees and legal consultation for restructuring and insolvency proceedings. These expenses are expected to normalize in the next quarter. (Respondent: Unidentified_5)
Q: Are there any plans to address the losses from the European subsidiary, Interfloat Corporation? A: The company has already accounted for potential losses up to March 2026. There are no plans for further write-offs, and a decision regarding the future of the subsidiary will be made in the next quarter. (Respondent: Unidentified_5)
Q: How does Borosil Renewables view the competitive landscape and potential import pressures? A: Despite new capacities being added by competitors, the total capacity will still fall short of the domestic demand. The anti-dumping duty has helped mitigate import pressures, and the company does not foresee any immediate challenges from imports. (Respondent: Unidentified_5)
Q: What is the company's outlook on sustaining the current EBITDA margins of 33%? A: The company is confident in maintaining the current EBITDA margins, supported by robust demand and stable selling prices. (Respondent: Unidentified_5)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
