Mumbai-based solar glass manufacturer Borosil Renewables reported a revenue of ₹3.9 billion (~$42.45 million) for the third quarter (Q3) of the financial year (FY) 2026, compared to ₹3.61 billion (~$39.31 million), a year-over-year (YoY) growth of 8%.

The company reported revenue of ₹3.66 billion (~$39.85 million) within India and ₹250 million (~$2.72 million) from businesses outside India.

The company posted a profit of ₹1 billion (~$10.89 million), against a loss of ₹300 million (~$3.27 million) during the same period last year.

Earnings per share Q3 stood at ₹7.15 (~$0.077), up from ₹2.15 (~$0.023) a year ago.

9M FY 2026

Borosil posted a revenue of ₹11.16 billion (~$121.49 million) in the first nine months (9M) of FY 2026, a 0.9% YoY growth from ₹11.06 billion (~$120.41 million).

The company reported a loss of ₹420 million (~$4.57 million), down from ₹570 million (~$6.21 million) during the same period last year.

Earnings per share came in at a negative ₹2.97 (~$0.032), compared to negative ₹3.79 (~$0.041) in 9M FY 2025.

The company noted that results for the nine-month period remain impacted by significant exceptional items related to impairment and deconsolidation of overseas subsidiaries undergoing insolvency proceedings.

In July last year, Borosil had announced that its step-down German subsidiary, Glasmanufaktur Brandenburg (GMB), had filed for insolvency under the German Insolvency Code before the jurisdictional court in Cottbus.

Amidst the ongoing insolvency proceedings of GMB, Geosphere Glassworks had received a claim from a German Government bank for a capital subsidy granted by it to GMB, due to non-fulfilment of certain conditions. Geosphere, being a majority shareholder of GMB, had assured support to GMB for undertaking the CAPEX and other subsidiary operations. Due to insufficient resources at Geosphere to honor this claim, Geosphere filed for voluntary insolvency on December 22, 2025.

Consequent to the insolvency proceedings against GMB and Geosphere, the company lost its control over them and has accordingly deconsolidated the financial results, given the impact of these developments.

Borosil’s other step-down subsidiary, Interfloat Corporation, faced significant challenges in retaining customers following the cessation of annealed production at GMB. It faced fierce competition from East Asia, compelling customers to seek deeply discounted, unremunerative solar glass.

Earlier, Borosil had announced a 50% expansion of its solar glass manufacturing capacity from 1,000 to 1,500 tons a day. The company’s board of directors approved the expansion after the Ministry of Finance announced a reference price for solar glass imports in December 2024 to restrict low-cost products from China and Vietnam.