Solar glass manufacturer Borosil Renewables reported a revenue of ₹3.8 billion (~$42.7 million) for the second quarter (Q2) of the financial year (FY) 2026, a 1.5% year-over-year (YoY) increase from ₹3.73 billion (~$42.05 million).

Profit after tax (PAT) stood at ₹615.75 million (~$6.94 million), increasing 569% YoY from a loss of ₹131.27 million (~$1.48 million).

Borosil had reported a net loss of ₹2.03 billion (~$23.1 million) in the first quarter.

Sales revenue rose 42% YoY, driven primarily by higher average selling prices of ₹147.5 (~$1.66) per mm, up from ₹115 (~$1.3) per mm last year. Borosil also had higher sales volumes in this period.

Its earnings before interest, taxes, depreciation, and amortization (EBITDA) was ₹1.25 billion (~$14.14 million), rising 137% from ₹529 million (~$6 million) in the corresponding quarter of the previous year.

The company’s earnings per share (EPS) came in at ₹1.97 (~$0.022), compared to ₹0.75 (~$0.008) in Q2 FY 2025.

Borosil attributed its Q2 performance to strong sales growth, robust domestic solar-glass demand, and high capacity utilization and expansion.

It earned ₹456 million (~$5.14 million) from exports, making up 12.1% of the turnover.

1H FY 2026

Borosil posted a revenue of ₹7.25 billion (~$81.77 million) in the first half (1H) of FY 2026, a 2.5% YoY decline from ₹7.44 billion (~$84 million) in 1H FY 2025.

PAT stood at a negative ₹1.42 billion (~$16 million), rising from a negative ₹273.65 million (~$3.08 million) from the same quarter of the previous year.

The company’s EPS came in at a negative ₹10.55 (~$0.12), compared to negative ₹1.74 (~$0.02) in 1H 2025.

During this period, Borosil conducted an independent assessment for its German subsidiary, GMB Glasmanufaktur Brandenburg (GMB). It concluded that there was no demand recovery and no indication of future recovery.

GMB required approximately €900,000 (~$1.04 million) per month to remain afloat.  GMB filed for insolvency under the German Insolvency Code before the jurisdictional court in Cottbus in July this year.

Considering the GMB insolvency, Borosil has reassessed its exposure of ₹3.26 billion (~$36.73 million) to Geosphere Glassworks, a subsidiary of the company, and GMB.

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 shift to seek highly reduced prices for solar glass, which were unremunerative.

At the same time, domestic demand for Borosil’s products in India improved considerably, driven by good prices, which reduced incentives to export at low prices. This left Interfloat with reduced sales, which are insufficient to pay for its fixed operational costs.

Borosil conducted a review, concluding that there was no demand recovery and no indication of a return to profitable operations.

axman AG, another Borosil subsidiary, partially provided its exposure in Interfloat. Accordingly, ₹338.7 million (~$3.81 million) out of ₹575.9 million (~$6.5 million) of exposure has been considered as impaired.

Operational Highlights

Borosil said its solar module manufacturing capacity in India reached 110 GW and is expected to rise to 150 GW by March 2027. It expects its solar installations to reach 35 GW by 2026. This will translate to approximately 50 GW of glass consumption, compared to 35 GW during the previous year.

The company forecasts continued growth in demand for solar glass. The projected demand for solar glass in India is sufficient to supply 50 GW of solar projects, nearly three times the current demand of 17 GW.

This has resulted in imports accounting for 70% of consumption, leaving considerable opportunities for local manufacturers.