Borosil Renewables’ Q3 FY26 consolidated revenue rose 8% YoY to INR 390.46 crore, with EBITDA totaling INR 130.94 crore and PAT totaling INR 100.19 crore
Domestic sales dominated its revenue for the quarter, while overseas revenue grew 54% YoY but declined 46% QoQ due to weak demand in its major markets
Profitability was driven mainly by higher selling prices, with average ex-factory prices rising to INR 149.97/mm from INR 104.54/mm a year earlier
Borosil plans to expand its manufacturing capacity to 1,600 TPD by the end of 2026, supported by India’s anti-dumping duties on solar glass imports
Borosil Renewables, India’s ‘1st and largest’ solar glass manufacturer, increased its Q3 FY2026 (ended December 31, 2025) consolidated revenue from operations by 8% year-over-year (YoY) to INR 390.46 crore, which was also a sequential improvement of 3.1%.
While the domestic market brought in the lion’s share (INR 366 crore) of the quarterly revenue, its revenues ex-India increased by 54% YoY but dropped 46% quarter-on-quarter (QoQ) to INR 21 crore.
Its EBITDA of INR 130.94 crore represented a 2520.2% annual jump and an 8.7% sequential increase. The INR 100.19 crore profit after tax (PAT) on a consolidated basis was its 2nd consecutive profitable quarter. In Q3 FY25, its PAT was in the negative, at INR 30.07 crore.
According to the company’s unaudited standalone financial results for the period, its EBITDA of INR 129.04 crore represented 33.4% of sales. It was 518% higher on an annual basis and at par with the previous quarter’s EBITDA of INR 125.50 crore.
The company said its sales increased 40% in the reporting quarter compared to Q3 FY25, with nearly all of the increase in sales value coming from increased sales prices. Its average ex-factory selling price was INR 149.97/mm, compared to INR 104.54/mm in Q3 FY25 and INR 147.50/mm in Q2 FY26.
The glass manufacturer’s exports were worth INR 20.74 crore, up from INR 16 crore in the corresponding quarter. While domestic demand drove its business during the quarter, it experienced weak demand in its major export markets – the EU, Türkiye, and the US.
In July 2025, Borosil’s German solar glass manufacturing subsidiary, GMB Glasmanufaktur Brandenburg GmbH, filed for insolvency in Germany, citing competition from underpriced Chinese imports (see Europe’s ‘Last’ Solar Glass Manufacturer Files For Insolvency).
On December 22, 2025, its wholly-owned German subsidiary, Geosphere Glassworks GmbH, applied for voluntary insolvency in Germany. Borosil had established Geosphere as a non-operating company to hold a majority stake in GMB Glasmanufaktur. Geosphere had received €4.81 million in subsidies from a German bank to support the CapEx for GMB’s operations, which the latter demanded to be returned following GMB’s insolvency filing.
“Geosphere has denied obligation to make such payment as the condition of operating GMB for 5 years could not be fulfilled due to Force Majure situation arising out of inaction by the EU/German Government to support domestic solar manufacturing,” explained the company.
As of January 28, 2026, Borosil Renewables operated a manufacturing capacity of 1,000 tons per day (TPD), equivalent to 6.5 GW annual capacity. A year ago, the manufacturer announced plans to increase its production capacity by 50%, which would have expanded its total capacity to 1,500 TPD.
It now targets expanding its capacity to 1,600 TPD by the end of calendar year 2026, with the addition of 600 TPD (300 TPD each at SG-4 and SG-5). It will be equivalent to an annual capacity of 10.5 GW.
It stated, “Solar glass demand outlook is positive looking at the growth in module manufacturing. The expansion plan was re-activated immediately upon imposition of Anti dumping duty on imports of solar glass and is on schedule for furnace firing in December 2026.”
Borosil also expects an increase in the prices of solar PV cells and modules, which have so far remained low due to oversupply and dumping by China, citing rising input costs and the Chinese government’s discontinuation of export VAT refunds from April 2026. It will also help a ‘rebound’ in module prices in India.
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