Latest news with #BorosilRenewablesLtd
Time of India
10 hours ago
- Business
- Time of India
Borosil Renewables Q1 revenue up 37.4% to ₹332 cr; ₹325.91 cr provision for German unit hit profitability
New Delhi: Borosil Renewables Ltd on Wednesday reported a 37.4 per cent year-on-year rise in standalone revenue to ₹332.26 crore in the April-June quarter (Q1FY26), driven by robust domestic demand and higher average selling prices. The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 211 per cent year-on-year to ₹92.53 crore, with margins expanding to 27.8 per cent from 12.3 per cent in the same period last year. Exports contributed ₹35.67 crore, accounting for 10.7 per cent of the quarterly revenue. As part of a strategic shift following sustained losses in Europe, the company's German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, filed for insolvency on July 4, 2025. In response, Borosil Renewables made a one-time provision of ₹325.91 crore to fully provide for its exposure to GMB and Geosphere Glassworks GmbH, which impacted profitability for the quarter. 'Earnings is expected to rise by as much as ₹27 crore per quarter following the stoppage of support to GMB. Also, the EPS and ROCE shall improve,' the company said in its financial disclosure. Despite the exceptional provision, Borosil Renewables has announced a ₹950 crore expansion plan for adding 600 tonnes per day (TPD) of new solar glass manufacturing capacity through SG-4 and SG-5 furnaces at its Bharuch facility in Gujarat. The new capacity, expected to be commissioned by December 2026, will increase the company's domestic output by 60 per cent. Vice Chairman Shreevar Kheruka said: 'While the insolvency of our German subsidiary is unfortunate, it is also an inflection point that allows us to consolidate resources towards India, where strong policy support and rising demand create a favourable long-term growth outlook. Our performance in Q1FY26 reflects the strength of our core business, and we are confident of sustaining this trajectory as we expand capacity to serve the growing domestic solar sector.' The Board has approved a preferential issue of equity shares aggregating up to ₹379.52 crore at ₹535 per share to non-promoter investors. The proposed issue will be placed for shareholder approval at an Extraordinary General Meeting on August 14, 2025, and will require stock exchange clearances. Prominent investors participating in the issue include Abakkus Fund, Niveshaay Fund, Dharampal Satyapal (DS) Group, Globe Capital Market, Nuvama Fund, Sanshi Fund, Vivek Jain, Ashibhardarsh Ventures and Acaipl Investment (Omkara). Earlier this year, Borosil Renewables had raised ₹517.66 crore through a mix of equity and convertible warrants. The latest fund infusion is expected to address the balance project cost and support capital structure optimisation. The company's domestic performance benefited from the five-year anti-dumping duty imposed on solar glass imports from China and Vietnam, which helped stabilise pricing. With India targeting 280 GW of installed solar capacity by 2030 and a supply gap in solar glass, Borosil Renewables expects to benefit from the expanding market.
Time of India
07-07-2025
- Business
- Time of India
Borosil Renewables files for closure of German subsidiary to focus on Indian solar glass market
Borosil Renewables Ltd has submitted an application to wind up its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH , to concentrate efforts on the expanding Indian solar glass market , PTI reported. The company's decision follows a thorough evaluation of market conditions, financial viability, and long-term strategic priorities. Insolvency proceedings initiated amid market challenges The German subsidiary filed for insolvency proceedings before the Insolvency Court at Cottbus, Germany, under the German Insolvency Code (InsO). Borosil's filing noted that the challenges faced by GMB began with declining demand for German-made solar panels, triggered by a sharp fall in prices caused by Chinese manufacturers engaging in large-scale dumping in the European market through predatory pricing. Despite calls from German solar module manufacturers for protective measures, authorities have yet to implement effective responses. This has led to the closure of major solar module manufacturers in Germany, some of whom have also filed for insolvency. The resulting collapse in demand for locally produced solar glass caused significant losses for GMB, impacting Borosil's consolidated financials. Strategic shift to Indian market Once a key part of Borosil's global footprint , GMB had a production capacity of 350 tonnes per day and primarily served the European solar glass market. However, since mid-2023, imports of low-cost solar panels from China exerted substantial pricing pressure, severely reducing demand for German-made modules and solar glass. As of March 31, 2025, Borosil's total exposure to GMB and related German entities stood at €35.30 million (approximately ₹340 crore), including capital investments and loans. From the date of insolvency filing on July 4, 2025, the company will cease accounting for GMB's monthly losses. Industry analysts suggest this move will enable Borosil Renewables to concentrate on its Indian operations, which are currently experiencing significant growth opportunities. Growing prospects in India's solar sector India's solar sector presents a strong growth outlook, driven by annual increases in solar power capacity, robust demand for solar infrastructure, supportive government policies such as Production Linked Incentives (PLI) and Approved List of Models and Manufacturers (ALMM) for modules and cells, alongside a competitive cost base. Solar module manufacturing capacity in India has already surpassed 90 gigawatts and is projected to reach 150 gigawatts by March 2027, creating extensive scope for capacity expansion and import substitution. Borosil plans to leverage this opportunity by expanding its solar glass production capacity by 600 tonnes per day through the installation of two new furnaces, each with a capacity of 300 tonnes per day, at an estimated cost of ₹950 crore. This would represent a 60 per cent increase from its current manufacturing capacity of 1,000 tonnes per day. Policy support and market impact The imposition of a five-year anti-dumping duty from 4 December 2024 on solar glass imports from China and Vietnam is expected to establish a more level playing field for domestic manufacturers. This policy is anticipated to accelerate growth in India's solar glass manufacturing industry. Consequently, domestic prices for solar glass have seen a marked rise. In Q4 FY25, average ex-factory selling prices stood at approximately ₹127.6 per millimetre per square metre, compared to ₹99.6 during the same period in FY24, marking a 28 per cent increase. With this strategic pivot, Borosil aims to strengthen its leadership in solar glass innovation, manufacturing scale, and environmental, social and governance (ESG) driven clean energy technologies.
Mint
07-07-2025
- Business
- Mint
Borosil Renewables German arm files for insolvency
New Delhi, Jul 7 (PTI) Borosil Renewables on Monday announced that its German subsidiary GMB Glasmanufaktur Brandenburg GmbH has filed for insolvency under German Insolvency Code (InsO) before the jurisdictional court at Cottbus. Borosil Renewables Ltd is listed on the BSE as well as the NSE. The decision follows a prolonged period of deteriorating market conditions in the European solar manufacturing ecosystem and reflects the company's intent to sharpen strategic focus on the rapidly growing Indian solar sector, the company said in a statement. Borosil Renewables Ltd has announced that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency under German Insolvency Code (InsO) before the jurisdictional court at Cottbus, according to the statement. GMB, with a capacity of 350 tonnes per day (TPD), had served European manufacturers of solar modules for their requirements of solar glass. However, it stated that demand erosion became drastic last year, as Chinese manufacturers flooded the European market with severely underpriced solar modules. European solar module manufacturers, amongst them stellar names like Meyer Berger started closing down. Demand for solar glass dropped precipitously, as module manufacturers started shutting down. "This decision reflects our clear-eyed view of where the future lies and the confidence we have in India's solar manufacturing story. With this step, we deepen our commitment to building scale and excellence in India, where the potential is vast, the policies are enabling, and the momentum is real. It is a forward-looking decision made with the long-term in mind," Borosil Renewables Ltd Chairman P Kheruka said in the statement. In the event, from July 4, 2025 -- the date of the insolvency filing -- GMB's operations will be overseen by a court-appointed administrator in Germany. Borosil will no longer account for GMB's financial losses, which had amounted to approximately ₹ 9 crore per month. Borosil will have to assess and account for any impact, on account of the aforesaid insolvency resolution process of GMB, in the forthcoming quarterly results, as per the statement.
Business Standard
01-07-2025
- Business
- Business Standard
Force Motors Ltd leads losers in 'A' group
Coromandel International Ltd, Caplin Point Laboratories Ltd, Borosil Renewables Ltd and Home First Finance Company India Ltd are among the other losers in the BSE's 'A' group today, 01 July 2025. Coromandel International Ltd, Caplin Point Laboratories Ltd, Borosil Renewables Ltd and Home First Finance Company India Ltd are among the other losers in the BSE's 'A' group today, 01 July 2025. Force Motors Ltd tumbled 8.29% to Rs 14725.3 at 14:46 stock was the biggest loser in the BSE's 'A' the BSE, 16071 shares were traded on the counter so far as against the average daily volumes of 12604 shares in the past one month. Coromandel International Ltd lost 6.84% to Rs 2331.5. The stock was the second biggest loser in 'A' the BSE, 25944 shares were traded on the counter so far as against the average daily volumes of 18423 shares in the past one month. Caplin Point Laboratories Ltd crashed 5.56% to Rs 1999.05. The stock was the third biggest loser in 'A' the BSE, 6568 shares were traded on the counter so far as against the average daily volumes of 4971 shares in the past one month. Borosil Renewables Ltd pared 5.55% to Rs 499.65. The stock was the fourth biggest loser in 'A' the BSE, 66609 shares were traded on the counter so far as against the average daily volumes of 35474 shares in the past one month. Home First Finance Company India Ltd shed 5.14% to Rs 1306.85. The stock was the fifth biggest loser in 'A' the BSE, 12063 shares were traded on the counter so far as against the average daily volumes of 11696 shares in the past one month.
Yahoo
13-05-2025
- Business
- Yahoo
Borosil Renewables Ltd (BOM:502219) Q4 2025 Earnings Call Highlights: Strong Domestic Growth ...
Release Date: May 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Borosil Renewables Ltd (BOM:502219) reported a 12% increase in total sales for the financial year ended March 2025, reaching INR 1,110 crores. The company's EBITDA for FY25 increased by 51.8% to INR 180.51 crores, indicating improved profitability. The imposition of anti-dumping duties on solar glass imports from China and Vietnam has positively impacted domestic solar glass producers. Domestic demand for solar glass remains robust, with manufacturing capacity for solar modules expected to rise significantly by March 2027. The company plans to commission a 16.5 megawatt solar plus wind hybrid power plant, which will help meet a significant portion of its electricity demand from renewable sources. Export sales dropped sharply to INR 91.73 crores in FY25, primarily due to reduced demand in European markets and economic challenges in Turkey. The German subsidiary faced a significant decline in sales, leading to the suspension of manufacturing and a write-off of non-moving inventories. The company is incurring monthly losses of approximately 9 crores at its German subsidiary due to fixed overheads. Despite improvements in Indian operations, the consolidated EBITDA was impacted by lower profitability of overseas subsidiaries. The company is facing challenges in the European market due to intense competition and undercut prices from Chinese manufacturers. Warning! GuruFocus has detected 3 Warning Signs with BOM:502219. Q: What was the realization during the quarter, and how does it compare to the floor custom duty being imposed? A: The realization was INR127.6. Compared to the import price custom duty, it was about 7-8% lower than China, which has the highest duty. However, compared to Vietnam and Malaysia, the realization was higher. (Respondent: Unidentified_6) Q: What do you mean by revision of capital proposal? Are you revising the overall capacity downward? A: We are reviewing the CapEx program and reaffirming the revision upwards, not downwards. (Respondent: Unidentified_6) Q: What is the monthly burn rate at the German subsidiary, and can you elaborate on the one-time employee cost and inventory adjustment? A: The inventory write-off was about 16 crores. The monthly loss is approximately 900,000 EUR, or 8.5 to 9 crores. We are trying to reduce costs by putting employees under a government-paid training program. (Respondent: Unidentified_6) Q: What does the future look like for the German subsidiary and exports in general, given the current uncertainties? A: The new German government plans heavy investment in solar manufacturing, which should lead to strong solar manufacturing programs. The European Union mandates that 40% of solar photovoltaic installations must come from European sources, which is promising for our company. (Respondent: Unidentified_4) Q: Are we expecting any exports from China to be rerouted through Malaysia, given that Malaysia has no duties? A: Exports from Malaysia have increased, but they are aware of the prices in India and have adjusted their prices accordingly. The competition from Malaysia is marginal, and we are able to maintain prices close to Chinese prices. (Respondent: Unidentified_6) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
