Borosil Renewables Confident Of Maintaining 32-33% Ebitda Margin In FY27 Backed By Capacity Expansion
The company is set to expand its capacity by 600 tonnes per day (TPD) through two furnaces by Q3FY27.
Borosil Renewables, a key player in India's solar glass manufacturing industry, is confident of meeting its guidance of 32-33% Ebitda margin in FY26. The company also expects to maintain the Ebitda margins in FY27 backed by enhanced capacity, according to Shreevar Kheruka, MD and CEO, Borosil Ltd.
On being asked about the company’s confidence for achieving 32-33% Ebitda margin in FY26 and also in FY27, he told NDTV Profit, “I think we can project that for the future as well, because you need that kind of margin to have a glass production, because the capex intensity is very high. We are pretty confident about that because the dynamics of the industry seem to be in our favour as far as the glass is concerned.”
Borosil Renewables, a part of the Borosil group, specialises in the manufacturing of solar glass for photovoltaic panels and other applications. On the other hand, Borosil Ltd. produces consumer and laboratory glassware.
Kheruka also underlined the importance of such margins to sustain the capex-intensive nature of the business. “For every Rs 100 of capex, you only get Rs 60-70 of turnover.”
The company has a Rs 950 crore outlay for two new furnaces, which will expand capacity by 600 tonnes per day (TPD). According to Kheruka, these two new furnaces will be completed by Q3FY27. Currently, the company’s capacity utilisation stands at 100%.
“At the moment, we are at 100% capacity utilisation. We expect the capacity to come up in Q4 of the calendar year 2026, Q3 of the financial year (2026-27),” he noted.
Existing domestic capacity is about 2,500 TPD across five players, including Borosil's 1,000 TPD. He noted that with announced additions from all players, total domestic supply is expected to reach approximately 7,000 TPD within the next 12 months.
He projected that this supply would be well-matched by a corresponding rise in domestic demand, which is anticipated to grow from the current 5,000+ TPD to around 7,000 TPD in the same period.
“I think that will balance the demand-supply mismatch. We expect the pricing to have stabilised now and I think it should be around the same levels even going forward,” he added.
Shares of Borosil Renewables closed 5.07% lower at Rs 646 apiece on the NSE, while the benchmark Nifty50 settled flat at 25,879.15, up 0.01%.
