{"id":174879,"date":"2026-01-22T12:09:38","date_gmt":"2026-01-22T17:09:38","guid":{"rendered":"https:\/\/alphastreet.com\/india\/borosil-renewables-ltd-bororene-q4-2025-earnings-call-transcript\/"},"modified":"2026-01-22T12:09:38","modified_gmt":"2026-01-22T17:09:38","slug":"borosil-renewables-ltd-bororene-q4-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/borosil-renewables-ltd-bororene-q4-2025-earnings-call-transcript\/","title":{"rendered":"BOROSIL RENEWABLES LTD (BORORENE) Q4 2025 Earnings Call Transcript"},"content":{"rendered":"

BOROSIL RENEWABLES LTD (NSE: BORORENE) Q4 2025 Earnings Call dated May. 12, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

P. K. Kheruka<\/strong> \u2014 Executive Chairman<\/em><\/p>\n

Ashok Jain<\/strong> \u2014 Whole-time Director<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Rohan Gheewala<\/strong> \u2014 Analyst<\/em><\/p>\n

Mohit Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Vineet Gala<\/strong> \u2014 Analyst<\/em><\/p>\n

Nidhi Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Sunny<\/strong> \u2014 Analyst<\/em><\/p>\n

Deepak Purswani<\/strong> \u2014 Analyst<\/em><\/p>\n

B.R. Nahar<\/strong> \u2014 Analyst<\/em><\/p>\n

Gyanendra Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Vikram Sharma<\/strong> \u2014 Analyst<\/em><\/p>\n

Pawan Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Saurabh Arya<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Borosil Renewals Limited Q4FY25 results conference call hosted by Access Capital Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions once the presentation concludes. Should you need assistance during the conference call, please signal operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rohan Giwala from Access Capital Limited. Thank you. And over to you sir.<\/p>\n

Rohan Gheewala<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good evening everyone. On behalf of Access Capital, I am pleased to welcome you all for the Q4FY25 earnings conference call of Porosal Renewables Limited. We have with us the management represented by Mr. P.K. keruka, Executive Chairman, Mr. Ashok Jain, Whole Time Director, Mr. Sunil Rongta, Whole time Director and Chief Financial Officer and Mr. Balish Talapati, VP Investor Relationship. We thank the management for giving us the opportunity to host the call. We will begin with the opening remarks from the management followed by an interactive Q and A session. Thank you and over to you sir.<\/p>\n

P. K. Kheruka<\/strong> \u2014 Executive Chairman<\/em><\/p>\n

Good afternoon. Welcome to BoroSil Renewables quarter four and financial year 25 investor call. The financial results for the quarter and year ended 31st March 2025 were approved by the board of the company on Saturday 10th May. Our results and an updated presentation have been sent to the stock exchanges and have also been uploaded on the company’s website. We will now discuss the operations of company on a standalone basis as well as on a consolidated basis. The total sales during the financial year ended March 25 grew by about 12% to Rupees 11,10 crores up from Rs.<\/p>\n

990 crores in the previous year. The sales grew 10% by volume and 4% by higher recovery from selling prices to Rs. 113.4 per millimeter per square meter, up from 109.1 during the previous year. The first eight months of this year witnessed a steep decline in selling prices led by dumping from China. The announcement of a provisional antidumping duty on the 4th of December was a breath of oxygen for the company when the government announced a minimum import price for solar glass imports from China and Vietnam. This growth in sales became possible only because of prices rose by about 22.1% in the fourth quarter of the last year over the preceding quarter.<\/p>\n

The EBITDA for financial year 25 increased by 51.8% to Indian Rupees 180.51 crores, up from Rs. 118.93 crores in the previous year. Export sales during financial year 25 at 91.73 crores comprising 8.3% of the turnover has actually dropped sharply from the previous year’s 199.78 crores, led by a significant decline in the demand in European markets as a result of dumping of modules from China at artificially low prices. It became impossible for local European manufacturers to survive at these prices. In addition, another important market, Turkey, saw lower installations due to economic challenges in that market. Coming to the last quarter, a review shows an increase in sales by value at Rupees 327.23 crores, I.e.<\/p>\n

rupees 327.23 Crores, which is 44% higher than the same quarter last year whose sales were 227.33 crores. Sales by volume rose by 16% during this period. Average x factory selling prices during the quarter were about a rupees 127.6 per millimeter as compared to Rs. 99.6 per millimeter per square meter in the corresponding quarter in financial year 24, which represents an increase of 28% leading to a significant improvement in the margins. The EBITDA for quarter four financial year 25 increased to Rs 77.03 crores as against rupees 13.13 crores in the corresponding quarter in the previous year.<\/p>\n

Export sales during quarter 4 25amounted to Rs 18.9 crores, accounting for 5.8% of the turnover compared to Rs. 13.55 crores in the corresponding quarter when exports made up 6% of turnover. The imposition of provisional anti dumping duty on imports of solar tempered glass from China and Vietnam from 4 December 2024 for six months pending completion of the investigation, has helped the domestic solar glass producers. I am happy to announce that the Ministry of Finance has on Friday 9 May announced a definitive antidumping duty on all imports of solar glass originating in or exported from China and Vietnam, which shall remain valid till 3rd December 2029 for a period of 5 years from the date of issue of the preliminary duty notification.<\/p>\n

This is indeed a strong indicator that of the government’s resolve to support a domestic supply chain for solar photovoltaic manufacturing. This decision will be the catalyst for strong growth in this sector driven by fresh investments. The company’s domestic selling prices are now close to the level of the reference prices. Landed value at port of discharge of around 135 to 140 per millimeter per square meter. Domestic demand continues to be robust. Manufacturing capacity for solar modules has already reached 90 plus gigawatts and is expected to rise to 150 gigawatts by March 2027. The country has seen its highest ever solar installations at 25 gigawatts which means modules consumption of about 35 gigawatts in the year just completed as against 15 gigawatts during the previous year.<\/p>\n

We expect the installations to rise to 40 to 45 gigawatts annually going forward. Use of locally produced modules has risen sharply after the implementation of ALMM mechanism from April 2024 which is leading to an increased demand for all the components including solar glass. The present solar glass capacity in the country is 2,300 tons per day which is about 15 gigawatts. Another 15 gigawatts of capacity including 12 gigawatts for captive by a new producer is getting commissioned by the end of calendar year 2025. With the phenomenal rise in demand in recent times, imports currently occupy about 55 to 60% in the consumption for domestic installations, leaving huge scope for capacity addition and and import substitution.<\/p>\n

Now I come to the consolidated results for the quarter which include the operations of the subsidiaries. The overseas subsidiaries, including the step down subsidiaries have generated a net revenue of Rupees 46.31 crores and a negative EBITDA of Rupees 49.67 crores for the fourth quarter of the last financial year as against a Net Revenue of rupees 86.21 crores and negative EBITDA of rupees 14.38 crores in the preceding quarter. The drop in revenue for the German subsidiary arose from a sharp decline in sales due to suspension of manufacturing by Germany’s leading photovoltaic module manufacturers. This decline was so sharp that it was no longer viable to continue operating the hotend that is the glass melting furnace.<\/p>\n

As already reported in the last call, the company had been forced to cool down its furnace due to a slow demand, lower level of operations and a write off of non moving inventories of about 16 crores. The consolidated net revenue for the quarter under review stands at Rs. 373.54 crores and the EBITDA of Rs 27.36 crores as compared to a net revenue of Indian Rs 361.49 crores and EBITDA of Rs. 5 crores in the preceding quarter. The EBITDA has been impacted by lower profitability of overseas subsidiaries despite a significant improvement in the Indian operations as discussed earlier.<\/p>\n

As informed in the last call, while temporarily cooling down the furnace operations in January, the company had continued to operate its processing of available annealed glass thus engaging in partial operations. Demand from select pockets is looking up as the incentive package rolled out by the Italian government and the Austrian government have helped. Domestic Manufacturing Meanwhile, the newly constituted Federal Government of Germany has announced strong support for the promotion of domestic manufacturing of solar modules and its components. This looks promising for the domestic manufacturing of solar photovoltaic modules. However, final concrete steps are still awaited. We shall observe the developments over the next weeks and take further steps relating to the possibility of resumption of glass production.<\/p>\n

In the meantime, we are evaluating resuming production in the cold end by importing annealed glass and processing it at the GMB plant in the near future. Going forward, we expect the stand alone results to show further improvement in profitability in the ensuing quarters on the back of better selling prices while the efforts in improving yield continue. We shall also see the benefits of an additional 16.5 megawatt solar plus wind hybrid power plant which is expected to be commissioned during second quarter financial year 26. This will not only save costs for us but will also enable us to meet a significantly higher portion which is 65 to 70% of our demand for electricity from captive sources of renewable energy.<\/p>\n

While it is difficult to assess the full impact of the ongoing tariff war, the initial indications suggest rise in demand from the USA. However, we have to wait for the 90 days period to be over before understanding the likely impact it will have on our business. I would now like to update you on the preferential issue. A Total Sava of Rupees 204.42 crores was received towards the issue comprising 100 crores from promoters against shares and 4.42 crores towards 25% amount against warrants. Rs. 185 crores from this amount has been utilized to repay the loan liability of our step down subsidiary gmb.<\/p>\n

The balance is available for utilization against the expansion project. We are re evaluating the size of expansion projects as against the earlier plan of 500 tons per day. We expect project cost to be finalized by next month with a target to commission the new facility during third quarter of 2026-27. The balance payments against warrants for conversion into Equity shares will be used for this project. The remaining cost will be fund by a mix of equity debt and internal accruals. The Board has also approved further raising of funds through the issuance of instruments of security, including equity shares or any other security convertible into equity shares, including warrants in one or more tranches for an amount not exceeding Rs.<\/p>\n

500 crores in accordance with the regulations and subject to necessary approvals, including the approval of the members of the company and such other regulatory or statutory approvals as may be required. This is an enabling resolution to meet funding requirements for any opportunity which may come up. Finally, we remain positive on the sector and see good prospects for the company over the next few years. Looking at the growth in the sector and stable selling prices. Solar glass. With that, I would now like to open the floor to questions that you may have. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

operator<\/strong><\/p>\n

Thank you, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

Yes, thank you for the opportunity and congratulations on a good set of numbers. So, first question is what was your realization during the quarter? And how does this compare to the floor custom duty being imposed of USD 664 per ton?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

I’ll ask Mr. Shan to answer that question.<\/p>\n

Ashok Jain<\/strong><\/p>\n

Yeah, you. You asked for the realization. It was already said in the call. It was 127.6 rupees.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

How does it compare with the import.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Price, floor custom duty? Floor custom duty being imposed. USD 664 per.<\/p>\n

Ashok Jain<\/strong><\/p>\n

Yeah, yeah. So basically there are three countries from where the imports are coming. And all the three countries have different duty structure. So we can’t compare it against one particular country. But if we were to compare it only against China, which is the highest amount of duty, where the highest amount of duty is there, then from that perspective it was about say 7, 8% lower.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

But then we have Vietnam.<\/p>\n

Ashok Jain<\/strong><\/p>\n

Vietnam. But Vietnam has a lower duty. So from Vietnam as compared to Vietnam we were much higher. And Malaysia has no anti dumping duty. So even that compared to that also we were very high. But we are moving towards the prices from China in due course.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

Understood, sir. The second question is what do you mean by revision of capital proposal? Do you take Revise the over capacity downward. Is that, is that the fair understanding?<\/p>\n

Ashok Jain<\/strong><\/p>\n

So we are, we are actually reviewing the CAPEX program after visiting a lot of suppliers from various geographies and also discussing with the, with the team here and we are re reforming the.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

The revising it upwards, not downwards.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

Understood, Understood. In capacity terms. Right. Is that fair?<\/p>\n

Ashok Jain<\/strong><\/p>\n

Yes.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

My last question sir, given the fact the government of India has also imposed a CVD on Vietnam. So the final recommendation has come from the DGDR to expect another notification for the Government of India for the, for the CBD separately.<\/p>\n

Ashok Jain<\/strong><\/p>\n

Yeah, that has also come in. It has also come in.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

It has been announced now.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

Okay, understood sir. Thank you. And all the best. Thank you.<\/p>\n

Ashok Jain<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

The next question comes from the line of Vineet Gala from System pms. Please go ahead.<\/p>\n

Vineet Gala<\/strong><\/p>\n

Hi. Congratulations on a good set. So what is our monthly burn rate at our German subsidiary? April. And if you can also please elaborate on the one time employee cost and inventory adjustment that we took in Q4 in that particular subsidy.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

So the inventory write off is about 16 crores which was accumulated for the period I think when we took the financial, at the financial year end we took the physical stock, we noticed that gap to be there. So that was adjusted in terms of the other aspect like burn rate from April. We have been trying to reduce the losses. There are some fixed overheads which we are unfortunately not able to cut down. So this is losses about say \u20ac900,000 per month as of now. So almost 8 and up to 9 crores.<\/p>\n

Vineet Gala<\/strong><\/p>\n

That is on a monthly basis, right?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yes. And we are trying to cut it down further by putting the workforce under a training program which is allowed in Germany where the entire wages is paid by the government and company does not have to bear the cost. So since we will not be leading all the employees when we even resume the cold end operations, at least 50% of the employees we are going to put on training program which can substantially cut down the running cost of the manpower.<\/p>\n

Vineet Gala<\/strong><\/p>\n

Okay sir. So 9 crores is on the upper end and it can be reduced. Okay.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

As the upper limit here<\/p>\n

Vineet Gala<\/strong><\/p>\n

Okay. So given our exit realization and where the major imports are from and our average realization, is it safe to assume that the blended margin for all of next year can be 300 to 400 bits higher than 2 4?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yeah, we can assume that safely.<\/p>\n

Vineet Gala<\/strong><\/p>\n

Okay sir, thank you. That’s it for market.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Nidhi Shah from ICICI Securities. Please go ahead.<\/p>\n

Nidhi Shah<\/strong><\/p>\n

Thank you so much for taking my question. So primarily on Europe, so what does the future look like in terms of all this uncertainty? What does it look like for our German subsidiary and exports in general? Given that it doesn’t seem like the uncertainty is going away anytime soon. So what is the long term plan in Germany as well? Are we planning to do something with that plan to sort of reroute the product from there elsewhere? Are there any other markets for exports that could be good for India, things like that?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

So let me take that question. First of all, the situation seems to be changing in the not too distant future. The difference that has happened is that a new government has been elected. The last government which was there in Germany was, I’m sorry to say, somewhat dysfunctional. Under their watch, a lot of industries shut down. Three manufacturing lines of Volkswagen shut down. All the solar module manufacturers, the bulk of the manufacturers shut down. They really didn’t have a clue about what they were doing. The new government has the two largest parties of Germany, the traditional parties, the Christian Democratic Union and the Social Democrats, who have come together to form a government.<\/p>\n

These are the people who have led Germany to its financial strength over the last half century or more. And so they have immediately got together and they have formulated a plan. The plan calls for heavy investment in solar manufacturing in Germany. And so therefore we are expecting that there should be very strong solar manufacturing Germany programs coming up. You see, the new Chancellor has been voted into office only in the last week. The new Council of Ministers have just assumed office less than seven days ago. We’ll have to give them a little time to set up policies and to issue them.<\/p>\n

The portents are very good, very strong. I want to come to another point. Last year the total installation of solar photovoltaic in the European Union was 65 gigawatts. Now, according to the European Union Parliament, there is a law that mandates 40% of this must come from European sources. Our company is the only company manufacturing solar glass in the entire European Union. So we expect a surge of demand and I would not be surprised if, God knows, there might be a requirement to set up another production line there. So I would say that the future looks quite attractive.<\/p>\n

Of course it all has to pan out, but then the potenza that it should.<\/p>\n

Nidhi Shah<\/strong><\/p>\n

All right, and secondly, my last question would be on the duties that have been imposed on China and Vietnam. As we know, Malaysia has no duties. Are we expecting any export from China to be rerouted through Malaysia like it has happened in the past with cells?<\/p>\n

Ashok Jain<\/strong><\/p>\n

Yeah. So the exports from Malaysia have actually gone up in the last quarter or so. They are now constituting close to 20% of the exports whereas they were almost zero before. But the positive thing is that even Malaysia unit is also a subsidiary or a company set up by a Chinese company who has a large presence in China. So they are obviously aware of what prices are available in India. So they have increased the prices. And they are also selling at prices which are in between the China and Vietnam price. So they are not staying back on the prices.<\/p>\n

And the prices are like say right as far as we are concerned. And moreover there is a third only limited capacity available there. Second thing is, the third thing is that they don’t offer 3.2 millimeter glass from there which is required in India. So whatever competition you could expect from Malaysia is actually only very, very marginally present in that context. And we are able to get prices which are higher than the imported price for Malaysia closer to Chinese prices, higher than Malaysian prices.<\/p>\n

Nidhi Shah<\/strong><\/p>\n

So what you’re basically saying is that even if. Even if that the duty is not imposed on Malaysia anytime soon it is not going to be a threat to realizations or volumes for our company. Am I correct in understanding that?<\/p>\n

Ashok Jain<\/strong><\/p>\n

Yes.<\/p>\n

Nidhi Shah<\/strong><\/p>\n

Thank you so much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Sunny from IAFI Research. Please go ahead.<\/p>\n

Sunny<\/strong><\/p>\n

Hello. Hello. Am I audible, sir?<\/p>\n

operator<\/strong><\/p>\n

Please go ahead, Sunny. Yes, please go ahead.<\/p>\n

Sunny<\/strong><\/p>\n

Sir. Congratulation on great set of numbers on a standalone basis. My question is the long term guidance for full financial year for a standalone business of India. What would be the EBITDA margin?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

In the last quarter we earned 23.5% where the price was 127.6 rupees. And we are increasing the price to the level of reference price which is 135 or so. So obviously we are going to have some incremental EBITDA coming in in the. In the. In the financial year. So somebody had asked in the call earlier whether 3 to 4% increase can be expected. So we said yes. So that’s how you can interpret it.<\/p>\n

Sunny<\/strong><\/p>\n

Okay, thank you. That was it.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Deepak Puraswani from Swan Investments. Please go ahead.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

Yeah. Hi. Good evening, sir. First of all, congratulations for the good setup number on the Indian operation, sir. I mean just wanted to check it out again. If you can give a clarification regard regarding the Malaysian route which you were mentioning. I could not get the complete part. I mean in terms of the pricing difference between Malaysia and Vietnam. And if you can give the broader. I mean explain it again, that would be really helpful.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

So Malaysia, Malaysia has Only a countervailing duty and a basic custom duty and there is no anti dumping duty on the goods coming from Malaysia. So in that sense it can be cheaper compared to China or Vietnam because the reference price for China Vietnam are higher. But the Malaysian company is also a subsidiary of Chinese company and they are aware of the reference price at which the goods are coming in India. So what they have done is to raise their own prices also from Malaysia. So though imports have started to increase from Malaysia but they are coming at a high price which is not exactly equal to Chinese price but it is in between the China and Vietnam price.<\/p>\n

So we are not forced to reduce our prices in that sense and we are able to sell close to the Chinese prices which are high.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

Okay, okay, got it. So from that extent, I mean, I mean eventually our realization should there is a further scope to increase the realization at least on the domestic operation. Right? Okay. And so now coming to the German operation, I mean firstly if you can give a broader sense, I mean at least, I mean looking at the current operation there, when should we expect at least on the EBITDA level we should break even going ahead.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

So we are trying to cut down the cash flows by starting the cold end operations. Cold end means the processing of the glass. So we buy the glass, we import the glass from say other countries and process it and sell it to the customers over there. And we are expecting this to reduce the ebitda losses by 50% at least. So this is the attempt we are trying to do right now. And in the meantime we will wait for German government to announce any incentives or any packages whereby the demand can rise to higher level which enables us to think about resuming the fund its operation.<\/p>\n

So this cold and operation thing will observe for two, three months and then we’ll see how to take it forward. But it is difficult to bring it down to zero as you may see there are overheads which are fixed cost like say oxygen plant cost or gas plant cost or employees cost, administrative expenses and all the things. So there is a certain dead cost or stand still cost which still remains despite our best efforts. So we will try to cut down the losses first and then see how to, how to come back to positive.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

Okay. And thirdly sir, on the revised CAPEX friends, what is the revised capacity we are looking out to bring bring data from the earlier 600 ept. So what is the intended capacity we would like to have now? Looking at the current, current industry tailwind.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

So we had earlier announced a 500 ton capacity expansion and that is be under review by the management and the board and I think it is going to rise from there. But exact quant, exact quantum and exact investment we are going to finalize in next say three, four weeks and board will consider and then we will announce it to the shareholders.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

Okay. And finally sir, on my front, if you can also give us the sense in terms of the equation on the demand supply side from the next two year perspective, how do we see the demand and supply question playing out in the domestic market whether demand is going to exceed the supply going ahead or supply would catch up significantly going under and then it will neutralize or how should we see that scenario playing into the next two, three years for us? And also<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

yeah carry on.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

And also on the technological development rounds, I mean any changes in the technology front like JT Stockholm, would it have any implication on the solar glass demand going up?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

So on the demand and supply front complete explanation was provided in the chairman statement. The demand currently is about 35 gigawatts and the supply from India is about 15 gigawatts which leaves a gap of 20 gigawatts which is coming by way of imports. And as we foresee the demand to grow to about 40 to 45 gigawatts going forward in terms of installations, the module or the glass demand will be north of 50 gigawatts so there is a huge surge in demand which is expected and new capacities of about 15 gigawatt are coming in India from glass perspective.<\/p>\n

So even if that is fully utilized we will still have only 30 gigawatt supply as against more than 50 of demand. So there is a clear case for further capacity addition in India which is where we are going to play a role by expanding our capacity in terms of the technology. Currently everybody in India is on topcon technology and HJT is only with one company which is like say Reliance Industries. And we expect this technology top cone to survive for next many years and in case there is any change in future it does not matter much for the glass sizes because there is hardly any change in the sizes which will come in.<\/p>\n

And our current facility and the new facility which we are targeting will be able to deal with supply to even HJT technology glass sizes. So it is not a worry for us.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

Thank you. Thanks a lot sir and wish you all the best.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

The next question comes from the line of BR Nahar from MILE AIF Fund. Please go ahead.<\/p>\n

B.R. Nahar<\/strong><\/p>\n

Thank you for giving me the opportunity and congratulations on good number for standalone basis. My question is on the CapEx side basically and when we announced company announced the fundraising program that time it was announced at 500 TPD plants for 500 PD plant. And so quite some time that we thought that it must have been started that project, it has taken quite some time and now the seeing the demand. So also at that time explained that another 500,000 will be started after some time. So are we combining now to thousand or what is the planning, what it is and how long it is going to take Time take one month time so expedited.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

So the answer to your question is that we had taken a. We had taken a visit to China to understand the availability of latest glass manufacturing equipment. And it is coming around that a furnace instead of being 250 tons is likely to be 300 tons. So instead of 500 tons it looks like 600 tons. And you see it takes time to receive offers. It takes time for people to make offers, to receive them, to compare them and to then thereafter place orders. We have received many offers and we are hard at work trying to finalize which offer to take from whom and so on.<\/p>\n

So in my speech I have said we expect the production to be seen visible in the third quarter of the next financial year. And that is just simply how long it takes. I’m sorry, it does not go faster than that, but we are on track and we expect to do it.<\/p>\n

B.R. Nahar<\/strong><\/p>\n

But you are going to do only in pages means 600 ton now and then another 600 ton. Is that the planning?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

You see, when the decision was taken in February, it was taken for 500 tons which has now become 600 tons. We have not decided to go any more than that at this moment. So it’s a question of we take off bites that we think we can chew. And just saying that we take 1,000 tons and then falling on our faces is not a good idea. So this is how it is now and we expect that we might. It is always open to take the next 600 tons at the appropriate time. So it will all depend on demand supply situation after say one and a half, two years once we have implemented the current expansion on hand and we are not ruling out any possibility.<\/p>\n

B.R. Nahar<\/strong><\/p>\n

This is all from my. Thank you so much.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Gyanindra Agarwal from Gokula family office. Please go ahead.<\/p>\n

Gyanendra Agarwal<\/strong><\/p>\n

Thank you for the opportunity. Sir, in continuation to the answer that you provided to one of the previous participants on a monthly burn rate for your Germany plant, could you please reconfirm is it 9 to 10 crores per month, is that right? Understanding?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yeah, it’s about 9 crore per month.<\/p>\n

Gyanendra Agarwal<\/strong><\/p>\n

Thank you. So in that case, assuming things don’t change in Germany and the prices remains where it is today in India, would it be fair to say that our 2526 would still be for the entire year EBITDA flat the way we see it in Q4.<\/p>\n

Ashok Jain<\/strong><\/p>\n

That is on a standalone basis. On standalone basis Our EBITDA was 23.5% which we expect to go up as the prices are moving upwards. But that is on a standalone profit.<\/p>\n

Gyanendra Agarwal<\/strong><\/p>\n

Yeah, sorry sir, I think I. My question was the consolidation. Assuming our situation in Germany remains the way it is today for the Next let’s say 12 months and the prices in India, let’s say the reference prices that you quoted about 135 remains the way it is, would it mean that for the entire 2526 at a console basis we would be a bit of flat?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

No, we will be having significant EBITDA positive because EBITDA from Indian operations has been about say 77 crore in the quarter four which is expected to rise to at least 90 plus crores and then we have about say 27 crores losses per quarter. So obviously we are leaving almost 53 crores per quarter as the EBITDA positive. 63.<\/p>\n

Gyanendra Agarwal<\/strong><\/p>\n

Sure. Okay, thank you sir. That’s it from.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yeah.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Vikram Sharma from Nivashe Investment advisory. Please go ahead.<\/p>\n

Vikram Sharma<\/strong><\/p>\n

Hello. Hi sir, my question is so what is our manufacturing cost pertain in general plan? Is there any scope to manufacture there and import in India?<\/p>\n

Ashok Jain<\/strong><\/p>\n

No, the manufacturing cost in Germany is quite high compared to India because of the high cost of wind power and also the other items like oxygen and gas and electricity. So it is not possible to import glass from there at economical pricing. But we have tried in the past exporting it to USA and Turkey. Unfortunately prices were lower there at that point in time. But we are watching this development of on tariff work closely particularly from the perspective of exporting to USA and if the situation permits then there can be a possibility over there to export to usa.<\/p>\n

Vikram Sharma<\/strong><\/p>\n

Okay sir, on Indian capex, is there any delay in. So then I think now you mentioned we are expecting capacity by December 26th.<\/p>\n

Ashok Jain<\/strong><\/p>\n

Yeah. Can you repeat your question please?<\/p>\n

Vikram Sharma<\/strong><\/p>\n

So is there any delay in FX plan of 500 ton? So I think we are expecting capacity by December 26th.<\/p>\n

Ashok Jain<\/strong><\/p>\n

So we are now revising the capacity upwards and which will be announced in say next month or so and this is slated to commission in the quarter October to December 26, which remains on track.<\/p>\n

Vikram Sharma<\/strong><\/p>\n

Okay. And is there any further scope of like. I think we are already at 100% utilized or is there any scope of volume growth this year?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

I’m sorry, you couldn’t understand. Scope of utilizing what?<\/p>\n

Vikram Sharma<\/strong><\/p>\n

Yeah, is there any scope of volume growth in FY26?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yes, there is. We are. We are always trying to improve the efficiencies and yield and there will be certain increase in the volume over the period, but it will not be very, very large increase. Few percentage will be definitely possible.<\/p>\n

Vikram Sharma<\/strong><\/p>\n

8, 10% kind of possible.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yes, we are attempting to do that.<\/p>\n

Vikram Sharma<\/strong><\/p>\n

Thank you.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

The next question comes from the line of Pawan Kumar from Shade Capital. Please go ahead.<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Thank you for the opportunity. I’m audible.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yes.<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Apart from like in Germany, in Europe, which are the other countries there, I think there is a scope for like in case. I think if demand comes.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Scope for demand?<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Yeah.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

See the major manufacturing companies for photovoltaic modules in Europe, they were Germany, France, Italy, a little bit in Netherlands, some production in former East Europe, like Slovakia, Slovenia, Poland. So these are the places where there has been manufacturing of modules. Because of this Chinese intense competition or very undercut prices, most of these factories have shut down. The information I have today informally is that the factories have shut down but have not been dismantled. So in other words, if there is a demand, they can be switched on with a very, very big thing. So if they had been dismantled, that would have been tragic, but then switching them on would have taken time.<\/p>\n

Since they are not dismantled, then they could be switched on and that would allow demand to rise very rapidly. This all conjecture, of course.<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Yeah. So do you. Are you seeing any sort of development happening around these lines in any of these countries which you mentioned,<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

the development. Pattern.<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Development happening somewhere or there are some green shoots regarding this?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Of course. You see, there’s a European Union mandate that individual countries can give subsidies or advantages, financial advantages to people who are using European modules. Now this has already come up in Italy in a pretty good program and it’s come up in Austria now. So two countries have already come up and we’re expecting this to come from Germany as well. So with Italy and Austria, a certain demand has already taken place and a certain demand is sprung up already, which is not enough for us to switch on our furnace, but it is enough for us to switch on our processing lines where you could import the annealed glass and process it and sell it.<\/p>\n

So that is there. We are looking at that. And hopefully we should Be able to start that.<\/p>\n

Ashok Jain<\/strong><\/p>\n

Just to add here, there are a lot of plants which are already announced by the various people in European Union. Significant plants. But the work has not commenced in a meaningful way. They are all waiting for certain incentives and packages and support from the government. And if even if 10, 20% of these plants come up in European Union, it would definitely be able to meet the entire production.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

We’d be able to supply 100% production to them.<\/p>\n

Pawan Kumar<\/strong><\/p>\n

Thank you for the answer. It answered my question.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Sunny from IAFI Research. Please.<\/p>\n

Sunny<\/strong><\/p>\n

Hi sir, am I audible?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yes.<\/p>\n

Sunny<\/strong><\/p>\n

sir. As we know that our Indian furnace is due for maintenance within next being recorded 18 months. So what will be the timeline for its maintenance and how much time it will take?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yeah, we are prepared for the furnace to. We are prepared to repair the furnace as and when it becomes necessary. So there is a certain timeline after five, six years that we prepare all the equipment, all the necessary spare parts, etc. Refractories and so on. And we are absolutely ready for the furnace to be repaired on the day that we feel it becomes necessary. As of now, the furnaces are producing at full capacity. So we are not at that point where we need to worry about it. If it does happen, maybe it will take about anything between 45 days to 60 days from glass to glass to cool down the furnace, replace all the refractories and then restart it.<\/p>\n

Sunny<\/strong><\/p>\n

Thank you. That’s it for much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Saurabh Arya from Oakland Capital. Please go ahead.<\/p>\n

Saurabh Arya<\/strong><\/p>\n

Yeah, hello sir, am I audible? Yeah. So my first question is like you mentioned that you will have captive power. So when you give guidance of this 90 crore per quarter EBITDA. So does that include that benefit? Sorry.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yes, please.<\/p>\n

Saurabh Arya<\/strong><\/p>\n

Does that include the benefit?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yes, yes, it includes.<\/p>\n

Saurabh Arya<\/strong><\/p>\n

Okay. Thank you for that. And second is Sir, I have. I need some clarification on this demand and supply. So when you say that India can supply 15 gigawatt, but when I. So I just want to understand. Let’s say borosil right now has 6.8 to 7 gigawatt of capacity and it is running at 60% utilization. So it means that it is providing 4.2 gigawatt, is that right? So when we say India currently has 15 gigawatt in that production of borosil is 4.2 gigawatt.<\/p>\n

Ashok Jain<\/strong><\/p>\n

That’s not. That’s not correct. The net net glass capacity is what we are talking to you, when we are saying 15 gigawatt and Borosil is doing 6.5 gigawatt and not 4.2. So 6.5 is the net glass we are able to supply to our customers. And we are, we are running almost 95% on that.<\/p>\n

Saurabh Arya<\/strong><\/p>\n

Because when I was doing the simple math, so PPD into 365 days and the volume we do in terms of tons per day, it seemed to me it was around 2:30,000 tonnes per year. So then that number was coming around 60, 65% is my understanding wrong.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

When we talk of tons per day, we are talking about gross tons of glass melted per day. When you are making glass, there is a ribbon. The ribbon has edges, the edges have to be trimmed. That could be anything from 11% to 14% gone in that. Then you have to cut the sheets. Then there might be some quality issues. So those issues, those glasses have to be discarded. You are left with a certain net, net glass which can be processed and sold. When we speak of 6.6 gigawatts then we are talking about the net glass, we are not talking about the gross glass.<\/p>\n

The gross glass we say was worldwide. In the glass industry, the norm is to speak about tons per day, which is how many tons of glass you are melting. So they do not easily reconcile with each other.<\/p>\n

Ashok Jain<\/strong><\/p>\n

So just to simply tell you, we have thousand ton capacity per day, so the gross production, what we can do in a year is 365,000 tonnes. And broadly 75% is 70 to 75% is what you can expect to pick and supply. So that works out to 6.5 gigawatt.<\/p>\n

Saurabh Arya<\/strong><\/p>\n

Yeah. In India supply of 15, we are supplying 6.35. And when India is adding 15, that is next 15 are getting added next 15 years.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

And thereafter also like we are expanding one, one or two more players might, might expand. So we are going to have a capacity in tandem with the increase in the module demand or glass demand. But we are still going to be short of supply in terms of the requirement actually in the country even after expansion. So there is a room for expansion further.<\/p>\n

Saurabh Arya<\/strong><\/p>\n

Actually, I have a related question to it. So when we talk about this demand, this is in conjunction with 3.2 mm, not 2 plus 2.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Now almost 60, 70% of the demand is converted to 2 plus 2. And when you say the demand, it is now spelled in a mix right now by 2 is to 1 or like that. But when you do it 2 plus 2, then the gigawatt will be slightly lower because you, you consume almost 25 kg glass in one module in bifacial 2 plus 2 as against 20.5 kg in a 3.2 module. So to that extent the glass consumption goes up and the. And. But at the same time you have a higher output in the bifacial module.<\/p>\n

So net net there is only about 10% difference in the output. So 6.5 might become 6 gigawatt. Suppose you were to supply everything into to 2 plus 2 millimeter.<\/p>\n

Saurabh Arya<\/strong><\/p>\n

Okay, got it. And if I can squeeze one more. You talked about Germany, you know, losses, etc. But let’s say if everything goes in the way you are expecting it to be, how much EBITDA per ton could be the possible range.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

So on a normal basis we can expect EBITDA to be about 10% or so there. Although in the past the EBITDA has been higher. But with the current pricing and current costing to expect 10% EBITDA would be reasonable<\/p>\n

Saurabh Arya<\/strong><\/p>\n

10%. And obviously. So your and your positivity about Germany is quite high versus couple of quarters Back when you were thinking to really shut down the finance. Now you are thinking maybe there might be need to add if all things go right.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

You’re right.<\/p>\n

Saurabh Arya<\/strong><\/p>\n

Perfect. This is pretty helpful. Thank you very much. All the best. Thank you.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of PR Nahar from Mile AIF Fund. Please go ahead.<\/p>\n

B.R. Nahar<\/strong><\/p>\n

Yeah, this is again one question on the coast. Basically I read recently that Assai India glass in the the tort facility has started using hydrogen gas and have entered interrupt.<\/p>\n

operator<\/strong><\/p>\n

Mr. BR, could you please use your phone on the handset mode and speak a little louder?<\/p>\n

B.R. Nahar<\/strong><\/p>\n

Yeah, sorry, am I now audible? Hello?<\/p>\n

operator<\/strong><\/p>\n

Yes, much better. Yes, much better.<\/p>\n

B.R. Nahar<\/strong><\/p>\n

Now my question is that recently I read that ASAI India has switched on to hydrogen the plant at Chittorgad. Whether that kind of possibility we are exploring or possible in our furnaces one by one. That is my question. And same thing can be replicated to reduce the cost at Germany plant when we commission.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

So to answer your question. The use. Of hydrogen as a fuel actually more expensive than natural gas. That is one. So people are doing that on an experimental basis when they are getting a very heavy funding from the government to experiment and to see whether hydrogen can work or not. So at the moment there is no plan that we have to try to use hydrogen in our furnace. That answers your first question. The second question is about Germany. Whether we expect to reduce our cost of production. And the answer there is that we are permanently on the lookout to see what we can do to Get a more efficient production or to reduce the cost of production.<\/p>\n

Typically in glass manufacturing there is not a lot of flexibility that we have in terms of the raw materials or the fuel or the consumption of the fuel itself pretty much set. But what we do have a little flexibility upon is whether we can make the process more efficient, get more glass out of the same tons that we are melting and so on. And that is an ongoing thing. So hopefully that will continue<\/p>\n

B.R. Nahar<\/strong><\/p>\n

because this. INOX has given them 20 years contract, basically. So nobody will switch over basically unless it is cheaper, basically. So I presume that Enoch might be getting the hydrogen made from their own wind power or some hybrid system. So by that method I think cost could be competitive, something like that, I presume. I’m not expert on that. I thought I should ask this question.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

I could not answer actually. I’m not familiar with what they’re doing, so I cannot give you a meaningful answer.<\/p>\n

B.R. Nahar<\/strong><\/p>\n

Okay, sir. Okay. All the best, sir.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Thank you.<\/p>\n

B.R. Nahar<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Deepak Purswani from Swan Capital, Swan Investments. Please go ahead.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

Yeah, thank you sir for the follow up opportunity. So firstly, just wanted to check it on the two things. So firstly, the realization has still not matched with the reference price. Is it because of the stocking which was done earlier that is still continuing in the market or that is completely over?<\/p>\n

Ashok Jain<\/strong><\/p>\n

Yeah, so actually a realization we started to take up towards the end of December when the reference price came in for the 4th of December, we had already contacted the sale of December volumes. So we started to raise the price from end of December and gradually we have done it. So the impact has not been felt fully in the quarter because by the end of quarter we are close to the required price, but the average for the quarter is lower. So that’s the reason you are not.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

So on the marginal basis, is it fair to say recent transaction are happening at a 135 price?<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Yes, and the stock is not a problem. In December itself we had cleared all the stocks. So we are not carrying stocks any longer. And even the industry players have been able to clear their strokes to a great extent. So that’s not a problem any longer.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

Okay. And secondly, sir, just wanted to check it on the raw material prices. How do we see the raw material prices at the current juncture? And is there any benefit we are expecting here especially on the fuel cost or natural gas part?<\/p>\n

Ashok Jain<\/strong><\/p>\n

But we have a basket of contracts which are partially into Henry Hub based, which is US based gas and partly oil based. So when the Oil prices have gone down. There is some benefit in the gas prices which will accrue to us. But Henry Hub, prices have not gone down. So there is a mix which we have used in order to reduce the volatility in our gas contracts. But yes, some, some benefits will accrue because oil prices are down.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

Okay. And so what percentage of the gas quantity is linked with the long term prices and what is the percentage it is linked with the spot prices?<\/p>\n

Ashok Jain<\/strong><\/p>\n

We hardly have any sport sport gas now. We are using contracts only.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

Oh, okay. So eventually, slowly and gradually it will come down based on the current pricing.<\/p>\n

Ashok Jain<\/strong><\/p>\n

Yeah, but major portion is of US gas and the small portion is oil based. So the benefit will be marginal unless the US price itself also goes down.<\/p>\n

Deepak Purswani<\/strong><\/p>\n

Okay. Okay, got it. Thank you and wish you all the best.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Thank you very much.<\/p>\n

operator<\/strong><\/p>\n

Thank you, ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to the management for the closing remarks.<\/p>\n

P. K. Kheruka<\/strong><\/p>\n

Thank you very much, dear investors, for your participation. We appreciate the questions that you ask and we are more than happy to participate in giving responses which would hopefully make your view and understanding of your investment in this company and in this sector a little more clear. I want to just close by saying that we are looking at good times ahead. I personally see that this is a robust sunrise industry in more ways than one. Figuratively and practically both. So thank you for being with us on this journey and I hope it’s going to be equally beneficial for us both.<\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you, sir. Ladies and gentlemen, on behalf of Access Capital Limited, that concludes this conference. You may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

BOROSIL RENEWABLES LTD (NSE: BORORENE) Q4 2025 Earnings Call dated May. 12, 2025 Corporate Participants: Unidentified Speaker P. K. Kheruka \u2014 Executive Chairman Ashok Jain \u2014 Whole-time Director Analysts: Unidentified Participant Rohan Gheewala \u2014 Analyst Mohit Kumar \u2014 Analyst Vineet Gala \u2014 Analyst Nidhi Shah \u2014 Analyst Sunny \u2014 Analyst Deepak Purswani \u2014 Analyst B.R. […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-174879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":141899,"url":"https:\/\/alphastreet.com\/india\/borosil-renewables-ltd-bororene-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":174879,"position":0},"title":"BOROSIL RENEWABLES LTD (BORORENE) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 15, 2023","format":false,"excerpt":"BOROSIL RENEWABLES LTD (NSE:BORORENE) Q3 FY23 Earnings Concall dated Feb. 14, 2023. Corporate Participants: P. K. Kheruka\u00a0--\u00a0Executive Chairman Ashok Jain\u00a0--\u00a0Whole-time Director Analysts: Jiten Rushi\u00a0--\u00a0Axis Capital Limited -- Analyst Mohit Kumar\u00a0--\u00a0DAM Capital Advisors Ltd -- Analyst Unidentified Participant\u00a0--\u00a0-- Analyst Anuj Upadhyay\u00a0--\u00a0HDFC Securities -- Analyst Presentation: Operator Ladies and gentlemen, good day\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":174879,"position":1},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":147575,"url":"https:\/\/alphastreet.com\/india\/borosil-renewables-ltd-bororene-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":174879,"position":2},"title":"BOROSIL RENEWABLES LTD (BORORENE) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 25, 2023","format":false,"excerpt":"BOROSIL RENEWABLES LTD (NSE : BORORENE) Q4 FY23 Earnings Concall dated May. 25, 2023. Corporate Participants: P. K. Kheruka -- Executive Chairman Sunil Roongta -- Chief Financial Officer Analysts: Jiten Rushi -- Axis Capital Limited -- Analyst Keval Ashar -- DSP Investments -- Analyst Ranganath N -- Individual Investor --\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":179810,"url":"https:\/\/alphastreet.com\/india\/borosil-ltd-q3-fy2025-26-results-revenue-remains-flat-amid-cost-pressures\/","url_meta":{"origin":174879,"position":3},"title":"Borosil Ltd Q3 FY2025\u201326 Results: Revenue Remains Flat Amid Cost Pressures","author":"Staff Correspondent","date":"February 6, 2026","format":false,"excerpt":"Borosil Ltd reported largely flat revenue for the quarter ended December 2025. Quarterly revenue stood at approximately \u20b9338 crore. Operational performance remained stable. Margin pressure continued due to input costs. The company maintains a mid\u2011cap market position. Share Price Performance The stock trades below its recent 52\u2011week high. Price movement\u2026","rel":"","context":"In "Industrials"","block_context":{"text":"Industrials","link":"https:\/\/alphastreet.com\/india\/category\/industrials\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":181549,"url":"https:\/\/alphastreet.com\/india\/jeena-sikho-lifecare-ltd-jsll-q3-2026-earnings-call-transcript\/","url_meta":{"origin":174879,"position":4},"title":"Jeena Sikho Lifecare Ltd (JSLL) Q3 2026 Earnings Call Transcript","author":"News desk","date":"April 8, 2026","format":false,"excerpt":"Jeena Sikho Lifecare Ltd (NSE: JSLL) Q3 2026 Earnings Call dated Feb. 09, 2026 Corporate Participants: Manish Groverji \u2014 Managing Director Nanak Chand \u2014 Chief Financial Officer Analysts: Ranvir Singh \u2014 Analyst Priyanshu Jain \u2014 Analyst Akshay Kaila \u2014 Analyst Abhishek Sengupta \u2014 Analyst Akhilesh Rawat \u2014 Analyst Unidentified Participant\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/174879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=174879"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/174879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=174879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=174879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=174879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}