{"id":182884,"date":"2026-05-13T07:48:38","date_gmt":"2026-05-13T11:48:38","guid":{"rendered":"https:\/\/alphastreet.com\/india\/borosil-renewables-ltd-bororene-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-13T07:52:41","modified_gmt":"2026-05-13T11:52:41","slug":"borosil-renewables-ltd-bororene-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/borosil-renewables-ltd-bororene-q4-2026-earnings-call-transcript\/","title":{"rendered":"BOROSIL RENEWABLES LTD (BORORENE) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

BOROSIL RENEWABLES LTD (NSE: BORORENE) Q4 2026 Earnings Call dated May. 13, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

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

Sunil Roongta<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

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

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

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to The Borosil Renewables Limited Q4FY26 results call hosted by Access Capital Limited. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the lesson only mode and there will be an opportunity for you to ask questions after the presentation concludes.<\/p>\n

Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference Odom Sir Rohan Giwala from Access Capital. Thank you. And over to you sir.<\/p>\n

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

Thank you. Good evening. On behalf of Access Capital, I’m pleased to welcome you all to the Q4FY26 earnings conference call of Corosi Renewables Limited. We have the staff, the management represented by Mr. P G Keruka, Executive Chairman, Mr. Ashok Jain, Non Executive Director, Mr. Melvin Moses, Chief Executive Officer, Mr. Sunil Johtar, full time Director and Chief financial officer and Mr. Dhawan Patel, ABP investor relations. We will begin with the opening remarks from the management followed by an interactive Q and A session.<\/p>\n

Thank you and over to you sir.<\/p>\n

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

Good afternoon and welcome to the Board of State Renewables Quarter 4 Financial Year 26 Investor Call. This is Pradeep Karukha, Executive Chairman addressing all of you. The standalone and consolidated financial results for the year ended 31st March 2026 and for the quarter were approved by the Board of Borosil renewables yesterday Tuesday 12th 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.<\/p>\n

I’m extremely happy to announce that the company has on standalone basis achieved a significant milestone of sales of rupees 1500 crores for the year gone by. The company recorded sales of 1534.83 crores for the year gone by versus 1109.94 crores in in the last year showing an impressive growth of over 38%. I’m delighted to report that the company has achieved a robust EBITDA of rupees 491.68 crores for the last financial year, which is 32% of sales, showing a quantum jump of 172% from rupees 180.51 crores which was 16% of sales in the last year.<\/p>\n

The average X factory selling price realized during the year increased to Rs 146.7 per millimeter as compared to rupees 113.44 per millimeter in the last year, which contributed to significantly to the dramatic turnaround in the revenue and EBITDA margin. The rise in selling prices has been possible only after the government’s positive approach by levying antidumping duties on solar glass imports from China and Vietnam in December 2024. Sales and quantity terms were high by about 8% compared to last year.<\/p>\n

Exports amounted to about 113.29 crores, accounting for 7.4% of the turnover compared to rupees 87.11 crore in the previous year when exports made up 7.9% of the turnover. Coming now to the quarterly results, the company recorded sales of 437.62 crores versus 327.23 crores in the corresponding quarter of the previous year. This has surpassed the previous all time high quarterly sales of 386.5 crores in the previous quarter, that is to say third quarter of the current financial year. EBITDA for the Last quarter at 33% of sales was 144.61 crores in quarter four financial year 26 showing a quantum jump of 88% from rupee 77.03 crores which was 23.5% of sales in the corresponding quarter last year.<\/p>\n

This has also exceeded the previous quarter EBITDA of rupees 129.04 crores. The average X factory selling prices during the quarter increased to Rupees 150.2 per millimeter as compared to 127.6 in the corresponding quarter and corresponding and from 149.97 in the preceding quarter, leading to a marked improvement in the margins while improvement in production efficiencies and cost reduction measures also contributed. Sales in quantity terms were higher by 15% compared to the corresponding quarter and 14% over the preceding quarter.<\/p>\n

Exports amounted to rupees 12.32 crores accounting for 2.8% of the turnover compared to rupees 17.85 crores in the corresponding quarter last year when Exports made up 5.5% of the turnover. The company’s major export markets continue to face low demand. The ongoing war in West Asia has adversely impacted oil and gas supplies. The industries had to struggle to get fuel supplies. Fuel prices of imported gas more than doubled and prices of furnace oil also rose by over 50%. In this difficult situation, the company had no choice but to request its customers to accept a fuel surcharge.<\/p>\n

We acknowledged the cooperation extended by all our esteemed customers. We did not curtail production and have been able to maintain full production throughout. Looking to this adverse supply situation, the company has further intensified efforts to improve efficiencies and cut costs. I’m happy to say that the rise in fuel cost has not so far made any impact on the margins the domestic demand for solar glass continues to be robust, led by a rise in domestic production of solar modules. The ALM mechanism for modules has led to rush for capacity additions within India.<\/p>\n

These now stand at 193Gw as on 1st May 2026 and is expected to rise soon to exceed 250Gw. The solar installations in financial year ended 26 have been at an all time high at 44.6Gw which means modules of glass consumption of 60-62Gw as against 23.8Gw last year. Looking at the success of ALM for solar modules, the government had introduced ALM2 with effect from June 2026, mandating use of domestically produced solar cells. This has already led to rise in the solar cell capacity to 30 gigawatts which is expected to rise to 75 gigawatts by the end of this financial year as significant capacities are under installation, although the announcement suggests that this could surpass 100 gigawatts.<\/p>\n

The government has also announced introduction of ALM3 from June 2028 under which ingot and wafer will also be mandated to be locally produced. In view of this, many existing large module cell manufacturers have announced their plans to set up capacities aggregating to about 55-60 GW. These measures ensure building up of a local supply chain and ecosystem and ensure lowering import dependence on for energy security need for which it is felt more than ever in the current war and geopolitical situation.<\/p>\n

Going by a scenario with a continued high level of demand and expected growth in demand from other emerging sectors like EV data centers and green hydrogen, we expect a rise in installations to nearly 65 GW per annum on BC basis leading to a high demand for solar glass. Present solar glass capacity in the country is 2,600 tons per day, that is to say 18 gigawatts. Currently imports occupy about 70% share of the consumption of about 62 gigawatts leaving huge scope of capacity addition to substitute the imports and meet the growing demand.<\/p>\n

Based on information available, we expect solar glass capacities of about 33 gigawatts by multiple companies, majority of which is for captive consumption to be commissioned by March 2027 taking the total domestic capacity to 51 gigawatts as against current level of demand of about 65 gigawatts still leaving a respectable gap to be filled. I’m pleased to say work on our ongoing expansion at our existing location is in full swing. All the orders or nearly all the orders have been placed. Building construction is proceeding as per plan and we expect timely completion of the project once commissioned.<\/p>\n

This is expected to generate certain operating leverages. Company has decided to enhance the existing business by starting a new division for selling rooftop solutions with a view to offer superior products to customers by sourcing from outside and use Morosil brand and distribution. The rooftop market comprising of poor pm Surya, Ghar, Yojana and commercial and industrial sectors is large and the company will use appropriate strategy to tap the sink. There is no Capex plant at this time for the initial period.<\/p>\n

The POD has also approved an enabling resolution to raise equity funds up to rupees 750 crores subject to approval of shareholders. The relevant authority that is to say that Director General of Trade Remedies has issued final findings in the matter of CBD on Solar glass imported from Malaysia recommending CBD for the next five years. We expect the Ministry of Finance to issue a Customs Notification before the current duties expire on 8 June 2026. In the quarterly results for financial year 26, which is to say the current quarter, a provision has been made for rupees 325 0.914 towards the exposure in German subsidiary Geosphere and step down subsidiary gmb.<\/p>\n

In view of the insolvency filing by gmb, the Company has received a copy of the report dated 12-01-2025 issued by court appointed Insolvency Administrator of GMB which was submitted to the Insolvency Court in Quartbus, Germany. As per the report, assets of GMB are insufficient for discharging its liabilities and creditors are unlikely to receive any amounts in View of this, the company in its books of accounts for the financial year ended 31st March 2026 has written of the above exposure in Geosphere and GMB.<\/p>\n

Since fulfilled provision had already been made in the books of account previously, it will not result into any additional locks loss in the books. Now I come to the consolidated results for the quarter and year for the subsidiaries, including the subsidiaries. The overseas subsidiaries including the step down subsidies have generated net revenue of rupees 2.3 crores and EBITDA of R0.82 crores for quarter four the last year. As against net revenue of 3.96 crores and EBITDA of is 1.90 crores in the last quarter.<\/p>\n

The consolidated net revenue for the year stands at Rupees 15.55.84 crores and EBITDA of Rupees 465.96 crores as compared to net revenue of Rupees 1479.33 crores and EBITDA of rupees 92.84 crores in the last quarter in the last year. I am happy to report that the company has been able to surpass the consolidated net revenue of last year despite shutting down of production in Germany from July 2025. With that I would now like to open the floor to questions that you may have.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star n1 on their touch tone telephone. If you wish to remove yourself from the question queue, you may press star N2. 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 is from the line of Sahil Seth from Ananthrati Institutional Equities. Please go ahead.<\/p>\n

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

Hi. Congratulations on the great sector. First question would be if we were to look at our realization for the quarter it is a current rupees 150 per ML. What part of this relation would be because of the pass through in increase of gas? And what would be the realization if we were not. If we. If we hadn’t passed on the prices to the customers.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

It’s very minor amount. Very minor. Less than a rupee.<\/p>\n

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

Okay, so my second question would be as you said in your opening remarks that out of currently the demand standards around 65 gigawatts upcoming capacity it is expected to reach 51 gigawatts. Do you see any pressure in realizations or margin terms in the Coming year<\/p>\n

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

For the company for domestic gas manufacturing, I do<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Not see any pressure. You know, the demand is much higher than 51 and most of these capacities which are coming up are for captive consumption. So the capacities which will be available in the market will be very limited. So that way the patient will not be there as per our understanding.<\/p>\n

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

Okay. In terms of our export markets, apart from us, which are the other key markets which has the most potential right now, as per your calculations,<\/p>\n

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

There are specialized demand centers in Europe which we are meeting for greenhouses and light blade solar collectors and so on. And there are still some module manufacturers who are continuing to operate in Europe. We meet the demand as well. Plus of course the United States.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

The United States is not a very large market for us as of now, but it may become large because now the USA wants the material which is not coming from Chinese origin. So the customers are looking at India as one of the source country. And we might get some demand generated from USA in the coming quarters.<\/p>\n

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

This was very helpful, thank you and all the rest.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

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

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Anuj Jain from Globe Capital. Please go ahead.<\/p>\n

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

Hello, Good afternoon sir. And congratulations on the great turnaround. Just want to understand, sir, I missed your. In your speech, opening remarks that there is some deadline which is on 8 June 2026, that government will come with some notification. What was that, sir? I missed that part.<\/p>\n

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

We. We had applied for extension or variation in the CBD which has been imposed on imports from Malaysia as a countervailing duty. So the Director General of Trade Revenue has heard our application and has put forward his recommendation for continuation of the. Of the CVD which had been previously imposed. And the date for expiry of the previous CVD is 6th of June. Now we are saying that we are hopeful that before the expiry of that 6 June deadline for extension of the old CBD, the new. The new announcement should come to continue.<\/p>\n

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

Okay, sir, got it. Just want to understand one more thing. I mean like in terms of realization, in the subsequent quarter it was 149 and in this quarter like it was 150 something. So I mean what kind of headroom is available for this striking. I mean what kind of differential is available in the international market as well as in the Indian market? I mean kind of headroom for the. For the coming period? I mean what room we see, do we see?<\/p>\n

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

The only other. I mean fundamentally the soda glass supply is coming from China, Indonesia, Vietnam and Malaysia. So the companies in Vietnam, Indonesia and Malaysia are 100% owned by China. So therefore, in the eyes of most of us, including the government, these are seen as Chinese companies. So other than these Chinese companies, we have Borosil as a manufacturer today together with other Indian manufacturers. And internationally there is just one manufacturer called Shisha Jam in Turkey. But because of the current hostility in the Red Sea area, any import from Turkey for India would have to go across the Mediterranean, around the Cape of Good Hope in Africa and then come to India.<\/p>\n

So the shipping charges would be exorbitant. So we do not really see any challenge from any other producer. As of now there was a factory coming up in UAE which would have been ready for firing anytime. But because of the very adverse conditions prevailing currently in the states of Hormuz, I do not see how glass can come from UAE to India even if they decide to start the furnace production.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

As regards the headroom available, you know, the exchange rate has been rising continuously. The dollar has been which allows certain headroom, but it will not be significant. We are already at almost peak of the pricing.<\/p>\n

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

Right, right. That’s what I understand. Okay, one, one, one more thing. I mean like you have said that in this quarter you have passed on certain wrongly fuel pricing in fuel cost, increased prices to the customers. So what is the scenario, you know, in this current quarter? Like we are only in the middle of the current quarter. So I mean do we see that that starting on of the fuel, higher fuel costs is possible?<\/p>\n

Sunil Roongta<\/strong><\/p>\n

The fuel surcharge which was levied has been continuing ever since it was levied on 10th March or so. And the prices have been fluctuating in the meantime of gas and oil. So we will have to take a stock at the end of the 30th of June. That what has actually happened over a period of three months. But on balance we feel that it will even out as far as we see the, the data, the pricing difference and the cost difference would eventually be even out at the end of the 30th of June. That’s our feeling.<\/p>\n

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

Okay. And one last question sir. Like in the history of borusses, we have seen the, you know, in like FY26, 28% kind of EBITDA margins we have seen which is highest in the industry in the history. So what sort of, you know, margins we can expect going for this financial year and onwards?<\/p>\n

Sunil Roongta<\/strong><\/p>\n

I think we already said 30 to 30, 33% margin is something what we consider as achievable barring any unforeseen circumstances.<\/p>\n

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

Right, got it sir. That’s it from my side. And all the very best.<\/p>\n

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

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of mehul Banjwani from 40 cents. Please go ahead.<\/p>\n

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

Congratulations on a great set of numbers, sir. In view of the current West Asia crisis, let’s say if this crisis was to extend further, do we see, apart from the fuel impact, do you see any other impact in terms of raw material or which can adversely impact this?<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Yeah, you’re right. There are, there are several raw materials which are affected by oil and oil prices. So obviously there has been cost pressure and there is some disturbance coming. And the, the vendors are talking to us to pass on certain cost increases which we have been negotiating with them. And so far the impact has not been very high in terms of the rise in input cost. But should the, should the conflict continue for a long time, there may be additional burden of the on the cost of certain inputs which we’ll see how to mitigate in terms of whether we can mitigate through the cost savings and production efficiencies or we will have to look at some price increases.<\/p>\n

But so far it is, the cost pressure is not high.<\/p>\n

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

So I must make up. You asked a very interesting question and interestingly, for some companies the problem has not been faced in the shape of increase in cost of inputs or raw materials. The problem has been faced in a very, very unexpected direction which is that workers have been leaving their jobs and going home. And the reason for that is that the workers in their homes are not able to get LPG to cook food, so they are not able to continue. Now, I want to say in the case of our company, we are very fortunate because we are running on natural gas.<\/p>\n

We have piped natural gas in which though the price might have been fluctuating, there is no fluctuation in supply. So as far as we speak today, we have not had one single hours of loss due to non availability of food for the workers. And so food is fully and plentifully available, which is in a way a kind of a positive for our company that the workers are happy to stay there and they’re able to cook their food. Thank you,<\/p>\n

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

Sir. This was very insightful, sir. Second question is on, you know, because of this moving away from, I mean moving, the demand for renewable energy is going up across the globe now. So in view of that, are we planning any expansion which we have not, I mean, or are we in the discussion process of expanding further so that, you know, we can capitalize on this excess demand which will come our way?<\/p>\n

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

So as you know that we are already well on way to set up new production of 300 tons per day. Two furnaces. So that is 600 tons per day which we hope to see in production within this financial year. And that would increase our production capacity by 60% which is quite sizable. And in addition to that we have taken a further step forward which is that as I mentioned in my opening remarks we have started marketing rooftop solar installations and solutions under the brand name of Borosil. So for the time being we shall be procuring very high quality modules made under our strict term, strict guidelines and our specifications from very reputable manufacturers which we shall supply to the public at large under the Borosil brand.<\/p>\n

Now this could have a signature impact on our operations because we do have a good brand. And in time we have no doubt our brand will be well established as a leading dependable supplier for rooftop solutions by the citizens of our country. And then that should give us further improvement in our margins.<\/p>\n

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

Sir, by when would this. Both these initiatives start contributing to our top line?<\/p>\n

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

We have made our first sales in March already. So the current turnover already includes a very. Well, it actually doesn’t include anything yet because we booked the business. But we’re going to start delivering now. It’s very difficult to say though, you know, what extra. But let’s say we might be aiming for about 75 crores. Sales for the first year is very modest. But in time this could become very significant.<\/p>\n

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

So. But that is for the rooftop, right? I’m. I am talking about the two furnaces which we have planned and which will be operational in this financial year. So when would they contribute to our top line?<\/p>\n

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

Sensibly. Sensibly. We should take it from the next year.<\/p>\n

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

Q1 of next year. Sir,<\/p>\n

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

For Q1 of next year we expect. We expect that there might be some sales in this year. Some. But it’s<\/p>\n

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

Right, sir. So thank you so much and wish you the very best.<\/p>\n

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

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Kaushal Sharma from Equinox Capital Ventures Private limited. Please go ahead.<\/p>\n

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

Actually my question has been answered. Thank you, sir. And congratulations. Thank you. Thank<\/p>\n

Operator<\/strong><\/p>\n

You.<\/p>\n

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

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Next question is from the line of Vanshita Amlani, an individual investor. Please go ahead.<\/p>\n

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

In this quarter we have recorded text. I’m sorry<\/p>\n

Operator<\/strong><\/p>\n

To interrupt. We are not able to hear you properly. Can you use your handset mode please?<\/p>\n

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

So this quarter we have recorded tax benefit from that of German company. Can you please guide what tax bracket can we consider going forward?<\/p>\n

Sunil Roongta<\/strong><\/p>\n

So actually next year we are going to capitalize our expansion. So that way our next tax out go would be very small because 950 crore capitalization will be doing the next financial current financial year. So it is difficult to predict as of now what would be the tax percentage it would be same with defer tax it will be same 21%.<\/p>\n

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

Okay, so we can consider around 21% on PBT.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Yes.<\/p>\n

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

And for associate LNG prices are passed on to the customers. So sir, it is not reflected in the realization it is more or less flat and cross margin is also around 1.2% less. So can you please explain this?<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Yeah, so this impact is only for about 20 days in the last say quarter or even financial year and the impact of this fuel cost rise was less than a rupee as I said, maybe about 70 paisa or 75 paisa. So similar amount of increase you can see in the net realization also between the quarter 3 and quarter 4. So this, this figure is not very significant and in terms of the realization it is not impacted greatly.<\/p>\n

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

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Deepak by Swani from Swan Investments. Please go ahead.<\/p>\n

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

Yeah. Hi, Good evening sir and congratulations for very good set of numbers especially in the challenging environment. Sir, firstly wanted to check it out. If I were to check it on the sequential basis our revenues has grown 13% whereas our realization is flat, largely flat on the sequential basis. So there seems to some volume gain in the last three months. So just wanted to check it out. Is it primarily a 10% efficiency gain which we have seen? That’s the reason there is a sharp improvement in the volume or how should we read into?<\/p>\n

It’s<\/p>\n

Sunil Roongta<\/strong><\/p>\n

A mix of the two actually there has been increase in the production that is one thing. And the second thing is the impact of Indus because in the last quarter of this financial year the inventory which was or the sale which was in transit was much lower compared to the earlier periods. So there has been incremental sale coming in this this quarter which is. Which has shown up as increase in sales. So it is almost 50, 50 you can say out of the 15% or 14% 7% would be the production gain and maybe similar amount due to the N days.<\/p>\n

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

There’s another matter which is that at the end of the year there were many module makers who were very keen to complete their sales and their production. So we literally had to sweep our warehouse and we had virtually I think the lowest stock of glass we ever held in our lives was on 31st March 2020. 6 We had I think one shift of production or something like that in stock, so everything was sold out.<\/p>\n

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

Okay. And secondly, sir wanted to check it out on the fuel cost from the gas supply point of view. How should we see on the incremental basis? Is it completely secure at this point of time? And what is the kind of arrangement we have in terms of the long term contracts and spot pricing basis?<\/p>\n

Sunil Roongta<\/strong><\/p>\n

So we have contracts for medium term as well as the short term, which is on the monthly basis and the quantities are broadly secured. The price is a problem which is the current market price we have to pay for certain gas. As for the government directly, even the past the gas cut has been applied which is related to the past six month uses, average uses, so that whatever the quantity we were using in past six months, or rather say buying from our source, that is the quantity available at agreed price and the rest we would be buying from the same vendor or different vendor at market related price.<\/p>\n

So only price is a challenge as of now the quantities are secured.<\/p>\n

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

Okay. And thirdly, sir wanted to check it out from the rooftop solar point of view. If you can share the roadmap over the next three years, how should we see scaling up of this business and what would be the kind of investment we would be looking whether we would be putting manufacturing capacity for this going ahead or this would be purely outsourced kind of model and what would be the kind of investment we would be making in the marketing and distribution network in this.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

So it’s little early for us to give you all the details but broadly we are not any capital investment for next one, one and a half year. That is one thing. Second thing is that we are going to outsource all the three components which we are or circuit which we are going to supply will have three items, solar module, inverter and battery. So all those items we are going to outsource from other reputed vendors and supply is a part of our offering. And in terms of the manufacturing, we will take a call after one year or so as to what amount of manufacturing we can do.<\/p>\n

We are surely looking at inverter for the purpose of manufacturing or assembly, but not the modules and other things. And we don’t envision a very large capex to be incurred on this business at this point in time. But we can, we can only review the situation after say six, eight months and then come back to you further on this.<\/p>\n

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

Okay. And finally sir, one bookkeeping question. Deposition for the year as a whole has come down versus the last year. How should we See this in this year. I mean if you can give some explanation for this sir. And how should we see this going ahead? Whether on the existing facility I do understand for the new capitalization there would be incremental deposition. But for the existing facility how should we see going ahead?<\/p>\n

Sunil Roongta<\/strong><\/p>\n

So we should. We should take the run rate, current run rate of the depreciation. Because then past Capex which was on his earlier furnaces SG1, SG2, the period is expired for their, you know life over which we were to depreciate those furnaces. So after that period is over the depreciation has dropped considerably. And current depreciation mainly belongs to the last expansion which we did in 2023. So which is. Which is the continuing Capex I can add here is that the old furnaces SG1 and SG2 will have certain capex when we rebuild them which would be almost 100 crores on two furnaces.<\/p>\n

So which will get incurred when. Whenever we are taking these furnaces for repair and rebuild which might happen in the next calendar year.<\/p>\n

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

Okay, got it. And finally on the enabling resolution of 750 crore for the fundraising. If you can give a broader sense on that that would be really helpful.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

This is just enabling resolution taken by us for any eventuality. As of now we don’t have any plans. Rather we don’t have any need also to raise any capital. But should there be any opportunity or need then this is an enabling resolution taken by the board.<\/p>\n

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

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

Sunil Roongta<\/strong><\/p>\n

Okay,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Siddhant Lodha from Sanchi Fund. Please go ahead.<\/p>\n

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

Yeah, I just wanted to understand what the trend is regarding the X factory selling prices and how do we look at some.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Can you. Can you say again we’re not clear.<\/p>\n

Rohan Gheewala<\/strong><\/p>\n

Just a second.<\/p>\n

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

Yeah, I just wanted to understand what will be the trend of the X factory selling prices. Well, it is difficult<\/p>\n

Sunil Roongta<\/strong><\/p>\n

To predict the trend. But we are selling against the landed cost of imported Chinese glass. And that is also benchmark based on the reference price which is already determined. So if nothing goes wrong the prices should continue at this. At this level. And we don’t foresee much challenge in maintaining the prices.<\/p>\n

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

Understood. And any guidance on the EBITDA margin? Are these current margins sustainable at around 30 33% for the next year?<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Yeah, the same reply was. Same question was asked in replies already. Given that on normal basis we expect 30 33% margin in this business.<\/p>\n

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

All right,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Vijay Gupta from Panticle Consultants, please go ahead.<\/p>\n

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

Hi. Congratulations on a good set of numbers. My question comes around like attending a Q3 con call. The management said that they are not currently looking for capacity expansion of their Baruch plant and they are working on 100 capacity. So coming on down to the Q4 does the view remains intact or there is a change in view currently.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

So in the. Unless the expansion gets commissioned, there is no additional capacity coming in between. So your question may be that in the coming quarters whether there will be any capacity expansion. Our expansion will get commissioned only in the Q4 of this current financial year. Before that there will be incremental improvement in the production because of our efforts to bring in more efficiencies or increasing productivity which will be incremental in terms of say 3, 4, 5%. Other than that there will not be any substantial increase in the production or sales volume.<\/p>\n

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

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Amit Mehta from Sunidi Securities. Please go ahead.<\/p>\n

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

Hello.<\/p>\n

Operator<\/strong><\/p>\n

Yes, you’re audible.<\/p>\n

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

Yeah, yeah, yeah. Congratulations for good set of number which are regarding the the capex which we are doing about 600 tons per day. I’ve been. I was told earlier that we are doing two finances of 300 tons per day each and probably the first finance might go live in the month of January 2027. So is the timeline is the same for the first furnace<\/p>\n

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

As of now? Yes, that’s what we are looking at.<\/p>\n

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

Okay. And this margin which we have reported about 33% in this quarter and in the opening remark Mr. Kaji has said that you know once the expansion comes there would be the the benefit of operating leverage coming in and since we are adding almost 60% capacity from thousand ton to 1600 tons per day. Okay. And new furnace may have the. The higher output yield. So is it safe to assume that, you know the. The combined margin would be much better considering the benefit of new furnace and the benefit of operating leverage?<\/p>\n

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

Well, I think as far as we are concerned that is certainly our expectation. That is our hope<\/p>\n

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

And<\/p>\n

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

So far things have panned out as we had expected. The new installations are going to be an upgraded version of what we have now and I hope that that will show its colors. But borosil typically works at the cutting edge of technology and so our expectations are much better now. We have to wait and see what we can realize.<\/p>\n

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

Okay. And the last question about our rooftop solar the new venture, you have said that the first year you are targeting 75 crore of revenue. Okay. And without any Further major capex as most of the thing will get outsourced. So currently we are doing about 30 more than 30% margin in our existing business. So can we assume that this kind of business, since it is an asset light model and since this is an extension of what we are doing in the similar, so can we assume the margin will be in the similar line even on the.<\/p>\n

I<\/p>\n

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

Would be very surprised if it is similar line. It would be a lot lower than this and part of the reason that we have this high 32% margin. Also I must say that the asset to turnover ratio in setting up a glass factory is very adverse. So the total turnover is much less than the value of the asset that we have installed. So for that that the margin has to be very high to be able to repay debt and so on.<\/p>\n

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

So<\/p>\n

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

At this rate it’s all of course very profitable. So in the case of bought out item with virtually no asset, the rate of margin would be a lot lower than this but should still be profitable. And because of the fact that once we take up a job we try to do it well, hopefully we will have a good reputation and borosail rooftop solar installations will become the preferred choice for many householders as they are in other things that we work with in household goods and so on. So if that happens then yes, it should be a business worth having.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

So actually the scaling up is the key here in terms of this kind of business. Initially you may spend a lot of money on the brand building which fortunately in our case the brand is already existing. It’s a very robust and good brand to deal with. And in terms of the volume, once we built a substantial volume then even a smaller percentage would work out to be a good overall absolute EBITDA numbers. Initially we may expect less than 10% just to give you a number<\/p>\n

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

But<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Eventually it will work out better once we have certain volumes.<\/p>\n

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

Okay. Now you know this may not require any capex in terms of the capital investment but normally what kind of working capital will get clocked to do this 75 crore of turnover?<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Well, we are, we are trying to ensure that it does not become adverse on the other business. And it is self financed business as of now. So we were, we are negotiating terms of sale and purchase in a way that it does not need a lot of working capital.<\/p>\n

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

Okay. So whatever is come is the incremental profit to the existing profit pool. Correct?<\/p>\n

Sunil Roongta<\/strong><\/p>\n

That’s the expectation.<\/p>\n

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

Okay.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

In the initial year we don’t expect profit actually. So maybe one year we have to allow it to Gather esteem and then we can say that how much we can really generate on this business.<\/p>\n

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

Okay. Yeah. Thank you. Thank you. Thank you. Thank you. The next question is on the line of Dheeraja from Philip Capital pcg. Please go ahead. Good evening sir. Thanks for the opportunity. We are running at full capacity. So do we expect it on the current sales momentum based on the X factory price which is there? That will continue for next few quarters.<\/p>\n

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

There is no reason to expect otherwise. I see. The whole world is full of uncertainty. Nobody knew on the 27th of February that there will be a big attack on Iran on 28th February and all these problems will happen. So we just were sitting normally at home and 28, suddenly there was this big war like situation. And that has had a major impact on oil supply for people around the world. So nobody had expected. So just as it came from nowhere, who knows it might disappear into nowhere. And if this there’s a settlement between these two nations then maybe things will resume to normal very quickly.<\/p>\n

So nothing is very certain.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Just to bring in caution here is that about 6% of the sales impact in Q4 is on account of India’s impact and that will, that is exhausted. So now to continue to expect the same amount of sales will not be right. This 6% will go off. So on a run rate basis if you want to look at maybe 400 crores or thereabout is a good. 400, 410 is a good amount to look at.<\/p>\n

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

Sir, if you can explain what is the 6% impact because of the India’s adjustment.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

So as you would know the India’s accounting requires the accounting standards required you to recognize sales only when it is delivered and as per the terms incoterms. So there are a lot of customers whom we dispense the goods in the say last 10 days or 15 days of the month of the quarter. And if those goods are dispatched to far off places or exported, those sales have to be reversed and it has to be shown as inventory. So in this quarter, particularly the Q4 of last financial year, such sales were very limited and opening sales were very high.<\/p>\n

So there is a positive, positive addition to the sales for the quarter which was earlier recorded as sales and rewards. So that way sales have become higher this quarter, although these were sales earlier but they were not included as sales earlier. So in on a quarterly basis, if you see this quarter has received that credit which, which is why the sales are higher in this quarter to that extent.<\/p>\n

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

Okay. So normal would be around 400 crore.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Yeah, 400410 as I said.<\/p>\n

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

Okay. And sir, what kind of drops we have seen on the import side after this basic custom duty and anti dumping duty that we have seen on the solar glass.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Are you looking at the volumes or how?<\/p>\n

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

Yes. On the volume side.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

No. As a country is producing only 30% of the solar glass required. The rest of us is coming from by way of imports only which continue to happen despite the duty. Because the Indian producers cannot supply extra quantity. In the past there was some inventory built up because of the prices becoming. Prices were lower from the imports. But from December 24th onwards that situation has changed. Now domestic producers are able to sell in their entire production. But on top of that almost 70% of the demand is still outstanding to be made which is filled by the imports.<\/p>\n

So imports are continuing at a higher price. That’s the impact of the duty. And the Indian producers are able to seek a higher price to the extent of landed cost of imports which is allowing them to show good performance, good results which is required for this kind of business.<\/p>\n

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

Okay. Okay. Got your point sir. Thank you so much sir. Thank you. The next question is from the line of Vikram Sharma from Navishai. Please go ahead. Hello. Hi sir. Congratulations for good. I wanted to hear our views on rooftop solar business side. Like we have very good market share in solar side. Solar glass is more of B2B business. So we don’t have any like sales distribution tenant like Borosil Ltd. Then why we are like trying or focusing on a very highly competitive rooftop market.<\/p>\n

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

As a group has a lot of marketing experience across different market segments. And there has been a very strong representation by many different people who have come up and said why don’t you sell borosil branded modules and give borosil solutions to rooftops. So there is a certain amount of demand over there. Because if we were to give a solution which includes the module and the inverter to begin with and maybe later on migrate to installation as well, people would have faith in that and they would give us a little bit of a premium over other people who are unknown.<\/p>\n

So this could become a very interesting business for us. As you may perhaps know, Tata Power itself is an EPC and they are a contractor who agree to set up installations for various customers. And we are looking at that possibility. It could be very interesting for us going forward,<\/p>\n

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

Don’t you think? This is very competitive market. Like Haves, Luminous, Tata, all are in the market and they are doing very aggressive marketing this side.<\/p>\n

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

Everything nearly in the world that you do is subject to some competition. This is kind of useful for us because it, we do manufacture the glass and now we are developing new solutions. For example, we have a new solution which is an anti soiling solution where we apply the coating on the glass and that cleans off, that cleans off any dirt accumulated there, a little bit of water. So the output from the entire installation rises. Now these are things which if we sell the glass to a module manufacturer, then he sells to an epc, then the EPC sells to somebody, then these features are lost to the customer.<\/p>\n

In case we are able to sell our own product, our own branded glass, then we would have, we would be able to offer such solutions to customers who might find value in what we are offering.<\/p>\n

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

Okay. And like do we have plan to manufacture module plus batteries as well?<\/p>\n

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

Yes, the idea is to be able to meet customers demands, including batteries.<\/p>\n

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

Okay sir, thank you.<\/p>\n

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

Thank you.<\/p>\n

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

Thank you. The next question is from the line of Daksh Malhotra from Arif Global. Please go ahead. Yeah, good afternoon and congratulations on the good set of results, sir. Most of my questions have been answered already. And just to take hint from the previous listing on the rooftop, apart from this anti soiling solution, do we have any other unique selling points or what is the larger trend on the larger thought behind going for rooftop? As you mentioned, we might venture into manufacturing inverters as the second phase.<\/p>\n

Is this something to do with the ASML3 or are we looking at something else in the future as modus and renewables?<\/p>\n

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

The thing is, we are in this business, we’ve been here for the last 16 years. People know us and people rely upon us. So<\/p>\n

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

There<\/p>\n

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

Is no doubt that we are as a component manufacturer. We end up making a commodity product which people would buy and price it along with the commodity because our customers who are the module makers are in turn selling their products to people who are either EPCs or people who are owners of projects and so on. And the only thing in our country that works is the price. What we are seeing in recent years that when a lot of high value products are also being sold in the country, it’s no longer the company that buys the cheapest car, the cheapest home, the cheapest furnishings.<\/p>\n

People are now ready to pay for quality and unfortunately we are not able to tap into that market. So we are just migrating outward to see where we would end up, what would be the expectation customers have from their systems. I foresee in the years to come a growing dependence on cell generation across the whole nation. And the era of very Large plants which are providing power to not be growing as aggressively as domestic personal generation. And if you are coupling that with battery standby, you’re giving people a taste of self sufficiency at a predictive price.<\/p>\n

Today the price of power is not predictive. You don’t know what you’re going to be ending up paying for your power. So there are many reasons to consider going into this where you’re coming face to face with the consumer, where, you know, we are very comfortable with that. We make domestic appliances, we make so many products which are directly used by the consumer. And so this would, this is an area where we have comfort.<\/p>\n

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

Fair enough, as long as we are not investing too much behind it. Let’s see where it goes. And you mentioned in the last call there was some plant in Indonesia also which had fired up furnace. Now that we are, you know, talking to the government and have initial nod from the director general for counter viewing duties in Malaysia, you know, expected to foresee some imports from Indonesia where we can have some price trouble.<\/p>\n

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

Well, I’ll tell you something. A lot has changed in India so far as our customers are concerned. So the domestic manufacturers of modules have undergone a significant change. And where is the change? The change is that the speed at which the modules are being made by the manufacturer has really gone up several times. So they are making a module every few seconds and they cannot take risks with new suppliers who are giving them a product they are not so sure about. So to some extent, like pharma producers, when they buy packaging, they buy ampoules and vials, which by the way, Borocell also manufactures and we sell to pharma producers.<\/p>\n

They are very, very finicky. They’re very particular about the wires and amputees that they buy because they don’t want to lose any production because of the breakage of the packaging. And these are all done at high speed packaging lines. So in a similar way, a company which is manufacturing modules is dependent upon its profitability if it is able to make the desired number of modules every hour. So they have started valuing dependability and quality, etc. So that their production lines are not unnecessarily disrupted and they don’t have to lose production.<\/p>\n

So with us, the customers who buy from us, they buy large volumes and they are happy with us. So to answer your question about Indonesia, their market, their glass has come into the market. So far it has not made any very great impact. It will take a while before they can actually break into large scale.<\/p>\n

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

Is it coming at lower prices or is it not coming in<\/p>\n

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

That much? You see, you see, you see it’s like this. The Chinese company based in Indonesia is very, very keenly aware of the prices at which glass is being sold in India. And they are also aware about the price at which glasses were being sold from China and even continue to be sold from China. But since they are an independent 1 company in Indonesia, there’s no need for them to go down to the Chinese price level. So their selling prices are very much higher than what they would have been if they’re selling from China.<\/p>\n

So the price pressure is not that high as we see at this time. We don’t know about going forward at this time. The price pressure is not so high. They’re trying to keep their price at a level where it’s just enough sufficiently attractive to their customer in India to buy from them.<\/p>\n

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

All right, and what is the capacity of their production? Just if you have any idea how much the Chinese<\/p>\n

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

Factory in Indonesia is doing, I think 1500 tons per day. The shortfall in India is 7000 tons per day. So even if they were to sell everything in India, it would still not make any impact on the domestic supply or demand for domestic glass that the prices might come under pressure. But we wait and see.<\/p>\n

Sunil Roongta<\/strong><\/p>\n

There are limited customers who would potentially get material from Indonesia in any case. And today there are multiple options available to the company in terms of the customers. And also the demand is quite high. So there is no great pressure in terms of the prices. And we are also working with the government to introduce PIs and get quality control order on the solar glass in course of time. So if the situation worsens in say next one year or six months, we will, we will make options<\/p>\n

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

Are available. Yeah, they<\/p>\n

Sunil Roongta<\/strong><\/p>\n

Can attempt to get these measures introduced in by way of intervention from the government. And government is quite positive on the domestic production of solar components and entire solar value chain. So we expect the prices not to come in so come under so much of pressure because of entry of Indonesia in the production.<\/p>\n

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

You must also keep in mind the ocean freight rates are very fluctuating quite wildly because of the, you know, uncertainty about supply of oil for their ships of oil fuel. So the prices export prices also subject to that variation.<\/p>\n

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

Yes, but all these are short lived as you said. You know, this can end in a jitty if we get the BIS or some sort of government, you know, confidence that the minimum price level will be maintained. And Chinese companies doesn’t matter where this setup shop should not be undermining our prices that will be longer term comfort for us and the Indian glass manufacturing community. Something<\/p>\n

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

Very positive which has emerged in the last two or three years, four years is Indian industry’s very dramatic response to the government’s dictum to manufacture in India. And once these incentives have been given for Indian manufacturing, the increase in domestic manufacturing is staggering. As you can see, solar modules are well over 150 gigawatts. That’s a very large capacity that we have in our country. And the value chain even for glass for so many, every aspect of, every aspect of solar component is being enhanced in an exponential way.<\/p>\n

So the government can see that we are developing as a manufacturing power and solar as well. And so I think they will be maintaining their stand to protect the industry.<\/p>\n

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

Right sir. And lastly, on the, you know, quarterly exit run rate, sir had pointed out that we can consider for the first 3\/4 the given run rate. And for Q4, do we anticipate maybe a 300 ton furnace getting fired up somewhere in December, early Jan and that giving boost to our Q4 numbers or.<\/p>\n

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

That is certainly our objective. But that is our objective. But we are not saying so.<\/p>\n

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

I<\/p>\n

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

Mean we are not saying. We’ll see probably Q2, we’ll have a closer picture at that time.<\/p>\n

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

Thank you very much. We work very hard.<\/p>\n

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

We hope that we can satisfy all our own demands. And<\/p>\n

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

If the demand is so good, if the demand is so good and the solar manufacturing is increasing, and especially after this West Asia world, why don’t we plan to set up one more furnace and venture in our core competence? If we anticipate there’s a<\/p>\n

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

Growing demand<\/p>\n

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

Here,<\/p>\n

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

It’s not at all out of the realms of possibility, let me say that. But we’ll have to see how it goes. I’ve spent my life trying to make sure that I don’t disappoint, you know, and I try to bite as much as I can chew and getting 60% higher output. This is skilled job making solar glass. It’s not that by throwing money at something, it’s not like buying a car which is ready to be driven on the road, you know, it is. You have to fine tune it every single installation. And having spent the last nearly 60 years of my life doing it, I’m fairly confident that I should remain within my bounds.<\/p>\n

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

Noted. But this, you know, if we announce and plan for it, the sooner we do it, it will take whatever time would say a year, year and a half to set it up. And if we foresee that, maybe, you see. Okay, understood sir. If it’s on the card. Then you take the right call. Thank you.<\/p>\n

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

Thank you. Thank you. If I may say, I just interrupt at this point and say that. Can we stick to one last question, please? Because it’s been an hour and 15 minutes now.<\/p>\n

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

Sir, that was the last question. The management can proceed with their closing comments.<\/p>\n

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

Thank you very much, dear investors, for your searching questions which show that you have been following the operations very closely. We continue to work for all our stakeholders and investors are very important part of very important stakeholder for the management of this company. And thank you very much. Good day to you.<\/p>\n

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

Thank you, members of the management team. Ladies and gentlemen, on behalf of Axis Capital Limited, that concludes this conference call, we thank you for joining us. And. And you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. BOROSIL RENEWABLES LTD (NSE: BORORENE) Q4 2026 Earnings Call dated May. 13, 2026 Corporate Participants: P. K. Kheruka \u2014 Executive Chairman Sunil Roongta \u2014 Chief Financial Officer Analysts: Rohan Gheewala \u2014 Analyst Unidentified Participant Presentation: […]<\/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":[10169,9175,9104,9092,14492,10089],"class_list":["post-182884","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-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":162207,"url":"https:\/\/alphastreet.com\/india\/borosil-renewables-ltd-q4fy24-8-fall-in-revenue\/","url_meta":{"origin":182884,"position":0},"title":"Borosil Renewables Ltd Q4FY24; 8% fall in Revenue","author":"Divyansh_Kasana","date":"June 17, 2024","format":false,"excerpt":"Borosil Renewables is engaged in manufacturing extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Greenhouses. (Source: 202003-01 Annual Report Page No:188) Financial Results: Borosil Renewables Ltd reported Revenues for Q4FY24 of \u20b9283.00 Crores down from \u20b9309.00 Crore year on year,\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-137.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-137.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-137.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-137.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-137.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-137.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":156672,"url":"https:\/\/alphastreet.com\/india\/borosil-renewables-ltd-q2fy24-25-rise-in-profits\/","url_meta":{"origin":182884,"position":1},"title":"Borosil Renewables Ltd Q2FY24; 25% rise in Profits","author":"Divyansh_Kasana","date":"November 27, 2023","format":false,"excerpt":"Borosil Renewables is engaged in manufacturing extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Greenhouses. Financial Results: Borosil Renewables Ltd reported Revenues for Q2FY24 of \u20b9402.00 Crores up from \u20b9169.00 Crore year on year, a rise of 137.87%. Total Expenses\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-329.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-329.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-329.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-329.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-329.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-329.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":152263,"url":"https:\/\/alphastreet.com\/india\/borosil-renewables-ltd-q1fy24-53-fall-in-profits\/","url_meta":{"origin":182884,"position":2},"title":"Borosil Renewables Ltd Q1FY24; 53% fall in Profits","author":"Divyansh_Kasana","date":"August 10, 2023","format":false,"excerpt":"Borosil Renewables is engaged in manufacturing extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Greenhouses. (Source: 202003-01 Annual Report Page No:188) Financial Results: Borosil Renewables Ltd reported Revenues for Q1FY24 of \u20b9238.00 Crores up from \u20b9170.00 Crore year on year,\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-531.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-531.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-531.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-531.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-531.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-531.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":170927,"url":"https:\/\/alphastreet.com\/india\/borosil-renewables-q1-fy26-earnings-results\/","url_meta":{"origin":182884,"position":3},"title":"Borosil Renewables Q1 FY26 Earnings Results","author":"Divyansh_Kasana","date":"September 4, 2025","format":false,"excerpt":"Borosil Renewables Limited is India\u2019s only manufacturer of extra clear patterned glass and low-iron solar glass, which are critical components for photovoltaic panels, flat plate collectors, and greenhouses. The company plays a vital role in India\u2019s renewable energy ecosystem by supplying high-quality solar glass to module manufacturers, thereby contributing to\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"BORORENEW Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BRENEW.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BRENEW.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BRENEW.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BRENEW.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BRENEW.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/09\/BRENEW.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":133436,"url":"https:\/\/alphastreet.com\/india\/borosil-renewables-ltd-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":182884,"position":4},"title":"Borosil Renewables Ltd Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"August 24, 2022","format":false,"excerpt":"Key highlights from Borosil Renewables Ltd (BORORENEW) Q1 FY23 Earnings Concall Q&A Highlights: Rahul Dani of Monarch Networth asked that in opalware if there is a possibility for outsourced manufacturing. Pradeep Kheruka, Chairman replied that there is a possibility and the company is evaluating it and expects to bridge 2Q23\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"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":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182884","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=182884"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182884\/revisions"}],"predecessor-version":[{"id":182885,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182884\/revisions\/182885"}],"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=182884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=182884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=182884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}