Borosil Renew. Q1 FY27 Results (NSE: BORORENEW)
Signal: Loss reversed
The read
Borosil Renewables reported its fifth consecutive quarter of OPM expansion (31%) as the absence of German subsidiary impairments and strong domestic revenue growth (+31.5% YoY) turned consolidated PAT to ₹86.64 Cr from a -₹203.49 Cr loss a year ago. The core Indian flat-glass business is running at steady profitability, with power & fuel cost the only headwind (25.2% of revenue vs 22.8% last year).
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹405.69 Cr | 17.0% | -7.3% |
| EBIT | ₹117.28 Cr | 229.6% | |
| Net profit | ₹86.64 Cr | 142.6% | |
| EPS | ₹6.19 | 149.3% | |
| EBIT margin | 31% |
P&L walk
Revenue grew 17% YoY driven by domestic market (+31.5% YoY) while exports fell 71%; OPM held steady at 31% (5th consecutive quarter of expansion) as raw material costs were well controlled despite higher power & fuel; other income boosted PAT by ₹13.99 Cr; exceptional items absent vs huge loss a year ago.
Key positives
- Fifth consecutive quarter of OPM expansion — 31% in Q1FY27 vs 7% (implied) in Q1FY26, a 2400bps YoY gain.
- Domestic revenue surged 31.5% YoY to ₹39,140.34 Lakh, reflecting strong solar module glass demand.
- Consolidated PAT turned positive at ₹86.64 Cr vs a loss of ₹203.49 Cr a year ago, aided by zero exceptional items.
- Finance costs fell 44.7% YoY to ₹2.32 Cr as debt was reduced via preferential issue proceeds.
Key concerns
- Export revenue collapsed 70.8% YoY to ₹14.29 Cr, the second consecutive quarter of sharp decline.
- Power & fuel cost rose 29.2% YoY, outpacing revenue growth; as a % of revenue it is now 25.2% vs 22.8% a year ago — a margin headwind.
- Sequential revenue declined 7.3% QoQ, though this is typical seasonality post Q4 peak.
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