Despite the widening loss, revenue from operations rose 37.39% year-over-year (YoY) to Rs 332.26 crore for the quarter ended 30 June 2025.
Profit before exceptional items and tax stood at Rs 66.56 crore in Q1 FY26, compared to a pre-tax loss of Rs 4.99 crore in Q1 FY25. However, the company reported exceptional items worth Rs 325.91 crore during the quarter.
During the quarter, Borosil Renewables conducted an independent assessment of its step-down subsidiary GMB in Germany and found no signs of demand recovery. With GMB requiring monthly funding of around EUR 900,000, its Managing Director filed for insolvency on 4 July 2025 at the Cottbus Insolvency Court under the German Insolvency Code. As a result, Borosil's management reassessed its total exposure of Rs 32,590.81 lakh related to GMB and its parent Geosphere Glassworks GmbH. Due to the uncertainty around the insolvency outcome, this entire amount was fully provided for and disclosed as an exceptional item in the financial results.
Total expenses increased 8.75% YoY to Rs 271.23 crore during the quarter. Cost of material consumed stood at Rs 84.42 crore (up 13.37% YoY), employee benefit expenses was at Rs 20.09 crore (up 2.44% YoY) and finance cost stood at Rs 4.19 crore (down 31.92% YoY) during the period under review.
Meanwhile, the company’s board has approved a preferential issue of up to 70,93,874 fully paid-up equity shares at Rs 535 per share (including a Rs 534 premium), totaling approximately Rs 379.52 crore. The shares will be allotted to non-promoter investors on a private placement basis, subject to necessary approvals from shareholders and regulatory authorities, in accordance with applicable laws and SEBI regulations.
Borosil Renewables is engaged in the business of manufacturing of extra clear patterned glass and low iron solar glass for application in photovoltaic panels, flat plate collectors and green houses.