Quarterly results for Borosil Renewables Ltd

Borosil Renewables Limited – Q4 FY26 Results (Announced 12 May 2026)

Unit Conversion: All figures from the filing (₹ Lakhs) have been converted to ₹ Crores for consistency with historical data (divide by 100).

Equity: ₹1,509.63 Cr (up from ₹999.71 Cr YoY)
Total Borrowings: ₹163.14 Cr (down from ₹251.67 Cr YoY)
Cash & Equivalents: ₹61.21 Cr (up from ₹52.82 Cr YoY)
Significant increase in investments (current): ₹577.14 Cr (was ₹20.14 Cr YoY)

Margins at Multi-Year Highs:
- Operating margin of 31.0% is at the top end of the historical range (previous 8Q max: 31.5%).
- Net margin of 38.4% is an all-time high, driven by one-off tax credits and absence of new exceptional losses.
Growth Acceleration:
- Revenue growth of +17.8% YoY and +12.7% QoQ is well above the recent 4Q average (2.1% QoQ, 8.7% YoY).
- Q4 revenue of ₹439.92 Cr is a new Q4 record, exceeding the historical Q4 average of ₹321.9 Cr by 37%.
Cost Structure:
- COGS as % of revenue at 25.7% (Q4 FY26) is in line with historical averages.
- Employee costs at 6.4% of revenue, down sharply from the 12.8% historical average, reflecting restructuring and deconsolidation of loss-making foreign subsidiaries.
- Power & fuel and other expenses stable as % of revenue.
Exceptional Items:
- No new exceptional losses in Q4; all major write-offs (₹213.41 Cr) for German subsidiaries were fully provided in Q1 FY26.
- This quarter’s profit reflects normalized operations post-restructuring.
Balance Sheet Strengthening:
- Equity base up 51% YoY due to capital raising (~₹600 Cr in FY26).
- Borrowings reduced by ~35% YoY.
- Large increase in current investments, indicating strong liquidity post-fundraise.

Seasonality:
- Q4 is typically the weakest quarter for margins (historical Q4 avg op margin: 2.1%). This Q4’s 31.0% margin is a dramatic outlier, reflecting the impact of restructuring and cost base reset.
Growth Momentum:
- YoY revenue growth of 17.8% is double the 8Q average (8.7%) and the highest in 6 quarters.
- Margin expansion of +2,072 bps vs prior 4Q average confirms a structural shift.
Cost Ratios:
- Employee costs and COGS as % of revenue both declined vs historical averages, supporting margin recovery.
Record Performance:
- All-time high net profit and net margin.
- Q4 revenue and operating profit at record levels for the company.

Restructuring Complete:
- Insolvent German subsidiaries fully written off and deconsolidated; no further impact expected.
- Management expects no recovery from these entities.
Capital Raising:
- ~₹600 Cr raised in FY26, mainly used for debt repayment and capacity expansion.
- Board approved further fundraising of up to ₹750 Cr for future growth.
Growth Initiatives:
- New rooftop solar solutions division launched, signaling strategic diversification into downstream solar.
Management Changes:
- Re-appointment of Mr. Sunil Roongta as Whole-Time Director & CFO.

Metric	Q4 FY26	Q3 FY26	Q4 FY25	YoY Change	QoQ Change
Revenue (Cr)	439.92	390.46	373.54	+17.8%	+12.7%
Operating Profit (Cr)	136.36	123.00	(10.10)	N/A	+10.8%
Operating Margin (%)	31.0	31.5	-2.8	+3,380 bps	-50 bps
PAT (Cr)	169.12	100.19	(29.53)	N/A	+68.8%
Net Margin (%)	38.4	25.7	-7.9	+4,630 bps	+1,270 bps
EPS (₹)	12.07	7.20	(1.53)	N/A	+67.6%

Q4 FY26 marks a structural reset: Record margins and profits, driven by exit from loss-making foreign subsidiaries and cost discipline.
Growth momentum is strong: Revenue and profit growth both accelerated, with new highs in key metrics.
Balance sheet is robust: Equity up, debt down, and liquidity strong after capital raise.
Strategic focus is shifting: Company is now focused on domestic growth and new solar solutions, with legacy overseas risks largely behind.
No auditor concerns; all exceptional items fully recognized.

Monitor: Execution of new business initiatives, sustainability of margin gains, and deployment of new capital for future growth.