Borosil Renewables, India’s largest solar glass manufacturer, reported total standalone sales of INR 275.28 crore during the third quarter (Oct-Nov-Dec) of FY 2025, 14.2% up YoY and about 3.6% up from the preceding quarter.
Borosil Renewables has a combined capacity of 1,350 tpd (equivalent to 8.5 GW), including 350 tpd (2 GW) capacity of German subsidiary GMB.
The manufacturer said it was able to achieve the QoQ revenue growth [of 3.6%] despite a steep decline in average ex-factory prices to about INR 105/mm per sq. meter, down from the preceding quarter’s average selling price of INR 115/mm per sq. meter. This growth in sales by value became possible only because overall sales by volume rose by about 14% over the preceding quarter.
The EBITDA for Q3 FY 2025 stood at INR 20.89 crore, 60.5% less compared to INR 52.88 crore in the preceding quarter. The company posted a post-tax loss of INR 8.64 crore in Q3 FY25, compared to a profit after tax of INR 12.62 crore in Q2 FY25 and a post-tax loss of INR 11.04 crore in the corresponding quarter in the last year.
“The imposition of a 10% basic customs duty on [solar glass] imports from 1.10.2024 did not make an impact on the landed prices of the imported glass, because the FOB export prices of imports were cut by 18% by the Chinese. The decline in the landed price of imported glass occurred principally because of a sharp and continuous drop in FOB prices by China through the Q2FY25 which was compounded by a drop in ocean freight in Q3FY25 . Additionally, items of expense on account of a non-routine repair of INR 4.59 crore and the debit of Rights issue expenses of 2.01 crore further impacted the EBITDA,” said Borosil Renewables.
The share of export sales in Q3 FY 2025 turnover dropped QoQ as cheaper module influx from China hit local panel manufacturing [and hence the glass demand] in these markets.
“Export sales (including those to SEZ customers) amounted to INR 16.02 crore in Q3 FY 2025, accounting for 6% of the turnover, compared to INR 34.39 crore in the preceding quarter when exports made up 13% of turnover. All the major export markets are showing lower demand due to low level of local manufacturing as cheap modules imported from China dominate the installations,” stated the company.
Borosil Renewables’ Board had earlier approval a proposal for setting up additional furnace with a capacity of 1,100 tonnes per day (tpd). It has now curtailed the project size to 500 tpd “considering the low cash accruals in the last two years and to keep the debt at manageable levels. The capital cost has been reduced due to the lower size of the furnace.”
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