Borosil Renewables Q2 FY27 Results: Consolidated Net Profit ₹68.78 Crore on Total Income of ₹408 Crore
Earnings
Flat glass manufacturing
Blacklitt Research4 min read
Photo by American Public Power Association on Unsplash (Unsplash License). Illustrative image.
Borosil Renewables (BORORENEW) reported consolidated total income of ₹407.59 crore and net profit of ₹68.78 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹407.04 crore and net profit ₹70.13 crore, it said in a filing on 30 Oct 2026.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹407.59 crore, up 7.1% YoY and down 2.9% QoQ
Net profit: ₹68.78 crore, up 11.7% YoY and down 20.6% QoQ
EPS, basic: ₹4.78 against ₹1.98 a year earlier, up 141.4%
Exceptional item: ₹7.75 crore charged in Q2 FY26, the year-earlier quarter
Standalone
The company on its own, without its subsidiaries
Total income: ₹407.04 crore, up 7.0% YoY and down 3.0% QoQ
Net profit: ₹70.13 crore, up 53.1% YoY and down 20.0% QoQ
EPS, basic: ₹4.86 against ₹3.44 a year earlier, up 41.3%
Finance costs: ₹2.62 crore, down 27.3% YoY from ₹3.61 crore
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
407.59
380.69
+7.1%
419.68
-2.9%
Revenue from operations
396.70
378.88
+4.7%
405.69
-2.2%
Other income
10.88
1.81
+500.4%
13.99
-22.2%
68.78
61.58
+11.7%
86.64
-20.6%
Profit before tax
89.60
86.62
+3.4%
117.89
-24.0%
Finance costs
2.62
3.61
-27.3%
2.32
+12.8%
Depreciation
23.74
22.28
+6.5%
21.56
+10.1%
Tax expense
20.82
25.05
-16.9%
31.25
-33.4%
Net profit margin
16.87%
16.17%
+0.70 pp
20.64%
-3.77 pp
EPS, basic (₹)
4.78
1.98
+141.4%
6.19
-22.8%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit rose 11.7% YoY, faster than total income (up 7.1%) and faster than profit before tax (up 3.4%). The year-earlier quarter carried an exceptional item of ₹7.75 crore, which the notes describe as impairment of assets and recognition of an additional liability for the German subsidiaries Geosphere Glassworks GmbH and GMB Glasmanufaktur Brandenburg GmbH, consequent to insolvency proceedings that are yet to be concluded.
Revenue from operations rose 4.7% to ₹396.70 crore, while other income rose to ₹10.88 crore from ₹1.81 crore, up 500.4%. Other income is 2.7% of total income this quarter, so revenue from operations is the larger part of the ₹407.59 crore total.
Finance costs fell 27.3% to ₹2.62 crore from ₹3.61 crore, and are 0.6% of total income this quarter. Depreciation rose 6.5% to ₹23.74 crore from ₹22.28 crore a year earlier, and rose 10.1% from the previous quarter's ₹21.56 crore.
Tax expense fell 16.9% to ₹20.82 crore, which is 23.2% of profit before tax of ₹89.60 crore. Basic EPS was ₹4.78 against ₹1.98 a year earlier, up 141.4%. The auditors' conclusion is not modified for reliance on unaudited information of two subsidiaries and two associates, which management certified; according to management, that information is not material to the group.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
407.04
380.25
+7.0%
419.68
-3.0%
Revenue from operations
396.16
378.44
+4.7%
405.69
-2.3%
Other income
10.88
1.80
+503.2%
13.99
-22.2%
70.13
45.82
+53.1%
87.71
-20.0%
Profit before tax
92.07
66.17
+39.2%
118.35
-22.2%
Finance costs
2.62
3.61
-27.3%
2.32
+12.8%
Depreciation
21.64
21.86
-1.0%
21.33
+1.5%
Tax expense
21.95
20.35
+7.8%
30.64
-28.4%
Net profit margin
17.23%
12.05%
+5.18 pp
20.90%
-3.67 pp
EPS, basic (₹)
4.86
3.44
+41.3%
6.25
-22.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 53.1% YoY to ₹70.13 crore, faster than total income (up 7.0%) and faster than profit before tax (up 39.2%). The year-earlier quarter had a standalone exceptional item, which the notes describe as provision for impairment or amount written off on exposure to the German subsidiaries, and impairment of exposure to Laxman AG, a wholly owned subsidiary.
Revenue from operations rose 4.7% to ₹396.16 crore. Other income rose to ₹10.88 crore from ₹1.80 crore, up 503.2%, and is 2.7% of total income this quarter.
Depreciation fell 1.0% to ₹21.64 crore, and finance costs fell 27.3% to ₹2.62 crore. Tax expense rose 7.8% to ₹21.95 crore, which is 23.8% of profit before tax of ₹92.07 crore.
Standalone net profit fell 20.0% from the previous quarter, more than total income, which fell 3.0%. Basic EPS was ₹4.86 against ₹3.44 a year earlier, up 41.3%.
Inference
The filing says that in the quarter the company received ₹274.30 crore from preferential issue warrant holders who paid the balance 75% on exercising their warrants, and allotted 69,00,526 fully paid-up equity shares of Re. 1 each. It says ₹513.19 crore has been received overall under the preferential issue, and that the board forfeited 1,12,578 balance warrants, with ₹1.49 crore of upfront subscription money, due to non-payment of the balance.
Of the issue proceeds, ₹185.00 crore was used to satisfy a liability under a standby letter of credit given as security to the lenders of GMB Glasmanufaktur Brandenburg GmbH, a step-down subsidiary, and ₹134.40 crore was used for capital expenditure to expand production capacity, as on 30 Sep 2026. The board also approved a revised timeline to end March 2027 for commissioning two 300 TPD furnaces at Bharuch, Gujarat, with an additional cost outlay of ₹150.00 crore; the total estimated investment is about ₹1,100.00 crore for 600 TPD.
Changes the board approved to the Borosil Employee Stock Option Scheme 2017, subject to member and other approvals, allow option shares from primary issuance or a trust route; until a trust is set up, the scheme will be administered via the direct route. The board also extended the timeline for using the general corporate purposes portion of Preferential Issue 2 proceeds from 16 Oct 2026 to 31 Mar 2027; the filing gives the reason as unforeseen operational exigencies. A reader would want the reasons for the revised furnace timeline, which the notes give only as certain reasons, and the text read gives no reason for the rise in other income.
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BORORENEWBorosil Renewables Ltd.
