Solar Stock in Focus After Reporting 402% YoY Increase in EBITDA

Synopsis: – Riding a decisive shift in government trade policy, Borosil Renewables has delivered its best-ever annual performance in FY26, with revenue up 5.2 percent and EBITDA surging 402 percent year-on-year, while simultaneously pushing ahead with a Rs.950 crore capacity expansion that could reshape its scale by the end of 2026.

India’s sole large-scale solar glass manufacturer turned heads this week with a strikingly clean turnaround story, one where a single government policy move on import duties unlocked years of suppressed pricing power almost overnight, triggering a margin explosion, record annual numbers, and an ambitious capacity bet timed perfectly to India’s accelerating solar boom. 

With a market capitalization of Rs. 7,500 crore, the shares of Borosil Renewables Limited were trading at Rs. 534 per share on May 14, 2026, with a 52-week range of Rs. 721 to Rs. 374.40. It is trading at a P/E of approximately 23.

The Numbers That Tell the Story

India’s only solar glass manufacturer, Borosil Renewables, delivered its strongest-ever annual performance in FY26, with consolidated revenue from operations rising 5.2% YoY to Rs.1,556 crore. The real story, however, was the margin explosion: consolidated EBITDA surged 402% YoY to Rs.466 crore, with margins expanding from a thin 6.3% in FY25 to 29.9% in FY26.

The turnaround was anchored by a sharp recovery in realizations. Average ex-factory selling prices rose from Rs.113.4/mm in FY25 to Rs.146.7/mm in FY26, a direct outcome of the government imposing anti-dumping duties on solar glass imports from China and Vietnam in December 2024. Volumes also held up, with sales quantities rising 8% for the full year. Consolidated PBT before exceptional items swung from a loss of Rs.74 crore in FY25 to a profit of Rs.356 crore in FY26.

The momentum carried into Q4 FY ’26, with consolidated revenue up 17.8% YoY to Rs. 440 crore and EBITDA jumping 431% YoY to Rs. 145 crore at a 33% margin. With domestic solar installations hitting a record 44.6 GW in FY26. The total target of India for solar capacity has been raised to 280 GW by 2030, indicating huge potential. 

The Expansion Bet

The board has approved two new furnaces, SG-4 and SG-5, each with a 300-tonne-per-day capacity, adding 600 TPD to the existing 1,000 TPD footprint. Total planned capacity will reach 1,600 TPD, equivalent to approximately 10.5 GW. The project carries an estimated investment of Rs.950 crore and is targeted for commissioning by December 2026, with civil work already underway and key equipment orders placed.

To fund the expansion, the company raised Rs.889 crore through two tranches of preferential allotments: Rs.517 crore in February 2025 (from promoters and warrant holders) and Rs.371 crore in October 2025 (equity). The October tranche is already fully deployed, with Rs.292 crore currently held in money market instruments pending utilization on the SG-4 and SG-5 projects.

The expansion rationale is directly tied to a structural change in domestic solar manufacturing. India’s solar module manufacturing capacity has crossed 193 GW, and FY26 saw a record 44.6 GW of solar installations, nearly double FY25’s 23.8 GW. The government has also introduced ALMM-II from June 2026, mandating domestically produced solar cells, which will further lock in domestic glass demand.

Verdict

Borosil Renewables is no longer just a policy beneficiary  it is actively betting on becoming the backbone of India’s solar supply chain. With capacity doubling, demand structurally anchored by ALMM mandates, and margins already at multi-year highs, the company appears to be building for a solar boom that is still in its early chapters. Whether execution matches ambition will be the real test to watch. 

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