Borosil Renewables Limited Q2 FY26 Concall Decoded:EBITDA at a jaw-dropping 33%, plants running flat-out, while Europe quietly gets written off.

1. Opening Hook

Solar stocks love sunshine, but Borosil Renewables decided to bring a floodlight this quarter.
Margins exploded, capacity ran hotter than summer panels, and management calmly admitted Europe was a bad idea — then moved on.

While everyone else is debating demand visibility, Borosil is busy selling everything it can make at full capacity, smiling politely as imports still dominate 70% of the market.

German subsidiary? Impaired.
Domestic business? On steroids.
Prices? Holding firm thanks to policy crutches.

Read on — because this call had peak-cycle vibes, honest admissions, and a rare moment where management said: “Yes, margins are sustainable.” 😏

2. At a Glance

• Revenue up 42% YoY – Not volume magic, mostly pricing power flex.
• EBITDA margin at 33.2% – Solar glass behaving like a SaaS product.
• EBITDA up 137% YoY – Operating leverage working overtime.
• Capacity utilization ~99% – Furnaces sweating, demand relentless.
• Exports at 12% of sales – Opportunistic, not desperate.
• Europe drag written down – Germany experiment officially regretted.

3. Management’s Key Commentary

“Capacity utilization was about 990 tons per day.”
(Translation: We physically can’t make more glass 😏)

“EBITDA margin improved to 33.2%.”
(No typo. Yes, we checked twice.)

“Selling prices increased to ₹147.5 per mm.”
(ADD doing God’s work.)

“There are no clear indicators of recovery for Interfloat.”
(We tried. Europe said no.)

“Imports still occupy 70% of demand.”
(Demand problem? Never heard of her.)

“We are confident to sustain margins at this level.”
(That’s a brave sentence in a cyclical industry 😬)

4. Numbers Decoded