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Borosil Renewables Posts INR 8.64 Crore Net Loss in Q3 FY25 Amid Decline in Export Demand

Borosil Renewables, India's largest solar glass manufacturer, reported a net loss of INR 8.64 crore for Q3 FY2025. Despite an increase in sales by volume (up 14% QoQ), the company faced challenges from a sharp decline in average selling prices, lower demand in major export markets, and increased competition from cheaper Chinese imports.

Key Points

• Revenue Growth: Total sales reached INR 275.28 crore, a 14.2% YoY increase, but EBITDA dropped 60.5% to INR 20.89 crore.
• Declining Export Sales: The share of export sales fell significantly, contributing only 6% of turnover, as cheap Chinese modules led to reduced demand in global markets.
• Customs Duty Impact: The imposition of a 10?sic customs duty on solar glass imports from China had minimal impact, as Chinese FOB prices were reduced by 18%.
• Strategic Adjustments: The company curtailed plans for an additional furnace project, reducing capacity expansion from 1,100 tpd to 500 tpd due to lower cash accruals and manageable debt levels.

Outlook

The outlook for Borosil Renewables remains challenging as it navigates increased import competition and a volatile global market.