Solar glass manufacturer Borosil Renewables reported revenue of ₹3.73 billion (~$43.97 million) for the fourth quarter (Q4) of the financial year (FY) 2025, marking a 31.9% year-over-year (YoY) increase from ₹2.83 billion (~$33.36 million).

The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose significantly to ₹273.6 million (~$3.23 million), reversing from an EBITDA loss of ₹208.2 million (~$2.45 million) in the same quarter last year.

The net loss for the quarter narrowed by 44.6% YoY to ₹295.3 million (~$3.48 million).

The company reported a loss per share of ₹1.53 (~$0.018), compared to ₹3.68 (~$0.043) a year ago.

In Q4 FY25, net sales reached ₹3.27 billion (~$38.55 million), a 44% increase from ₹2.27 billion (~$26.75 million) in Q4 FY24. This growth was driven by a 16% rise in sales volume and a 22% increase in average selling prices.

The average ex-factory selling price for the quarter stood at ₹127.6 (~$1.50)/mm², compared to ₹99.6 (~$1.17)/mm² in the same quarter of the previous year, resulting in improved profit margins.

Export sales in Q4 FY25 were ₹189 million (~$2.23 million), making up 5.8% of the quarterly turnover, slightly lower than the 6% share from ₹135.5 million (~$1.60 million) in Q4 FY24.

Full Year FY25

For the full year FY25, Borosil reported total revenue of ₹14.79 billion (~$174.37 million), up 7.7% YoY from ₹13.73 billion (~$161.89 million) in FY24.

Annual EBITDA rose 24% YoY to ₹928.4 million (~$10.95 million), up from ₹748.5 million (~$8.82 million) in the previous year.

However, the company’s net loss widened by 73% YoY to ₹869.7 million (~$10.25 million).

The company reported a loss per share of ₹5.32 (~$0.063), compared to ₹3.59 (~$0.042) in FY24.

For the full financial year 2025, total sales grew by approximately 12% to ₹11.10 billion (~$130.90 million), up from ₹9.90 billion (~$116.74 million) in the previous year. This growth was driven by a 10% increase in sales volume and a 2% rise in selling prices. Average ex-factory selling prices rose to ₹113.36(~$1.34)/mm² from ₹109.14 (~$1.29)/mm² in FY24.

Export sales for the year declined to ₹917.3 million (~$10.82 million), accounting for 8.3% of the annual turnover, compared to ₹1.99 billion (~$23.46 million) or 20.2% in FY24. The sharp drop was attributed to decreased demand in European markets due to aggressive price dumping by Chinese manufacturers and a downturn in solar installations in Turkey.

For most of the year, selling prices were under pressure due to a 32% drop in free-on-board prices caused by heavy dumping from Chinese exporters. However, prices began recovering after the provisional imposition of anti-dumping duties on imports from China and Vietnam starting December 4, 2024.

Borosil Renewables’ step-down subsidiary, GMB Glasmanufaktur Brandenburg, located in Tschernitz, Germany, operates a 350 TPD solar glass furnace with two production lines. However, due to challenging market conditions, GMB experienced significant losses in the six months ending September 30, 2024. The primary causes were a sharp decline in demand across Europe and intense price competition caused by the large-scale dumping of solar modules from Southeast Asian countries, which faced no import restrictions or duties.

Additionally, the lack of government incentives for domestic module manufacturing and the overall sluggishness of the European solar market compounded the situation. GMB also found producing and stockpiling glass unviable due to cash flow constraints and limited demand for fractional-sized glass formats.

As a result, a controlled temporary cool-down of the furnace was initiated in January 2025 to restart operations once market conditions improve. GMB continued cold-end operations during this downtime to process semi-finished glass and fulfill pending customer orders.

The furnace remains fully shut, and the company is awaiting supportive policy announcements from the newly elected German government, which assumed office in February 2025.

GMB is exploring options to restart cold-end operations by importing annealed glass to minimize further cash losses.

Borosil Renewables reported a net loss of ₹300.7 million (~$3.46 million) in Q3 FY25 from a loss of ₹158.9 million (~$1.83 million) in Q3 FY24.