Borosil Renewables locked in 5% upper circuit, snaps 3-day losing run

Borosil Renewables share price dropped 10 percent in its three-day fall.

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26 Aug, 2025 12:21

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Shares of Borosil Renewables staged a sharp rebound after being locked in the 5 percent upper circuit on February 18, snapping a three-day losing run. The stock had dropped 10 percent in the last three sessions, bogged down by heavy selling due to the company's weak earnings show.

The company's net loss widened to Rs 30 crore for the December quarter, marking a sharp deterioration from a loss of Rs 15.90 crore in the same period last year. This decline was primarily driven by rising input costs, weak operational performance, and pricing pressure.

The glass product manufacturer also reported an EBITDA loss of Rs 1.10 crore, a stark contrast to the Rs 20.60 crore gain it posted in the year-ago period. The significant drop in EBITDA was mainly due to lower profitability in its Indian operations on account of declining selling prices.

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On a positive note, the company's revenue for the quarter grew by 9.4 percent year-on-year, reaching Rs 361.5 crore, compared to Rs 330.4 crore in the same period last fiscal.

The company stated that the 10 percent basic customs duty (BCD) on imports, imposed in October last year, did not significantly impact imported glass prices. This was largely due to a sharp and continuous drop in free-on-board (FOB) prices from China in Q2, further compounded by lower ocean freight costs in Q3.

The company also highlighted that Chinese and Vietnamese exporters slashed solar glass FOB prices by as much as 32 percent between June and September, pushing domestic prices to unsustainable levels and threatening the industry's survival. Meanwhile, demand trends also remained sluggish, exacerbating pressure on Borosil Renewables' earnings.