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Renewables LimitedMain BoardEquity2025-04-012026-03-312026-05-122026-05-05INRLakhsQuarterlyFourth quarterSingle segmentManufacturer of flat glass2026-05-1213:20:002026-05-1214:35:00trueCash Flow IndirectDeclaration of unmodified opiniontruetrueNANAfalsetrue2025-02-14https://borosilrenewables.com/investor/policiestrue2falseThere is no default by the Company during the quarter and hence its not applicable.2026-01-012026-03-31AuditedStandalone437616900089196000446536500084805800002826560002774640003355900021225200016111060003265095000120027000001200270000-55786800068047000-489821000016900910000000169009100022690001692360000140189000112.0612.050012.0612.051 The above Audited financial results of the Company for the quarter and year ended 31st March, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 12th May, 2026. The Statutory Auditors have issued audit report with unmodified opinion on the above results. <BR> <BR> 2 Pursuant to exercise of the options issued under "Borosil Employee Stock Option Scheme, 2017”, during the quarter and the year ended 31st March, 2026, the Company has made allotment of Nil and 5,412 Equity Shares of face value of Re. 1/- each fully paid-up respectively, which has resulted into increase in the paid-up Equity Share Capital by Rs. Nil and Rs. 0.05 Lakhs and Securities Premium by Rs. Nil and Rs. 30.28 Lakhs respectively. <BR> <BR> 3 The Company had on 14th February, 2025, allotted 18,86,793 Equity Shares to Promoter / Members of Promoter group and 78,80,436 Warrants to Non-Promoter Investors, at an issue price of Rs. 530/- per Equity Share / Warrant, on a preferential basis with aggregate issue size of Rs. 51,766.31 Lakhs. As per the terms of the issue, at the time of allotment, the Company had received full consideration towards equity shares and 25% of the amount toward warrants. During the quarter and year ended 31st March, 2026, the Company has received Rs. Nil and Rs. 3,072.65 Lakhs from the warrant holders, respectively, upon exercise of right attached to their warrants by paying balance 75% and accordingly Nil and 7,72,994 fully paid-up equity shares, respectively, of Re. 1/- each have been allotted. Pursuant to above allotment, the paid-up Equity Share Capital has increased by Rs. Nil Lakhs and Rs. 7.73 Lakhs and Securities Premium by Rs. Nil Lakhs and Rs. 4089.14 Lakhs, respectively. The Company has overall raised the funds of Rs. 23,514.23 Lakhs under the aforesaid Preferential Issue. <BR> <BR> Out of the above proceeds, Rs. 18,500.00 Lakhs utilised towards satisfaction of the liability of the Company arising from Standby Letter of Credit (SBLC) extended on behalf of the Company as a security to the lenders of GMB Glasmanufaktur Brandenburg GmbH (‘GMB’), a step-down subsidiary of the Company and Rs. 5,014.23 Lakhs utilised towards capital expenditure for expansion of the Company’s production capacity, as on 31st March, 2026. There have been no amounting pending for utilization from aforesaid Issues as on 31st March, 2026. <BR> <BR> 4 The Company had on 17th October, 2025, allotted 69,43,691 equity shares at issue price of Rs. 535/- each to Non-Promoter Investors, under Preferential Issue, and raised funds of Rs. 37,148.75 Lakhs, pursuant to which, during the year ended 31st March, 2026, the paid-up Equity Share Capital has increased by Rs. 69.44 Lakhs and Securities Premium increased by Rs. 37,079.31 Lakhs. Rs. 7,872.16 Lakhs utilised towards capital expenditure for expansion of the Company’s production capacity and General Corporate Purpose, as on 31st March, 2026. The un-utilised funds have been temporarily invested in mutual funds as on 31st March, 2026. <BR> <BR> 5 During the quarter ended 30th June, 2025, the Company had done an independent assessment of the prevailing situation of Glasmanufaktur Brandenburg GmbH (GMB) (step-down subsidiary) and Geosphere Glassworks GmbH (Geosphere) (wholly owned subsidiary of the company and holding company of GMB) in Germany and concluded that there was a complete absence of any demand recovery; nor any sign of such recovery in the foreseeable future. Based on an independent assessment, GMB had filed the insolvency application on 4th July, 2025. In view of the above provision for the entire exposure of Rs. 32,590.81 Lakhs (in form of investment, loans including interest thereon and other receivables) towards the German subsidiaries, was made by the Company and considered in the financial results for the quarter ended 30th June, 2025 as an exceptional item. Subsequently, Geosphere has also filed the insolvency application on 22nd December, 2025 due to a claim received from a German Bank for refund of a capital subsidy granted by it to GMB, on grounds of non-fulfilment of condition of continued use of the assets. <BR> <BR> "The Company has now received a copy of the report dated 1st December, 2025, issued by Court appointed Insolvency Administrator of GMB submitted to the insolvency court in Cottbus, Germany, which summarises the process followed and steps taken by the administrator, evaluates the assets and liabilities of GMB and mentions that assets of GMB are insufficient for discharging its liabilities and creditors are unlikely to receive any amounts and also say that Insolvency proceedings are expected to take 12 months. A report dated 16th February 2026 also received from the Administrator of Geosphere with similar conclusions. In view of the above, Company has reassessed the situation and concluded that there is no probability of recovery of any amount against its exposure. <BR> Accordingly, Board of the Directors of the Company decided to write off above exposure of Rs 32590.81 Lakhs in the books of account for the financial year ended 31st March, 2026. Since this was fully provided for in the results for the quarter ended 30th June 2025, there is no impact in this quarter. Based on legal opinion obtained, the above exposure of Rs. 32,590.81 Lakhs has been considered as deductible expenditure while calculating the provision for current income tax. The Company has also informed about write off to the Authorised Dealer Bank." <BR> <BR> 6 Interfloat Corporation (“IF”), a step-down subsidiary of the Company has faced significant challenges in retaining customers following the cessation of annealed production at GMB from 31st December, 2024. At that time, the Company had expected that the customers would continue to source from IF, which would supply from existing stocks as well as source material from the Company. However, fierce competition from East Asia compelled IF customers to seek highly reduced prices for solar glass which were unremunerative. Meanwhile, domestic demand for the Company’s products in India increased substantially at good prices which reduced incentive to export at low prices. This has left IF with a highly reduced sales which was insufficient to pay for its fixed operational costs. Following a review by the Management of IF, it was assessed that there were no clear indicators of demand recovery in the near term that would support a return to profitable operations. <BR> In view of the above, Management of Laxman AG has partially provided its exposure in IF during the quarter ended 30th September 2025 and accordingly Rs. 3,387.04 Lakhs have been considered as impaired out of total exposure of Rs. 5,758.86 Lakhs and provided for in the books of account of the Company and disclosed as an exceptional item in the result for the quarter ended 30th September, 2025 and year ended 31st March, 2026. <BR> <BR> 7 Effective from 21st November 2025, the Government of India has consolidated 29 existing labour legislations into a united framework comprising four Labour Codes. On the basis of best available information, the Company has assessed the one time incremental impact of Rs. 89.01 Lakhs in the above financial results for the year ended 31st March 2026. The Company continues to monitor the finalisation of Central / State Government Rules and clarifications in relation to newly introduced Labour Code and would provide appropriate accounting effect on the basis of new developments, if required. <BR> <BR> 8 The figures for the corresponding previous period/year have been rearranged/regrouped wherever necessary, to make them comparable. The figures for the quarter ended 31st March, 2026 and 31st March, 2025 are the balancing figures between the audited figures of the full financial year and the published year to date figures upto the third quarter of the respective financial year. <BR> <BR> 9 The Company is engaged only in the business of manufacturing of Flat Glass which is a single segment in terms of Indian Accounting Standard ’Operating Segments (Ind AS-108)'. <BR> <BR> 10 Revenue from Operations consists of:- <BR> Rs. In Lakhs <BR> Particulars Quarter Ended Year Ended <BR> 31.03.2026 31.12.2025 31.03.2025 31.03.2026 31.03.2025 <BR> (a)Within India 42,529.89 36,576.37 30,937.84 1,42,153.55 1,02,282.17 <BR> (b)Outside India 1,231.80 2,074.11 1,784.98 11,328.95 8,711.46 <BR> Total 43,761.69 38,650.48 32,722.82 1,53,482.50 1,10,993.63 <BR> 2025-04-012026-03-31AuditedStandalone1534825000023383200015582082000343098100002511490009206910001417310008679060006062500000116749580003907124000-3597785000309339000150551000-4862000010193100002074080000000207408000-54460002019620001401890001149201020001.521.52001.521.52Power and Fuel934589000Other Expenses676517000Power and Fuel3340404000Other Expenses272209600060987820001076149000018453000027950000052539100004350000335020005632430000151110600092705280001200661000577137500012276940003118270001649370001028500021337000750745500001861350008894251000001816477900014018900014920102000150602910001506029100093240300000093240300002387080000117111100068897700018164200031592400049756600042579000016123330002333080008561900021170000193337700000310448800018164779000Others33502000Non-Current Tax Assets (net)539369000Other Non-current Assets971737000Others21337000Other Current Assets186135000Other Financial Liabilities425790000Other Current Liabilities233308000Provisions0Current Tax Liabilities (net)0141731000529025000-193658000000000-149445000000867906000000002975500003056200023296000-648450000-95849000-32300036006760000465770700049670460000007219550000424509100000299463600084121390000000163650001973689000000000000000000000218920000240905000-711203000000392204300000000200000009158230002748000016634300003052000003162329000295390000029539000016437000311827000Re-measurement gains/(losses) on defined benefit plans30330003033000Re-measurement gains/(losses) on defined benefit plans-7277000-7277000764000-18310002269000-5446000Borosil Renewables Limited******Borosil Limited******Entities with joint control or significant influence over entityPurchase of goods or services0NA0-89099000-445290001) Opening balance mentioned in the field viz. in case monies are due to either party as a result of the transaction, for Sr. No. 1 represents the aggregate opening balance for transactions of Sr. No. 1 to 4. 2) Closing balance mentioned in the field viz. in case monies are due to either party as a result of the transaction, for Sr. No. 1 represents the aggregate closing balance for transactions of Sr. No. 1 to 4. Common Notes for all transactions in this statement, as applicable: 1) All transactions in foreign currency, wherever applicable, have been converted at relevant rates and disclosed in INR. 2) For the field viz. in case monies are due to either party as a result of the transaction, positive balance indicates Amount Receivable/Asset and negative balance indicates Amount Payable/Liability .Borosil Renewables Limited******Borosil Limited******Entities with joint control or significant influence over entitySale of goods or services0NA000Borosil Renewables Limited******Borosil Limited******Entities with joint control or significant influence over entityAny other transactionFunctional support / shared service transactions100000000Please refer Notes4896700000Value of Transaction indicates (a) expenditure of Rs. 4.67 lakhs towards rent in relation to premises taken on leave & license basis, Rs. 204.00 lakhs towards other functional support expense and Rs. 32.17 towards reimbursement of expenditure, and (b) functional support income of Rs. 12.60 lakhs.Borosil Renewables Limited******Borosil Limited******Entities with joint control or significant influence over entityAny other transactionRoyalty Expenses119750000NA8209600000Borosil Renewables Limited******Icon Solar-En Power Technologies Private Limited******Relative of Director having Significant InfluenceSale of goods or services800000000NA3958200001633680004459000Borosil Renewables Limited******Laxman AG******Wholly Owned Subsidiary CompanyInvestment0NA0237182000237182000Borosil Renewables Limited******Renew Green (GJS Two) Pvt Ltd******Associate CompanyInvestment0NA0110000000110000000Borosil Renewables Limited******Renew Green (GJS Two) Pvt Ltd******Associate CompanyAny other transactionProcurement of Power180000000NA717590000-8769000Borosil Renewables Limited******Clean Max Prithvi Private Limited******Associate CompanyInvestment280000000NA0178209000178209000Borosil Renewables Limited******Pradeep Kumar Kheruka******Promoter and Executive chairmanRemuneration124135000NA9267500000Pursuant to Regulation 23(9) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the remuneration paid to Promoter Directors are provided as part of this disclosure.Borosil Renewables Limited******Shreevar Kheruka******Promoter and Non-executive DirectorAny other transactionDirector sitting fees425000NA22500000Pursuant to Regulation 23(9) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the remuneration paid to Promoter Directors are provided as part of this disclosure.Borosil Renewables Limited******Shreevar Kheruka******Promoter and Non-executive DirectorAny other transactionCommission2000000NA200000000Pursuant to Regulation 23(9) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the remuneration paid to Promoter Directors are provided as part of this disclosure.Laxman AG******Interfloat Corporation******Subsidiary CompanyInter-corporate deposit0NA013548900032702000Laxman AG******Interfloat Corporation******Subsidiary CompanyInterest received2426000NA242600012640000755000Laxman AG******Interfloat Corporation******Subsidiary CompanyInvestment0NA000Borosil Renewables Limited******Interfloat Corporation******Step-Down Subsidiary CompanySale of goods or services2335800000Please refer Notes2136000614000006078000Closing balance mentioned in the field viz. in case monies are due to either party as a result of the transaction, for Sr. No. 19 represents the aggregate closing balance for transactions of Sr. No. 19 to 21. Common Notes for all transactions in this statement, as applicable: 1) All transactions in foreign currency, wherever applicable, have been converted at relevant rates and disclosed in INR. 2) For the field viz. in case monies are due to either party as a result of the transaction, positive balance indicates Amount Receivable/Asset and negative balance indicates Amount Payable/Liability and Amount mentioned in the field viz. value of the related party transaction as approved by the audit committee, is for a period of 3 years. Borosil Renewables Limited******Interfloat Corporation******Step-Down Subsidiary CompanyAny other transactionReimbursement of Expenses179400000NA1808800000Amount mentioned in the filed viz. value of the related party transaction as approved by the committee, refers to the combined approval for transactions between Borosil Renewables Ltd / Geosphere Glasssoworks GmbH / Laxman AG and GMB Glasmanufakur Brandenburg GmbH / Interfloat Corporation.Borosil Renewables Limited******Interfloat Corporation******Step-Down Subsidiary CompanyAny other transactionSales commission30000000NA7083000-20760000Borosil Renewables Limited******Solar Ancillary Manufacturers Association******Entity having Common DirectorAny other transactionMembership fees1700000NA170000000Borosil Renewables Limited******Geosphere Glassworks GmbH******Wholly Owned Subsidiary CompanyAny other transactionAmount write off1300309000NA130030900000During the quarter ended 30th June, 2025, the Company had done an independent assessment of the prevailing situation of Glasmanufaktur Brandenburg GmbH (GMB) (step-down subsidiary) and Geosphere Glassworks GmbH (Geosphere) (wholly owned subsidiary of the company and holding company of GMB) in Germany and concluded that there was a complete absence of any demand recovery; nor any sign of such recovery in the foreseeable future. Based on an independent assessment, GMB had filed the insolvency application on 4th July, 2025. In view of the above provision for the entire exposure of Rs. 32,590.81 Lakhs (in form of investment, loans including interest thereon and other receivables) towards the German subsidiaries, was made by the Company and considered in the financial results for the quarter ended 30th June, 2025 as an exceptional item. Subsequently, Geosphere has also filed the insolvency application on 22nd December, 2025 due to a claim received from a German Bank for refund of a capital subsidy granted by it to GMB, on grounds of nonfulfilment of condition of continued use of the assets. The Company has now received a copy of the report dated 1st December, 2025, issued by Court appointed Insolvency Administrator of GMB submitted to the insolvency court in Cottbus, Germany, which summarises the process followed and steps taken by the administrator, evaluates the assets and liabilities of GMB and mentions that assets of GMB are insufficient for discharging its liabilities and creditors are unlikely to receive any amounts and also say that Insolvency proceedings are expected to take 12 months. A report dated 16th February 2026 also received from the Administrator of Geosphere with similar conclusions. In view of the above, Company has reassessed the situation and concluded that there is no probability of recovery of any amount against its exposure. Accordingly, Board of the Directors of the Company decided to write off above exposure of Rs 32,590.81 Lakhs in the books of account for the financial year ended 31st March, 2026. Since this was fully provided for in the results for the quarter ended 30th June 2025, there is no impact in this quarter. Based on legal opinion obtained, the above exposure of Rs. 32,590.81 Lakhs has been considered as deductible expenditure while calculating the provision for current income tax. The Company has also informed about write off to the Authorised Dealer Bank. Borosil Renewables Limited******GMB Glasmanufaktur Brandenburg GmbH******Wholly Owned Subsidiary CompanyAny other transactionAmount write off1958772000NA195877200000During the quarter ended 30th June, 2025, the Company had done an independent assessment of the prevailing situation of Glasmanufaktur Brandenburg GmbH (GMB) (step-down subsidiary) and Geosphere Glassworks GmbH (Geosphere) (wholly owned subsidiary of the company and holding company of GMB) in Germany and concluded that there was a complete absence of any demand recovery; nor any sign of such recovery in the foreseeable future. Based on an independent assessment, GMB had filed the insolvency application on 4th July, 2025. In view of the above provision for the entire exposure of Rs. 32,590.81 Lakhs (in form of investment, loans including interest thereon and other receivables) towards the German subsidiaries, was made by the Company and considered in the financial results for the quarter ended 30th June, 2025 as an exceptional item. Subsequently, Geosphere has also filed the insolvency application on 22nd December, 2025 due to a claim received from a German Bank for refund of a capital subsidy granted by it to GMB, on grounds of nonfulfilment of condition of continued use of the assets. The Company has now received a copy of the report dated 1st December, 2025, issued by Court appointed Insolvency Administrator of GMB submitted to the insolvency court in Cottbus, Germany, which summarises the process followed and steps taken by the administrator, evaluates the assets and liabilities of GMB and mentions that assets of GMB are insufficient for discharging its liabilities and creditors are unlikely to receive any amounts and also say that Insolvency proceedings are expected to take 12 months. A report dated 16th February 2026 also received from the Administrator of Geosphere with similar conclusions. In view of the above, Company has reassessed the situation and concluded that there is no probability of recovery of any amount against its exposure. Accordingly, Board of the Directors of the Company decided to write off above exposure of Rs 32,590.81 Lakhs in the books of account for the financial year ended 31st March, 2026. Since this was fully provided for in the results for the quarter ended 30th June 2025, there is no impact in this quarter. Based on legal opinion obtained, the above exposure of Rs. 32,590.81 Lakhs has been considered as deductible expenditure while calculating the provision for current income tax. The Company has also informed about write off to the Authorised Dealer Bank. 3984056000AuditedtrueM/s. Chaturvedi & Shah LLPtrue2026-06-30Preferential Issues2025-02-1451766310002026-03-31trueICRA LimitedfalseNot ApplicableNo CommentsNo CommentsKishor TalrejaCompany Secretary and Compliance OfficerMumbai2026-05-12Preferential Issues2025-10-1737148750002026-03-31trueCARE Ratings LimitedfalseNot ApplicableNo CommentsNo CommentsSatisfaction of the liability of the Company arising from standby letter of credit (SBLC) extended on behalf of the Company as a security to the lenders of GMB Glasmanufaktur Brandenburg GmbH ("GMB"), a step-down subsidiary of the CompanyNot Applicable1850000000018500000000Rs. 51,766.31 lakhs is the total issue size. The Company had on February 14, 2025 allotted equity shares to promoter / members of promoter group, and warrants to non-promoter category investors, under the Preferential Issue (Issue). Due to non-participation / ineligibility of some proposed allottees of warrants, the original Issue size of Rs. 70,000 lakhs got reduced to Rs. 51,766.31 lakhs. As on March 31, 2026, the Company has received Rs. 23,514.23 lakhs (which includes full subscription amount towards equity shares, 25 % of the initial subscription amount toward warrants and 75% of the balance subscription amount paid by 17 warrant holders towards conversion of 7,72,994 warrants into equity shares). The remaining Rs. 28,252.08 lakhs would be received as and when the conversion option is exercised by the warrant holders to convert their warrants into equity shares during the remaining tenure of the warrants. Capital Expenditure for expansion of the Company's existing production capacity for manufacturing of solar glass at its facility situated in Bharuch, GujaratNot Applicable332663100005014230000Pending actual utilisation of available funds towards the objects, Rs.473 was lying in the bank account.Capital Expenditure for expansion of the Company’s existing production capacity for manufacturing of solar glass at its facility situated in Bharuch, GujaratNot applicable317340000006872160000The Company had on October 17, 2025, raised funds of Rs.37,148.75 lakhs by way of allotment of equity shares to non-promoter category investors, under the Preferential Issue (Issue). Due to undersubscription by two investors, the original Issue size of Rs. 37,602.24 lakhs got reduced to Rs. 37,148.75 lakhs. General Corporate PurposesNot applicable54147500001000000000Pending actual utilisation of funds towards the objects, the un-utilised funds of Rs. 29,276.59 lakhs have been temporarily invested in mutual funds