Analysts/Institutional Investor Meet/Con. Call Updates

July 22, 2026 BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip code: 502219 Symbol: BORORENEW Dear Sirs, Subject: Transcript of Analysts / Investors Conference Call Please find enclosed transcript of conference call with Analysts / Investors held on Friday, July 17, 2026. You are requested to take the same on records. Yours faithfully, For Borosil Renewables Limited Kishor Talreja Company Secretary & Compliance Officer (Membership no. FCS – 7064) Encl.: As above. “Borosil Renewables Limited Q1 FY27 Results Call” July 17, 2026 MANAGEMENT: MR. ASHOK JAIN – DIRECTOR – BOROSIL RENEWABLES LIMITED MR. MELWYN MOSES – CHIEF EXECUTIVE OFFICER -- BOROSIL RENEWABLES LIMITED MR. SUNIL ROONGTA – WHOLE-TIME DIRECTOR AND CHIEF FINANCIAL OFFICER – BOROSIL RENEWABLES LIMITED MR. DHAVAL PATEL – ASSISTANT VICE PRESIDENT, INVESTOR RELATIONS – BOROSIL RENEWABLES LIMITED MODERATOR: MR. ROHAN GHEEWALA – AXIS CAPITAL LIMITED Moderator: Ladies and gentlemen, good day, and welcome to Borosil Renewables Limited Q1 FY27 Results Call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal the operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand over the call to Mr. Rohan Gheewala from Axis Capital Limited. Thank you, and over to you, sir. Rohan Gheewala: Thank you. Good evening. On behalf of Axis Capital, I'm pleased to welcome you all to the Q1 FY27 Earnings Conference Call of Borosil Renewables Limited. We have with us the management represented by Mr. Ashok Jain, Director; Mr Melwyn Moses, Chief Executive Page 1 of 15 Borosil Renewables Limited July 17, 2026 Officer; Mr. Sunil Roongta, Whole-Time Director and Chief Financial Officer; and Mr. Dhaval Patel, AVP, Investor Relations. We will begin with the opening remarks from the management followed by an interactive Q&A session. Thank you, and over to you, sir. Ashok Jain: Thank you, Rohan. Good afternoon, and welcome to the Borosil Renewables Q1 FY27 Investor Call for the quarter ended June 2026. The standalone and consolidated results as approved by the Board on 16th July, and an updated presentation have been uploaded at both the stock exchanges and company's website. We will now discuss the operations of the company on a standalone and consolidated basis. First, coming to the standalone results. Sales were INR405.69 crores versus INR332.26 crores in the corresponding quarter last year, registering a jump of 53%. Q4 FY26 immediately preceding quarter sales were INR437.62 crores, which included sales of INR32.07 crores of goods dispatched in previous quarters but delivered to customers in the Q4 FY26. EBITDA was at 35% of sales at INR142 crores as against INR92.53 crores in the corresponding quarter last year, which was at 27.9% of sales. Q4 FY26 EBITDA was INR144.61 crores, which included INR9.77 crores on the goods of INR32.07 crores, as I mentioned some time ago. The major increase in sales value came from the selling prices as the average ex-factory price during the quarter increased to INR160.30 per millimeter, per square meter as compared to INR138.10 in the corresponding quarter and INR150.20 in the preceding quarter. The selling price includes a fuel surcharge levied from 10th March 2026 to offset cost increase due to rising fuel prices after the outbreak of war in West Asia. Sales in quantity terms were higher by 8% compared to the corresponding quarter. I'm happy to inform that we were able to operate the plants at full capacity despite disruption in fuel supplies and the prices led by war in West Asia. EBITDA margin has consistently stayed above 33% for the fourth quarter in a row. We continue to work on efficiency improvements and cost reductions and expect further enhancement in the operational efficiencies. Our new solar wind hybrid captive power plant, commissioned in March '26 has helped us increase the share of renewable power sources to 93% of the total power requirements of the quarter, making our processes more environment-friendly and also saving us on the cost. The West Asia war situation seems to have slightly eased and the prices of fuels have come off in the last few weeks, although uncertainties still prevail. The government has already announced lifting of supply curbs, and we expect that full contracted volumes will be made available after some time. This will bring the cost closer to the prior levels. Solar manufacturing has seen a strong growth on the back of government support. The module manufacturing capacity in the country has reached 203 gigawatts compared to just 11 gigawatts 5 years ago on the back of support by way of PLI scheme, basic custom duty and ALMM scheme. Page 2 of 15 Borosil Renewables Limited July 17, 2026 Similarly, solar cell manufacturing is now supported and ALMM 2 has been implemented with effect from 1st June 2026, mandating the use of domestically produced solar cells. This has led to increase in the capacity to 30 gigawatts already, which is now expected to rise to 75 gigawatts by 2027 as significant capacities are under installation. Now government is extending similar support to ingot and wafer manufacturing by introduction of ALMM 3, which is scheduled from June 28, under which ingot and wafer will also be mandated to be sourced from local production. We expect ingot wafer capacities of about 50 gigawatts to come into production gradually by 2029. This will bring further resilience in the solar PV value chain in the country. Various demand drivers introduced by the government helped annual solar installations to reach 45 gigawatts, which is equal to 62 gigawatts on DC basis in 2025-26. Expected growth in demand from other emerging sectors like electric vehicles, data centers and green hydrogen will take this to even higher levels going forward, leading to an increased demand of solar glass. Government support to develop domestic supply of components, for example, solar glass is also seen as the Ministry of Finance has issued a customs notification on 2nd June 2026, extending the CVD of 9.71% against import of solar glass from Malaysia for an additional period of 5 years. Earlier, you will recall that in December '24, government extended a major support by imposing anti-dumping duties on import of solar glass from China and Vietnam. The 62 gigawatt module requirement translates to solar glass capacity of about 11,000 ton per day against which local solar glass capacity stands at 2,600 ton per day, equivalent to 18 gigawatt, and the country depends on imports for the balance. Domestic solar glass production capacity is expected to rise gradually to 7,700 ton per day, which will be close to 51 gigawatt by March '27, still leaving a supply gap. A significant portion of these new capacities is for captive consumption. As such, the company has a ready demand for its ongoing expansion and the company does not see any challenges in selling the additional production in view of its customer relationships. Work on our ongoing expansion of 600 ton per day at existing location is in full swing, and we expect the commissioning of the project in Q4 FY27. Once commissioned, this will result in sales to rise by 60% with corresponding rise in the EBITDA amount. Company is exploring further opportunities for the next round of growth. Now I come to the consolidated results for the quarter. The overseas subsidiaries, including the step-down subsidiaries did not generate any revenue for Q1 FY27 and had a negative EBITDA of INR0.84 crores as against net revenue of INR14.32 crores and negative EBITDA of INR23.24 crores in the corresponding quarter last year. The consolidated net rev [Showing first 8,000 characters — download PDF for full document]