Credit Rating

BOROSIL BOROSIL RENEWABLES LIMITED oo Gt on CoantanCc-sBo,ck . Opp. MCA Club Banka Kurla Complex 'fenewables %aeqnd;a(E). Mumbai - 400 051, India. : Gl : 49122 6740 6300 F 49122 6740 6514 W : wwwborosilrenewables.com Email : bri@borosil.com October 30, 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 Sir / Madam, Subject: Update on Credit Rating - Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 In accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform you that India Ratings & Research Private Limited (India Ratings), a Credit Rating Agency, vide its press release dated October 30, 2026, has upgraded Company’s bank loan facilities’ long- term rating to ‘IND AA-" from ‘IND A, with a Stable Outlook, and short-term rating to ‘IND A1+’ from ‘IND A1’, while rating additional limits as follows: Instrument Type Size of Issue Rating/Outlook Rating Action (million) 6,734.08 Bank loan facilities (reduced from | IND AA-/Stable/IND A1+ Upgraded 7,271.4) Proposed bank loan . facilities 450 IND AA-/Stable/IND A1+ Assigned We are enclosing herewith rating letter dated October 30, 2026 received by the Company from India Ratings, a Credit Rating Agency, mentioning bank wise facilities. The said information was received by the Company on October 30, 2026 at 2:46 p.m. You are requested to take the same on record. For Borosil Renewables Limited Kishor Talreja Company Secretary and Compliance Officer Membership no. FCS 7064 Encl: as above onsas 180012007 150 140012016 150 90012015 IndiaRatings India Ratings Upgrades Borosil Renewables’ Bank Loan Ratings to ‘IND AA-’/StableIN/D A1+’; Rates Additional Limits Oct 30, 2026 | Borosil Renewables Ltd (Formerly Borosil Glass Works Limited) | Glass - Industrial India Ratings and Research (Ind-Ra) has upgraded Borosil Renewables Ltd’s (BRL) bank loan facilities’ long-term rating to ‘IND AA- from ‘IND A, with a Stable Outlook, and short-term rating to ‘IND A1+ from ‘IND A1’, while rating additional limits as follows: Details of Instruments Instrument Regulator of Date of Coupon Maturity Size of Issue (INR Ratmgwli\;slgned Rating Type Instrument Issuance Rate Date million) Outlook/Watch Action Bank loan 6,734.08 (reduced IND facilities RBI - - - from 7,271.4) AA-/Stable/IND | Upgraded Proposed IND bank loan RBI - - - 450 AA-/Stable/IND | Assigned facilities Al+ Analytical Approach Ind-Ra continues to take a fully consolidated view of BRL and its wholly-owned subsidiary, Laxman AG, to arrive at the ratings. Until FY25, the agency had also fully consolidated Geosphere Glassworks GmbH, the holding company of BRL's step-down subsidiary, GMB Glasmanufaktur Brandenburg GmbH (GMB). However, in July 2025, GMB filed for insolvency and ceased to be part of the Borosil group with effect from 4 July 2025. BRL has provided for its investment in Geosphere Glassworks and loans to GMB in the results for the quarter ended 30 June 2025. The consolidated financial performance of BRL until 30 June 2025 includes the financial performance of GMB. Detailed Rationale of the Rating Action The upgrade reflects a significant improvement in BRL's consolidated EBITDA margins consistently over the past five quarters. After anti-dumping duties were imposed in December 2024, BRL reported healthy consolidated EBITDA margins of 31% in 1QFY27 (FY26: 28%, FY25: 3.9%), largely due to improved realisations. The ratings are also supported by the entity’s significantly improved capital structure and healthy credit metrics with an improved operating profitability in FY26, in part led by the deconsolidation of its German subsidiary. It also turned net cash positive in FY26. Despite the capacity expansion project worth INR11,000 million, which is likely to be completed by March 2027, ahead of the scheduled commercial operation date of 30 June 2027. Ind-Ra expects BRL to remain net cash positive at FYE27. The company’s business profile is likely to strengthen over the medium term, with an improving scale of operations and absolute profitability, led by healthy demand for solar glass, a considerable gap between domestic demand and domestic production, government initiatives such as PM-Surya Ghar Yojna and PM-Kusum scheme, and robust power demand. The ratings are constrained by BRL's working capital-intensive operations, limited bargaining power, and dependence on government incentives. List of Key Rating Drivers Strengths « Improved operating profitability « Consistent revenue growth « Established market position « Improved key credit metrics Weaknesses « Working capital-intensive operations « Limited bargaining power; dependence on government incentives Detailed Description of Key Rating Drivers Improved Operating Profitability: BRL's consolidated EBITDA margins rose to 31% in 1QFY27 (FY26: 28%; FY25:3.9%; FY24: 5%), driven by an improvement in selling prices to INR160.3/mm in 1QFY27 (4QFY26: INR150.2/mm; 1QFY26: INR138.1/mm) and the discontinuation of losses pertaining to BRL's step-down German subsidiary, which ceased to be part of the Borosil group from 4 July 2025. The management expects the margins to remain at similar levels over FY27 and FY28, led by a continued increase in solar glass prices with the imposition of anti-dumping duties. The standalone EBITDA margins also improved to 31.5% in 1QFY27 (FY26: 30.5%; FY25:14.8%; FY24: 9.8%), due to improved realisations. The operating margins are likely to benefit from savings in power expenses over the medium term, with the operationalisation of the new captive solar-wind hybrid plant in March 2027. A sustained improvement in the EBITDA margins is a key monitorable. Consistent Revenue Growth: BRL's consolidated revenue was INR4,057 million in 1QFY27 (FY26: INR15,558 million; FY25: INR14,793 million; FY24: INR13,693 million). The revenue growth in FY26 was largely supported by higher selling prices after the imposition of anti-dumping duties on solar glass imports from China and Vietnam. Ind-Ra expects BRL's revenue to range INR15,500 million-16,000 million in FY27. Ind-Ra expects a nominal revenue growth in FY27, as the new capacity of 600 tonnes per day (TPD) would become operational only by 1QFY28. The new capacity would support volume and revenue growth FY28 onwards. Furthermore, the increased demand for solar glass due to several government initiatives to shift towards green energy and increased focus on the domestic manufacturing of solar modules would help the company sustain its revenue growth over the medium term. Established Market Position: BRL continues to benefit from its first-mover advantage in the solar glass manufacturing industry in India. BRL commenced operations in FY10, while the other players in the solar glass industry began operating in FY24. BRL continues to have a dominant position in the industry, backed by its highest installed capacity of 1,000TPD and its significant experience in the domestic market. To meet the rising domestic solar glass demand, the company is set to add additional capacity of 600TPD by end-FY27. Other large capacities in the industry are likely to become operational between FY27-FY28. Furthermore, the promoters’ over five decades of experience has helped the company establish and maintain healthy relations with its customers and suppliers. Ind-Ra believes the promoters’ experience shall continue to support the company’s established market position, aiding a consistent improvement in the scale of operations. Improved Key Credit Metrics: BRL's key credit metrics improved in FY26, due to a rise in the EBITDA margins and a reduction in the gross debt levels with debt repayment at its [Showing first 8,000 characters — download PDF for full document]