Analysts/Institutional Investor Meet/Con. Call Updates

BOROSIL BOROSIL RENEWABLE$ LIMITED CIN: L26100MH1962PLC012538 renewa bles Regd. Office: 1101. Crescenzo, G-Block Opp. MCA Clvb. Sandra Kurla Complex Baodra (E). Mumbai - 400 051. India. T : +9122 6740 6300 F : •9122 6740 6514 W : www.borosilrenewables.com Email : brl@borosil.com November 04, 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, October 30, 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. Works: Mleshwar-Rajpipla Road. Vilage Govali. Ta l Jhagadia. Dist Bharud,. 393001. O<iSAS ■ (Gujarat). India )8001:2007 ,: 1S0 J-4001:2015 T: +912645-258100 J...S,...0_ 8_0_0 _1:2 '0J5 (!] F :♦91 2645-258235 E,~Lcom to ~1111150fWH1e BOROSIL f enewables “Borosil Renewables Limited Q2 FY27 Earnings Call” October 30, 2026 BOROSIL 0 C H O R L L" GO INDIA ADVISORS renewables MANAGEMENT: MR. P. K. KHERUKA – EXECUTIVE CHAIRMAN – BOROSIL RENEWABLES LIMITED MR. ASHOK JAIN – NON-EXECUTIVE 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: MS. TANISHKA TANVI – GOINDIA ADVISORS Page 1 of 18 BOROSIL renewables Borosil Renewables Limited October 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to Borosil Renewables Q2 FY27 Earnings Call hosted by GoIndia Advisors LLP. 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Tanishka Tanvi from GoIndia Advisors. Thank you, and over to you, ma'am. Tanishka Tanvi: Thank you, Saisha. Good evening everyone and welcome to Borosil Renewables Limited earnings call to discuss Q2 and H1 FY27 results. We have the senior management of the company on call. Mr. P. K. Kheruka, Executive Chairman. Mr. Ashok Jain, Director. Mr. Melwyn Moses, Chief Executive Officer. Mr. Sunil Roongta, Whole Time Director and CFO. Mr. Dhaval Patel, AVP Investor Relations. We must remind you that the discussion on today's call will may include certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company may face. May I now request Mr. PK Kheruka, sir, to take us through the company's business outlook and financial highlights, subsequent to which we will open the floor for Q&A. Thank you, and over to you, sir. P. K. Kheruka: Good afternoon. Welcome to the Borosil Renewables Q2 financial year '27 investor call. The standalone and consolidated results for the quarter and half year ended September 26, as approved by the Board today, 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 stand-alone and consolidated basis. Standalone results half-yearly: sales at INR801.8 crores, including INR15.4 crores sales of solar kits, registered a rise of 12.8% versus INR710.7 crores in first half financial year '26. The EBITDA rose by 18.5% to INR258.3 crores from INR218 crores in first half year financial year 25-26. Coming to the quarterly sales, total sales during the quarter stood at INR396.2 crores including solar kits which accounted for INR14.1 crores. Solar glass sales stood at INR382.1 crore versus INR378.4 crores in Q2 FY26 and INR405.7 crores in Q1 FY27. There was negligible EBITDA in sales of solar kits. EBITDA INR116.34 crores stood at 30.4% based on sales of solar glass versus INR125.5 crores in Q2 FY26 at 33% and INR142.0 crores in Q1 FY27 at 33.8%. There was a small drop in margins compared to Q2 FY26 due to lower production. I should inform our investors that in the quarter that went by, we had a decline in solar glass volumes which was because of furnace maintenance and also a price decline of 2.8% as collection of fuel surcharge on sales was reduced looking at the correction in gas prices. The production was also being adjusted by the production team to correct small anomalies and come to a finer tuning which would eventually result in higher production, which worked very well. And production has gradually increased from middle of September to levels which are higher than at any time before in the history of the company. Page 2 of 18 BOROSIL renewables Borosil Renewables Limited October 30, 2026 During the month of October, we have had exceptionally good production, which we hope is going to continue for the rest of the quarter. With more positive results in the current quarter, we feel it could be possible to make good the shortfall in the rest of the year. The average ex-factory selling price during Q2 FY27 was INR155.9 per millimeter as compared to INR147.5 per millimeter in Q2 FY26 and against INR160.3 per millimeter in Q1 FY27. The surcharge levied to offset the fuel cost increase after outbreak of West Asia war was partially rolled back in July, looking at decline in gas prices on the hope of improvement in war situation. However, this was short-lived. Disturbances resumed after a brief time, taking prices of oil and gas to higher levels as compared to before, putting an additional cost burden on the company operations. We have recently taken steps to raise the fuel surcharge to offset this. As production and selling prices have normalized in the current quarter, we expect the margins to move back to higher levels at the end of this quarter. Solar manufacturing continues to show strong growth on the back of government support. The module manufacturing capacity on the support by way of PLI, BCD, and ALMM-I has reached 233 gigawatts as against annual installations of about 62 gigawatts on DC basis. Solar cell manufacturing supported by ALMM-II is leading to speedy increase in capacity, which is expected to rise to about 75 gigawatts by 2027 from about 38 gigawatts currently, as significant capacities are under installation. We expect the annual solar installations to maintain at a level of 45 gigawatts on AC basis, which translates to 62 gigawatts on DC basis, while other emerging sectors like EV, data centers, and green hydrogen may take this to a higher level going forward. Thus, solar glass demand for domestic installations can be expected at least at 62 gigawatts, leaving a huge supply gap in glass. In view of supply gap and its customer relationships, the company does not foresee any challenges in selling the additional production. Work on an ongoing 60% capacity expansion by adding production facilities of 600 tons per day at our existing location is in full swing, and we expect the commissioning of the project towards the end of Q4 FY27. While the existing furnaces are operating at full capacity, we may have to take Furnace 1 and 2 for a temporary shutdown of 75 days each for rebuild, which may happen in first half of the next financial year 27-28. The 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 net revenue for Q2 FY27 and had a negative EBITDA of INR 0.11 crores as against net revenue of INR 0.43 crores and negative EBITDA of INR 5.08 crores [Showing first 8,000 characters — download PDF for full document]