Thank you. Good evening.

On behalf of Axis Capital, I am 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. Melvyn Moses, Chief Executive 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.

Thank you, Rohan. Good afternoon, and welcome to the Borosil Renewables Q1 FY27 investor call.

For the quarter ended June 2026, 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 ₹405.69 crore versus ₹332.26 crore in the corresponding quarter last year, registering a jump of 53%. Q4 FY26 immediately preceding quarter sales were ₹437.62 crore, which included sales of ₹32.07 crore goods dispatched in previous quarters, but delivered to customers in the Q4 FY26.

EBITDA was at 35% of sales at ₹142 crore, as against ₹92.53 crore in the corresponding quarter last year, which was at 27.9%. Q4 FY There is some interruption coming.

Hello? Should I continue?

crore versus ₹92.53 crore in the corresponding quarter last year, which was at 27.9% of sales. Q4 FY26 EBITDA was ₹144.61 crore, which included ₹9.77 crore on the goods of ₹32.07 crore, as I mentioned sometime ago.

The major increase in sales value came from the selling prices, as the average ex-factory price during the quarter increased to ₹160.30 per millimeter per square meter, as compared to INR 138.10 in the corresponding quarter and ₹150.20 in the preceding quarter. The selling price includes a fuel surcharge levied from 10th March 2026 to offset cost increase due to rise in fuel prices after outbreak of war in West Asia.

Sales in quantity terms were higher by 8% compared to the corresponding quarter. I am 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, as also saving us on the costs. 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 GW, compared to just 11 GW five years ago, on the back of support by way of PLI scheme, basic custom duty, and ALMM scheme.

Similarly, solar cell manufacturing is now supported, and ALMM 2 has been implemented with effect from 1st June 2026, mandating use of domestically produced solar cells. This has led to increase in the capacity to 30 GW already, which is now expected to rise to 75 GW 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 GW 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 GW, which is equal to 62 GW 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 five years.

Earlier, you will recall that in December '24, government extended a major support by imposing anti-dumping duty on import of solar glass from China and Vietnam. The 62 GW module requirement translate 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 GW, and the country depends on import 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 GW, by March '27, still leaving a supply gap. A significant portion of these new capacities is all 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 INR 0.84 crore, as against net revenue of ₹14.32 crore and negative EBITDA of ₹23.24 crore in the corresponding quarter last year.

The consolidated net revenue for the quarter stands at ₹405.69 crore and EBITDA at ₹141.16 crore, as compared to net revenue of ₹346.58 crore and EBITDA of ₹69.28 crore in the corresponding quarter last year. With these words, I would like to now open the floor to questions that you may have.

Thank you.

Hi, sir. Thank you for giving me the opportunity.

Profit nearly half from ₹169 crore in Q4 to ₹87 crore in Q1. Despite revenue declined only 8%, what significantly dropped the margin compressor this quarter?

Sorry, I didn't get your question. The numbers which you are mentioning do not seem to be in line with what numbers we have announced.

I am telling profit

this

was ₹169 crore in Q4, and it went to ₹87 crore in Q1, right? Revenue only declined around 8%.

What significantly dropped this disproportionate margin compressor this quarter? No,

actually, I'll just repeat the numbers for the quarter. The revenue has been ₹405.69 crore, and EBITDA has been ₹142 crore, as against the revenue of ₹332 crore in the previous corresponding quarter, and ₹92 crore of EBITDA in the corresponding quarter.

In fact, the performance has been significantly better. The EBITDA has risen by 53%.

There is no drop in the profit. I don't know which numbers you are referring to.

Sir, I am comparing from Q4 to Q1. Net profit.

Q4 Q4 if you really look at, Q4 of FY26, the EBITDA was ₹144 crore, and Q1 number is ₹142 crore. It's just about there only, same numbers almost.

Sir, I am talking about PAT, net profit.

Are you talking of the PAT?

Yes, sir.

Yes, sir. I'll just explain that.

In the quarter four of last year, we had recognized the tax shield on the amount provided against the German subsidiary investment of ₹325 crore. What had happened was that in the Q1, Q2, Q3, we had not considered any tax rebate, and we have provided tax.

When we got to know from the court administrator that there is nothing which Borosil or the shareholders is going to receive out of the proceedings, we considered that as a write-off. We have written off the investment into books, and accordingly, the tax shield has been taken into account.

The tax provision has been recalculated, which is why you see that the PBT is ₹120 crore and the PAT is ₹169 crore, because the ₹75 crore of tax provision has been written back on that investment, and it has been shown as a higher PAT. If you really remove that ₹75 crore, the performance is not inferior.

Am I making it clear?

Yes, sir.

Yes, sir.

Thank you.

Hello?

Yes.

Please go on.

Sir, I wanted to ask what is the US impact on the company? The impact of US or the tariff, what is the impact of that on the company?

Which tariff?

On tariffs put on by the US government. Is there any problem that you're facing on the export side?

US government. Actually, our exports to US are very, very small, and we are dealing with customers who are having niche products and niche applications.

Our export to that extent are not impacted. However, we foresee that USA may become a significant market to look at in future, but as of now, it's a very small percentage of our portfolio.

Our domestic demand in India is quite high, and the prices are good, we are more focused on the domestic business as of now.

Sir, you have also started a rooftop solar business, what are the revenue expectations from new business? See,

we have started this new initiative to leverage the brand and to use the acceptability of product of the company and the group, and this is very early stage that what would be the outcome finally, but our internal target is to generate revenue of about ₹36 crore in this financial year. In the first quarter, the revenue was about ₹1.3 crore.

We just started with small projects, and as we go along, the awareness will increase, and our team has been already built up, which will be obtaining more business, and we hope to do a good job here.

Sir. Sir, what about the capacity expansion?

Are you planning for any debt increase, or are you planning for equity raise?

No, for the current expansion, which is already ongoing, we are already fully funded, and for the next round of expansion, whenever we decide on the project and the size of the project, we will take a call about financing it. I think looking at the current run rate of profitability, say after the current project is commissioned by March '27, for next one year or two years, we will generate certain cash, and that will provide by way of equity support for the next expansion, and some amount of debt may be required in case there is a size of the project is high.

We don't foresee any equity raise in the near future.

Another question, sir. The working capital days have been increased from 34 to 152 in the current year.

Can we see any decrease in the working capital days?

Working capital days have not, according to us, not gone up substantially. Slight increase is there because of the stores, inventory, and other things.

In fact, we do not carry much stock of finished goods or WIP. I'll have to really look at from where you are getting this number, 152 days.

Our working capital is just about 60 days.

Sir.

Yeah.

Hi, sir. Congratulations on a great set of numbers, and thanks for taking my question.

My question is slightly long-term. As per my understanding, at the moment, the Indian producers are able to seek a higher price because the landed cost of imports is higher than domestic prices.

Now, if the domestic capacity is expected to rise from 2,600 tons per day to 7,700 tons per day by March 2027, how will the price get impacted? I understand that a lot of the capacity is for captive consumption, but do you expect the domestic prices to move downwards because of this?

Actually, the demand in the country is quite high, and currently the domestic industry is able to supply only about 25% of the demand. Even after the capacities have expanded to 7,700 ton per day, it will still be 75% of the demand only.

As I mentioned, a lot of these capacities are coming from the players who are using it for captive. The capacity available in the market will not rise substantially.

In any case, the competition will remain, whether from imported or domestic goods, but because the demand is very robust and we are having reference price as the import price parity, we don't foresee any kind of challenge on the pricing.

Right, understood. Sir, is it fair to assume that we maintain the current revenue and EBITDA run rate for the rest of the financial year?

It will not be appropriate to give any guidance like that, but we are expecting that if all the things remain the same, we hope to continue to do in the similar way.

Understood, sir. Thank you and all the best.

Thank you so much.

Thank you for giving me the opportunity. My question is, sir, how do you look Borosil Renewables as a company growing from FY28 say for next five years?

What's the vision of the company? How big the company wants to become say towards a ₹4,000, ₹5,000 crore top line, and how do we plan to get into?

On the last call, Kheruka ji had mentioned that Borosil is also evaluating options to get into inverter, backward integrate into inverters, and get into multiple solar rooftop products. Just I'm interested as a long-term investor, what are the growth prospects the company is looking for next four, five years?

This is a very important thought for the management of the company to grow the company from here, and after the current expansion, we need to certainly take up some other project which will enhance the company's turnover, profitability, as well as provide it more diversified base of revenue streams. We are looking at options including additional solar glass furnace, because the demand is still very robust, the gap is still there, and there is a possibility for coming up with more production of solar glass.

At the same time, we are also evaluating other options in the allied or adjacencies where we can in terms of glass, our expertise in glass production. We are also looking at certain other areas where it could be more interesting compared to expanding in the same product.

We hope to conclude on these aspects in next 6 months or so, and the project size and the turnover, everything will be known by that time. We certainly are looking to grow this company from here after March '27 from ₹2,500 crore to at least ₹4,000 crore or so.

That's how we are looking at in terms of growing the company in next, say, 3-4 years.

That's really helpful, sir. Another question, one last question I had that in the current new capacity, we are increasing our total capacity from 1,000 tpd to 1,600 tpd.

If say further we want to do any further CapEx on the 600 tpd, can we increase the capacity more by spending some amount of CapEx in the new facility, say more 500, 600 tpd if possible, if the company feels so, or again we have to go for an entire greenfield kind of a project?

This will be a separate project only, because whatever expansion we are doing currently is already fully designed and layout is frozen and building is already getting constructed accordingly. If we decide to add more capacity, it will be a new project and new building and new facility only.

It may be in the same location, but it will have to be constructed a new, and the project size will depend whether 600 or 1,200 will depend on what decision the management and board takes at an appropriate time.

Got it. Thanks a lot, sir.

All the best to you.

Thank you so much.

Thank you.

I had a question regarding the solar rooftop business only, but it answered now. Thank you.

Thanks. Okay.

Hi, sir.

Hi. Yes, please.

We can't hear you. Yeah.

Am I audible?

Not audible so far.

Hello? Yes.

Yes, please. We can hear you now.

Sorry. Sorry.

There was some disconnect. Thank you for giving me this opportunity, sir.

Sir, I just had a couple of questions. For the expansion of our 600 tpd that we'll be going live, how is the timeline looking, sir?

Is everything on track, or we are seeing some delays?

It is going on as per the plan, and we hope to complete the construction and everything by December '26,

and

commission the project within first quarter, that is January to March '27. Oh,

both the furnaces, SG4 and SG5?

We want to start both the furnaces. It will be done one after another, there may be a gap of maybe 1 month or so, but both will be commissioned by March '27.

We'll be seeing the entire revenue from FY28 for both the furnaces?

Yes, absolutely.

Okay. Sir, also for this expansion that we have done, the incremental volume, is it earmarked for existing large accounts scaling up, or widening of customer base?

Do you have any commitments for this from any large manufacturers?

It will be decided at appropriate time, because existing customers also are looking for more volumes, and on the other hand, we are not able to service some customers which we would like to take on board. We have been supplying to them in the past, but because of the paucity of material availability, we have not been able to supply to them.

We may add a couple of those customers whom we wanted to take on board, which we were not able to do, and also we will increase supplies to some of the existing customers.

Okay. Also, sir, if you can shed some light on the solar glass revenue between the large integrated module manufacturers versus the smaller and unorganized module makers that we have for our customer roster?

Now every module manufacturer is becoming big and big, and if you look at the numbers earlier, the people were in 100, 200, 300 MW. Now, everybody is in gigawatts,

and

you might see at least 10, 15 of them between 5 to 15 GW even. Broadly, our supplies are to customers who are large or medium, but small customers also we are servicing to the extent we can.

If you ask me on the customer concentration, our top 10 customers would be almost 65 to 68% of the total volume.

Okay. With this new expansion coming in, we'll able to cater more players, because it's like we are the biggest one out there, and everyone wants the best glass for their module, right?

I think we'll be able to cater to all small players as well as to such large orders which we'll be seeing down the line? Yeah.

While we will attempt to service the existing and new customers as well, but we'll have to see how the module industry actually consolidates in the next 1 year or 1.5 year, because the module capacity has run up very fast, and it is far in excess of requirement. There may be some adjustment, and because of the technology also, you might find that the module manufacturers who have got their plants based on monofacial cell, they may not be able to perform, or the module players who do not have cell production facility or do not get enough cell for domestic production, they might not be able to continue, or their volumes might drop.

We'll have to see how the situation pan out, and then take our call on customer arrangements, which customers we would continue to deal with, or whether they perish, or they consolidate, or whatever happens to them.

Because of the ALMM coming in, the cell will have to be domestic, a lot of changes throughout the industry will be happening. Our expansion plan post FY27, for FY28 if we see, do company have some framework or any understanding for what more we can do from here on?

I mentioned some time back that we are evaluating both options, like whether to increase capacity in solar glass itself by setting up additional furnaces, or whether to go for some other product which also diversifies our revenue stream and de-risk from the perspective of concentration on single product. We have been evaluating these options, and we will take another 5, 6 months before finalizing any particular strategy.

All right, sir. Thank you so much.

Thanks.

Hello, am I audible?

Thank you for the opportunity, sir. Sir, just wanted to check regarding if you can please repeat regarding the volume growth, what was the volume growth in this quarter?

Volume growth compared to the corresponding quarter was 8% in terms of sales.

Okay. What was the yield in the plant in this quarter?

The net production was also about 10% higher compared to corresponding quarter. It was 1 crore 25 lakh square meters.

Okay.

Okay. Sir, if I were to look into the realization part, this 160.3, does it also include in the calculation the fuel surcharge which we were discussing?

That's the reason the realization is appearing to be higher, because when I'm doing on the implied basis of volume growth based on this realization, there seems to be some decline. Just wanted to double-check on this.

You are right that ₹9.50 was a full fuel surcharge which we had invoiced to our customers, and that is included in ₹160. Which is why you see that the realization from ₹150 has increased to ₹160 in this quarter compared to the previous quarter.

The decline in volume what you are looking at probably is from Q4 FY26 and not Q1 FY26.

Okay. Probably the realization was higher at 160, and hence I was getting the decline in the volume even on a year-on-year basis, but I got it.

Probably at a lower realization, there might be some growth in the volume. Secondly, on this part, sir, considering the current scenario, like you mentioned there is also some easing out of the fuel supply, how should we see this fuel surcharge in the coming quarter as well?

See, the situation, as is very dynamic, and the US President has been behaving differently on everyday basis. Although the fuel situation had eased out a little bit after the war was stopped and there were agreements that there will not be further exchange of firing and all, but again what is happening.

Prices have dropped slightly from the perspective of international gas prices or oil prices, but everyday there is a change in the oil prices. You can see that already.

It moved down to $72, $73 and again to $85 and all. We don't know how it will finally pan out in next coming months or so.

In the meantime, whatever prices decline we got from the suppliers of energy, basis that we have already curtailed the fuel surcharge for the customers. This ₹9.5 has been slightly curtailed to adjust the decline in cost.

That will happen because we had committed to our customers that whatever reduction happens in this oil prices or gas prices, we'll pass it on to the customers. We have started to do that.

Okay. Finally, sir, just wanted to check it out this SG1 and SG2 refurbishment which we were planning, when that is going to be lined up from the timeline perspective, and what would be the duration for that?

This actual event will happen as and when the situation becomes necessary for the refurbishment. Right now, the furnaces are working properly.

SG1, we had some issues where we used patching tiles for nearly 4-5 days. We had done that work, and now the furnace is working properly.

Although we are keeping the materials ready for the furnace repair, but actual repair might happen somewhere in 2027, whether it will happen in Q1 or Q2 or Q3. Right now, I cannot commit, but my sense is that once we have commissioned the SG4,

5 and

the production has come into market, it will be sensible to do a planned repair around that time, which could be in, say, Q1 of next year or so, like that.

Okay.

If there is some urgency, then we might have to do it earlier as well, because if the furnace is giving away, then we cannot hold back on our planning, and we have to just execute the repair.

Got it. Thank you.

Thanks a lot, sir, and wish you all the best.

Thank you. Thank you, Deepak.

Thank you.

Thank you for the opportunity. Sir, you said that the furnace would be completed by December, could we expect some revenue in Q4 or would that quarter go for stabilization of this furnace?

While we expect the stabilization to happen quickly after the furnaces have been fired, but for glass furnaces of this nature, 1 or 2 months could be absolutely necessary for stabilizing. We would like to be cautious here, and in that sense, we like to consider revenue only from April, although internal target is to consider revenue from 1st of March.

From any modeling point of view or any projection point of view, I would advise to be conservative and take from 1st April.

Understood. Also, we have already commissioned the renewable project.

If you could maybe quantify what kind of savings can we get at the power cost on a yearly basis from the added capacity?

From the last solar wind hybrid project which we have commissioned in March, the annual savings are expected to be about ₹18 crore. Although the savings have been higher in the current quarter, that is April to June, because the wind and solar both have been very very good, generation has been very good.

Our savings were more than ₹6 crore in quarter, but on an annual basis if you were to ask me, the figure would be about ₹18 crore per annum.

Understood. Also, there were some articles regarding the strategic investment.

If you want to, maybe highlight any ongoing advanced talks regarding this?

I cannot offer any comments on this.

Understood, no problem. All the very best and thank you so much for the opportunity.

Thank you.

Sir, you also mentioned that you are planning to sell inverters and lithium batteries. What is the future in this?

Can you explain, please?

Actually, what we are doing is we have decided to introduce a solar kit. Now, that kit what it contains is a module, an inverter, and a battery.

It's a complete system, a solution which a homeowner can own, and we can supply. We are not independently selling batteries or inverters or like that.

It's a system, solar power rooftop. We are currently focusing on the off-grid system, which is, say, residential rooftops, then we'll gradually probably enter into C&I as well.

As of now, small-size rooftops which are required by homeowners is something what we are looking at.

Any revenue expectation from this segment? See,

this is a very nascent stage as of now, and although the opportunity we see is bigger, in the sense the market is quite large, and we are taking baby steps as of now in terms of entering into a new field where we were not present, although our name and our brand is very well known in the market, but it's a different segment as such. We are moving selectively right now, starting with 2-3 states, and then we will see further strategies and how to grow this to a higher level.

We, of course, see this as a much bigger opportunity in terms of turnover. In terms of profitability, it's not similar like glass manufacturing where you can expect 30, 35% EBITDA.

Here the profitability will be much lower, in single digit, and I think since the volume could be higher, even the single digit would be material in terms of the profitability.

Sir, you have also said that you are expanding your capacity by 600 600 tpd by December 2026. What kind of revenue can you additionally expect from this?

Our expansion is exactly 60% of the current capacity, and we are assuming the prices to remain same way. So, 60% will be extra production, and our EBITDA will also rise correspondingly.

Anything in absolute numbers? See,

absolute numbers are very difficult to predict as of now, because we can take current numbers and then extrapolate probably. If you were to ask me any numbers, then current quarter EBITDA suppose it is 142, you can expect another ₹80, ₹85 crore to be the extra EBITDA, assuming everything remains in line with what we are doing today.

Thank you, sir.

Yeah.

Am I audible, sir?

Yes.

Sir, my question is about new ventures of solar rooftop solution. Sir, could you share the revenue contribution of this business along with its EBITDA margin, profitability profile?

Sir, how as an investor I should think about the long-term margin potential of this business compared with the core solar glass business?

I just said about this that it's a very early stage for us to give you any projection, any guidelines on this number, that what will be the turnover and all. As I mentioned some time back, our current year internal plan is to generate revenue of about ₹36 crore in this business, ₹36 crore for this financial year, and EBITDA numbers or the profit numbers are going to be in single digits, which is what I just mentioned.

Unlike solar business where solar glass is a manufacturing business and this is more of a trading business where you have to buy all the three components from elsewhere and then offer as a solution. The numbers are not in line with solar glass profitability, but we expect to grow this business, and if the volumes become sizeable, then even a smaller percentage would also mean additional revenue, additional profitability of a sizeable amount.

Okay. Sir, my second question is your ex-factory selling price is increased to ₹160.3 per from ₹150.2 square in the preceding quarter.

Sir, is it, as you mentioned, is it because of the rise in the fuel charges because of West Asia crisis? Sir, in future, if everything would be normal, then this realization would be same or it would be reduced?

I just mentioned some time back that this ₹9.50 is the fuel surcharge which we have been charging to our customers, and we have started to reduce the fuel surcharge already as the cost of fuel which we were paying earlier has reduced. This 160 or 150, the gap of that ₹9.50 will keep compressing as the fuel cost goes down, because it was to offset the cost, and if the cost has gone down, then we have no reason for it to be continue in fairness to the customers.

This might compress as the fuel cost go down, but it won't affect the profit because, on the other hand, the cost would have also gone down.

Okay. Thank you so much.

Thank you so much, sir. All the best.

Thank you.

Sir, just had a question on the gross margins. This quarter, the gross margins are almost to the tune of 80%.

Are we likely to maintain that going forward?

It is how you define the gross margins is something which we need to be aligned. I think you are taking only the raw material consumption.

Right. Yeah.

Since we are a manufacturing company, we generally take manufacturing expenses also and calculate a gross margin. Assuming that whatever way you are considering it, we have a gross margin of about 78%, I think, from the perspective of numbers what I can see.

Raw material cost is about 23, 24% or so. Since we do not expect a significant, say, change in the raw material prices and selling prices are more or less constant in that sense, we don't foresee a volatility in the gross margins.

Okay.

Sir, does that mean that the EBITDA margins can move higher?

Please repeat your question.

Assuming that the gross margins stay at about 80%, can we assume that the EBITDA margins will move higher compared to what we've done in the previous financial year, because there the gross margins were lower?

Obviously, because the anti-dumping duty came into effect in December '24, and thereafter, we gradually raised our prices, selling prices. In the even first 3 to 4 months of the financial year also, that is financial year 25-26 also, the prices were not at the full level, and the prices have peaked after that.

Obviously, there will be some amount of extra profitability in the current financial year, because current financial year, we'll hope to see full prices throughout the year.

Right. When we undergo maintenance of SG1 and SG2 sometime in the next financial year or end of this financial year, do we foresee any loss of volumes because of that?

Yes, because the furnaces will have to be brought down, they have to be dismantled and re-erected in the sense that whatever refractories have got worn out will have to be replaced. There will be a shutdown of production for nearly 75 days, and to come back into production, it will take another 15 days.

Almost for 90 days, there will not be a glass production in furnaces whichever have to be taken for repair, and after that, it will be business as usual.

Which means we may not get

This is typical to any glass furnace for that matter, and every 6-7 years or so, the furnaces have to be rebuilt, because refractories are very corrosive and they are in contact with the high temperature at 1,600°, it's a part of the industry.

Right. Which means we may not get the entire 1,600 tons per day for the next financial year.

You're right. To the extent we put down the furnaces for repairs, there will be quantum loss.

Okay. Sir, can you please reiterate the timeline for this repair and maintenance of the two furnaces?

Timeline is not certain. I mentioned some time back, and we will have to see whether and when we are required to take them for repair.

Maybe in quarter four of this financial year, or quarter one or quarter two of next financial year. Okay.

Okay. Sir, just one last question.

What was the capacity utilization for this quarter?

Capacity utilization is full, actually. We are operating at full production, and almost 1,000 ton is our capacity, and we operate 1,000 tons per day.

Sure. All right.

Thank you so much.

Thank you.

Good afternoon, sir. Am I audible?

Yes, yes, please.

Yeah. Sir, firstly, congratulations on a decent set of numbers.

Sir, just wanted to recheck with you. You said to a previous participant that you had done some major work to the first two furnaces.

If you can say what was the number of days for which it was carried on?

It was a small patchwork for one of the furnaces, which lasted for I think 4 days, and for those 4 days, we did not have production. I think in terms of value, it was close to ₹3 crore, I think.

Sir. The next maintenance, you are expecting it to come post you commission the capacity expansion, but having said that, if it might come earlier, we might do it, but as we speak, we're not seeing anything coming up in the immediate future, right?

Yes, you are right.

You are right. Sir.

That was my question. Thank you and all the best for your future, sir.

Thanks. Thank you so much.

Thank you so much.

Hi, this is Sonal Minas. I hope I'm audible, and thanks for taking my question, sir.

Yes, Sonal.

My first question was with regard to the tax rate. This quarter, the effective tax rate is 26%.

Just want to reiterate this is what we should be assuming for the whole year, or are there some

I think it's about 25.2%, which is what we should assume.

For the whole year.

Yeah.

Sure. My second question, sir, from a promoter's time share perspective and the time share of the promoters, they have three businesses which are running.

Just want to know how do they spend time on this one vis-a-vis the others, and to an investor, I think this looks a far more complicated business because of too many macro balls lying beyond your control. The part question is, how do promoters allocate and govern time, and what is it that they have in mind for, let's say, a 4-5-year outlook for this particular business?

We have three listed companies with different side of different businesses, and as you rightly mentioned, this business is more policy-driven or involved business from the government intervention point of view, and there are a lot of changes or moving parts in the whole entire ecosystem of the solar and renewables. Obviously, somebody has to give complete attention.

Mr. P.K.

Kheruka, who is the Executive Chairman, he is completely focused on this business. Along with him, there is a CEO who is on the line, Mr.

Melvyn Moses is there; Mr. Roongta, who is Whole-time Director and CFO, is also on the line.

There is a team below him which is on day-to-day basis managing the affairs of the company, but he is also deeply involved in the entire operations and business. Regarding the government intervention, Mr.

Kheruka and myself are generally involved for the government representations and handling the policy advocacy and other things. This is the setup which we have for Borosil Renewables.

In terms of the other businesses, Mr. Shreevar Kheruka for Borosil Limited is the Chairman.

He's the MD also, and below him, there is a CEO who looks after the day-to-day business, and then, of course, the plant teams are there, and various functional teams like finance and other things are there. Similarly, for Borosil Scientific, also separate team is there, which is independently working and focused on the growth of that business.

Got it, sir. I got my answer.

Thank you.

Thank you, Sonal.

Thank you so much, all the investors, for presenting and coming into this conference of Borosil Renewables and asking detailed questions. I hope I was able to do justice to your questions by replying you satisfactorily.

We at Borosil Renewables are looking to grow shareholder value all points in time, and our team is fully committed to commission the project and deliver the desired results from, say, Q4 FY27. With this, I would like to end the conference.

Thank you so much.