Slides
Page 1
1 INVESTOR PRESENTATION Q4 & Full Year FY25 Powering Tomorrow Through Solar Glass
Page 2
Safe Harbour THIS PRESENTATION (PRESENTATION) IS NOT AN OFFER TO SELL ANY SECURITIES OR A SOLICITATION TO BUY ANY SECURITIES OF BOROSIL RENEWABLES LIMITED (THE “COMPANY”) OR ITS SUBSIDIARY (TOGETHER WITH THE COMPANY, THE “GROUP”). The material that follows is a Presentation of general background information about the Company’s activities as at the date of the Presentation or as otherwise indicated. It is information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This Presentation has been prepared by and is the sole responsibility of the Company. By accessing this Presentation, you are agreeing to be bound by the trading restrictions. It is for general information purposes only and should not be considered as a recommendation that any investor should subscribe to or purchase the Company’s equity shares or other securities. This Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “expects”, “intends”, “may”, “will”, “seeks” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The factors which may affect the results contemplated by the forward looking statements could include, among others, future changes or developments in (i) the Group’s business, (ii) the Group’s regulatory and competitive environment, and (iii) political, economic, legal and social conditions in India or the jurisdictions in which our Group operates. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. There are some important factors that could cause material differences to Company’s actual results. These include (i) our ability to successfully implement our strategy (ii) our growth and expansion plans (iii) changes in regulatory norms applicable to the Company (iv) technological changes (v) investment income (vi) cash flow projections etc. The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this Presentation, unless otherwise specified is only current as of the date of this Presentation. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this Presentation, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Company may alter, modify or otherwise change in any manner the content of this Presentation without obligation to notify any person of such revision or changes. This document is just a Presentation and is not intended to be and does not constitute a “prospectus” or “offer document” or a “private placement offer letter” or an “offering memorandum” or an “offer” or a solicitation of any offer to purchase or sell any securities. It is clarified that this Presentation is not intended to be a document offering for subscription or sale of any securities or inviting offers from the Indian public (including any section thereof) or from persons residing in any other jurisdiction including the United States for the subscription to or sale of any securities including the Company’s equity shares. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This document and its contents should not be forwarded or delivered or transmitted or disseminated in any manner to any person other than its intended recipient and should not be reproduced or copied in any manner whatsoever. 2
Page 3
3 Contents 1. Our Vision/Purpose & Our Group 2. Financials 3. Industry updates 4. Increasing Share of Solar in Rising Renewables 5. Our Worldwide Presence 6. Our Capacity & Growth 7. Our USP , Innovations & Constant Evolution 8. Growth Drivers & Indian Solar Module Manufacturing Industry 9. Product Portfolio, Eco-Conscious & ESG Journey 10. Awards & Accolades 11. Shareholding Pattern & Board of Directors 12. Abbreviations
Page 4
4 Our Vision “To be the most Customer Centric Company” “Pioneering a sustainable future with reliability and quality” Purpose
Page 5
*As on 9th May 2025 - NSE **Includes 350 TPD (2GW) capacity of German Subsidiary 5 Borosil LimitedBorosil Renewables Limited Borosil Group INDIA’s first and largest solar glass manufacturer with a combined capacity of 1350 TPD** (~8.5GW) One of the Market leaders in consumer glassware and Kitchenware Borosil Scientific Limited One of the leading players in Laboratory Consumables, Laboratory Equipment, Pharma Primary Packaging and Process Sciences ~₹7055* cr Market Cap ~₹3788* cr Market Cap ~₹1093* cr Market Cap Our Group
Page 6
6 Standalone Q4/Full Year FY25 P&L Particulars ( ₹ Crs) Q4FY25 Q3FY25 Q4FY24 YoY Change% QoQ Change% FY25 FY24 YoY Change Revenue 327.23 275.28 227.33 43.9% 18.9% 1,109.94 990.28 12.1% EBITDA 77.03 20.89 13.13 486.9% 268.8% 180.51 118.93 51.8% EBITDA % 23.5% 7.6% 5.8% 307.7% 210.2% 16.3% 12.0% 35.4% Interest 7.24 4.80 2.09 -246.6% -51.0% 25.81 26.23 1.6% Depreciation 24.84 26.65 28.58 13.1% 6.8% 107.84 114.04 5.4% PBT 44.95 -10.55 -17.54 356.3% 526.0% 46.86 -21.34 319.6% PAT 33.13 -8.64 -13.37 347.9% 483.4% 33.47 -16.52 302.5% Standalone Profit & Loss Snapshot
Page 7
❖ The Total sales during FY25 grew by about 12% to INR 1,109.94 crores from INR 990.28 crores in the previous year. This was achieved with an increase in sales volume by 10% and selling price by 2%. The Ex-factory selling prices increased to Rs.113.36/mm per sq. meter as against Rs 109.14/mm in the previous year. ❖ Export Sales during FY25 declined to INR 91.73 crores, comprising 8.3% of the turnover as against INR 199.78 crores in FY24 due to significant decline in the demand in the European markets as a result of dumping of modules from China at artificially low prices making it impossible for local manufacturers to survive in those markets and also reduced solar installations in Turkey due to prevailing economic situation. ❖ The selling prices remained under constant pressure in the first 8 months of the year due to heavy dumping by Chinese exporters bringing down the FOB prices by 32%. The prices started to look up gradually post imposition of provisional ADD on imports from China and Vietnam from 4th December 2024. Net Sales in Q4FY25 were INR 327.23 crores as against INR 227.33 crores in Q4FY24, a 44% increase contributed by 16% due to higher sales volumes and 22% by increase in average selling prices. ❖ Average Ex- factory selling prices during the quarter were about INR 127.6/mm as compared to INR 99.6/mm in the corresponding quarter in FY24 leading to a significant improvement in the margins. ❖ Export sales during Q4FY25 amounted to INR 18.90 crores, accounting for 5.8% of the turnover, compared to INR 13.55 crores in the corresponding quarter when exports made up 6% of turnover. 7 Key highlights of Standalone Quarterly Results Standalone Q4/Full Year FY25
Page 8
8 Consolidated Q4/Full Year FY25 P&L Particulars ( ₹ Crs) Q4FY25 Q3FY25 Q4FY24 YoY Change% QoQ Change% FY25 FY24 YoY Change% Revenue 373.54 361.49 283.21 31.9% 3.3% 1,479.33 1,373.69 7.7% EBITDA 27.36 5.00 -20.82 231.5% 447.5% 92.84 74.85 24.0% EBITDA % 7.3% 1.4% -7.3% 199.7% 429.9% 6.3% 5.4% 15.2% Interest 9.54 5.08 3.16 -201.6% -87.8% 31.55 29.22 -8.0% Depreciation 36.24 31.92 33.58 -7.9% -13.5% 135.42 131.72 -2.8% PBT -18.42 -32.00 -57.56 68.0% 42.4% -74.13 -86.09 13.9% PAT -29.53 -30.07 -53.32 44.6% 1.8% -86.97 -50.27 -73.0% Consolidated Profit & Loss Snapshot Notes: ❖ The overseas subsidiaries including the step-down subsidiaries have generated net standalone revenue of INR 46.31 crores and negative EBITDA of INR 49.67 crores for Q4FY25 as against net revenue of INR 86.21 crores and negative EBITDA of INR 14.38 crores in the preceding quarter. This was due to suspension of furnace production from January due to a slow demand and lower level of operations while most fixed cost continued until February and also due to adjustment of inventories on physical verification. ❖ The consolidated net revenue for the quarter under review stands at INR 373.54 crores and EBIDTA of INR 27.36 crores as compared to net revenue of INR 361.49 crores and EBITDA of INR 5.00 crores in the preceding quarter. While the EBITDA from India operations improved by INR 62.49 Crores, the improvement in consolidated EBITDA was impacted by lower profitability of overseas subsidiaries.
Page 9
9 Update on Fund Raise Preferential Issue Valid Applications : Approx ₹697.56 crore • Promoter & Promoter Group : ₹100 crore fund raise through issuance of 18,86,793 equity share at ₹530 per share • Non-Promoter Investors: Upto ₹597.56 crore fund raise through issuance of 1,12,74,736 warrants (convertible into equity) at an issue price of ₹530 per warrant. With an option to convert within 18 months into fully paid equity shares Current status of Preferential Issue • Issue opened on 6th February immediately upon receiving approval of stock exchanges • Issue closed for subscription and payment of upfront amount on 13th February • Promoters paid entire INR 100 crore and 91 Non-promoter applicants of 78,80,436 warrants paid the application money of 25% totaling to INR 104.42 Crores towards the issue amount of INR 417.66 Crores while the balance chose not to pay despite their applications. Revised Objects of Preferential Issue on account of undersubscription / non-participation by some of the proposed allottees for preferential issue of warrants Nature of Utilization Existing Utilization (₹ Cr) Proposed Utilization (₹ Cr) Repayment / prepayment of the loans availed by the Company 15.00 Nil Satisfaction of SBLC liability on behalf of GMB (step-down subsidiary) 185.00 185.00 Capex for solar glass expansion at Bharuch, Gujarat 375.00 332.66 General Corporate Purpose 125.00 Nil Total 700.00* 517.66
Page 10
10 GMB Temporary Cool down of Furnace We have a 350 TPD furnace in Tschernitz, Germany with 2 production lines. During the six month period ended September 30, 2024, GMB incurred a loss primarily due to low demand in Europe leading to lower selling prices and lower production in GMB. Reasons for Cool down ❖ Sharp decline in demand for solar photovoltaic modules due to large-scale dumping of solar modules from Southeast Asia in the absence of any import duties/restrictions on dumped imports. ❖ Lack of Government support/incentives for domestic module manufacturing ❖ EU market sluggishness ❖ Production of glass for stock deemed unviable due to cash flow challenges and demand for fractional-sized glass. Operational Changes: ❖ Temporary cool down of furnace started in Jan 2025, while ensuring a controlled cool down for potential restart when demand stabilizes. ❖ Cold end operations were continued to convert semi-finished glass into finished glass for pending orders. Current status: ❖ 90% employees put on short time work whereby only 30% salaries are paid by the Company. Production is completely closed. ❖ Waiting for right incentives from the newly formed Government in Germany post general elections in Feb. ❖ In the meantime, evaluating to resume production in cold end by importing annealed glass in order to cut down the cash losses.
Page 11
11 SBLC Payments made for bank loans taken by step-down subsidiary ❖ Background • GMB Glasmanufaktur Brandenburg GmbH, Germany – 86% owned step-down subsidiary of Borosil Renewables. Is facing weak business outlook due to solar module dumping in Europe. • Temporarily suspended solar furnace operations in view of low demand and high cash losses. • Borosil Renewables had guaranteed capex loans of EUR 24 million for GMB via Standby Letters of Credit (SBLC). ❖ Borosil Renewable’s SBLC Settlements of outstanding amounts – March 2025 • EUR 10.2 million paid under SBLC issued by HSBC (Mumbai) for loan from HSBC Trinkaus, Düsseldorf • EUR 10.8 million paid under SBLC issued by HDFC (Mumbai) for loan from HDFC Bank, GIFT City • Total SBLC payments: EUR 21 million. ❖ Post Payment of SBLC • Borosil Renewables is now a creditor in the books of GMB for the repaid amount of EUR 21 million. • Maintains 86% ownership in GMB. • Action safeguards Borosil’s global credibility • Reinforces credibility with global banking partners. • Protects long-term value in European solar asset amidst temporary disruptions.
Page 12
12 Expansion plan ❖ The Board previously approved a proposal to expand the production capacity by 500 Tonnes Per Day (TPD). ❖ The Company is reassessing the opportunity. ❖ The Board will review the revised proposal shortly. ❖ The project will be financed by using a mix of equity, debt and internal accruals.
Page 13
• The Ministry of Finance had on 4th Dec 2024 imposed provisional anti-dumping duties (ADD) on imports of "Textured Tempered Coated and Uncoated Glass" from China and Vietnam based on recommendation of Commerce Ministry. The Commerce Ministry had after completing the investigation, recommended imposition of definitive duties for a period of 5 years from 4th December 2024. The Ministry of Finance has issued notification on 8th May accepting the recommendations and imposed the anti-dumping duties for 5 years. Additionally, the Commerce Ministry has also completed its anti-subsidy investigation on solar glass imports from Vietnam and recommended the imposition of definitive countervailing duty (CVD) for a period of five years from the date of notification to be issued in this regard by the Central Government. We expect a final action shortly from the Central Government on this. 13 INDUSTRY UPDATES UPDATES ON REGULATORY AND POLICY FRONT AND OTHER ANALYSIS FALL OF PRICES ACROSS SOLAR MODULE VALUE CHAIN GLOBALLY • The European Parliament on 25th April 2024, adopted the Net Zero Industry Act (NZIA), a regulation for mandatory non-price resilience and sustainability criteria to be applied in public procurements, auctions, and other forms of public intervention for net-zero products. • While some of the countries e.g. Italy and Austria have introduced a ‘made in Europe’ subsidy bonus/incentive/tax credit for European photovoltaic components to subsidize any fresh investment, the major economies i.e. Germany and France where the most of manufacturing was happening, have yet to take any concrete steps to revive the solar manufacturing. We expect the newly formed Government in Germany to announce some incentives supporting local manufacturing. • The prices of solar PV cells and modules continue to remain low due to oversupply and dumping by China. • Exporters from China/Vietnam had slashed the Solar glass FOB prices by as much as 32% between June and September 2024 bringing the domestic prices to unsustainable levels and endangering the survival. The export FOB prices have been raised in the recent months by about 20% which is still much lower than a reasonable level. POLITICAL SUPPORT IN EUROPE TO STRENGTHEN THE EUROPEAN PHOTOVOLTAIC INDUSTRY
Page 14
14 Increasing Share of Solar in Rising Renewables Thermal (Coal+Lignite+Gas+Deisel) , 247, 52% Renewables, 172, 36% Large Hydro, 48, 10% Nuclear, 8, 2% Total Installed Power Generation Capacity in India 475 GW as of Mar’25 (in GW) Solar, 106, 61% Wind, 50, 29% Bio power, 12, 7% Small Hydro, 5, 3% Renewable Power Generation capacity in India ~172 GW as of Mar’25 (in GW) 2.6 3.7 6.8 12.3 21.7 28.2 34.6 40.1 54.0 66.8 81.8 1.1 3.0 5.5 9.4 6.5 6.4 5.5 13.9 12.8 15.0 23.8 3.7 6.8 12.3 21.7 28.2 34.6 40.1 54.0 66.8 81.8 105.6 -10.0 10.0 30.0 50.0 70.0 90.0 110.0 130.0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Growth of Installed Solar Power Generation Capacity in India (GW) Existing Addition Source: CEA ➢ Out of total installed power generation capacity of ~475 GW as of Q4 FY25 in India, the share of renewables has reached 36% (~172 GW). The share of solar (106 GW) has further increased to about 61% of the renewable capacity. ➢ The target for solar has since been raised to install 280 GW by 2030 indicating a huge potential. ➢ FY25 has witnessed the highest ever annual solar installations of 23.8 GW. ➢ Expecting installation of 35 GW in FY 26.
Page 15
15 Growth Drivers Targets of 280 GW installed solar capacity to be achieved by 2030. Need annual solar installations of 30 +GW to achieve the target National Solar Mission Tenders by SECI /IREDA for large ISTS connected projects assuring offtake and payment security to the project developers SECI/IREDA Tenders The Union Budget 2018–19 has allocated a total of Rs. 48,000 crores over the following ten years for this effort. The government has extended PM-KUSUM scheme till March 2026 as its implementation was significantly affected due to the pandemic. Kusum Program Enforcing the Renewable Purchase Obligation targets to promote constant growth of Solar Energy National Tariff Policy 500 MW of Rooftop Generation Capacity by 2022 and 20 GW of Land Capacity to be installed by 2030 for self sustenance Solarization of Railways 12 GW of Solar Projects proposed for Captive Power Consumption (2019 – 2023) with domestic content requirement for Solar Cells and Modules to boost Domestic Manufacturing. 5 GW capacity awarded recently to CPSUs. CPSU Program Total Production Linked Incentive (PLI) granted in two tranches is about Rs. 18,500 Cr. This will propel domestic manufacturing of high efficiency solar modules and solar cells with further backward integration to create a robust eco system to ensure a robust supply chain for high growth. PLI Scheme Upcoming Hybrid (Wind+Solar) tenders and falling prices of storage batteries are expected to drive demand for solar power Demand for RTC Renewable Power Promising This scheme aims to provide rooftop solar power systems to one crore households across the country expecting to add 30 GW of capacity. PM Suryaghar Yojana
Page 16
• India has a solar module manufacturing capacity of around ~90.9 GW currently and projected to reach 150 GW in the next 2 years as new capacities are expected to be added by various existing and new players . • In FY25, the solar installations were higher at about 23.8 GW as against 15 GW in FY24. This brings the overall solar installations to about 105.6 GW as on 31st Mar 2025, on the way to achieve the target of 280 GW by 2030. We expect solar installations to be 35 GW in FY26. • We expect that the pace of solar installations will accelerate much quickly in view of robust demand, order pipeline and very economic cost. • The share of domestically produced modules is rising as the Approved List of Models and Manufacturers (ALMM) is enforced from 1st April 2024. On the other hand , there has been a further significant drop in the prices of imported modules due to excess capacity in China. • The rise in domestic manufacturing is leading to a much higher demand for components in India including solar glass. Indian Solar PV Manufacturing 16 On the Cusp of
Page 17
Expansion of production capacity by 500 TPD (revised from 1100 TPD) through either Option 1: Two 250 TPD furnaces (SG-4 and SG-5) in one or two phases Option 2: or a single 500 TPD furnace (SG-4) 180 210 210 210 210 240 240 240 240 300 350 350 550 550 500 CY18 CY19 CY22 CY23 Est CY26 Combined Solar Glass Capacity Planned 1850 TPD (〜12 GW) Furnace 1 (India) Furnace 2 (India) Furnace 1 (Europe) Furnace 3 (India) Furnace 4 (India) 17 Solar glass demand outlook is positive looking at the growth in module manufacturing. The expansion plan has been re -activated immediately upon imposition of Anti dumping duty on imports of solar glass. 1350 TPD750 TPD Combined Installed Capacity (TPD)-Projected 450 TPD180 TPD CY18 CY 20 CY 22 CY 23 & 24 Rebuilt 1st furnace with enhanced capacity of 210 tons/day Added 2nd furnace with 240 tons/day capacity Running at full capacity Acquired Interfloat Group the largest solar glass manufacturer in Europe with a capacity of 300 TPD Addition of 3rd furnace with a capacity of 550 TPD during Q1 of CY23. Furnace in Europe was rebuild to a higher capacity of 350 TPD during Q2 of CY23 Expansion Plan Commissioned in Feb 2023 1850 TPD Est CY 26 Capacity Planning
Page 18
18 Our Growth BRL’s journey has been marked with innovation and firsts in the industry… 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Page 19
19 Our Worldwide Presence • A global presence with products matching international standards and quality requirements. • The largest manufacturer of solar glass in India, offering lower lead times and flexible order quantities, supplying over 100 domestic customers. • The majority of international customers are based in Western Europe and Turkey. The company has expanded its outreach to geographies such as the Americas and MENA while nurturing and growing existing markets and adding new customers. • The Company is continuously exploring export opportunity in these countries. • New segments being developed include glass for Greenhouses and Building-Integrated Photovoltaics (BIPV). USA Canada Mexico Brazil Russia Egypt India Sri Lanka • Netherlands • Germany • France • Portugal • Italy • Bulgaria • Turkey • Jordan • Greece • Croatia
Page 20
20 OUR USP HIGHER TRANSMISSION Wavelength range (nm) Supplier 380-780 380-1100 380-2500 BOROSIL 91.76% 91.68% 91.31% Company X 91.73% 91.51% 91.00% Company H 91.74% 91.58% 91.08% company Y 91.41% 91.39% 91.18% ENGINEERED FOR LONG TERM DURABILITY • • • ENHANCED MECHANICAL STRENGTH • • • TEMPERED GLASS IS SAFER AND STRONGER • • Normal heat strengthen glass Borosil’s fully tempered glass
Page 21
21 OUR INNOVATIONS • • • • • • • • • • • UPGRADING EXISTING PRODUCT LINES INNOVATIONS: NEW PRODUCTS
Page 22
Products designed to align with changing demands and emerging needs 22 CONSTANT EVOLUTION Solar PV market is moving towards use of bifacial modules and glass-glass modules which has accelerated the use of thinner solar glass to optimize module weight. This shift will significantly increase the overall usage of solar g lass BRL manufactures 2mm textured solar glass with proven product quality Tempered 2 mm glassAdvanced Applications Bifacial solar modules Floating solar modules Upcoming segments of BIPV USPs Lower in weight Enhanced mechanical strength Long term durability with least degradation 0% 20% 40% 60% 80% 100% 2023 2024E 2026E 2028E 2031E 2034E Growth of Glass-Glass modules Glass-Foil Glass-glass Foil-Foil 0% 20% 40% 60% 80% 100% 2023 2024E 2026E 2028E 2031E 2034E Growth of thinner glass > 3 mm Between 2 mm & 3 mm < 2 mm 0% 20% 40% 60% 80% 100% 2023 2024E 2026E 2028E 2031E 2034E Growth of bifacial modules bifacial modules with bifacial cells monofacial modules with bifacial cells monofacial modules with monofacial cells Ref: ITRPV 2024
Page 23
23 Product Portfolio • High-Performance Solar Glass for • Utility-scale ground solar PV • High-Performance Green House • Solar Rooftop • Bifacial, Glass-glass, BIPV • Solar Thermal projects MARKET SEGMENTS • Glass for 96/72/60 cells module (and other sizes specified by the customer) • Capable to make larger sizes • SAM Glass : Glass for Small Area Modules CUSTOMIZED SIZES • Borosil Solar Glass with low Antimony content • NoSbEra: Borosil Solar Glass – without Antimony GLASS COMPOSITION • Grid Printed Back Glass for Bifacial Modules • Shakti / Clear : High Efficiency Matt – Matt Finish • Selene / Deflect : Anti-Glare Solar Glass • GMB Vetrasol: For Greenhouses ADDITION OF VALUE ADDED PRODUCTS • 2 mm • 2.5 mm • 2.8 mm GLASS IN VARIOUS THICKNESSES • 3.2 mm • 4 mm • Anti Reflective Coatings (AR) • High Transmission AR Coating (HTAR) • Anti Soiling Coatings (AS) • AR + AS coatings SOLAR GLASS WITH COATINGS
Page 24
24 Eco-Conscious Innovators • Efficient and cost-effective, low energy intensive process • A Life Cycle Assessment carried out by a reputed European institute indicated that the company maintained a 22% lower carbon footprint in comparison with the default value for glass manufacturing. • Use of low-cost renewable energy: Own 1.5 MW of wind farm and investment in 10 MW Wind-Solar Hybrid power plant which is commissioned in May’23. 27% of the total electricity consumption is met through the renewable sources installed for captive consumption. Further invested in 16.5 MW Wind-Solar Hybrid power plant to procure renewable power under open access. With this we will have 65-70% power from captive renewable energy sources. • World’s 1st company to develop a process to remove a toxic element Antimony (Sb) from textured solar glass (Patented technology) • Use of reusable packing material thereby saving cutting of trees • Received a patent to use the waste materials as a part of raw material • Bag filters – For fine dust control • Close loop water circuit system- For water treatment and reuse of water • Installed sewage treatment plant
Page 25
25 Environment Social Governance Investors • Emissions • Water • Energy • Climate change • Employee health and safety • Community relations • Labour practices • Risk management system • Code of conduct Customers • Emissions • Water • Energy • Climate change • Waste • Health and safety • Community relation • Risk management • Code of conduct Suppliers • Emissions • Water • Energy • Employee health & safety • customer relationship • Board Structure • Code of conduct Employees • Emissions • Water • Energy • Employee health & safety • Community relationship • Risk management • Code of conduct ESG Journey ESG is outcome-driven and not just good intentions. Various important ESG issues in the current context What matters to our stakeholders: Analysis based on our interactions with them
Page 26
ESG Journey • Aim to achieve Carbon neutral operations • Explore waste management opportunities • Transition to low carbon energy • Become an equal-opportunity employer • Integrate suppliers as business partners • Building resilient communities • Focusing on highest ethical standards • Creating a risk management framework • Creating a strong IT infrastructure • Enhancing transparency & fairness Our strategic ESG priorities • ESG target disclosures and dedicated dashboard to track emissions. • Increase the ratio of sales in reusable packaging material and explore further opportunities. • 27% total electricity from renewable sources. With further efforts to increase this share. We will reach 65%-70% by Q2FY26 • Company-wide strategic supply chain management program launched • Multiple community development programs launched on a need basis • A group-wide code of conduct applicable to all employees and leadership. • ESG risks are incorporated in the risk management framework. • A group-wide program on the evaluation of IT risks • Appointed Ombudsman to address grievances. 26 Our Actions Greener planet Social equity Robust governance BRL aims to disclose quantifiable targets in short to medium term and transparently report performance against the targets.
Page 27
27 Awards & Accolades National Award By Dept. of Science and Technology, Govt. of India 2021 AIGMFs Balkrishna Gupta Award for Exports for FY21 2021 2023 Top Exporter Award from CAPEXIL for FY21-22 17th FGI AWARDS for EXCELLENCE in the category of “Outstanding Entrepreneur” in 2022 2022 Mr. P . K. Kheruka received prestigious EY entrepreneur of the year award in a category-2023 2023 Great Place to Work Certified from the Great Place to Work Trust Index Employee Survey 2025 National Award for Best Industrial Relations in the Medium Enterprise category from the All India Organization of Employers 2024 DET HURUN Award Outstanding Contribution to India’s Manufacturing Economy 2024
Page 28
400 450 500 550 600 650 Borosil Renewables Limited Stock Price NSE (₹) 28 Market Cap ₹7055cr NSE: as on 9th May 2025 Promoter & Promoter Group, 62.20% FII, 4.54% DII, 1.20% Public & Others, 32.06% Shareholding Pattern As on 31st Mar 2025
Page 29
29 Board Of Directors Mr Akshaykumar Chudasama Independent Director A seasoned legal professional with over 3 decades of experience.. He is the Managing Partner of Shardul Amarchand Mangaldas & Co. and heads the firm’s practice in the Mumbai Region. With over 32 years of experience in senior finance roles with extensive expertise in Finance, Accounting, Audit, Taxation, and Business Strategy. Mr Sunil Roongta Whole-Time Director & CFO Mr P .K. Kheruka Executive Chairman Mr Shreevar Kheruka Vice Chairman Ms. Vanaja N. Sarna Independent Director Mr Raj Kumar Jain Independent Director Mr. Shailendra Shukla Independent Director Mr Ashok Jain Whole-Time Director Industrialist having Rich experience in the Glass Industry Also the Managing Director and CEO of Borosil Limited with more than 17 years Corporate experience. 42 years in Corporate Sector – Finance, Commercial, Sales and General Management. Retired Indian Revenue Service Officer, served Central Board of Excise and Customs in several capacities including as its Chairman. She was also the first Chairman of Central Board of Indirect Taxes and Customs Wide experience in Statutory Audit, Concurrent Audit, Revenue Audit, Stock Audit and has specialization in Investigation Audit. A distinguished engineering professional with over 42 years of experience, has held leadership roles for 24 years including as a Chairman, CEO, MD, and Director in the Power, Renewable Energy, and Biofuel sectors.
Page 30
30 Key Abbreviations ADD : Anti-dumping Duty ARC : Anti-Reflective Coating AS : Anti-soiling BCD : Basic Custom Duty BRL : Borosil Renewables Limited CAGR : Compounded Annual Growth Rate Capex : Capital Expenditure CAR : Corrective Action Request CEA : Central Electricity Authority CP : Consumer Product CPSU : Central Public Sector Undertakings CSR : Corporate Social Responsibility CVD : Countervailing Duties DGTR : Directorate General of Trade Remedies EBITDA : Earnings before interest, tax, depreciation and amortization EU : European Union EVA : Ethylene Vinyl Acetate FY : Financial Year ending 31st March GW : Gigawatt GWh : Gigawatt-hour INR : Indian Rupee IP : Intellectual Property IPO : Initial Public Offering IPP : Independent Power Producers JNNSM : Jawaharlal Nehru National Solar Mission KUSUM : Kisan Urja Suraksha evam Utthan Mahabhiyan KWh : Kilowatt Hour kWp : Kilo Watt peak mm : Millimetre Mn : Million MNRE : Ministry of New and Renewable Energy MT : Metric Tons MW : Megawatt N.A. : Not Available NAPCC National Action Plan on Climate Change NSM : National Solar Mission OEE : Overall Equipment Effectiveness PA : Per Annum PAT : Profit after tax PBT : Profit before tax PID : Potential Induced Degradation PLF : Plant Load Factor PPA : Power Purchase Agreement PPM : Parts Per Million PV : Photovoltaic REC : Renewable Energy Certificate ROCE : Return on capital employed RPO : Renewable Power Obligation SECI : Solar Energy Corporation of India SEZ : Special Economic Zone SG#1 : Solar Glass plant 1 SG#2 : Solar Glass plant 2 SG#3 : Solar Glass plant 3 SG#4 : Solar Glass plant 4 SGD : Safeguard Duty SIP : Scientific and Industrial Products TPD Ton per Day
Page 31
31 Thank You Registered/Corporate Office 1101, Crescenzo, G - Block, Opp. MCA Club, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Balesh Talapady Vice President – Investor Relations Balesh.talapady@borosil.com