Borosil Renewables Limited is a prominent Indian manufacturer specializing in extra-clear patterned glass and Low Iron Solar Glass. These products are essential for applications in Photovoltaic (PV) panels, Flat Plate Collectors, and Greenhouses. The company, originally incorporated in 1962, is based in Mumbai, India. It is listed on both the Bombay Stock Exchange (BSE) under the code 502219 and the National Stock Exchange (NSE) under the code BORORENEW.
The company was formerly known as Borosil Glass Works Limited and officially changed its name to Borosil Renewables Limited in February 2020. The current chairman of the company is Pradeep Kumar Kheruka. Recent management updates indicate the appointment of Melwyn Moses as the new CEO, effective from December 2nd.
Borosil Renewables holds the distinction of being India's largest manufacturer of low-iron textured solar glass, commanding a significant market share of over 20% within the country. The company has also established a strong international presence, particularly in Germany, where it holds a substantial 65% share of the solar glass market through its overseas subsidiaries. Notably, Borosil Renewables is the sole solar glass manufacturer within India.
The company operates manufacturing facilities located in the states of Maharashtra and Tamil Nadu. As of August 9, 2024, Borosil had a combined production capacity of 1,350 Tonnes Per Day (TPD), which translates to approximately 8.5 Gigawatts (GW) for solar glass manufacturing. This capacity has seen a remarkable increase of 7.5 times over the past five years, underscoring its rapid expansion.
Borosil Renewables offers a range of low-iron textured solar glass designed for photovoltaic panels, flat plate collectors, and greenhouses. Key products include:
- Selene: An anti-glare solar glass specifically designed for PV installations located near airports to mitigate glare issues.
- Shakti: A solar glass with a matt-matt finish.
- 2 mm Fully Tempered Solar Glass: Offering durability and strength.
- Nosbera: An antimony-free solar glass.
- Solar Glass with Anti-Reflective Coating: Enhances light transmission.
- Solar Glass with Anti-Soiling Coating: Helps in self-cleaning and reducing dust accumulation.
The company also provides anti-soiling and anti-reflective coating options to enhance the performance and longevity of solar installations.
Borosil Renewables reported a market capitalization of ₹6,802 crore as of July 2025. As of June 16, 2025, the market capitalization stood at ₹7,300 crore. According to Value Research classification, it is categorized as a Small Cap company.
For the fiscal year 2025 (FY 2025), the company reported a revenue of ₹1,479 crore with a net loss of ₹87.0 crore. The revenue for FY25 saw a year-over-year increase of 7.7%, reaching ₹1,479.33 crore. The company registered a consolidated net loss of ₹69.57 crore in FY25, compared to a net loss of ₹46.90 crore in FY24.
In the quarter ended March 2025 (Q4 FY 2025), Borosil Renewables' net loss reduced to ₹20.10 crore, an improvement from the net loss of ₹48.07 crore recorded in the previous quarter ended March 2024. Sales for the quarter rose by 31.94% to ₹373.54 crore, compared to ₹283.11 crore in the corresponding quarter of the previous year.
- Promoter Holding: 62.2%
- Book Value: ₹75.3
- P/B Ratio: 7.10 times as of June 16, 2025, which represents a 36% discount compared to its peers' median range of 11.03 times.
- TTM Profit: Trailing Twelve Months (TTM) profit after tax for Borosil Renewables Ltd was ₹-70 crore.
The company recently announced that its German subsidiary filed for insolvency. Concurrently, Borosil Renewables is pivoting to expand its Indian solar glass capacity by 60%, with an investment of INR 950 crore. On June 10, 2024, the company filed a draft letter of offer with the Securities Exchange Board of India (SEBI) to raise funds amounting to ₹4.5 billion through a rights issue of equity shares. The proceeds are intended to be primarily utilized for reducing debt for its Indian operations and its overseas operating subsidiary.
Borosil Renewables' shares experienced a surge of 10% to ₹532.20 amidst heavy trading following the government's imposition of a five-year anti-dumping duty on solar glass imports from China and Vietnam. The company expressed strong support for this decision, anticipating that it will foster fair competition and stimulate domestic solar glass manufacturing in India.
The company also highlighted that the imposition of a 10% Basic Customs Duty on imports of solar glass from October 1, 2024, coupled with the exemption of duty on raw materials used in the manufacturing of specified solar PV components, would significantly benefit the domestic solar glass manufacturing industry.
Borosil Renewables Limited is strategically positioning itself to navigate a challenging market landscape. This landscape is characterized by rising imports of cheaper solar glass, particularly from China, which has led to excess inventory and declining demand in key regions like Germany. Despite these hurdles, the company has reported increased total sales and improved EBITDA, reflecting enhanced production efficiency and a growing international presence.
The anticipation of anti-dumping duties offers a potential lifeline, with preliminary findings suggesting measures that could restore profitability and stimulate local demand. However, high inventory levels and persistently low selling prices continue to strain operational performance. This necessitates a reassessment of expansion plans and capital expenditure strategies. As the company endeavors to optimize capacity utilization and manage its debt, it remains committed to transparent communication with investors regarding its evolving market strategy.
The stock is trading at 6.82 times its book value. While the company has made efforts to reduce debt, it maintains a low interest coverage ratio. There is no promoter pledging reported for Borosil Renewables Ltd.
The company operates within India's rapidly growing renewable energy sector, where solar glass is a critical component for the nation's ambitious solar energy targets. With its dominant market position in India and strategic expansion plans, Borosil Renewables remains a significant player in the country's solar glass manufacturing landscape, despite facing near-term operational challenges.
