Borosil Renewables up 6% on plans to sharpen focus on India solar sector

Business Standard

07-07-2025

Borosil Renewables shares spiked 6 per cent in trade, logging an intraday high at ₹526.5 per share. At 12:30 PM, Borosil Renewables shares were trading 3 per cent higher at ₹511.7 per share on the BSE. In comparison, the BSE Sensex was down 0.13 per cent at 83,326.5.
The company's market capitalisation stood at ₹6,778.32 crore. Its 52-week high was at ₹644 per share and 52-week low was at ₹403.1 per share.
Why were Borosil Renewable shares in demand?
The buying interest on the counter came after the company's German arm GMB Glasmanufaktur Brandenburg GmbH filed for insolvency which frees up resources and management bandwidth for Borosil Renewables to further scale its core Indian operations which are experiencing robust demand, policy tailwinds, and improving pricing environment following the imposition of anti-dumping duties on imports from China and Vietnam, according to the filing.
GMB, with a capacity of 350 tonnes per day (TPD), had served European manufacturers of solar modules for their requirements of solar glass. However, demand erosion became drastic last year, as Chinese manufacturers flooded the European market with severely underpriced solar modules. European solar module manufacturers, amongst them stellar names like Meyer Berger started closing down.
Demand for solar glass dropped precipitously, as module manufacturers started shutting down. Based on policies announced at the EU and Federal levels, Borosil continued support through its subsidiary, with operational adjustments and financial support totalling €27 million.
Further, GMB's operations will be overseen by a court-appointed administrator in Germany. Borosil will no longer account for GMB's financial losses, which amounted to approximately ₹9 crore per month, according to the filing.
Borosil will have to assess and account for any impact, on account of the aforesaid insolvency resolution process of GMB, in the forthcoming quarterly results. The exposure as of March 31, 2025, in the German subsidiary and step-down subsidiary is Euro 35.30 million.
India's solar module manufacturing capacity has already surpassed 90 GW and is expected to rise to 150 GW by March 2027, presenting a strong demand environment for domestic solar glass. In May 2025, Borosil announced plans to increase its manufacturing capacity by 600 TPD through two new furnaces, investing approximately ₹950 crore. This would mark a 60 per cent expansion over its current capacity of 1,000 TPD.
About Borosil Renewables Limited
Borosil Renewable manufactures solar glass and a global pioneer in clean energy materials innovation. Through technology leadership, backwardintegrated manufacturing, and deep commitment to ESG, the company plays a central role in enabling India's solar energy ambitions.