Borosil Renewables Ltd(BORORENEW)

NSE: BORORENEWBSE: 502219

₹ 386.35-2.34%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,686 crWebsite: www.borosilrenewables.comUpdated: 24 Oct 2026

About

Borosil Renewables Ltd makes solar glass for photovoltaic modules at a single 1,000 TPD plant in Bharuch, Gujarat, and describes itself as India's first and largest solar glass manufacturer. Its FY26 annual report calls it the world's largest non-Chinese owned solar glass manufacturer. Reported revenue was 1555.84 crore in FY26.^[1][2]

Revenue by geography

Revenue from within India was Rs 1421.54 cr in FY26 vs Rs 1022.82 cr in FY25.^[1][3]
Revenue from outside India was Rs 113.29 cr in FY26 vs Rs 87.11 cr in FY25.^[1][3]

Products and brands

2 mm solar glass is the flagship product as of FY26, in line with the industry shift to bifacial and glass-glass modules; it made up about 70% of production as of Q2 FY26.^[1][4]
Specialty brands as of FY26: Selene, an anti-glare solar glass used near airports, and Shakti, a matt-finish solar glass.^[1]
As of FY26 the company has moved into greenhouse glass, anti-glare glass and building-integrated photovoltaics (BIPV).^[1]
A rooftop solar division sells Borosil-branded panels with inverters and lithium battery storage, starting in Gujarat, Rajasthan and Uttar Pradesh; sold directly and via distributors, installed by approved integrators.^[1][5]

Operations

Single plant at Bharuch, Gujarat, spanning 100 acres, with standalone solar glass capacity of 1,000 TPD as of FY26.^[1]
The Bharuch plant ran at 100% utilisation in Q1 FY27.^[4]
Net production was 125 lakh sqm in Q1 FY27, up 10% YoY.^[5]
A 16.5 MW solar-wind hybrid captive power plant was commissioned in March 2026, taking renewable power to 93% of total power use in Q1 FY27.^[5]
Captive renewable power savings exceeded Rs 6 cr in Q1 FY27; estimated annual savings from the new hybrid plant are Rs 18 cr.^[5]
The B. L. Kheruka R&D Center in Pune has 19 qualified professionals; six patent applications were filed in FY 2025-26.^[1]
The company developed the world's first fully tempered 2 mm solar glass and the world's first antimony-free solar glass.^[1]

Key operating numbers

Average ex-factory selling price was ₹146.7/mm in FY26 vs ₹113.4/mm in FY25, after anti-dumping duties on Chinese and Vietnamese imports.^[1]
Average ex-factory selling price was ₹160.30/mm/sqm in Q1 FY27 vs ₹138.10/mm in Q1 FY26 and ₹150.20/mm in Q4 FY26, including a ₹9.50/mm fuel surcharge levied from 10 March 2026.^[5]
Sales volume grew 8% YoY in Q1 FY27; nine-month FY26 volume growth was 6% YoY, without new capacity.^[5]

Customers and exports

As of FY26 the company serves 100+ customers in India, mainly solar PV module makers, plus EPC contractors, project developers and infrastructure customers.^[1]
As of FY26 it serves 26 countries outside India; exports are led by Europe and Turkey, with a growing presence in the Americas and MENA.^[1]
Exports were 2.8% of turnover (₹12.32 cr) in Q4 FY26 vs 5.5% in Q4 FY25.^[6]
The FY26 annual report says major export markets face low demand and the company is looking to grow US exports; the US has a 123.04% anti-dumping duty on solar imports from India.^[1]

Expansion and capex

Capacity is being raised from 1,000 TPD to 1,600 TPD (~10.5 GW) by adding furnaces SG-4 and SG-5 (600 TPD) at Bharuch; revised capex ₹1,100 cr (up ₹150 cr), funded internally (update of 22 Sep 2026).^[7][1]
Commissioning is targeted by end-March 2027 (Q4 FY27), with full contribution from April 2027 (Q1 FY28).^[5]
The Bharuch site has land, batch house and utilities ready for a further furnace beyond the 600 TPD expansion, as of Q3 FY26.^[8]
Rebuild of furnaces SG-1 and SG-2 is planned for Q1-Q2 FY28, each needing about 90 days of shutdown.^[5]
Rooftop solar division targets ₹36 cr revenue in FY27; Q1 FY27 revenue was ₹1.3 cr.^[5]

Overseas subsidiaries

European subsidiaries Geosphere Glassworks and Glasmanufaktur Brandenburg (GMB) entered insolvency proceedings and were deconsolidated as of FY26; GMB had stopped production after EU module capacity shut down.^[1]
Total investment of ₹325.91 cr in Geosphere and GMB has been fully written off; a one-time tax shield of ₹75 cr was recognised in Q4 FY26.^[5]
Overseas step-down subsidiaries had zero revenue and negative EBITDA of ₹0.84 cr in Q1 FY27.^[5]

Policy and market environment

Anti-dumping duties on solar glass imports from China and Vietnam were imposed in December 2024 (effective 4 Dec 2024).^[5][3]
A 9.71% countervailing duty on Malaysian solar glass imports was extended for five years by a Ministry of Finance notification dated 2 June 2026.^[5]
ALMM-II requiring domestic solar cells came into force on 1 June 2026; ALMM-III for ingots/wafers is due from June 2028. India's module capacity reached 203 GW.^[5]
The FY26 annual report expects domestic solar glass capacity to rise from ~18 GW to ~51 GW by FY27, and notes Chinese makers shifting output to Malaysia and Indonesia.^[1]

Market Cap

₹5,686 Cr

High / Low

₹721 / 375

Stock P/E

15.6

Price / Book

4.0

Book Value

₹108

EPS

₹9.2

No. of Shares

14.02 Cr

ROCE

25.3%

ROE

10.3%

OPM

23.4%

Debt / Equity

0.11

Sales

₹1,556 Cr

Net Profit

₹127 Cr

Promoter holding

58.8%

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Borosil Renewables Ltd(BORORENEW)

About

Revenue by geography

Products and brands

Operations

Key operating numbers

Customers and exports

Expansion and capex

Overseas subsidiaries

Policy and market environment

Signal history

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