Borosil Renewables touches roof on aiming 50% capacity expansion in manufacturing of solar glass

Borosil Renewables is locked its upper circuit limit at Rs. 602.20, up by 28.65 points or 5.00% from its previous closing of Rs. 573.55 on the BSE.

The scrip opened at Rs. 602.20 and has touched a high and low of Rs. 602.20 and Rs. 602.20 respectively. So far 4075 shares were traded on the counter.

The BSE group 'T' stock of face value Rs. 1 has touched a 52 week high of Rs. 667.40 on 01-Feb-2024 and a 52 week low of Rs. 403.10 on 25-Oct-2024.

Last one week high and low of the scrip stood at Rs. 602.20 and Rs. 496.85 respectively. The current market cap of the company is Rs. 7862.80 crore.

The promoters holding in the company stood at 61.60%, while Institutions and Non-Institutions held 4.42% and 33.99% respectively.

Borosil Renewables has once again underscored its commitment to Atmanirbhar Bharat by announcing an expansion of 50% of its present capacity in manufacturing of solar glass, a critical component in the manufacturing of Photo Voltaic solar panels. The expansion plans, which had been put on hold, are now back on track, after receiving the approval from the Company’s Board of Directors on December 18, 2024, on the basis of announcement of a ‘Reference Price’ for imports, by Ministry of Finance vide its notification dated December 04, 2024, which will act against Cheap and dumped imports from China and Vietnam. With this expansion, the manufacturing capacity of the Company will increase from 1000 tons per day to 1500 tons per day.

The Reference price ($673-677 for imports from China works out to a price of Rs 143 per mm/square meter at the Container Yard), and will act as a minimum threshold for import prices from China. Solar glass manufacturing in the country was thrust into a crisis of survival due to dumping of solar glass from Chinese owned companies, with import volumes sky rocketing coupled with a sharp drop of prices. The institution of a Reference Price for imported glass will enable Borosil Renewables to return back to better margins which will support its expansion plans.

The growth in domestic production of solar glass will create a more robust and dependable supply chain for domestic PV Module manufacturers for this critical component. Virtually all raw materials, skilled manpower and technology is available within India, and unnecessary outgo of foreign exchange shall be avoided, while creating much needed local jobs.

Borosil Renewables is engaged in the production of low iron textured solar glass used in the manufacturing of solar photovoltaic modules in the power sector.