Business Overview & Key Metrics

Borosil Renewables Limited (BRL) is India's first and largest solar glass manufacturer. Key operational and financial metrics disclosed include:

  • Current Solar Glass Capacity: 1,000 TPD (Tonnes Per Day), equivalent to ~6.5 GW of module manufacturing.
  • Planned Capacity: 1,600 TPD.
  • Capacity Under Expansion: 600 TPD (referred to as SG-4 & SG-5). The expansion is on schedule for furnace firing in December 2026.
  • Revenue CAGR (FY19-26): 32.3%.
  • Operating EBITDA Margin (FY26): 30.5%.
  • Operating EBITDA CAGR (FY19-26): 45.5%.
  • Net Working Capital (FY26): 46 days.
  • Domestic Customers Served: 100+.

Business Model & Strategy

The company operates a two-pronged business model:

1. Core Business (Technology-led Solar Glass Manufacturing): Manufactures high-performance solar glass and supplies it directly to domestic and international solar module manufacturers. The company has a global presence, with a majority of international customers based in Western Europe and Turkey, and is expanding into the Americas and MENA regions. New segments being developed include glass for Greenhouses and Building-Integrated Photovoltaics (BIPV).

2. New Growth Adjacency (End-to-end Rooftop Solar Solutions): Expanding downstream into branded distributed solar solutions, offering panels, inverters, batteries with installation and service. This is described as a scalable, asset-light approach to capture growth in India's rooftop solar market, particularly Commercial & Industrial (C&I) and solar pumps.

Key Innovations & Product Portfolio

The presentation highlights several technological differentiators:

  • Developed the world's first antimony-free textured solar glass with patented technology (branded NoSbEra).
  • Developed the world's first fully tempered 2mm textured solar glass.
  • Offers specialized solutions including high-transmission, anti-glare, anti-soiling, anti-reflective, and matt-matt solar glass.
  • Product portfolio includes glass for 96/72/60 cell modules and other custom sizes, in thicknesses of 2mm, 2.5mm, 2.8mm, 3.2mm, and 4mm.
  • Technical performance claims include 91.76% standard transmission (380-780 nm) and 91.31% infrared transmission (380-2500 nm), aimed at maximizing panel efficiency.
  • Other product benefits emphasized are PID Mitigation, High Hydrolytic Resistance, and exceptional Mechanical Strength for safety.

Sustainability & ESG Initiatives

  • The company reports a 22% lower carbon footprint versus the global baseline for glass manufacturing, as per a Life Cycle Assessment.
  • 93% renewable power usage in Q1 FY27, with a target of 75%+ on a sustained basis.
  • Strategic ESG priorities include aiming for carbon-neutral operations, transitioning to low-carbon energy, and integrating suppliers as partners.
  • Actions include ESG target disclosures, a dedicated emissions dashboard, and a company-wide supply chain management program.

Industry Overview & Growth Drivers

The context provided outlines a significant opportunity in the Indian solar market:

  • Domestic Supply-Demand Gap: Current solar glass demand is 11,000 TPD (~71.5 GW equivalent), while domestic capacity is only 2,600 TPD (16.9 GW equivalent), leaving a supply gap of 8,400 TPD (~54.6 GW equivalent). Domestic capacity is expected to rise to 7,900 TPD (50 GW) by March 2027, but a gap will remain.
  • Policy Support: Key growth drivers identified are the target of 280 GW solar capacity by 2030 (since raised to 500 GW by 2036), the PM Suryaghar Yojana (aiming for 30 GW rooftop capacity), PLI schemes (totaling ~Rs. 18,500 crore), and the imposition of a 9.71% CVD on imports from Malaysia and anti-dumping duties on imports from China & Vietnam.
  • Other demand drivers include the solarization of railways, the Kusum program, demand from C&I sectors (data centres, green hydrogen, EV penetration), and the CPSU program.

Group Structure & Leadership

The company is part of the Borosil Group. Market capitalizations as of September 4, 2026, are provided:

  • Borosil Renewables Limited: ~₹7,346 crore
  • Borosil Limited: ~₹3,097 crore
  • Borosil Scientific Limited: ~₹1,176 crore

The Board of Directors is listed, including Executive Chairman Mr. P.K. Kheruka, Vice Chairman Mr. Shreevar Kheruka, Whole-Time Director & CFO Mr. Sunil Roongta, and Independent Directors Mr. Ashok Jain, Mr. Raj Kumar Jain, Ms. Vanaja N. Sarna, Mr. Akshaykumar Chudasama, and Mr. Shailendra Shukla.