This renewable energy stock engaged in manufacturing high-performance solar glass products, catering to sectors like utility-scale solar, rooftop installations, and thermal energy projects, hits 5 percent upper circuit, followed by management guidance of expecting an EBITDA margin of 25-30 percent.
Stock Price Movement:
With a market capitalization of Rs. 6,553.86 crores, the shares of Borosil Renewables Limited hit a 5 upper circuit of Rs. 501.95 per share on Tuesday, up from its previous closing price of Rs. 478.05 per share.
What Happened:
Borosil Renewables is optimistic about its future growth, expecting its Q4 EBITDA margin to improve and be between 25 to 30 percent. With strong government support and the recent anti-dumping duties on solar glass imports from China and Vietnam, the company aims to improve its margins and competitiveness in the domestic market.
Pradeep Kumar Kheruka, the Chairman, expressed confidence that with continued backing from the Centre, Borosil Renewables could even achieve a 30 percent margin in the future, boosting its position in the industry.
Capacity Expansion
Borosil Renewables has outlined an ambitious capacity expansion plan for its solar glass production. The company plans to reach a production capacity of 1850 TPD by CY26 by adding 500 TPD to its current capacity of 1350 TPD. This growth aligns with the positive demand outlook for solar glass, driven by the solar manufacturing sector’s expansion.
Revised Expansion plan
As part of its expansion plan Initially, the company approved setting up a furnace (SG-4) to produce 1100 tonnes of solar glass per day (TPD). following this now, the company has revised its plans to a 500 TPD plant by installing two furnaces of 250 TPD each or one big furnace of 500 TPD. This expansion will happen between July and September 2026.
The project size has been curtailed considering the low cash accruals in the last 2 years and to keep the debt at manageable levels. The cost was first estimated at Rs. 1400 crore for 1100 TPD, but now it’s Rs. 675 crore for 500 TPD. The project will be financed by using a mix of equity, debt, or internal accruals, or through a mix of any or all of such means of finance.
Product Portfolio
Borosil Renewables Limited offers a wide range of solar glass products for different needs, including large-scale solar farms, greenhouses, rooftops, and thermal projects. The company provides custom sizes, glass thicknesses from 2mm to 4mm, and special coatings like anti-reflective and anti-soiling for better performance.
Recent quarter results:
Borosil Renewables Limited’s revenue has increased from Rs. 330 crore in Q3 FY24 to Rs. 361 crore in Q3 FY25, which has grown by 9.39 percent. The net loss has increased from Rs. 16 crore in Q3 FY24 to Rs. 30 crore in Q3 FY25.
Written By – Nikhil Naik
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