In Thursday’s trading session, shares of one of the leading Solar glass manufacturer stock, specialising in producing durable and high-transparency glass, hit 5 percent upper circuit following 50 percent capacity expansion in its solar glass manufacturing.
Price action
With a market capitalization of Rs. 7,488.72 crores on Thursday, the shares of Borosil Renewables Limited hit 5 percent upper circuit making a high of Rs. 603.10 per share compared to its previous closing price of Rs. 574.40 per share.
What Happened
Borosil Renewables Limited India’s largest and oldest manufacturer of solar glass, has announced a 50 percent capacity expansion in its solar glass manufacturing, increasing production from 1,000 tons per day to 1,500 tons per day.
The expansion comes after the Company’s Board of Directors approved the plan on December 18, 2024, following the Ministry of Finance’s announcement of a “Reference Price” for imported solar glass. This new pricing policy is designed to prevent the influx of cheap and dumped solar glass imports from countries like China and Vietnam, ensuring a fairer market and supporting domestic manufacturers.
This move will help Borosil Renewables strengthen its margins and support its growth and help in enhancing the supply chain for PV module manufacturers and create local jobs, reducing reliance on foreign exchange.
About the Company
Borosil Renewables Limited specializes in the manufacturing of high-quality solar glass, a critical component used in the production of photovoltaic (PV) solar panels. As India’s largest and oldest manufacturer of solar glass, the company plays a pivotal role in the renewable energy sector.
Borosil Renewables is focused on providing advanced glass solutions that enhance the performance and efficiency of solar panels. The company is known for its expertise in producing durable, high-transparency glass that helps maximize solar energy absorption and improve panel efficiency.
Standalone H1FY25 Highlights
The company’s performance has shown improvement compared to the preceding quarter. Total sales during Q2FY25 grew by 9.75 percent, rising to Rs. 264.94 crore from Rs. 241.40 crore in the previous quarter. The improvement in EBITDA performance was even more significant, reaching Rs. 52.88 crore, which represents a 20 percent increase compared to 12.3 percent in the previous quarter.
Shareholding Pattern
The ownership structure of Borosil Renewables Limited is as follows: the promoters hold 61.60 percent, Foreign Institutional Investors (FIIs) own 4.19 percent, Domestic Institutional Investors (DIIs) control 0.23 percent and the public holds 33.99 percent
Financials
The company’s revenue fell by 6.9 percent from Rs 406.31 crore to Rs 378.25 crore in Q2FY24-25. Meanwhile, Net profit fell from Rs 25.05 crores to a loss of Rs 9.75 crore during the same period.
Written by Sridhar J
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