A leading Indian glass manufacturer, renowned for its solar glass production, stands to benefit from a significant trade policy shift. The Ministry of Commerce’s recent recommendation to impose anti-dumping duties on solar glass imports from China and Vietnam aims to protect domestic manufacturers from unfairly priced foreign competition. Here is what you need to know.
Share Price Movement
The share price of Borosil Renewables Limited went up 4.94 percent to Rs. 544.90 per share on Wednesday, an increase from its previous close of Rs. 519.25 per share. The market capitalisation now stands at approximately Rs. 7,024.56 crore as of February 12, 2025.
What Happened
On November 7, 2024, the Ministry of Commerce and Industry proposed a temporary anti-dumping duty on solar glass from China and Vietnam, pending the final investigation into the alleged dumping of solar glass into India.
Following this, Borosil Renewables has announced that the Ministry of Commerce has recommended imposing anti-dumping duties on solar glass imports for 5 years from China and Vietnam. This means that these imports being sold at unfairly low prices can hurt local producers in India. To protect domestic manufacturers, the ministry suggests adding extra charges (duties) on these imports.
Additionally, there will be countervailing duties on imports from Vietnam also for 5 years to counter any subsidies they might be receiving from their government.
Financial Highlights
The company’s Q2FY25 revenue stood at Rs. 372 crore, declining 7.5% YoY from Rs. 402 crore in Q2FY24 but remaining flat QoQ with a marginal 0.3% increase from Rs. 371 crore in Q1FY25. Profitability worsened YoY, swinging from a Rs. 30 crore profit in Q2FY24 to a Rs. 13 crore loss in Q2FY25, though losses slightly narrowed QoQ from Rs. 14 crore in Q1FY25. The company expects to release its Q3FY25 results on February 14, 2025.
Competitors
Borosil Renewables major competitors in the renewable energy sector include Adani Green Energy, Tata Power Renewable Energy, Websol Energy System, Sterling and Wilson Renewable Energy, Inox Wind Energy, and Suzlon Energy, all of which have a strong presence in solar and wind energy projects.
Market Outlook
India’s renewable energy sector is witnessing strong growth, driven by ambitious government targets and rising investments. With a goal of 500 GW of non-fossil energy by 2030, the country added 13.5 GW in 2023, attracting $8.9 billion in investments. The 2024-25 budget boosted solar grid funding to $1.02 billion. Major conglomerates plan $800 billion investments in clean energy. Policies like PM-KUSUM and Rajasthan’s 28,500 MW projects further support expansion, positioning India as a global leader in sustainable energy.
Written By Fazal Ul Vahab C H
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