Synopsis: Shares of Borosil Renewables Ltd surged 9% after the Indian government extended countervailing duties on Malaysian solar glass imports for five years. The move is expected to curb cheap imports, boost domestic demand, and improve capacity utilization.
The shares of this company, engaged in manufacturing extra-clear patterned glass and Low Iron Solar Glass for applications in Photovoltaic panels, Flat plate collectors, and Greenhouses, are in the spotlight after it rose by 9 per cent in today’s session following the Indian government’s extension of countervailing duties on Malaysian solar glass imports.
With a market capitalisation of Rs. 7,498 cr, the shares of Borosil Renewables Ltd were trading at Rs. 535 per share, surging 9% in today’s session, making a high of Rs. 547.55, up from its previous close of Rs. 501.45 per share.
What’s the News
The Ministry of Finance, India, has extended the countervailing duty on imports of textured tempered glass from Malaysia for a fresh five-year period. This decision follows a thorough review indicating that removing the duty would likely lead to a recurrence of subsidisation, ultimately harming the domestic solar glass industry.
The duty applies to textured toughened (tempered), coated and uncoated glass with a minimum light transmission of 90.5%, a thickness of up to 4.2 mm, and at least one dimension exceeding 1,500 mm. Widely used in the renewable energy sector for manufacturing solar panels, this product is commercially known as solar glass, solar PV glass, high-transmission photovoltaic glass, or heat-strengthened glass.
Differentiated Duty Rates
The government has established specific duty rates based on the manufacturing source in Malaysia. Individual producers Xinyi Solar (Malaysia) Sdn. Bhd. and SBH Kibing Solar New Materials (M) Sdn. Bhd. has been assigned a lower countervailing duty rate of 9.71% of the CIF (Cost, Insurance, and Freight) value. Conversely, all other producers from Malaysia or any other country exporting through Malaysia will attract a higher duty rate of 10.14%.
To qualify for the lower individual duty rates, importers must comply with strict requirements. They must present a valid commercial invoice at the time of import that includes a signed declaration from the exporting entity, explicitly certifying that the goods were manufactured at the specified, authorized facility in Malaysia.
Why will the Borosil Renewables benefit
The extension of countervailing duties on Malaysian solar glass is a positive development for Borosil Renewables Ltd, India’s leading solar glass manufacturer. By making imported solar glass more expensive, the duty helps reduce pricing pressure from subsidized foreign products, creating a more level playing field for domestic manufacturers.
Additionally, the five-year extension provides greater visibility and stability for the industry, encouraging solar module manufacturers to source more glass locally. This could support higher demand for Borosil’s products, improve capacity utilization, and strengthen the company’s revenue and profitability prospects over the medium term.
Borosil Renewables Ltd is India’s leading manufacturer of solar glass and the first domestic company to produce low-iron textured glass used in photovoltaic (PV) panels. The company supplies high-transmission solar glass to solar module manufacturers and plays a key role in supporting India’s renewable energy and solar manufacturing ecosystem.
It delivered a strong turnaround in Q4FY26, with sales rising 18% YoY to Rs. 440 crore. EBITDA surged 785% YoY to Rs. 136 crore, while the company reported a net profit of Rs. 169 crore, compared to a loss of Rs. 29.5 crore in the year-ago quarter. EPS improved significantly to Rs. 12.07 from Rs. -1.52, reflecting a sharp recovery in profitability.
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