Borosil Renewables Ltd has revised its estimated investment for the planned 600 tonnes per day (TPD) capacity expansion to ₹1,100 crore from the earlier estimate of ₹950 crore, with commissioning now expected by March 2027 instead of the earlier December 2026 target. According to a stock exchange filing on September 22, the company plans to add 600 TPD of capacity through two new furnaces, SG-4 and SG-5, each with a capacity of 300 TPD, taking total capacity from the current 1,000 TPD to 1,600 TPD. The company attributed the delay and higher project cost to the ongoing conflict in West Asia, which has disrupted supply chains, caused exchange-rate fluctuations and increased commodity costs. The scope of the project has been expanded, resulting in an additional cost outlay of ₹150 crore, which will be funded entirely through internal funds with no increase in borrowings.
The expansion comes as Borosil Renewables reported strong financial performance with FY26 turnover of ₹1,535 crore, representing 38% year-on-year growth, while EBITDA increased to ₹492 crore. As reported by Business Standard, the company has set a target of ₹2,500 crore revenue by FY28 once the new capacity is fully operational. The company's existing 1,000 TPD capacity is currently fully utilised, and once the additional 600 TPD capacity is commissioned, it is expected to increase production volumes and sales significantly. The expansion entails an estimated investment of ₹1,000 crore and is being financed through a mix of equity, debt and internal accruals.
The expansion addresses a significant supply deficit in India's solar glass market, with Borosil reporting that India required about 11,000 TPD of solar glass in FY26, equivalent to around 71.5 GW of module manufacturing capacity, against domestic capacity of only 2,600 TPD or about 16.9 GW equivalent. According to Business Standard, it is estimated that domestic solar glass capacity could increase to about 7,900 TPD, or 50 GW equivalent, by March 2027. Kheruka noted that the supply deficit is expected to persist due to surge in demand even as domestic glass capacity rises, providing room for domestic manufacturers to expand. The company has also benefited from the Viksit Gujarat Industrial Policy 2026, notified by the Gujarat government on September 8, making it eligible for various financial incentives including interest subsidy, power tariff subsidy, capital subsidy and EPF reimbursement.
The company has built its position around product differentiation and manufacturing scale, with its portfolio including low-antimony and antimony-free textured solar glass, high-transmission products, anti-glare and anti-soiling glass, anti-reflective coatings and fully tempered 2 mm textured glass. As reported by Business Standard, Borosil developed the world's first antimony-free textured solar glass using patented technology and the world's first fully tempered 2 mm textured solar glass. The company's domestic customer base exceeds 100 module manufacturers, while its international business has presence in Western Europe and Turkey and is being expanded into markets in the Americas and the Middle East and North Africa. The company's entry into the branded rooftop solar business is also progressing, with the business expected to generate a modest ₹100 crore in revenue this year.
Beyond core solar glass business, Borosil is developing a downstream rooftop solar solutions business, offering panels, inverters and batteries along with installation, commissioning and after-sales services. According to Business Standard, the capacity boost will drive volume-led growth and enhanced scale economies. The expansion plan was reactivated following the imposition of anti-dumping measures on imported solar glass, with the company reporting a revenue compound annual growth rate of 32.3% and operating EBITDA CAGR of 45.5% between FY19 and FY26. Shares of Borosil Renewables were trading at ₹479.60, up 1.2% on the NSE as of 1 pm on Tuesday, though the stock has declined about 11% over the past month and around 23% over the last one year. Earlier this month, Executive Chairman Pradeep Kheruka dismissed speculation about a possible stake sale by the promoter family, stating there had been "absolutely no discussion with anybody whatsoever" regarding a stake sale, with the promoter group currently holding close to 56% in the company.
