Incorporated in 1960, Borosil Renewables Ltd. is engaged in manufacturing of extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Green houses. The company has been India’s only solar glass maker for over a decade. Given its near-monopoly, Borosil Renewable is a big beneficiary of strong demand and government initiatives like Atmanirbhar Bharat, PLI schemes etc.
1. The year 2020-21 saw a major transition for Borosil Renewables with improved operational performance as a result of achieving a higher scale after the capacity expansion implemented in 2019-20.
2. The Company remains the only producer of solar glass in the country so far and its product enjoys widespread acceptance. It enjoys around 40% market share of domestic solar glass requirement and 2.5% market share in global market.
3. With growing opportunities in the domestic solar energy market, Borosil is eyeing 4.5 times capacity growth over 3-4 years.
4. In addition to its presence in the domestic market, Borosil Renewables has a meaningful presence in export markets. While the Company’s exports are mainly to European nations, its customers are spread across other countries including Turkey, Russia, Middle East, Africa, North and South America. Management said that the anti-china sentiments along with mismatch of demand and supply indicate a promising demand scenario for solar glass.
5. Government initiatives such as Atmanirbhar Bharat, PLI, CPSU, and Kusum scheme etc. provide necessary incentives to domestic module manufacturers. This would help increase demand and companies like Borosil are thus expected to benefit over the long run.
6. Hence, we believe that the government initiatives, strong renewable push and expansion plans in the coming years augurs well for the company.
