Borosil Renewables (BRL) is a business which manufactures heavy duty glass in the application of photovoltaic panels (solar panels), flat plate collectors and green houses. The company has shown impressive numbers in the past 2 years on behalf of high volumes and government policies for solar energy.


Borosil Renewables is the solo manufacturer of solar glass in India. The company faces competition from Chinese and Malaysian manufacturers. The cost of production will spike as the price of natural gas rises. The company’s manufacturing capacity is stated to jump 3 times in 2022.

BRL produces low-iron textured solar glass used in the manufacture of photovoltaic modules within the solar power sector. BRL is the sole producer of solar glass in the country, with an installed capacity of 450 MTPD, but faces strong competition from foreign companies.

The company is setting up another solar line with a capacity of 550 MTPD which is expected to begin production by the end of 2022 and will improve BRL’s daily production capacity to 1,000 MTPD. The expansion cost of Rs 600 crore has been funded through a combination of QIP, internal accruals and term loans.

Heavy demand in solar panel glass

About 65 % of India’s requirements of solar glass is achieved by imports from China, Malaysia, Thailand and Vietnam. BRL faces competition due to cheap imports from these countries.

Government has imposed a five-year anti-dumping duty (ADD) on imports from China has provided minor relief to Borosil from 2017. Still large volumes of imports from Malaysia continued to pressurize the volumes in the subsequent years.

In March 2021, the government announced a 5year duty on the import of solar-tempered glass originating from Malaysia to boost domestic manufacturers. Hence, BRL’s volumes and realizations have witnessed a sharp jump in the last 18 months.

The ADD on China has expired in August 2022 and the Department of Revenue has denied the industry proposal for the extension of these duties. Therefore, the competitive intensity is likely to increase as Borosil will no longer get anti-dumping tariff protection against imports from China.

Technical Analysis

The stock is a new company as it recently demerged from its sister company. Hence the stock is still making new patterns. We can find the lows and invest on corrections. BRL is a fantastic portfolio candidate for long term growth.

The stock frequently enters the distribution zone marked by the horizontal lines.

The market opportunity in the renewables space is colossal as the industry is at the brink of a huge growth cycle. While Borosil is a market leader, the competitive risk cannot be disregarded for a company that operates in such a vibrant market.

The stock has given fantastic growth over the last 2 years. Long term investments are very attractive based upon accumulations during correction phases and distribution zones.

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