Borosil Renewables Gets New Rivals as Reliance, Avaada Eye Solar Glass Market

Indian solar glass manufacturer Borosil Renewables, which recently signalled a turnaround by converting its quarterly losses into profits, is now facing increased domestic competition in its niche segment — solar glass manufacturing. This comes at a time when most solar glass used in India is still imported, primarily from China.

According to the company’s own disclosures, imports account for about 70% of India’s total solar glass consumption. However, with demand for solar modules and key components such as solar glass expected to rise sharply, the market is attracting several new entrants.

New Entrants-Reliance, Avaada & Others 

Recent developments show that companies including Reliance, Emerge and Avaada are preparing to enter the solar glass business, adding fresh competition for Borosil Renewables. This is in addition to expansion plans by existing players such as Vishakha.

Estimates indicate that Reliance is expected to set up around 12 GW of solar glass manufacturing capacity. Avaada is likely to begin with 7 GW, while Emerge plans to add 3 GW. Borosil Renewables expects India’s total solar glass production capacity to rise from the current 18 GW to 58 GW by FY27. It currently pegs domestic demand at about 50 GW.

“These players are definitely entering the market — there is no question about it. Others have also been discussing entry. We expect production to rise significantly; in fact, it will more than double in the country,” Pradeep Kheruka, Executive Chairman of Borosil Renewables, told investors recently.

Reliance is gearing up to manufacture mainly HJT solar modules, which will still require solar glass similar to that used in conventional modules. The Avaada Group, led by Vineet Mittal, recently entered module manufacturing through its unit, Avaada Electro, and its foray into solar glass is expected to strengthen its position across the solar value chain.

Solar Glass Market Outlook 

Kheruka remains optimistic about the market outlook for Indian solar glass producers. “Another 12 GW of captive capacity by a new producer is expected to be commissioned by the end of FY26, and a further 16 GW by December 2026 by existing players, including 4 GW by our company. Work on our expansion project is progressing as scheduled. We see strong prospects over the next few years, supported by sector growth, robust demand and stable solar glass prices,” he said.

What India Offers Borosil

For Borosil Renewables, domestic opportunities have improved following the imposition of customs duties (as announced in the Union Budget) and anti-dumping duties on ultra-cheap solar glass imports from China and other countries.

Buoyed by improved operating efficiencies and government-led tariff protection, the company has charted new growth plans involving capacity expansion and product diversification. The firm, which reported encouraging results in Q2, said it had been able to raise selling prices, improving both sales and margins. This marks a recovery from pressures caused by cheap imports and earlier challenges linked to its European operations. The company has also strengthened its balance sheet with ₹371.49 crore raised through a preferential share issue.

“Sales rose by 42% during the quarter compared to the corresponding period last year, and a major part of the increase — 29% — came from higher selling prices. Average ex-factory prices rose to ₹147.5 per millimetre during the quarter from ₹115 in the corresponding quarter and ₹138.12 in the previous quarter, improving margins. Production efficiencies also improved, supporting higher sales volumes and better profitability,” Kheruka told investors during the recent earnings call.

The company’s top management noted that domestic solar glass production still lags behind national demand, leaving ample room for growth for players such as Borosil Renewables.

“Present solar glass capacity in the country is 2,600 tonnes per day, equivalent to 17 GW. With current demand at around 50 GW for domestic installations, imports account for about 70% of consumption, leaving substantial scope for capacity addition and import substitution,” Kheruka said.

VIDEO: Watch Saur Energy's latest interview with Shreevar Kheruka, VC of Borosil Renewables-