With Higher Selling Price & Anti-Dumping Boost, Borosil Renewables Eyes Turnaround

Indian solar glass maker Borosil Renewables Ltd (BRL) is betting on rising selling prices, trade protection measures, and a sharper India focus to turn around its fortunes after exiting its troubled European operations.

The company’s management, in its latest investor call, said the combination of higher realisations in the domestic market and anti-dumping duties imposed on imports from China and Vietnam has significantly boosted margins. At the same time, the insolvency of its German subsidiary Glasmanufaktur Brandenburg (GMB) is expected to stop recurring losses and free up resources for its India business.

German Unit Insolvency

In July 4, the company’s step-down subsidiary in Germany filed for bankruptcy following weak demand in Europe and mounting liquidity pressures. The unit had already suspended furnace operations amid depleted market conditions.

“We did not feel it prudent to continue funding standing charges of about ₹9 crore per month through our subsidiary Geosphere. Filing for insolvency will arrest recurring losses and permit reallocation of capital and managerial focus towards India, where we see long-term potential and policy support,” said Shreevar Kheruka, Vice Chairman of Borosil Renewables.

Based on an independent valuation, the company said GMB is unlikely to leave any surplus after paying off liabilities. As a result, BRL has provided for its full exposure of ₹325.91 crore as a one-time loss.

Selling Price Improvement

The company said margins improved on the back of better realisations. Average selling prices rose to ₹138.1 per millimetre in the June quarter, compared with ₹105.5 per mm a year ago and ₹127.6 per mm in the preceding quarter.

“Sales rose by 37% year-on-year during this period, largely driven by the increase in selling prices. This has led to an improvement in margins,” the management told investors.

Anti-Dumping Relief

The imposition of anti-dumping duties on solar tempered glass imports from China and Vietnam in December 2024 has helped stabilise domestic prices.

“The duty has provided great relief, with prices reverting to levels seen a few years ago,” said Kheruka. Exports stood at ₹35.67 crore in the quarter, accounting for 10.7% of turnover, compared with ₹18.9 crore in the previous quarter.

With a robust outlook for India’s solar sector and policy measures supporting domestic manufacturing, Borosil said it expects demand momentum to continue and margins to remain firm in the coming quarters.