Higher Solar Glass Prices Lift Borosil Renewables Quarterly Sales to Record

Indian solar glass manufacturer Borosil Renewables appears to have improved its performance on the back of higher selling prices, supported by government protectionist measures aimed at strengthening domestic solar glass manufacturing.

The company's top management on a recent earnings call told investors that higher solar glass prices drove a sharp improvement in its quarterly financial performance, helping it post record standalone sales during the period.

The Mumbai-based solar glass manufacturer reported its highest-ever quarterly standalone revenue of 3.87 billion rupees, up 40% from 2.75 billion rupees a year earlier and slightly higher than 3.78 billion rupees in the previous quarter. Executive Chairman Pradeep Kheruka said in an investor call that the increase was largely price-led, with the average ex-factory selling price rising to 149.97 rupees per millimetre from 104.54 rupees in the corresponding quarter last year and 147.5 rupees in the preceding quarter, boosting margins.

Exports Take A Dip 

Exports contributed 207.4 million rupees, or 5.4% of turnover, compared with 160 million rupees and a 5.8% share a year earlier. Demand in key overseas markets including the European Union, Turkey and the United States remained subdued, the company said.

Borosil said domestic demand stayed steady despite delays in module deliveries caused by anticipated GST changes and a prolonged monsoon, which led to cash-flow pressures for solar manufacturers and softer module prices.

Decision On Malaysian Solar Glass Duties Soon 

The company highlighted ongoing trade policy developments, noting that the countervailing duty on solar glass imports from Malaysia has been extended by three months to June 8, 2026, while the Directorate General of Trade Remedies conducts a sunset review. The company expects a final decision in the coming months.

Borosil currently has solar glass capacity of about 2,600 tonnes per day, equivalent to roughly 18 GW. With domestic installations expected to reach around 55 GW annually, imports still account for nearly 70% of solar glass consumption, leaving significant scope for import substitution. However, signficant domestic capacities are also coming up, with clarity expected on actual timelines by Q2 this year. 

Kheruka said the India–European Union free trade agreement could open new export opportunities for Indian solar manufacturers, while the planned introduction of ALMM-III from June 2028, mandating local production of ingots and wafers, is expected to strengthen the domestic solar supply chain.