Borosil Renewables is India’s first and largest manufacturer of solar glass - the specialised, high-transparency cover glass that sits on top of every solar panel - and the world’s largest solar glass producer outside of China. It began as a traditional glassmaker in 1962, introduced automated rolled glass to India in 1963, and made a decisive pivot into solar glass in 2010 before demerging its consumer and scientific businesses in 2020 to become a pure-play solar glass manufacturer. The recurring approach is innovation-led manufacturing at scale: the company has repeatedly developed world-first technologies - including the first antimony-free textured solar glass and the first fully tempered 2mm solar glass - and then protected those innovations with patents while expanding capacity ahead of demand, using trade-policy tools to level the playing field against Chinese imports. # Business segments Two engines at different stages - a domestic solar glass manufacturing platform that is scaling rapidly behind trade protections, and a European operation that has entered insolvency. ## 1. Indian solar glass manufacturing: the core engine scaling behind a tariff wall **The company makes specialised glass for solar panels at a 1,000-tonnes-per-day plant in Gujarat, sells it to over 100 domestic module makers, and is adding 600 tonnes per day of capacity - all while a five-year anti-dumping duty keeps Chinese and Vietnamese imports at bay.** - **The product is a precision component, not commodity glass** - the glass is low-iron textured solar glass with light transmission above 91% across key wavelength ranges, and it comes in thicknesses from 2mm to 4mm with optional anti-reflective, anti-soiling, and combined coatings that boost module efficiency. The company also makes specialised variants: Shakti glass with transmission exceeding 94% when coated, Selene anti-glare glass for PV projects near airports, and the patented NoSbEra glass that eliminates toxic antimony from the manufacturing process - a world first, certified by SPF Switzerland. - **Pricing is benchmarked to Chinese imports, with a local premium** - solar glass is sold per millimetre of thickness per square metre, with domestic prices set against the landed cost of Chinese glass plus a 2-3% premium that customers accept for shorter lead times, assured supply, and flexible order quantities. A fuel surcharge mechanism passes through spikes in energy costs, protecting margins when input prices jump. - **Capacity is expanding from a position of full utilisation** - the existing three furnaces at Bharuch (210, 240, and 550 tonnes per day) have run at full capacity during strong demand periods, and two new 300-tonnes-per-day furnaces are under construction at the same site for commissioning by December 2026, taking total Indian capacity to 1,600 tonnes per day - enough for roughly 10.5 GW of modules annually. The expansion was greenlit only after the anti-dumping duty was secured, and nearly all equipment orders have already been placed. - **Energy costs are hedged with captive renewables** - 27% of the plant’s electricity now comes from renewable sources, and a 16.5 MW solar-wind hybrid plant is being commissioned to raise this share to nearly 65% by Q2 FY26, giving it a 22% lower carbon footprint than the default glass-manufacturing benchmark in a European Life Cycle Assessment. The plant is a zero-discharge facility that recycles 100% of broken glass and waste water. ## 2. European operations: a German solar glass plant now in insolvency **The company acquired an 86% stake in Germany’s largest textured solar glass producer in 2022, but cheap Chinese module imports crushed European demand, and the subsidiary filed for insolvency in mid-2025.** - **Bought to diversify outside China’s shadow** - the acquisition of GMB Glasmanufaktur Brandenburg and its sales arm Interfloat Corporation in October 2022 gave Borosil a 350-tonnes-per-day furnace in Tschernitz, Germany, with roughly 65% of the German solar glass market and a four-decade customer franchise across Europe. The upfront cash consideration was EUR 5.5 million for GMB and EUR 2 million for Interfloat, with additional earn-outs tied to future profits. - **Demand collapsed when European module manufacturing shrank** - Chinese solar module imports flooded the European market, leading to order cancellations and forcing GMB to slow production in FY2024 and temporarily cool its furnace in January 2025. The company provided €27 million in financial support before concluding it could not sustain standing charges of roughly ₹9 crore per month. - **The exit was through formal insolvency proceedings** - GMB’s managing director filed for insolvency in July 2025, and the wholly owned holding company Geosphere Glassworks GmbH followed with a voluntary filing in December 2025 after a German government bank demanded repayment of a EUR 4.81 million capital subsidy. Borosil wrote off its entire exposure of ₹325.91 crore in FY26, though provisions had already been taken in earlier quarters. The overseas entities still generated a small net revenue of ₹2.3 crore in the fourth quarter of FY26 from residual operations. # Group structure and partners **Borosil Renewables is the listed parent of a group that includes two insolvent European subsidiaries, two Indian captive-power associates, and sits alongside sister companies in consumer glassware and scientific products under the broader Borosil Group.** - **Promoter control with institutional minority stakes** - the promoter and promoter group held 58.77% as of March 2026, with foreign institutional investors at 4.27% and domestic institutions at 2.32%. - **European holding structure is now largely non-operational** - the wholly owned subsidiaries Geosphere Glassworks GmbH (Germany) and Laxman AG (Liechtenstein) were set up as special purpose vehicles to hold the 86% stakes in GMB and Interfloat respectively; both Geosphere and GMB are now in insolvency proceedings. - **Captive power comes through two associate companies** - Renew Green (GJS Two) Private Limited, in which Borosil holds 31.2%, operates a 10 MW wind-solar hybrid plant commissioned in May 2023; Clean Max Prithvi Private Limited, in which Borosil holds 49%, is setting up a 16.5 MW hybrid plant; both supply/will supply power exclusively to Borosil under captive consumption rules. - **The wider Borosil Group includes two separately listed entities** - Borosil Limited (consumer glassware and kitchenware) and Borosil Scientific Limited (laboratory consumables, equipment, and pharma packaging), each with its own market capitalisation and management, sharing the Borosil brand name and a six-decade glassmaking legacy.