Borosil Renewables Ltd, the country's largest solar glass manufacturer, is preparing to expand its production capabilities by 60% to meet the growing demand from India's rapidly developing solar manufacturing industry. The company has set a target of achieving revenues of ₹2,500 crore by the 2028 fiscal year.
As part of the plan, the company intends to add 600 tonnes per day (TPD) of capacity by installing two new furnaces. This will increase the total production capacity from the current 1,000 TPD to 1,600 TPD by the first quarter of the 2028 fiscal year.
Shrivar Keruka, Vice President of Borosil Renewables Ltd and Managing Director and CEO of Borosil Ltd, stated that the board of directors approved the construction of two new furnaces, each with a capacity of 300 TPD, totaling an increase of 600 TPD. He noted that the expansion will be implemented at the existing facility in Bharuch, Gujarat, and the modernized facility is expected to be ready by the end of the 2027 fiscal year.
According to Keruka, after the full utilization of the new capacity, turnover will reach approximately ₹2,500 crore. Meanwhile, revenue for the 2026 fiscal year was ₹1,535 crore, demonstrating a 38 percent year-on-year growth, and EBITDA increased to ₹492 crore.
Market Analysis and Investments
The expansion comes amid a significant mismatch between domestic demand for solar glass and available production capacity. In the 2026 fiscal year, India required approximately 11,000 TPD of solar glass, equivalent to about 71.5 GW of module manufacturing capacity, whereas domestic capacity was only 2,600 TPD or about 16.9 GW. Forecasts suggest that by March 2027, domestic solar glass capacity could grow to 7,900 TPD, or 50 GW equivalent.
Keruka emphasized that the supply deficit is likely to persist due to rising demand, even with the increase in domestic production volume. He added that this structural deficit provides an opportunity for domestic manufacturers to expand, and BRL is poised to capitalize on this opportunity through its current expansion plan.
The company reported a Compound Annual Growth Rate (CAGR) of 32.3 percent in revenue and a CAGR of 45.5 percent in operating EBITDA from the 2019 to 2026 fiscal year. The current capacity of 1,000 TPD corresponds to approximately 6.5 GW of module manufacturing capacity. The expansion plan was revived following the imposition of anti-dumping measures on imported solar glass.
Keruka specified that the expansion requires an investment of approximately ₹1,000 crore. Construction work is proceeding according to schedule, civil works have begun, and orders for key equipment have already been placed. Project financing is being secured through a combination of equity, debt, and internal accruals.
Product Strategy and Markets
Borosil has established its position through both product differentiation and production scale. Its portfolio includes textured low-antimony and antimony-free solar glass, high light transmittance products, glass with anti-glare and anti-soiling coatings, and fully tempered 2mm textured glass.
The company stated that it has developed the world's first antimony-free textured solar glass using patented technology, as well as the first fully tempered 2mm textured glass. Furthermore, it has created specialized products for bifacial and glass modules, rooftops, utility-scale projects, greenhouses, and building-integrated photovoltaic systems.
The company's base of domestic customers comprises over 100 module manufacturers, while international business is present in Western Europe and Turkey, with plans to expand into the markets of America, the Middle East, and North Africa.
The company also strengthened its balance sheet through the infusion of equity and voucher capital amounting to ₹889 crore, which supported the reduction of debt burden and financed the expansion. Net debt decreased to ₹114 crore in the 2026 fiscal year compared to ₹240 crore in the 2025 fiscal year, and Return on Capital Employed (ROCE) improved to 27 percent.
Keruka added that in addition to its core solar glass manufacturing business, the company is developing a rooftop solar panel solutions division. Plans include offering panels, inverters, and batteries along with installation, commissioning, and after-sales service. The capacity increase will drive volume-based growth and enhance economies of scale.
