Borosil Renewables Ltd has set a target of Rs 2,500 crore revenue by FY28 as the country’s largest solar glass manufacturer prepares to expand its production capacity by 60 per cent to meet the growing demand from India’s rapidly expanding solar manufacturing industry.
The company plans to add 600 tonnes per day (TPD) of capacity through two new furnaces, taking its total capacity from the current 1,000 TPD to 1,600 TPD by the first quarter of FY28.
Shreevar Kheruka, vice chairman of Borosil Renewables Ltd and managing director and CEO of Borosil Ltd, said the board has approved two new furnaces, each with a capacity of 300 TPD, taking the total addition to 600 TPD.
“The expansion is coming up at our existing plant site in Bharuch, Gujarat. We expect the expanded facility to be ready by the end of FY27. Once the new capacity is fully operational, the turnover will reach about Rs 2,500 crore. The FY26 turnover stood at Rs 1,535 crore, representing 38 per cent year-on-year growth, while EBITDA increased to Rs 492 crore,” he told Business Standard during an interaction.
The expansion comes amid a substantial mismatch between domestic solar glass demand and available manufacturing capacity. India required about 11,000 TPD of solar glass in FY26, equivalent to around 71.5 GW of module manufacturing capacity, against domestic capacity of only 2,600 TPD or about 16.9 GW equivalent. It is estimated that the domestic solar glass capacity could increase to about 7,900 TPD, or 50 GW equivalent, by March 2027.
“The supply deficit is expected to persist due to a surge in demand even as domestic glass capacity rises. This structural deficit provides room for domestic manufacturers to expand. BRL is preparing to capture this opportunity through the ongoing expansion plan,” he said.
Borosil reported a revenue compound annual growth rate of 32.3 per cent and operating EBITDA CAGR of 45.5 per cent between FY19 and FY26. Its current 1,000 TPD capacity is equivalent to approximately 6.5 GW of module manufacturing capacity. The expansion plan was reactivated following the imposition of anti-dumping measures on imported solar glass.
“The expansion entails an estimated investment of Rs 1,000 crore. Construction work is progressing as scheduled, with civil works underway and orders for key equipment already placed. The project is being financed through a mix of equity, debt and internal accruals,” Kheruka said.
Borosil has built its position around product differentiation as well as manufacturing scale. Its portfolio includes low-antimony and antimony-free textured solar glass, high-transmission products, anti-glare and anti-soiling glass, anti-reflective coatings and fully tempered 2 mm textured glass.
The company said it developed the world’s first antimony-free textured solar glass using patented technology and the world’s first fully tempered 2 mm textured solar glass. It has also developed specialised products for bifacial and glass-glass modules, rooftops, utility-scale projects, greenhouses and building-integrated photovoltaics.
The company’s domestic customer base exceeds 100 module manufacturers, while its international business has a presence in Western Europe and Turkey and is being expanded into markets in the Americas and the Middle East and North Africa.
The company has also strengthened its balance sheet through the Rs 889 crore equity and warrant capital infusion, supporting deleveraging and funding for the expansion. Net debt declined to Rs 114 crore in FY26 from Rs 240 crore in FY25, while Return on Capital Employed (ROCE) improved to 27 per cent.
“Alongside the core solar glass business, we are also developing a downstream rooftop solar solutions business. The company plans to offer panels, inverters and batteries along with installation, commissioning and after-sales services. The capacity boost will drive volume-led growth and enhanced scale economies,” Kheruka added.
