Borosil Renewables Capex Plan: 600 TPD Expansion, ₹2,500 Crore Revenue Target and Growth Outlook
Borosil Renewables Limited (NSE: BORORENEW, BSE: 502219) has outlined an ambitious capacity expansion and growth strategy in its September 2026 corporate presentation, with the company targeting an increase in solar-glass capacity from 1,000 TPD to 1,600 TPD.
The company is executing a 600 TPD expansion through two new furnaces, SG-4 and SG-5, with the additional capacity expected to be commissioned during April-June 2027. The company has said the expansion remains on schedule for furnace firing in December 2026.
Management expects the additional capacity to support a significant increase in revenue, with a potential full-year run-rate turnover of around ₹2,500 crore, approximately 60% higher than FY26 turnover of ₹1,535 crore.
Borosil Renewables’ 600 TPD Capacity Expansion
The key element of Borosil Renewables’ current investment programme is the expansion of its Indian solar-glass manufacturing capacity.
The company currently operates with approximately 1,000 tonnes per day (TPD) of solar-glass capacity.
The planned expansion will add another 600 TPD, taking total capacity to approximately 1,600 TPD.
The two new furnaces, SG-4 and SG-5, will each have a capacity of 300 TPD.
According to the company’s presentation, the additional capacity is expected to be commissioned in the April-June 2027 period.
This expansion is expected to increase Borosil Renewables’ module manufacturing equivalent capacity from approximately 6.5 GW to around 10.5 GW.
Capex Strategy: Brownfield Expansion
One of the important aspects of the expansion is that Borosil Renewables is using a brownfield expansion strategy.
The company highlights approximately 20% lower capex through brownfield expansion compared with a greenfield approach.
This can potentially improve capital efficiency because the company can leverage its existing manufacturing ecosystem, infrastructure and operational capabilities.
The expansion was reactivated following the imposition of anti-dumping measures on imported solar glass, according to the presentation.
The company believes the combination of growing domestic solar-module manufacturing and policy support creates a long-term opportunity for additional domestic solar-glass production.
Borosil Renewables Expects Revenue to Reach Around ₹2,500 Crore
Borosil Renewables reported FY26 turnover of approximately ₹1,535 crore.
Following completion of the 600 TPD expansion, management expects a full-year run-rate turnover of approximately ₹2,500 crore.
That represents an increase of roughly 60% compared with FY26.
The company also expects operating leverage from higher scale and manufacturing efficiencies, with management estimating around 3 percentage points of potential improvement in operating EBITDA margin.
However, the ₹2,500 crore figure should be viewed as a management projection/run-rate expectation rather than guaranteed future revenue.
Actual performance will depend on capacity utilisation, solar-glass demand, pricing, product mix and competitive conditions.
Management’s Balance Sheet Commentary
Another important point for investors is the company’s balance-sheet outlook.
Borosil Renewables has stated that it expects to remain net cash positive even after the entire capex for the 600 TPD expansion, based on its position as of March 31, 2027.
The company also expects cash accruals over the following two years to help fund the next phase of growth.
Management said that multiple options are currently under evaluation for the next phase of expansion.
This suggests that the company is attempting to balance capacity expansion with financial discipline rather than relying entirely on external funding for future growth.
Solar Glass Demand Creates Expansion Opportunity
The company’s expansion strategy is being supported by what it describes as a significant gap between domestic solar-glass capacity and demand.
According to the presentation, current domestic solar-glass capacity is approximately 2,600 TPD, compared with estimated FY26 demand of around 11,000 TPD.
This represents a stated supply gap of approximately 8,400 TPD.
Domestic production capacity is expected to rise to around 7,900 TPD by March 2027, but the company estimates that this would still leave a substantial gap relative to demand.
For Borosil Renewables, this creates an opportunity to capture a larger share of the domestic market as India’s solar-module manufacturing ecosystem expands.
Policy Support Could Benefit Domestic Solar Glass Manufacturers
Borosil Renewables highlighted several policy and industry factors supporting domestic solar-glass demand.
India’s installed solar capacity has continued to increase, while the government has set ambitious renewable-energy targets.
The company also highlighted measures relating to imports of solar glass, including a 9.71% countervailing duty on imports from Malaysia, as mentioned in its presentation.
It also pointed to anti-dumping measures affecting imports from China and Vietnam.
These trade-policy measures could potentially improve the competitive environment for domestic solar-glass manufacturers by reducing the attractiveness of imported products.
However, the long-term impact will depend on future policy decisions, import prices, domestic capacity additions, and demand growth.
India’s Solar Capacity Continues to Expand
According to the presentation, India’s total installed power-generation capacity stood at around 552 GW as of July 31, 2026.
Renewable energy accounted for approximately 240 GW, with solar representing around 165 GW.
Solar therefore accounted for approximately 69% of India’s renewable installed capacity.
The company highlighted the target of reaching 280 GW of installed solar capacity by 2030, providing a long-term demand driver for solar modules and, consequently, solar glass.
Why Solar Glass Is Important
Solar glass is a critical component of photovoltaic modules.
As solar-module manufacturing expands, demand for high-performance solar glass also increases.
Borosil Renewables supplies solar glass directly to module manufacturers and serves more than 100 domestic customers.
The company offers several specialised products, including:
- Anti-reflective solar glass
- Anti-soiling solar glass
- High-transmission glass
- Anti-glare glass
- Matt-matt finish glass
- Fully tempered 2mm glass
- Antimony-free NoSbEra solar glass
- Glass for bifacial and glass-glass modules
The company believes product differentiation and technological capabilities can help it compete as module technology evolves.
International Expansion Remains a Growth Opportunity
Borosil Renewables is not relying exclusively on the Indian market.
The company already has international customers, particularly in Western Europe and Türkiye, and is expanding its outreach into the Americas and the MENA region.
It is also developing newer applications such as:
- Greenhouse glass
- Building-integrated photovoltaics (BIPV)
- Rooftop solar applications
- Utility-scale solar
- Floating solar
International expansion could diversify the company’s customer base, although it also exposes the business to currency movements, trade policies and regional demand conditions.
New Rooftop Solar Business Adds a Growth Adjacency
Another interesting development is Borosil Renewables’ move beyond its traditional solar-glass manufacturing business.
The company is developing an end-to-end rooftop solar solution offering.
The proposed solution includes:
- Solar panels above 600W
- Inverters ranging from 3 kW to 150 kW
- Batteries ranging from 12.8V to 51.2V
- Installation
- Commissioning
- After-sales service
The company plans to initially focus on markets including Gujarat, Rajasthan, Uttar Pradesh, West Bengal and Maharashtra.
Its target customers include residential rooftops, commercial and industrial customers, and PM-KUSUM opportunities.
Management describes this as a pilot-led and relatively asset-light approach to entering the distributed solar market.
Renewable Energy Usage and ESG Focus
Borosil Renewables is also highlighting its sustainability initiatives.
The company reported that renewable power accounted for 93% of electricity usage in Q1 FY27, while its broader target is to maintain more than 75% renewable power usage on a sustained basis.
The company also states that its manufacturing process has a lower carbon footprint compared with the global benchmark for glass manufacturing.
Its antimony-free solar-glass technology is another part of its environmental positioning.
What Management Is Saying About the Future
The September 2026 presentation points to several priorities for the next phase of the company:
Capacity expansion: Increase solar-glass capacity from 1,000 TPD to 1,600 TPD.
Scale: Target a potential full-year run-rate turnover of around ₹2,500 crore after the expansion.
Margin improvement: Benefit from operating leverage and higher manufacturing efficiencies.
Balance-sheet discipline: Remain net cash positive even after the 600 TPD expansion capex.
Domestic opportunity: Capture a larger share of India’s growing solar-glass demand.
International growth: Expand presence in the Americas and MENA while strengthening existing overseas markets.
Product innovation: Develop specialised glass products for evolving solar-module technologies.
New business: Build a rooftop solar solutions business alongside the core solar-glass operation.
What Investors Should Watch
For investors tracking BORORENEW, the following factors will be particularly important.
1. SG-4 and SG-5 commissioning
The timing of the two new furnaces will be critical. Investors should monitor whether the 600 TPD expansion remains on schedule.
2. Capacity utilisation
Adding capacity is only valuable if demand supports high utilisation. The company’s ability to ramp up the new furnaces will therefore be important.
3. Solar-glass pricing
Higher capacity across the industry could eventually influence pricing and margins. Investors should track realisations along with volumes.
4. EBITDA margin
Management expects operating leverage and approximately 3 percentage points of margin improvement at larger scale. Actual margin performance will be an important test of the expansion economics.
5. Domestic import policy
Anti-dumping and other trade measures are important to the company’s competitive positioning. Any policy changes could affect domestic solar-glass economics.
6. Balance sheet
The company’s ability to remain net cash positive after the expansion would provide financial flexibility for future investments.
7. European business
The performance of the company’s European operations remains another factor investors should monitor, particularly given the challenges experienced by its German subsidiary.
Borosil Renewables Capex Outlook
Borosil Renewables is entering its next growth phase with a clear capacity-expansion plan.
The company intends to add 600 TPD of solar-glass capacity, taking total capacity to 1,600 TPD by April-June 2027.
The expansion is expected to increase the company’s module manufacturing equivalent capacity to approximately 10.5 GW.
Management believes the combination of India’s growing solar installations, domestic module manufacturing, import-related policy support and a significant solar-glass supply gap provides a favourable backdrop for the expansion.
At the same time, the company is emphasising brownfield expansion, operating leverage and balance-sheet discipline.
The biggest investor question now is execution: whether the new capacity can be commissioned on schedule, absorbed by the market and converted into the projected revenue and margin improvement.
Investor Takeaway
Borosil Renewables’ September 2026 presentation provides a relatively clear roadmap for its next phase of growth.
The 600 TPD SG-4 and SG-5 expansion is the central investment programme, while management expects the company’s turnover run-rate to potentially rise to around ₹2,500 crore after the expansion.
The combination of significant domestic solar-glass demand, import-substitution opportunities and India’s expanding solar-module ecosystem provides a supportive industry backdrop.
However, investors should distinguish between management projections and actual future performance. Capacity commissioning, utilisation, selling prices, margins, competitive capacity additions and trade-policy changes will determine whether the expected benefits materialise.
For investors, the key milestones to track are therefore December 2026 furnace firing, April-June 2027 commissioning, capacity utilisation, EBITDA margin and the company’s ability to remain net cash positive while funding future growth.
Disclaimer: This article is based on information and projections presented by Borosil Renewables Limited in its September 2026 corporate presentation. Management estimates and forward-looking statements are subject to risks and uncertainties and should not be treated as guaranteed outcomes. This article is for informational purposes only and is not investment advice.