BOROSIL RENEWABLES LIMITED has informed the Exchange regarding a press release dated July 07, 2025, titled "Borosil Renewables Business Stands Realigned, India s Solar Potential now at the Forefront".
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Borosil Renewables' German step-down subsidiary GMB Glasmanufaktur Brandenburg GmbH (350 TPD solar glass capacity) filed for insolvency on July 4, 2025, citing a collapse in European demand driven by cheap Chinese solar module imports. Borosil had already injected €27 million in support, but monthly losses of ~€0.9 million (~INR 9 crore) became unsustainable. Total exposure to the German unit stood at €35.30 million as of March 31, 2025. The company will now channel resources into India, where it plans to add 600 TPD of new solar glass capacity (60% expansion over current 1,000 TPD) through two new furnaces at an investment of ~INR 950 crore. Indian operations are benefiting from a 5-year anti-dumping duty on China and Vietnam (announced December 2024), with Q4 FY25 average ex-factory solar glass prices up 28% year-on-year. India’s solar module capacity is already past 90 GW and projected to hit 150 GW by March 2027.
Short-term: book losses on German exposure (~€35.30 million / ~INR 320+ crore) likely to hit upcoming quarterly results. Long-term: exiting a loss-making overseas business and doubling down on India could be value-accretive, as anti-dumping tailwinds, rising solar glass prices, and policy support strengthen the domestic outlook. Shareholders should weigh near-term provisioning against the strategic shift to a faster-growing home market.