Small Cap- Borosil Renewables Ltd

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Borosil Renewables Ltd 

(Monopoly Company in Solar Panel Glass Business in INDIA, but have tuff compatition with Chinese Companies)


Borosil Renewables is engaged in the business of manufacturing of extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Green houses.

Demerger to focus on solar glass business 
During FY20, three transferor companies got amalgamated with the company and the Scientific and Industrial products and Consumer products businesses of the Company demerged into Borosil Limited, and post the process the company is carrying on Manufacturing of Solar glass business.

Sole producer of Solar glass in India 
BRL is engaged in the manufacturing of low iron solar glass for application in photovoltaic panels. They are the first and the only producer of solar glasses in the country. The Company’s thinner fully tempered solar glass (2mm and 2.5 mm) offers niche product for glass modules.

Geographical segmentation 
BRL has a strong focus on expanding its domestic & exports footprints. Borosil derives 77 percentage of its revenue from India and the remaining by catering exports mainly to USA , Turkey and Europe. Export business has grown at a CAGR of 33% in the last 3 financial years

Manufacturing capabilities 
BRL has a 40% market share in the Solar Glass segment. BRL has expanded its glass capacity from 180 TPD to 450 TPD, which is equivalent to the production of 2.5 gigawatts of solar modules annually.

Expansion plans 
During FY20, the company successfully raised 200 Cr through QIP and the money raised through the issue will be utilized for its expansion. The company will more than double its solar glass production capacity from 450 tons per day to 950 TPD. Capacity is being further expanded from 950 TPD to 1950 TPD in phases by 2024

Import Risks 
In India there is no import duty for the import of Solar Glass, whereas a 21% import duty for the glasses imported from China. But recently Chinese companies used Vietnam and Malaysia as their Manufacturing hubs and such free imports have mitigated the growth of the Domestic Industries.

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