Borosil Renewables –

Production Capacity 450 TPD equivalent to Module manufacturing of 2.5 GW. Total Capacity Utilization
(Q2FY21) 94% = 114 Crores. At 100% utilization, revenue potential is 500 Cr.

Borosil supplies 75% in India and 25% is exported to Western Europe, USA and Canada etc.

It is planning to add another 500 TPD with Rs 500 cr capex which will come on stream by Fy22.

 Total power generation in India = 374 GW

 Renewables = 90 GW
 Solar = 37 GW
Cy16 Cy20 Cy22 Cy25 Cy30 CAGR
Global Solar Module Mfg Capcity (GW) 165
India Solar Module Mfg Capcity (GW) 10 100 300

Global Solar Module Mkt Size (US$ bn) 9.5 33.7

India Solar Module Mkt Size (US$ bn) 0.6 3.8

Global solar PV glass market (USD, bn) 3.23 9.5 33.72 30.90%

Solar Glass Suppliers (GW) in India 10

Borosil Renewables 25% 2.5 450 TPD
Imported Glass 75% 7.5
from - China 5.85
- Vietnam 0.6
- Thailand 0.525
- Malaysia 0.15
- Others 0.375

Current utilization of Borosil Renewables = 94%

Current glass consumption in India is 650 TPD of which 40% is supplied by Borosil while 60% is imported.

China, which has major suppliers (along with Vietnam, Malaysia) detects the prices and Borosil prices
around 10% lower than Chinese prices. China saw price fall in April-June 2020 which were all time low.
During that period, Borosil used to price at 98 Rs/Sq meter. Now prices are normalized and currently
hovering around Rs 160 /sq meter.
View – Going ahead, India targets 100 GW in 2022 and 300 GW in 2030 solar power capacity. Borosil
being sole manufacturer in India should benefit. However it is already running at full capacity and it is
price taker vis-à-vis imported price. Although demand-supply is extremely favorable but execution
bottlenecks and pricing taking situation makes Borosil not able to take undue benefit of the situation.
Hence it is going to be normal scenario. Having said that, ultimately it is glass making which is difficult
business which is reflected in its financials and it is at very high valuations at 188 times PE