Borosil Renewables has outlined its growth roadmap, targeting a total solar glass capacity of 1,600 TPD by Q1 FY28. With its 600 TPD expansion (SG-4 and SG-5) underway, the company aims to scale its turnover to approximately ₹2,500 crore. Beyond glass, the firm is diversifying into an asset-light rooftop solar business to capture market demand. Management remains committed to maintaining a net cash-positive balance sheet while leveraging import substitution tailwinds.
Borosil Renewables Outlines Roadmap to 1,600 TPD Capacity by 2027
Expansion Capacity: 600 TPD (SG-4 & SG-5); Projected Turnover: ~₹2,500 Cr.
Reader Takeaway: Expansion drives future capacity growth, while the new asset-light rooftop segment offers diversified, low-risk revenue streams.
What just happened
Borosil Renewables has released a corporate update detailing its strategy to solidify its position as India’s leading solar glass platform. The company is currently building out 600 TPD of additional capacity through its SG-4 and SG-5 projects. Commissioning for this capacity is scheduled for the April-June 2027 window, which will push the company's total manufacturing capability to 1,600 TPD, or approximately 10.5 GW of solar glass.
Why this matters
The solar glass sector in India faces a significant supply gap, with domestic demand estimated at 11,000 TPD in FY26 against a much smaller domestic supply base. Borosil is leveraging protective policy measures, such as Quality Control Orders (QCO) and existing countervailing duties on imports from Malaysia, to capture market share. This expansion is expected to bridge some of that supply deficit while scaling the company’s top line toward the ₹2,500 crore mark.
Growth Drivers and Strategy
Borosil is evolving into a comprehensive solar player. While glass remains the core business, management is launching an asset-light rooftop solar solutions division. This unit focuses on selling branded components like high-wattage panels, inverters, and battery storage systems. By using a dual-channel distribution model, the company aims to enter the residential, Commercial & Industrial (C&I), and PM-KUSUM project markets with minimal capital intensity.
Financial Health
The company maintained a strong financial profile in FY26, reporting a 30.5% Operating EBITDA margin. Over the FY19-26 period, the firm achieved a 32.3% Revenue CAGR and a 45.5% Operating EBITDA CAGR. Management stated that the business is positioned to remain net cash positive even as it funds its ongoing capital expenditure programs through internal accruals.
Risks to watch
Investors should monitor the execution timeline of the 600 TPD expansion. Any delays in commissioning SG-4 and SG-5 could impact the projected revenue ramp-up. Additionally, the success of the new rooftop solutions division depends on competitive pricing and effective penetration of the fragmented solar installation market.
Context metrics
- Current Capacity: 1,000 TPD (as of Sept 2026)
- FY26 Turnover: ₹1,535 Cr
- Net Working Capital: 46 days
- FY27 Q1 Renewable Power Usage: 93%