Borosil Renewables shares surge 10% as government extends solar glass import duties

Shares of Borosil Renewables, a leading solar glass manufacturer and part of the Borosil Group, extended their winning streak to a second straight session, surging 10% to the day’s high of ₹549.90 apiece after the government imposed fresh duties on imports from Malaysia.

If today’s rally sustains through the close, it would mark the stock’s biggest single-day gain in more than a year. Including today’s intraday surge, the stock has gained nearly 12% over the last two sessions.

India’s Finance Ministry announced a five-year extension of the so-called countervailing duties, which are imposed on imports to offset subsidies received by foreign competitors in their domestic markets.

The levies on textured tempered glass, commonly known as solar glass, range between 9.71% and 10.14% of the cost, insurance, and freight (CIF) value. The government stated that the “cessation of countervailing duty is likely to lead to continuation or recurrence of subsidisation and injury to the domestic industry.”

The duties are part of a broader set of measures aimed at strengthening India’s solar supply chain and reducing dependence on imports. The country’s solar module manufacturing capacity has expanded rapidly over the past few years, supported by customs duties on imports as well as key non-tariff barriers mandating the use of locally manufactured panels.

A similar non-tariff protection mechanism for solar cells came into effect this month, and the government is reportedly planning to introduce similar obligations for other upstream products as well, according to a Bloomberg report.

“Borosil Renewables welcomes the imposition of the countervailing duty, which addresses the damage caused by dumped and subsidised imports. This measure will protect domestic manufacturers and accelerate investments in expansion of local production, driving exponential growth across India’s solar glass industry,” the company said in its filing today.

Meanwhile, the company reported a sharp turnaround in its March quarter performance, posting a net profit of ₹169.1 crore compared with a net loss of ₹20 crore in the year-ago period.

Revenue from operations during the reporting quarter rose 17.8% year over year to ₹440 crore from ₹374 crore earlier. EBITDA surged to ₹136.4 crore from ₹15.5 crore a year ago, while EBITDA margin expanded sharply to 31% from 4.1% in the corresponding quarter last year.

Borosil Renewables is India’s leading solar glass manufacturer and primarily caters to the solar photovoltaic industry by supplying specialised glass used in solar panels.

Borosil Renewables share price trend

After remaining under severe pressure for five consecutive months, the stock rebounded 33% in August and has gained over 8% so far in June.

In terms of annual performance, the stock has delivered mixed returns recently. It declined 3% in 2025 after delivering a 27% return in 2024. Earlier, the stock had surged 19% in 2022 and 14% in 2023.

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