Latest news with #BorosilRenewables
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Business Standard
10 hours ago
- Business
- Business Standard
Borosil Renewables up 6% on plans to sharpen focus on India solar sector
Borosil Renewables shares spiked 6 per cent in trade, logging an intraday high at ₹526.5 per share. At 12:30 PM, Borosil Renewables shares were trading 3 per cent higher at ₹511.7 per share on the BSE. In comparison, the BSE Sensex was down 0.13 per cent at 83,326.5. The company's market capitalisation stood at ₹6,778.32 crore. Its 52-week high was at ₹644 per share and 52-week low was at ₹403.1 per share. Why were Borosil Renewable shares in demand? The buying interest on the counter came after the company's German arm GMB Glasmanufaktur Brandenburg GmbH filed for insolvency which frees up resources and management bandwidth for Borosil Renewables to further scale its core Indian operations which are experiencing robust demand, policy tailwinds, and improving pricing environment following the imposition of anti-dumping duties on imports from China and Vietnam, according to the filing. GMB, with a capacity of 350 tonnes per day (TPD), had served European manufacturers of solar modules for their requirements of solar glass. However, demand erosion became drastic last year, as Chinese manufacturers flooded the European market with severely underpriced solar modules. European solar module manufacturers, amongst them stellar names like Meyer Berger started closing down. Demand for solar glass dropped precipitously, as module manufacturers started shutting down. Based on policies announced at the EU and Federal levels, Borosil continued support through its subsidiary, with operational adjustments and financial support totalling €27 million. Further, GMB's operations will be overseen by a court-appointed administrator in Germany. Borosil will no longer account for GMB's financial losses, which amounted to approximately ₹9 crore per month, according to the filing. Borosil will have to assess and account for any impact, on account of the aforesaid insolvency resolution process of GMB, in the forthcoming quarterly results. The exposure as of March 31, 2025, in the German subsidiary and step-down subsidiary is Euro 35.30 million. India's solar module manufacturing capacity has already surpassed 90 GW and is expected to rise to 150 GW by March 2027, presenting a strong demand environment for domestic solar glass. In May 2025, Borosil announced plans to increase its manufacturing capacity by 600 TPD through two new furnaces, investing approximately ₹950 crore. This would mark a 60 per cent expansion over its current capacity of 1,000 TPD. About Borosil Renewables Limited Borosil Renewable manufactures solar glass and a global pioneer in clean energy materials innovation. Through technology leadership, backwardintegrated manufacturing, and deep commitment to ESG, the company plays a central role in enabling India's solar energy ambitions.
New Indian Express
11 hours ago
- Business
- New Indian Express
Borosil Renewables gains 4.3% after German subsidiary files for insolvency
CHENNAI: Shares of Borosil Renewables Ltd., jumped 4.30% to Rs 518.50 a unit on Monday (July 7) at 10.56 AM, following the announcement that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency in a German court. The move follows months of operational challenges. GMB had cooled down its furnaces in January 2025 due to poor demand and deteriorating market conditions across the European Union. A key reason cited for the slump was Chinese manufacturers dumping solar panels and solar glass at cheaper prices, significantly impacting demand for German-made products. Despite efforts to seek assistance from authorities, no measures were introduced, forcing GMB to seek legal insolvency protection. Impact on Borosil Renewables Borosil Renewables' total exposure to its German unit and step-down subsidiaries stands at approximately ₹340–350 crore. The company had been incurring a monthly cash loss of around ₹9 crore due to the underperforming German operations. With the insolvency proceedings now initiated, these monthly losses will cease, which is expected to offer immediate financial relief to the parent company. Strategic refocus on Indian operations The company is now shifting its strategic focus to its Indian operations, where demand for solar glass remains robust. Borosil Renewables is investing heavily in its domestic manufacturing capacities, including a proposed ₹675–700 crore expansion project in Bharuch, Gujarat. The company plans to scale up capacity to meet the anticipated surge in domestic solar module production, which is projected to grow significantly in the next two years. Favorable policy measures, such as import duties on Chinese solar glass and government support for local solar manufacturing, are expected to benefit Borosil's India-centric strategy. Stock and investor outlook While the market may initially react cautiously to the news of insolvency, analysts view this move as a positive development in the long term. By cutting losses and reallocating resources to growth-ready segments in India, Borosil Renewables is expected to emerge financially stronger and more competitive. The company's decision to exit its struggling German unit marks a strategic pivot toward India's fast-growing solar market. This development, while operationally significant, may prove financially beneficial in the long run, as the company doubles down on markets with stronger demand and policy support.
Business Standard
13 hours ago
- Business
- Business Standard
Borosil Renewables' German subsidiary files for insolvency
Borosil Renewables has announced that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency under German Insolvency Code (InsO) before the jurisdictional court at Cottbus. The decision follows a prolonged period of deteriorating market conditions in the European solar manufacturing ecosystem. and reflects the company's intent to sharpen strategic focus on the rapidly growing Indian solar sector. GMB, with a capacity of 350 tonnes per day (TPD), had served European manufacturers of solar modules for their requirements of solar glass. However, demand erosion became drastic last year, as Chinese manufacturers flooded the European market with severely underpriced solar modules. European solar module manufacturers, amongst them stellar names like Meyer Berger started closing down. Demand for solar glass dropped precipitously, as module manufacturers started shutting down. Based on policies announced at EU and Federal level, Borosil continued support through its subsidiary, with operational adjustments and financial support totalling 27 million. Unfortunately, in the absence of clear policy announcements and support, Borosil had few options left other than to stop haemorrhaging to the tune of 0.9 million every month. The Indian market requires close attention and is presenting opportunities for expansion and development. In the event, From July 4, 2025 the date of the insolvency filing GMB's operations will be overseen by a court-appointed administrator in Germany. Borosil will no longer account for GMB's financial losses, which had amounted to approximately INR 9 crore per month. Borosil will have to assess and account for any impact, on account of the aforesaid insolvency resolution process of GMB, in the forthcoming quarterly results. The exposure as of March 31, 2025 in the German subsidiary and step-down subsidiary is Euro 35.30 million. The move frees up resources and management bandwidth for Borosil Renewables to further scale its core Indian operations, which are experiencing robust demand, policy tailwinds, and improving pricing environment following the imposition of anti-dumping duties on imports from China and Vietnam. India's solar module manufacturing capacity has already surpassed 90 GW and is expected to rise to 150 GW by March 2027, presenting a strong demand environment for domestic solar glass. In May 2025, Borosil announced plans to increase its manufacturing capacity by 600 TPD through two new furnaces, investing approximately INR 950 crore. This would mark a 60% expansion over its current capacity of 1,000 TPD. Moreover, supportive government policy, including the five-year anti-dumping duty introduced in December 2024, is creating a level playing field for Indian manufacturers. Prices for solar glass have strengthened significantly, with Q4 FY25 average ex-factory prices up 28% year-on-year as a result of a gradual increase in the selling prices towards the reference price under Anti-dumping duty measures applicable to imports from China. Borosil Renewables remains committed to pioneering world-class solar glass technology, supporting India's energy transition, and creating sustainable long-term value for all stakeholders.
Business Upturn
13 hours ago
- Business
- Business Upturn
Borosil Renewables shares rise over 2% today as German subsidiary files for bankruptcy
By Aditya Bhagchandani Published on July 7, 2025, 09:16 IST On Monday, 7th July, shares of Borosil Renewables traded higher by 2.39% at ₹509.00 on the NSE, gaining ₹11.90 during the session. The stock's rise comes despite news that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH (GMB), has filed for bankruptcy at a German insolvency court. According to the company, GMB's operations had been under strain since January this year when its furnaces were cooled down due to poor demand and weak market conditions in the European Union. GMB attributed the slump to Chinese dumping of solar panels at lower prices, which hurt the competitiveness of its products. The subsidiary had previously approached authorities in Germany for urgent measures to support the business, but no relief was provided. As a result, GMB and its step-down subsidiary — with an exposure of approximately ₹350 crore — moved to insolvency proceedings. While GMB reported a topline of ₹327 crore for FY25, contributing nearly 22% of Borosil Renewables' consolidated revenue, it continued to post losses. The company highlighted that the bankruptcy move would stop the cash loss of around ₹9 crore per month that was being incurred by GMB. Going forward, an administrator will oversee GMB's expenses and cash flows. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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Business Standard
a day ago
- Business
- Business Standard
Borosil Renewables to wind up German unit, focus on Indian solar glass
Borosil Renewables has filed an application to wind up operations of its German subsidiary to sharpen focus on the Indian solar glass market with immense potential. In a regulatory filing, Borosil Renewables Ltd said its material step-down subsidiary in Germany, GMB Glasmanufaktur Brandenburg GmbH, has filed an application for the commencement of insolvency proceedings before the Insolvency Court at Cottbus, Germany, in accordance with the German Insolvency Code (InsO). This decision was reached after a comprehensive assessment of market conditions, financial viability, and long-term strategic priorities. "The challenges for GMB began with slide in demand for German made solar panels, when faced with the precipitous drop in prices by Chinese manufacturers of solar panels, who have engaged in large scale dumping in the European market, using predatory pricing. "Despite the alarms sounded by the German solar module manufacturers seeking protection against such dumping, policy responses to date have been insufficient," the filing said. Lack of meaningful protective measures by the authorities concerned has led to the shutdown of major solar module manufacturers in Germany, with some of them filing for the commencement of insolvency proceedings. Eventually, this resulted in the disappearance of the market demand for solar glass manufactured by GMB, causing substantial losses to GMB, which has affected the consolidated financials of the company, it said. The company/GMB has approached the authorities concerned to get some quick measures in place. GMB (capacity of 350 tonnes per day) was once a vital part of Borosil's global footprint, serving the European solar glass market. However, since the second half of 2023, the landscape changed dramatically. A significant increase in low-cost solar panel imports from China created unprecedented pricing pressure, leading to a rapid decline in demand for German-made modules and, consequently, for locally produced solar glass. Lack of meaningful protective measures by the authorities has led to the shutdown of major solar module manufacturers in Germany, with some of them filing for the commencement of insolvency proceedings. As of March 31, 2025, Borosil's total exposure to GMB and its associated German entities stood at 35.30 million euros, or approximately ₹340 crore. This includes both capital investments and loans extended over time to sustain German operations. From the date of the insolvency filing (July 4, 2025), Borosil will no longer account for GMB's monthly losses. Analysts said the insolvency filing will lead to sharper focus on Indian operations that are witnessing significant tailwinds. The move allows Borosil Renewables to halt capital bleed in a structurally declining market and reallocate resources toward its growth nucleus: India. India presents a compelling growth story driven by sizeable addition to solar power capacity every year, strong demand for solar infrastructure, supportive government policy (including PLI schemes and ALMM for modules and cells), and a favourable cost base. Manufacturing capacity for solar modules has already reached 90-plus gigawatts and is expected to rise to 150 gigawatts by March 2027. Thus, there is a huge scope for capacity addition and import substitution. With this pivot, Borosil aims to double down on its leadership in solar glass innovation, manufacturing scale, and ESG-driven clean energy technologies, they said. In May this year, Borosil Renewables announced its plan to raise production capacity for solar glass by 600 tonnes per day, by setting up two furnaces of 300 TPD each at an estimated cost of ₹950 crore. This translates into significant capacity addition of 60 per cent, considering Borosil's existing manufacturing capacity of 1,000 TPD. The imposition of anti-dumping duty for a period of five years, effective from December 4, 2024, on the import of solar glass from China and Vietnam is leading to a level playing field for domestic manufacturers. This policy measure is anticipated to foster rapid and significant growth in domestic solar glass manufacturing. The imposition of anti-dumping duty has also led to a significant improvement in domestic prices for solar cells. For example, average ex-factory selling prices for solar glass during Q4 FY25 were about ₹127.6 per millimetre per square metre as compared to ₹99.6 per millimetre per square metre in the same period in FY24, translating into an increase of 28 per cent. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
