Borosil Renewables Shares Rise 10% Following Government Extension of Solar Glass Import Duties

Borosil Renewables Shares Surge 10% as Government Imposes Fresh Duties on Imports

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 ₹549.90 apiece on the day. This significant gain marks the stock's biggest single-day increase in more than a year, and if sustained through the close, it would be the largest single-day gain in over 12 months.

The stock's rally comes on the heels of India's Finance Ministry announcing a five-year extension of countervailing duties on imports from Malaysia. The duties, which range between 9.71% and 10.14% of the cost, insurance, and freight (CIF) value, are imposed on imports to offset subsidies received by foreign competitors in their domestic markets. 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."

Borosil Renewables, a key player in India's solar supply chain, welcomes the move, citing its potential to protect domestic manufacturers and drive investments in local production. The company's shares have gained nearly 12% over the last two sessions, with the stock rebounding 33% in August and over 8% so far in June.

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In its March quarter performance, Borosil Renewables reported a sharp turnaround, 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, primarily catering to the solar photovoltaic industry by supplying specialized glass used in solar panels. The company's annual performance has been mixed, with the stock declining 3% in 2025 after delivering a 27% return in 2024. Earlier, the stock had surged 19% in 2022 and 14% in 2023.