The company plans to add 600 TPD of capacity through two new furnaces, SG-4 and SG-5, each with a capacity of 300 TPD, according to a stock exchange filing on September 22.
The expansion will take its total installed capacity to 1,600 TPD from the existing 1,000 TPD.
The project, which was earlier scheduled for completion by December 2026, is now expected to be commissioned by the end of March 2027.
The company attributed the delay and higher project cost to the ongoing conflict in West Asia, which it said has disrupted supply chains, caused exchange-rate fluctuations and increased commodity costs.
Borosil Renewables also said the scope of the project has been expanded, resulting in an additional cost outlay of ₹150 crore. It also clarified that the additional amount will be funded entirely through internal funds, with no increase in borrowings.
Shares of Borosil Renewables were trading at ₹479.60, up 1.2% on the NSE as of 1 pm on Tuesday. The stock has declined about 11% over the past month and around 23% over the last one year.
Gujarat incentives
The board also took note of the Viksit Gujarat Industrial Policy 2026, notified by the Gujarat government on September 8.Under the policy, Borosil Renewables said it would be eligible to apply for various financial incentives, including interest subsidy, power tariff subsidy, capital subsidy and EPF reimbursement.The company said its existing 1,000 TPD capacity is fully utilised. Once commissioned, the additional 600 TPD capacity is expected to increase production volumes and sales.
Borosil Renewables had previously disclosed the planned 600 TPD expansion on May 16, 2025.
Promoter stake sale ruled out
Earlier this month, Mumbai-based Borosil Renewables dismissed speculation about a possible stake sale by the promoter family in the solar glass maker. Executive Chairman Pradeep Kheruka said there had been “absolutely no discussion with anybody whatsoever” regarding a stake sale.
The promoter group currently holds close to 56% in the company, which has a market value of around ₹7,300 crore. Speculation had been building around a possible exit or partial stake sale, but Kheruka ruled out both possibilities.
Kheruka also spoke about the company’s entry into the branded rooftop solar business, where it sells Borosil-branded panels along with inverters and lithium batteries. He said the business is expected to generate a modest ₹100 crore in revenue this year. For now, the business is focused almost entirely on private buyers, although the company also steps in when government business comes up.