Borosil Renewables raises expansion cost to ₹1,100 crore

Borosil Renewables has raised the cost of its 600 TPD solar glass expansion to ₹1,100 crore from ₹950 crore. The project completion timeline has also moved from December 2026 to March 2027. Borosil Renewables Limited plans to add 600 TPD through two 300 TPD furnaces, SG-4 and SG-5, at its Bharuch facility. This will take installed capacity to 1,600 TPD from the current 1,000 TPD, which the company says is fully utilised. The ₹150 crore increase is linked to West Asia supply-chain disruptions, exchange-rate movements, higher commodity costs and an expanded project scope. The company will fund the additional investment through internal funds, with no increase in borrowings. My view is that the capacity addition remains the bigger story, but the delay and cost increase need to be tracked closely. A 60% increase in capacity can support higher volumes if demand remains healthy, but the project now needs to deliver on the revised March 2027 timeline without another cost escalation. Funding through internal accruals limits balance-sheet pressure, which is a positive factor. I am watching ₹500 as the near-term level and March 2027 commissioning as the key operational trigger. A delay beyond this timeline or another rise in project cost would change my view. My stance: ₹500 is the level to watch, while execution and cost control remain the key factors.

Disclosure: I am a SEBI Registered Research Analyst. This post is for informational purposes only and is not investment advice.