Borosil Renewables approves ₹750 cr raise for 2026

Board clears fundraising plan up to ₹750 crore

Borosil Renewables has approved fundraising of up to ₹750 crore, according to the update dated 12 May 2026. The move comes as the solar glass maker pursues a sizeable capacity expansion programme in India. The company has positioned the fundraise in the context of a stronger domestic solar manufacturing cycle and supportive trade actions on imports. While the update highlights the fundraising approval, it also ties the funding requirement to ongoing capital expenditure and a revised project scope. The company has been pursuing multiple fundraising routes over the last few years to support expansion and corporate purposes. The latest approval adds to that capital planning as the company targets commissioning of new capacity in 2026.

Two new furnaces planned at Bharuch, Gujarat

The board has approved the setup of two new furnaces, SG-4 and SG-5, each with a capacity of 300 tonnes per day (TPD). Combined, the planned addition is 600 TPD of solar glass capacity. The expansion is estimated to cost ₹950 crore. The company has indicated the project is targeted for commissioning by December 2026, with a broader window of October to December 2026 also referenced in the update. Civil work is in progress and key items have already been ordered. The expansion plan represents a revision from an earlier proposal that envisaged a smaller capacity addition at a lower cost.

Expansion cost revised from ₹675 crore to ₹950 crore

Borosil Renewables previously envisaged an investment of ₹675 crore for a 500 TPD expansion. That plan has since been revised to 600 TPD, with capex increased to ₹950 crore. The update also notes that the company had earlier discussed either adding 500 TPD through two 250 TPD furnaces in phases or a single 500 TPD furnace. The revised plan now clearly mentions two 300 TPD furnaces. Financing for the projects has been described as a mix of equity, debt and internal accruals, or a mix of any or all of these sources, as decided by management. In a management update included in the text, the revised means of finance was outlined as ₹650 crore from equity and internal accruals and ₹300 crore of debt.

Preferential issues in 2025 supported the capex plan

To fund the expansion and other corporate purposes, the company completed two preferential issues during 2025. In February 2025, it raised approximately ₹517.66 crore, including ₹100 crore from the Promoter and Promoter Group and ₹417.66 crore from non-promoter investors through warrants. A further ₹371.49 crore was raised in October 2025 through the allotment of 69,43,691 equity shares to non-promoter investors. Separately, a board update also referenced approval for a preferential issue of 70,93,874 equity shares aggregating to ₹379.52 crore, subject to shareholder approval at an EOGM scheduled for 14 August 2025 and approvals from stock exchanges. The company had also referenced an earlier warrants issue of ₹600 crore meant to part-finance the earlier 500 TPD capex proposal of ₹675 crore.

Earlier QIP fundraise and capacity target expansion

Borosil Renewables has used capital markets earlier as well. The company stated that it completed fundraising of ₹200 crore through a qualified institutions placement (QIP). It allotted 1,58,04,030 shares at ₹126.55 per share. Following that QIP, promoter and promoter group holding was stated as 61.92%. The funds were to be used to service capital expenditure requirements for a brownfield expansion aimed at more than doubling solar glass production capacity from 450 TPD to 950 TPD. This historical context is relevant because the company’s current capacity build-out is designed to capture demand growth in India’s solar ecosystem.

Policy triggers: import duty and anti-dumping measures

The expansion plan has been linked to government actions that changed the import environment for solar glass. The update cites a 10% basic import duty on solar glass, effective from 1 October, and a provisional anti-dumping duty on imports from China and Vietnam from 4 December for six months. These measures were described as improving the market conditions and supporting the company’s decision to restart or accelerate expansion plans. The company also noted that positive developments on anti-dumping duty were a key reason for revising a proposed fundraising route in earlier board decisions.

Snapshot of key numbers and milestones

How the fundraising connects to execution risk and dilution

The company has highlighted that proceeds from prior preferential issues were crucial for the expansion project and other corporate purposes. Management also indicated that future expansions would be supported by internal cash accruals, which would reduce the need for further equity dilution. At the same time, the revised financing mix referenced in the update includes a debt component of ₹300 crore alongside equity and internal accruals. For investors, the combination of equity raises, warrants, and debt underscores that project execution depends on both timely capital availability and commissioning timelines. The explicit progress update on civil work and ordering of key items suggests the company has moved beyond planning and into execution for the 2026 commissioning target.

Market moves referenced in earlier fundraise announcements

In a separate market update included in the text, Borosil Renewables shares were reported to have gained nearly 8% after its board approved raising up to ₹500 crore via a rights issue, subject to statutory and regulatory approvals. The stock was described as rising as much as 7.70% in that session before paring gains, and it was compared with a 0.94% advance in the NSE Nifty 50. The same note also mentioned the stock had risen 38% year-to-date at that time. Another data point in the supplied text listed the NSE share price as ₹561.75.

What to watch next

The company’s latest fundraising approval of up to ₹750 crore sits alongside a defined capex plan of ₹950 crore and a commissioning target in late 2026. Investors will track the final fundraising structure, timing, and any regulatory or shareholder approvals required, since earlier preferential issues were subject to such clearances. Progress on the Bharuch project, particularly installation and commissioning readiness for SG-4 and SG-5, will remain central to the timeline. The impact of import duties and anti-dumping measures on domestic pricing and utilisation will also matter, given the company’s stated linkage between policy support and expansion decisions.