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Solar Panel - Borosil Renewables - Glass Matters

On Cusp of Energy Revolution — Part 1

Solar energy is the ultimate clean source of renewable energy that will replace thermal power. In this story, we dive deep deeper into how solar panels produce electricity. We will also understand the different component of the solar panel. You may be wondering why are we discussing technology when this was supposed to be about creating wealth. You will not be able to create wealth unless you understand the business in-depth and its fundamentals.

The photoelectric effect is the process of emission of electrons from a material that has absorbed electromagnetic radiation. Albert Einstein was the first to describe this effect completely and received a Nobel Prize for his work. The device that converts light to electrical energy is the photovoltaic cell. A solar panel consists of many such photovoltaic cells. Multiple solar panels placed together, form a solar farm. The picture below explains the anatomy of a solar panel.


We will need many solar farms to replace thermal power plants. The companies that manufacture the solar panels and its components will benefit from this trend.

Borosil Renewables is one such company. This company manufactures the tempered glass in the above diagram. If the number of solar panels will increase so will the need for tempered glass. Borosil Renewables is the first and only solar glass manufacturer in India. The company commissioned the solar glass manufacturing facility at Bharuch January 2010. The company has proven itself to be innovative.

  1. Borosil renewables developed worlds first fully tempered 2 mm thick solar glass, solar glass with lowest iron content giving highest glass efficiency.
  2. First company in the world to successfully remove Antimony from its solar glass.
  3. Launched new products like Selene: an Anti-glare solar glass suitable for PV installations near airports and Shakti: a very high-efficiency solar glass in the matt-matt finish.


  1. Company is in a space which is rapidly growing. India has been aggressively pushing to increase the share of renewable energy with solar as the key focus area.
  2. Company has consistently launched new products which have an advantage over competitors.
  3. Company is 94% capacity utilization.
  4. Its export business is growing at 33% CAGR.
  5. Company is adding capacity to cater to the growing demand.


  1. The company faces competition from low cost Chinese and Malaysian manufactures and hence does not have pricing power.
  2. Company’s financial track record is not good. ROCE and Profit growth has not been good.

Recent Developments

  1. The Indian government has extended the date for anti-dumping duty till July 2021.
  2. The company raised Rs 200 Crores via QIP.

Overall, given the headwinds and innovative nature of the company, I will consider this company for investment.

This article is not investment advice just my views on why this company is an interesting investment opportunity. You can also view the same article on my blog.



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