Solar stock jumps 8% after India extends anti-dumping duty on Malaysian solar glass

Synopsis: Borosil Renewables benefits as India extends anti-dumping duty on Malaysian solar glass till June 2026, protecting local makers amid strong demand and helping drive a sharp Q2 profit recovery.

A leading Indian manufacturer of solar glass products has received regulatory relief through an extension of countervailing duties on Malaysian imports until mid-2026. The company’s leadership highlights India’s massive supply-demand gap, with domestic production at just 1,600 tonnes daily against 8,000 tonnes of daily imports, positioning new capacity additions for immediate market absorption amid strong solar sector growth.

Borosil Renewables Limited‘s stock, with a market capitalisation of Rs. 7,482 crores, rose to Rs. 563.40, hitting a high of up to 8 percent from its previous closing price of Rs. 521.55. Furthermore, the stock over the past year has given a negative return of 7.91 percent.

What Happend?

India has extended anti-dumping duties on solar glass imports from Malaysia until June 8, 2026. The Ministry of Finance announced this decision on December 7, 2025, giving domestic manufacturers like Borosil Renewables continued protection against cheap imports. The government originally imposed these duties in March 2021 for five years, but added a three-month extension beyond the scheduled end date of March 8, 2026.

This buffer period allows the Directorate General of Trade Remedies (DGTR) to complete its ongoing review, which started in June 2025. The duties target textured tempered glass used in solar panels, protecting Indian producers from subsidized Malaysian products that could undercut local prices.

The extension gives Indian solar glass manufacturers breathing room while DGTR evaluates whether continued protection is necessary. The sunset review examines if removing duties would harm domestic producers and if Malaysian manufacturers still receive unfair subsidies. DGTR will soon decide whether to extend protection beyond June 2026 or modify current duty rates based on market conditions and subsidy evidence. This move supports India’s broader goal of achieving self-reliance in renewable energy manufacturing by reducing import dependence. The three-month buffer ensures no protection gap exists while officials complete their assessment, helping domestic manufacturers maintain their competitive position in the market.

Manufacturing Capacity 

Borosil Renewables’ Executive Chairman Pradeep Kumar Kheruka said demand for solar glass in India remains extremely strong, supported by government policy and rapid solar adoption. The government has extended the countervailing duty on solar glass imports from Malaysia until June 8, 2026, giving relief to domestic manufacturers. Currently, India produces about 1,600 tonnes of solar glass per day, while imports run close to 8,000 tonnes per day, highlighting a large supply gap. He said all new domestic capacities under construction will be absorbed immediately once operational.

Kheruka welcomed MNRE’s advisory urging banks to be cautious on funding standalone solar module plants and instead focus on upstream segments like solar glass, wafers, and polysilicon. He noted rooftop solar demand is rising beyond government tenders, driven by industries and households seeking cost savings and power security. Large parts of the solar value chain, including polysilicon and aluminium frames, are still absent in India, offering long-term growth potential.

On imports, he explained Malaysian shipments surged only after duties restricted Chinese solar glass. The recent duty extension is temporary, meant to avoid disruption while a sunset review is completed, with clarity expected before June 2026. He stressed this reflects the government’s seriousness in protecting Indian manufacturers.

Regarding profitability, Kheruka said 30–33% margins are normal for solar glass due to high capital costs and are not excessive. He does not expect major duty changes in the near term. Borosil is operating near full capacity, selling all it produces, with prices aligned to minimum import prices at roughly Rs. 55,000 per tonne. Demand remains robust, and the company sees strong visibility beyond 2026.

Q2 Financial Highlights

The company reported revenue of Rs. 379 crore in Q2FY26, registering a modest 1.6% YoY growth from Rs. 373 crore in Q2FY25. On a sequential basis, revenue grew 9.2% QoQ from Rs. 347 crore in Q1FY26, indicating improving top-line momentum in the recent quarter.

The profit performance showed remarkable turnaround with Q2FY26 posting Rs. 62 crore profit compared to a loss of Rs. 13 crore in Q2FY25 and a significant loss of Rs. 203 crore in Q1FY26. This represents a strong recovery from operational challenges, with the company moving from deep losses to profitability in just one quarter on a sequential basis.

Written By Fazal Ul Vahab C H

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