Mumbai-based solar glass manufacturer Borosil Renewables’ net loss widened 23% year-over-year (YoY) in the first quarter (Q1) of the financial year (FY) 2025  to ₹142.4 million (~$1.69 million) from ₹115.3 million (~$1.37 million).

The company’s income increased 5% to ₹3.71 billion (~$ 44.19 million) from ₹3.54 billion (~$42.16 million) in Q1 FY 2024.

EBITDA was at ₹259.1 million (~$3.08 million), corresponding to a margin of 7%, as against 9.7% in the corresponding quarter in FY 2024.

However, the EBITDA margin shows a marked improvement over the preceding quarter, with a negative EBITDA margin of 7.4%.

As of August 9, 2024, Borosil had a combined capacity of 1,350 TPD (~8.5GW) for solar glass manufacturing. The company’s capacity has increased by 7.5 times over five years.

Borosil said the imposition of a 10% Basic Customs Duty on imports of solar glass from October 1, 2024, and the exemption of duty on raw materials used in the manufacturing of specified solar PV components like encapsulants/backsheets would further strengthen and encourage domestic manufacturing of solar ancillaries in India.

On June 10, 2024, the company filed a draft letter of offer to the Securities Exchange Board of India to raise funds to ₹4.5 billion (~$53.59 million) via a rights issue of equity shares. According to the investor presentation, Borosil has received in-principal approvals for the issue from BSE and the National Stock Exchange of India. The proceeds are proposed to be utilized mainly to reduce the debt for the Indian operations and its overseas operating subsidiary.

In the fourth quarter of FY 2024, Borosil Renewables posted a net loss of ₹133.7 million (~$16.5 million) from a profit of ₹116.9 million (~$14.4 million) the previous year. Revenue, however, rose 21% to ₹2.27 billion (~$281 million) from ₹1.87 billion (~$232 million) last year.

In February, the Directorate General of Trade Remedies initiated an anti-dumping investigation on imports of textured tempered coated and uncoated glass originating in or exported from China and Vietnam based on an application from Borosil.