Solar glass manufacturer Borosil Renewables reported revenue of ₹3.46 billion (~$39.4 million) for the first quarter (Q1) of the financial year (FY) 2026, a 7% year-over-year (YoY) decrease from ₹3.71 billion (~$42.2 million).

The company posted a net loss of ₹2.03 billion (~$23.1 million) for the quarter, an increase of 1,329% from the same period last year.

The loss was primarily due to a ₹2.22 billion (~$25.3 million) impairment charge following the insolvency of its German subsidiary, GMB Glasmanufaktur Brandenburg (GMB).

Loss per share for the quarter stood at ₹1.86 (~$0.021), compared to ₹0.99 (~$0.011) in the same quarter of the previous year.

Borosil filed for insolvency proceedings for GMB on July 4, 2025, at the insolvency court in Cottbus, Germany. GMB had been incurring losses ranging from ₹80 million (~$908,060) to ₹90 million (~$1.02 million) per month amid declining demand, increased competition from low-cost Chinese solar modules in Europe, and limited policy support from local authorities. The insolvency removes GMB’s financial results from future consolidated statements and allows Borosil to reallocate capital and resources toward its domestic operations.

The company is expanding its capacity in India, supported by a five-year anti-dumping duty on solar glass imports from China and Vietnam, which was introduced in December 2024. This policy led to a 28% YoY price increase in Q4 FY 2025 and a 31% increase in Q1 FY 2026.

The company has approved construction of two new furnaces with a combined capacity of 600 tons per day (TPD), increasing total production capacity by 60% from the current 1,000 TPD. The ₹9.5 billion (~$108 million) projects are scheduled for commissioning by December 2026 and will be financed through a mix of equity, debt, and internal accruals.

In January this year, Borosil announced a 50% expansion of its solar glass manufacturing capacity from 1,000 to 1,500 TPD.

The company noted its product portfolio includes antimony-free textured solar glass, developed under the patented “NoSbEra” technology. It also manufactures fully tempered 2 mm solar glass designed for bifacial and glass-glass solar modules. Borosil produces solar glass with anti-reflective and anti-soiling coatings, as well as anti-glare glass for installations near airports, floating solar module glass, and building-integrated photovoltaics solutions.