Shares of Borosil Renewables Ltd., India’s leading manufacturer of solar glass, experienced a significant increase following the government’s new import duties on Malaysian products.
The stock rose by as much as 9.3% in Mumbai on Wednesday, marking its largest gain in over a year. This surge came after India’s finance ministry announced a five-year extension of countervailing duties—tariffs imposed to counteract subsidies provided by foreign competitors. The duties on textured tempered glass, also referred to as solar glass, range from 9.71% to 10.14% of cost, insurance, and freight value. The government determined that discontinuing these duties would likely result in ongoing subsidization and harm to the domestic industry.
This initiative is part of a broader strategy by New Delhi to bolster the solar supply chain and reduce reliance on imports. The country’s solar module manufacturing has accelerated recently, supported by customs duties on imports alongside a significant non-tariff barrier that mandates the use of domestically-produced panels. A similar non-tariff protection for solar cells was implemented this month, with plans to extend similar requirements to other upstream products.
Pradeep Kumar Kheruka, executive chairman of Borosil, emphasized that solar glass production is capital-intensive. He noted that this decision signals to the domestic industry the importance of reinvesting in capacity expansion to lessen import dependence.
Currently, India produces 2,500 tons of solar glass daily while importing 7,000 tons. Borosil has established a manufacturing capacity of 1,000 tons per day at its Gujarat facility and aims to increase output by an additional 600 tons per day by the end of 2026.
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Published on June 3, 2026.
