Company Overview:

Borosil Renewables is a leading global Solar glass manufacturer, It has overseen the transmission of solar energy from an expensive options to the most desirable source of generation of electricity. BRL is witnessing and exponential surge in demand not only in India but across the world. This present and un precedent growth opportunities for the company. BRL have chalked out an expansion plan which will take company from today’s capacity of 450TPD to 1000 TPD to October 2022 and 2100 TPD by FY 2024-25 in India. Company has also executed an agreement to acquire 100% stake of Interfloat group which is largest manufacturer of solar glass in Europe, with an operational manufacturing capacity of 300 TPD in Germany. Company already has a plan to increase the capacity at the Germany plant to 500 TPD Tentatively by Q3 Current year 2023. BRL believe in sustainability as company is not only a world’s most efficient manufacturer of solar glass, But it have been able to achieve a Carbon foot print that is 22% below the industry average. Company has managed to break through by introduction of worlds first Antimony-free solar glass. Company is in process of developing a 10 MV wind solar power plant for our captive consumption of renewable energy. BRL has developed ‘Shakti’( a high performance solar glass in the matt-matt finish), Selene ( Antiglare solar glass for solar applications near the airports) and the worlds 1st fully tempered solar glass In 2mm thickness, which is an essential components for the worlds most efficient solar modules and The solar glass with Anti-soiling coating. The company is maintaining the carbon footprint 22% lower in comparison with the default score for glass manufacturing in Life Cycle Assessment by M/s. Solstyce, a reputed French institute.

Product Portfolio:

1. LOW IRON TEXTURED SOLAR GLASS.
   • Higher transmission and lowest iron content solar glass in the world with 60 ppm.
   • Low potential induced degradation (PID) leading to higher module output sustainably.
   • Higher chemical durability leading to superior performance.
   • Very high hydrolytic resistance and ability to cater the requirement of larger module like 96 cells and standard 72/60 cells module.
   • The fully tempered solar glass is 2 times stronger than heat-strengthened glass and 4 times stronger than annealed glass, Has an enhanced mechanical strength over 180 Mpa and is Much safer to operate with compared to heat strengthened glass.
2. SHAKTI: SOLAR GLASS IN MATT-MATT FINISH:
   • Borosil recently developed Shakti: Solar glass in matt-matt finish on both sides.
   • The transmission value reaching upwards of 94.0% with use of an appropriate AR Coating.
   • Shakti forms around 50% of sales within one year of product development. Forms a good bond with EVA: 4. The adhesion results (Peel Test) are much better in comparison with the standard requirements of 60 N/cm² - 70 N/cm².
   • No changes are necessary in certification of bill of material.
   • The module manufactures in many European countries use matt-matt solar glass.
3. MM FULLY TEMPERED SOLAR GLASS:

   World’s 1st Manufacturer of 2 mm fully tempered solar glass.Special recognition by Hon. Prime Minister of India Shri. Narendra Modi. Low cost of ownership throughout the life of the project in terms of higher mechanical strength, safety, longer life etc. Fully tempered 2 mm solar glass is 2 times stronger than heat-strengthened glass. The glass is safer and stronger than heat strengthened glass (that leads to the larger and sharper pieces when broken), qualifies as a safety glass for BIPV, rooftops and claddings. Easier for handling, movements and installation: 35% lighter than the traditional 3.2 mm glass. The frameless modules with this glass have superior edge sealing leading to increased module life up to 40 years with no power losses. Glass-to-glass module is 700 times more water vapour diffusion tight. Higher reliability – reduced rate of module failure, uses laminated modules as a roof itself

Industry Overview

Solar Glass Market size is forecast to reach $35.4 billion by 2025, after growing at a CAGR of 29% during 2020-2025. Solar Glass industry is projected to augment due to increasing use of solar glass for all kinds of residential and commercial buildings. Growth in the construction sector, particularly in emerging economies and technological advancements in the solar glass industry drive the growth of the market. The rising levels of urbanization, coupled with the continuous infrastructural development, are primarily driving the market for solar control glass in India. Furthermore, the growing construction of aesthetically appealing commercial structures that include glass walls and facades, such as luxury complexes, shopping malls, sports arenas, etc., is also propelling the market growth in the country. Besides this, the introduction of favorable government policies to promote the development of green buildings for reducing power consumption is further acting as a significant growth-inducing factor. Additionally, the rising consumer concerns towards the detrimental impact of HVAC systems on the environment due to high carbon emissions are also leading to consumer shift towards eco-friendly alternatives, including solar control glass. Improving consumer living standards, along with growing expenditures on sustainable building materials, are positively influencing the product demand in the country. Moreover, the expanding automotive industry, coupled with the increasing utilization of solar control glass in automobiles to ensure passenger comfort and improve fuel efficiency, is further augmenting the regional market. Besides this, significant growth in the real estate sector and the rising number of modern housing projects in the country are also bolstering the demand for solar control glass. Additionally, extensive R&D activities for the launch of advanced product variants to control glare and maintain room temperature are expected to drive the India solar control glass market in the coming years.

Recent acquisition for Growth:

subsequent to the quarter, the Overseas Wholly Owned Subsidiaries ("WOS") of the Company namely, Geosphere Glassworks GmbH ("Geosphere") and Laxman AG, have acquired 86% stake in GMB Glasmanufaktur Brandenburg GmbH ("GMB") and lnterfloat Corporation ("Interfloat"), respectively, in Europe, for an upfront consideration of EUR 7.50 million and the deferred consideration equivalent to 20% of EBIT of GMB and Interfloat, for CV 24, CV 25 & CY 26. Consequently, both GMB and Interfloat have become step-down subsidiary companies of the Company with effect from 21st October, 2022. Additionally, an amount of EUR 1.50 million was paid to the existing minority shareholder, Blue Minds IF Beteiligungs GmbH ("Blue Minds") as consideration against waiver by Blue Minds of its rights under the existing shareholders agreement. Geosphere shall step-in as a creditor to Interfloat to the tune of —EUR 2.48 million by taking over a factoring agreement executed between GMB and HS Timber Group GmbH.

Technical and Fundamental View:

Fundamentally Company is in Bright spot of Investment as Growing demand for Renewables keeps BRL in limelight of an Investing opportunity for Funds to accumulate at this Levels as Company has done aquisations in recents quarters for growth and to fulfill growing demand for solar glasses. Technically Borosil Renewables Limited, Stock has seen sharp fall from peak of 833.35 Levels on 25 April 2022 from upper end of symmetrical Triangle and dip towards Levels of 467 on 26 Dec 2022 towards it Lower Level now stock is showing some sign of reversal followed by Base formation near 460 Levels and made near double bottom near Levels of 464-467 since 15th Nov 2022, Stock must push higher above 530 Levels for upward movement in Trend. Suggesting reversal in stock, suggesting strong pull back from that Levels towards the Levels of 610. We can see stock having strong support near Levels of 460-450 as an Immediate support for Big move as BRL is in the sector of Renewable Energy and Solar glass Manufacturing that has long way ahead for Big market shares in coming days. So we recommend Buy and add all dips till the support Levels of 460 with Immediate Target of 600-610 with Strict SL of 440.