On Monday, 7th July, shares of Borosil Renewables traded higher by 2.39% at ₹509.00 on the NSE, gaining ₹11.90 during the session. The stock’s rise comes despite news that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH (GMB), has filed for bankruptcy at a German insolvency court.
According to the company, GMB’s operations had been under strain since January this year when its furnaces were cooled down due to poor demand and weak market conditions in the European Union. GMB attributed the slump to Chinese dumping of solar panels at lower prices, which hurt the competitiveness of its products.
The subsidiary had previously approached authorities in Germany for urgent measures to support the business, but no relief was provided. As a result, GMB and its step-down subsidiary — with an exposure of approximately ₹350 crore — moved to insolvency proceedings.
While GMB reported a topline of ₹327 crore for FY25, contributing nearly 22% of Borosil Renewables’ consolidated revenue, it continued to post losses. The company highlighted that the bankruptcy move would stop the cash loss of around ₹9 crore per month that was being incurred by GMB. Going forward, an administrator will oversee GMB’s expenses and cash flows.
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