You are probably right. These duties get influenced by every member of the supply chain. Currently, stakeholders who benefit from cheaper glass (all cell manufacturers) have a much stronger voice than stakeholders who benefit from costlier glass (Primarily Borosil at this point of time) and this is likely to remain so going forward. Maybe in future as more glass manufacturers come in and Borosil doesn’t remain a monopoly, MoF will take a different view.
Solar glass is essentially a commodity and this is a classic commodity risk playing out. I think the commodity nature of Borosil’s product somewhere got lost amidst the capacity expansion and Europe stories. Still very richly valued @ 48x TTM PE. Let’s how the story plays out.
Disc: Not invested. Watching from the sidelines though.
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