The encapsulation materials that protect cells inside a finished module - low-iron solar glass, EVA film and backsheet.
Borosil RenewablesDirect supplier · HighListed
RenewSys IndiaDirect supplier · MediumUnlisted
RenewSys India
EVA encapsulant films and solar backsheet manufacturing
Strengths
One of a small number of established domestic EVA/backsheet converters supplying India's module manufacturers directly
Risks
Unlisted - no audited public financials; figures here are not available
Still reliant on imported EVA resin and backsheet base films as inputs
Background
Privately held, Mumbai-based; part of the ENPEE Group
One of India's few scaled domestic EVA film and backsheet manufacturers
Compiled from public reporting — not exchange-listed.
Where it fits
Encapsulates and protects the delicate solar cells inside a finished module - low-iron tempered glass on the front, EVA film bonding the layers, and a backsheet sealing the rear.
Why it matters
A module is only as durable as its encapsulation - glass and EVA/backsheet quality directly determine a panel's 25-year degradation and warranty performance.
Where the value pool sits
Solar glass is a capital-intensive, scale-driven business prone to Chinese oversupply/dumping cycles that repeatedly squeeze domestic makers' margins; EVA/backsheet is more chemically specialised and still mostly import-dependent.
Key drivers
Module manufacturing capacity growth pulling through glass/EVA demand
Anti-dumping and safeguard duties on Chinese solar glass