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Borosil Renewables

BORORENEW NSE
₹389.80 +11.15 (+2.94%)
P/E
14.26
View as Markdown
MCP
Close 4 Nov 2026 ₹389.80 −275.05 −41.4% 1Y
Start ₹664.85

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
26.60%
Debt to Equity
0.11
EPS (TTM)
₹27.33
Book Value
₹132.24
Market Cap
—
P/E (TTM)
14.26
P/B
2.95
ROE
27.70%
Dividend Yield
0.00%
EBITDA
₹466 Cr
52W High
₹721.00
52W Low
₹369.00
Day Range
₹372.65 – ₹391.50
Volume
5,14,431

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

58 Good

Data confidence 98/100

Category scores

Quality
69
Strong
Returns, margins, earnings quality 22% weight
Valuation
71
Strong
Cheap vs sector & own history 24% weight
Growth
81
Strong
Sales & profit trajectory 9% weight
Financial Health
77
Strong
Solvency, leverage, coverage 9% weight
Momentum
13
Poor
Trend strength, vol-adjusted 12% weight
Ownership
40
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

5
  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 32.0% CAGR over last 5 years
  • Company's median sales growth is 22.6% of last 10 years
  • Company's working capital requirements have reduced from 25.6 days to 17.0 days

Weaknesses

4
  • Stock is trading at 4.12 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last quarter: -2.76%
  • Company has a low return on equity of 12.0% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1153
OscillatorsNeutral252
Moving AveragesStrong Bearish901

Key readings

RSI (14)
32.90
Neutral
MACD (12,26,9)
−21.05
Bullish
SMA (50)
453.01
Bearish
SMA (200)
502.33
Bearish

As of

Analyst Rating

Based on 1 analysts
BUY100%

1 of 1 analyst rates Buy, 0 Hold, 0 Sell.

As of

BUY
1
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+21.29%
5Y+24.97%
3Y+30.72%
1Y+38.21%
TTM+34.00%

Net profit

Net profit growth by window
10Y+2.76%
5Y−25.25%
3Y−38.21%
1Y−36.36%
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
10Y+53.12%
5Y+21.43%
3Y+153.79%
1Y+128.49%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+26.22 pp
5Y−8.52 pp
3Y+7.65 pp
1Y+15.81 pp
TTM+13.05 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹267 Cr
Mar 2018₹296 Cr
Mar 2019₹217 Cr
Mar 2020₹271 Cr
Mar 2021₹502 Cr
Mar 2022₹641 Cr
Mar 2023₹685 Cr
Mar 2024₹988 Cr
Mar 2025₹1,107 Cr
Mar 2026₹1,530 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹127 Cr
Mar 2018₹46.00 Cr
Mar 2019₹46.00 Cr
Mar 2020₹0.00 Cr
Mar 2021₹90.00 Cr
Mar 2022₹166 Cr
Mar 2023₹89.00 Cr
Mar 2024−₹17.00 Cr
Mar 2025₹33.00 Cr
Mar 2026₹21.00 Cr

Analyst Forecasts

Forecast For
Mar 27 consensus · Price
₹330.00 −28.0% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk medium

Borosil Renewables Ltd trades at a market cap of Rs 7,870 Cr with a PE of 18.9x and PB of 5.15x. The company has delivered strong TTM sales growth of 34% and profit CAGR of 32% over 5 years, but carries a low 3-year average ROE of 12% and has significantly stretched working capital days from 71 to 154 days.

Bull Case 8
  • TTM sales growth of 34% signals strong revenue momentum, supported by a 10-year compounded sales CAGR of 21%
  • TTM profit growth of 464% indicates a sharp earnings recovery and operating leverage kicking in
  • 5-year compounded profit CAGR of 32.4% demonstrates sustained long-term earnings expansion
  • Last year ROE surged to 28%, a significant improvement over the 3-year average of 12% and 10-year average of 11%
  • Company has reduced debt, improving balance sheet strength and lowering financial risk
  • Median sales growth of 22.6% over last 10 years reflects consistent top-line compounding well above GDP growth
  • 10-year stock CAGR of 35% shows long-term wealth creation track record for patient holders
  • PE of 18.9x is moderate relative to the high-growth solar glass manufacturing space, given 34% TTM sales growth
Bear Case 8
  • Stock trades at 5.15x book value, which is elevated for a capital-intensive industrial products manufacturer
  • Working capital days have deteriorated sharply from 71.4 days to 154 days, indicating cash conversion cycle stress
  • 3-year average ROE of only 12% is below cost-of-equity benchmarks despite the capital-intensive nature of the business
  • Zero dividend yield despite repeated profitability suggests no shareholder return via payouts
  • 1-year stock return of -8% indicates near-term price weakness and possible market skepticism on valuation
  • 3-year stock CAGR of only 4% lags the broader market significantly despite strong underlying profit growth
  • 5-year ROE average of 14% remains below the PB multiple of 5.15x, implying the market is pricing in future returns not yet consistently delivered
  • Heavy dependence on solar glass segment exposes the company to policy changes, anti-dumping duty revisions, and import competition risk

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

94d ago

TL;DR: Borosil Renewables is delivering strong standalone growth with revenue up 38% and EBITDA up 172% YoY, benefiting significantly from anti-dumping duties on imported solar glass. The company is also progressing on sustainability with renewable energy at 29% of consumption. Key risks include the potential promoter stake sale at below-market valuation and ₹360 crore in exceptional losses from German subsidiary insolvencies. The domestic business trend is clearly improving, but ownership uncertainty could cap near-term re-rating.

Headwinds 2
  • Promoter stake sale below valuation Jul 9

    Promoters reportedly in discussions for partial or full stake divestment that could value the company below its current market valuation. No acquirer details or timelines disclosed.

  • German subsidiary insolvency charges Aug 1

    Exceptional charges of ₹35,977.85 lakhs from insolvency of German subsidiaries GMB and Geosphere weighed on consolidated net profit in FY25-26.

Positives 4
  • Standalone revenue surges 38% YoY Aug 1

    FY25-26 standalone revenue up 38.28% YoY to ₹1,53,482.50 lakhs with EBITDA surging 172.38% to ₹49,167.61 lakhs, driven by anti-dumping duties on solar glass imports.

  • Q1 net profit at ₹87.7 crore Jul 19

    Borosil Renewables reported standalone net profit of ₹8,770.55 lakh for Q1FY26 with revenue from operations at ₹40,569.07 lakh.

  • Renewable energy share up to 29% Jul 30

    Renewable electricity consumption rose to 29.23% in FY26, driven by new wind-solar hybrid projects and antimony-free manufacturing initiatives.

Neutral 3
  • AGM scheduled for Aug 27 Jul 28

    63rd Annual General Meeting scheduled for August 27, 2026 via video conferencing in compliance with MCA and SEBI regulations.

  • Executive chairman interview on NDTV Jul 20

    Executive Chairman Pradeep Kumar Kheruka gave a business update interview on NDTV Profit on July 20, 2026.

  • HR GM resignation accepted Jul 14

    Dilip Acharya ceased as Senior Management Personnel effective July 13, 2026 due to internal restructuring but continues as employee.

Quarterly Results

₹ Cr
BORORENEW quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
238
280
241
227
241
266
275
327
332
378
386
438
406
396
Expenses
188
259
222
219
215
218
256
257
245
255
265
302
278
291
Operating Profit
50
21
18
8
27
48
19
70
87
124
122
136
128
105
OPM %
21%
8%
8%
3.4%
11%
18%
7%
21%
26%
33%
32%
31%
32%
27%
Other Income
7
6
4
5
3
5.87
2
7
−320
−32
7
9
14
11
Interest
7
8
9
2
6
8
5
7
4
4
3
3
2
3
Depreciation
31
26
29
29
29
28
27
25
22
22
22
21
21
22
PBT
18
−7
−15
−18
−5
17
−11
45
−259
66
104
120
118
92
Tax %
26%
−16%
−28%
−24%
−27%
28%
−18%
26%
5%
31%
25%
−41%
26%
24%
Net Profit
14
−6
−11
−13
−4
13
−9
33
−272
46
78
169
88
70
EPS (₹)
1.05
−0.44
−0.85
−1.02
−0.28
0.97
−0.66
2.5
−20.47
3.44
5.58
12.06
6.25
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
BORORENEW profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
175
222
267
296
217
271
502
641
685
988
1,107
1,530
1,608
Expenses
168
212
248
255
182
234
305
397
527
886
942
1,060
1,099
Operating Profit
7
10
19
41
34
37
197
245
158
102
165
470
509
OPM %
4.3%
4.7%
7%
14%
16%
14%
39%
38%
23%
10%
15%
31%
32%
Other Income
62
11
126
35
30
3
5
20
19
17
16
−338
−2
Interest
0
1
1
0
0
7
8
3
7
26
26
14
12
Depreciation
5
5
6
5
18
32
42
42
50
114
108
87
86
PBT
64
15
138
70
46
1
153
220
119
−21
47
31
409
Tax %
23%
−4%
8%
34%
0%
64%
41%
25%
26%
−23%
29%
33%
—
Net Profit
49
16
127
46
46
0
90
166
89
−17
33
21
381
EPS (₹)
4.1
1.69
13.77
5.02
5.01
0.04
6.89
12.72
6.78
−1.27
2.53
1.48
27.33
Div. Payout %
15%
37%
5%
12%
13%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
BORORENEW balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
3
2
2
2
9
11
13
13
13
13
13
14
Reserves
694
634
769
819
323
315
602
772
865
849
1,076
1,492
Borrowings
2
33
0
0
42
92
79
157
363
355
251
162
Other Liabilities
50
37
41
65
51
75
89
113
151
133
174
148
Total Liabilities
750
705
813
887
425
494
783
1,055
1,391
1,349
1,514
1,816
Fixed Assets
156
158
109
108
117
345
320
278
935
836
704
612
CWIP
6
5
5
4
125
1
4
297
15
9
18
108
Investments
445
380
454
509
46
7
280
214
12
69
107
630
Other Assets
143
162
245
266
138
141
178
267
430
437
686
467
Total Assets
750
705
813
887
425
494
783
1,055
1,391
1,349
1,514
1,816

Cash Flow

₹ Cr
BORORENEW cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
4
6
25
30
−49
26
161
173
26
92
186
425
Investing
2
157
6
−17
−48
−61
−332
−260
−221
−86
−342
−711
Financing
−5
−162
−34
−7
88
35
172
96
185
8
142
316
Net Cash Flow
0
1
−2
6
−9
1
1
9
−10
14
−14
30
Free Cash Flow
40
−4
95
89
−204
−78
134
−200
−289
14
130
229
CFO/OP
147
141
199
107
−97
110
93
98
26
95
111
106

Ratios

BORORENEW financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
66
61
60
86
41
55
53
34
29
38
36
29
Inventory Days
131
115
103
95
242
203
128
221
427
182
194
119
Days Payable
31
28
37
78
67
75
76
104
107
61
65
49
Cash Conversion Cycle
165
148
126
103
216
182
105
150
349
159
165
99
Working Capital Days
109
85
165
138
50
46
53
28
48
29
31
17
ROCE %
5%
6%
6%
8%
8%
2%
29%
27%
11%
0%
6%
27%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Borosil Renewables insights

64 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 56.02%
  • Public 26.63%
  • Others 9.23%
  • FIIs 5.88%
  • DIIs 2.24%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Borosil Renewables

What does Borosil Renewables Ltd do?
Borosil Renewables is engaged in manufacturing extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Greenhouses.
Where is Borosil Renewables Ltd (BORORENEW) listed?
Borosil Renewables Ltd trades as BORORENEW on the NSE and under code 502219 on the BSE.
Which sector does Borosil Renewables Ltd belong to?
Borosil Renewables Ltd is classified under the Industrial Products sector, in the Glass - Industrial industry.
What is the PE ratio of Borosil Renewables Ltd?
Borosil Renewables Ltd trades at a PE ratio of 14.26 as of 4 Nov 2026, on earnings per share of ₹27.33, against a book value of ₹132.24 per share.
What is the 52-week high and low of Borosil Renewables Ltd?
Over the last 52 weeks Borosil Renewables Ltd has traded between ₹369 and ₹721 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Borosil Renewables Ltd?
Borosil Renewables Ltd reported a return on equity of 27.70%. Its debt-to-equity ratio is 0.11.

Company Information

Borosil Renewables is engaged in manufacturing extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Greenhouses.

Website borosilrenewables.com
CEO Mr. Pradeep Kumar Kheruka B.Com.
Employees 740
Listed 25 May 2018
Face Value ₹1

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