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About
Borosil Renewables Ltd (BORORENEW)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 502219 NSE: BORORENEW Glass | Small Cap | Borosil Renewables Share Price
₹464.05 -31.90 (-6.43%)
As on 15-Sep'26 16:59
Borosil Renewables Ltd (BORORENEW)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 502219 NSE: BORORENEW Glass | Small Cap | Borosil Renewables Share Price
₹464.05 -31.90 (-6.43%)
As on 15-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹6,830 Cr.
Current Price
₹464.1
52-Week Low / High
₹375 / 721
TTM EPS
₹26
TTM Sales
₹1,615 Cr.
Book Value per Share
₹123.2
P/E Ratio
17.86
Lower than its 5-year historical median
Industry PE
35.4
Price to Book (P/B)
3.77
Lower than its 5-year historical median
Price to Sales (P/S)
4.23
Lower than its 5-year historical median
EV/EBITDA
12.86
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
10.95%
Outperforms industry median
Return on Capital Employed (ROCE)
10.72%
Outperforms industry median
Return on Assets (ROA)
7.77%
Operating Profit Margin
28.8%
Net Profit Margin
8.19%
Gross Profit Margin
29%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
38.28%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
665.67%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
58.77%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,799 Cr.
Equity
₹14.7 Cr.
Face Value
₹1
All Time Low / High
₹0.14 / 833.00
Check Before You Invest
Quality
Not GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Weak
Is Borosil Renewables Ltd a good quality company?
Borosil Renewables Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Borosil Renewables Ltd performance compare with that of its Peers?
Revenue growth of Borosil Renewables Ltd vs industry peers?
Borosil Renewables Ltd revenue CAGR is 19.72%, compared to the industry median CAGR of 3.95%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Borosil Renewables Ltd?
Promoters hold 58.77% of the Borosil Renewables Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Borosil Renewables Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 16.6% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Borosil Renewables Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 19.3% | 8.9% | 4% | 2% | 28.9% | 27.2% | 11.6% | 0.4% | 5.7% | 3% | - |
| Value Creation Index ⓘ | 0.4 | -0.4 | -0.7 | -0.9 | 1.1 | 1.0 | -0.1 | -1.0 | -0.6 | -0.8 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 267 | 296 | 217 | 271 | 502 | 644 | 688 | 990 | 1,110 | 1,535 | 1,608 |
| Sales YoY Gr. | - | 10.8% | -26.7% | 25.1% | 85.2% | 28.3% | 6.8% | 43.9% | 12.1% | 38.3% | - |
| Adj EPS ⓘ | 6.4 | 4.6 | 2.3 | 0.1 | 6.9 | 12.5 | 6.3 | -1.2 | 2.3 | 19.2 | 25.9 |
| YoY Gr. | - | -28.3% | -49.3% | -97% | 9685.7% | 81.9% | -49.6% | -119.8% | NA | 728.9% | - |
| BVPS (₹) ⓘ | 83.5 | 88.9 | 35.5 | 28.3 | 47.1 | 60.1 | 67.1 | 65.9 | 75.1 | 101.2 | 102.4 |
| Adj Net Profit ⓘ | 59.1 | 42.3 | 21.5 | 0.8 | 89.1 | 162 | 82 | -16.2 | 30.8 | 270 | 381 |
| Cash Flow from Ops. ⓘ | 25.3 | 29.9 | -49 | 26.2 | 161 | 173 | 25.6 | 92.3 | 186 | 425 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | -0.9 | 3.5 | 0.5 | 0.9 | 14.1 | 3.8 | 1.3 | 0.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 21.5% | 25% | 30.7% | 38.3% | ||||
| Adj EPS ⓘ | 13% | 22.9% | 45.2% | 728.9% | ||||
| BVPSⓘ | 2.2% | 16.5% | 14.7% | 34.8% | ||||
| Share Price | 15.8% | 8.2% | 2.8% | -19.3% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 8.4 | 5.3 | 3.7 | 0.2 | 18.9 | 23.2 | 9.9 | -1.9 | 3.2 | 20.8 | 25.4 |
| Op. Profit Mgn % ⓘ | 7.1 | 14 | 15.8 | 13.9 | 39.3 | 38 | 22.9 | 10.3 | 14.9 | 30.9 | 31.7 |
| Net Profit Mgn % ⓘ | 22.1 | 14.3 | 9.9 | 0.3 | 17.7 | 25.2 | 11.9 | -1.6 | 2.8 | 17.6 | 23.7 |
| Debt to Equity ⓘ | 0 | 0 | 0.1 | 0.3 | 0.1 | 0.2 | 0.4 | 0.4 | 0.3 | 0.1 | - |
| Working Cap Days ⓘ | 225 | 263 | 322 | 181 | 111 | 118 | 178 | 151 | 177 | 130 | 73 |
| Cash Conv. Cycle ⓘ | 90 | 83 | 103 | 79 | 50 | 45 | 70 | 70 | 68 | 44 | 51 |
Valuation of Borosil Renewables - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 156 | 326 | 415 | 557 | 633 | 762 | 894 | 1,374 | 1,479 | 1,556 |
| Operating Expenses ⓘ + | 147 | 296 | 395 | 497 | 543 | 660 | 751 | 1,317 | 1,422 | 1,115 |
| Operating Profit ⓘ | 9 | 29 | 20 | 60 | 90 | 102 | 143 | 57 | 58 | 441 |
| Operating Profit Margin (%) | 5.9% | 9.0% | 4.7% | 10.8% | 14.2% | 13.4% | 16.0% | 4.1% | 3.9% | 28.3% |
| Other Income ⓘ + | 41 | 66 | 39 | 43 | 31 | 39 | 20 | 18 | 35 | 25 |
| Interest ⓘ | 0 | 2 | 4 | 8 | 7 | 6 | 8 | 29 | 32 | 14 |
| Depreciation ⓘ | 4 | 18 | 21 | 32 | 37 | 45 | 54 | 132 | 135 | 95 |
| Profit Before Tax ⓘ | 41 | 65 | 36 | 156 | 76 | 92 | 101 | -53 | -74 | 142 |
| Tax ⓘ | 5 | 15 | 6 | 19 | 27 | 32 | 30 | -2 | 13 | 15 |
| Profit After Tax | 37 | 50 | 29 | 137 | 49 | 60 | 71 | -50 | -87 | 127 |
| PAT Margin (%) | 23.7% | 15.4% | 7.0% | 24.6% | 7.8% | 7.9% | 7.9% | -3.7% | -5.9% | 8.2% |
| Adjusted EPS (₹) | 3.3 | 4.1 | 2.7 | 13.9 | 4.9 | 5.9 | 5.3 | -3.6 | -5.3 | 9.2 |
| Dividend Payout Ratio (%) | 15.30% | 15.20% | 23.40% | 4.50% | 12.80% | 11% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 659 | 698 | 617 | 765 | 815 | 846 | 918 | 872 | 903 | 1,423 | |
| Debt + | 1 | 23 | 78 | 51 | 41 | 107 | 378 | 454 | 176 | 93 | |
| Minority Interest | 0 | 24 | 35 | 56 | 60 | 77 | 23 | 20 | 2 | -1 | |
| Trade Payables | 6 | 20 | 28 | 37 | 62 | 55 | 89 | 83 | 71 | 50 | |
| Others Liabilities ⓘ | 27 | 51 | 74 | 80 | 87 | 104 | 223 | 255 | 303 | 260 | |
| Total Liabilities ⓘ | 693 | 817 | 832 | 989 | 1,065 | 1,189 | 1,632 | 1,684 | 1,454 | 1,825 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 173 | 264 | 334 | 306 | 381 | 375 | 977 | 928 | 777 | 614 | |
| CWIP ⓘ | 6 | 8 | 8 | 43 | 16 | 137 | 70 | 126 | 135 | 108 | |
| Investments ⓘ | 381 | 341 | 221 | 266 | 352 | 233 | 11 | 12 | 50 | 606 | |
| Inventories | 30 | 60 | 84 | 95 | 89 | 191 | 265 | 245 | 238 | 120 | |
| Trade Receivables | 29 | 53 | 78 | 94 | 123 | 115 | 93 | 123 | 129 | 121 | |
| Cash Equivalents | 6 | 7 | 9 | 11 | 14 | 14 | 133 | 166 | 69 | 78 | |
| Others Assets ⓘ | 68 | 83 | 99 | 174 | 91 | 123 | 83 | 84 | 57 | 178 | |
| Total Assets ⓘ | 693 | 817 | 832 | 989 | 1,065 | 1,189 | 1,632 | 1,684 | 1,454 | 1,825 | |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 1 | 24 | 32 | 43 | 103 | -25 | -6 | 69 | 100 | 423 |
| Cash Flow From Investing Activity ⓘ + | 8 | -5 | 162 | 20 | -67 | -26 | -241 | -215 | -142 | -736 |
| Cash Flow From Financing Activity ⓘ + | -8 | -22 | -193 | -64 | -31 | 40 | 238 | 168 | -53 | 323 |
| Net Cash Flow ⓘ | 1 | -3 | 2 | -1 | 6 | -10 | -10 | 21 | -95 | 10 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 5.61 | 7.41 | 4.43 | 19.8 | 6.22 | 7.22 | 8.01 | -5.62 | -9.8 | 10.95 |
| ROCE (%) | 6.36 | 9.69 | 5.4 | 21.15 | 9.74 | 10.71 | 9.47 | -1.69 | -3.18 | 10.72 |
| Asset Turnover Ratio | 0.22 | 0.44 | 0.51 | 0.63 | 0.62 | 0.68 | 0.63 | 0.83 | 0.94 | 0.95 |
| PAT to CFO Conversion(x) | 0.03 | 0.48 | 1.1 | 0.31 | 2.1 | -0.42 | -0.08 | N/A | N/A | 3.33 |
| Working Capital Days | ||||||||||
| Receivable Days | 68.10 | 44.60 | 56.30 | 54.20 | 62.30 | 57.20 | 42.60 | 28.60 | 31 | 29.20 |
| Inventory Days | 71.10 | 49.10 | 61.90 | 56.40 | 52.60 | 67 | 93.10 | 67.60 | 59.60 | 41.80 |
| Payable Days | 22.70 | 33.20 | 49.30 | 57.40 | 76.40 | 81.10 | 167.70 | 86.90 | 65.80 | 57.90 |
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Borosil Renewables Ltd FAQs
The current trading price of Borosil Renewables on 15-Sep-2026 16:59 is ₹464.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 14-Sep-2026 the market cap of Borosil Renewables stood at ₹6,830.1 Cr
The latest P/E ratio of Borosil Renewables as of 14-Sep-2026 is 17.94.
The latest P/B ratio of Borosil Renewables as of 14-Sep-2026 is 4.53.
The 52-week high of Borosil Renewables is ₹720.9 and the 52-week low is ₹374.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Borosil Renewables is ₹1,608 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Borosil Renewables Ltd is a below average quality company.
The key valuation ratios of Borosil Renewables Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Borosil Renewables Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Borosil Renewables Ltd
Borosil Renewables Limited is a public limited Company domiciled and incorporated in India. The company is engaged in manufacturing of Low Iron textured Solar Glass for application in Photovoltaic panels, Flat plate collectors and Green houses.
It is the first and only solar glass manufacturer in India. A part of the Borosil group which is well-known for the brand “BOROSIL” that manufactures a range of lab ware, scientific ware, and consumer ware products.
The registered office of the Company is situated at Bandra Kurla Complex, Bandra (E), Mumbai.
Business area of the company
The company is engaged in the production of low iron textured solar glass used in the manufacturing of solar photovoltaic modules in the power sector.
Product Portfolio
- Low Iron Textured Solar Glass
- Shakti: Solar Glass in Matt-Matt Finish
- 2 mm Fully Tempered Solar Glass
- NoSbEra: Antimony-Free Solar Glass
- Selene: Antiglare Solar Glass
- Solar Glass with Anti-Refelective Coating
- Solar Glass with Anti-Soiling Coating
- Grid Printed backglass for glass-glass bifacial solar PV modules
History and major events
- 1960: Window Glass Limited is incorporated in Kolkata by the Kheruka Family.
- 1962: Borosil is born as public limited company to acquire the existing business of Industrial and Engineering Apparatus Company Pvt. Ltd.. set up by Dr. Lele.
- 1963: Corning Glass Works, USA joins Borosil as a technical and financial collaborator.
- 1988: Kheruka Family takes over Borosil Glass Works Ltd. from Corning Glass.
- 1991: Gujarat Borosil Ltd., a subsidiary of Borosil group, set up a manufacturing facility for architectural glass in Bharuch, Gujarat.
- 2010: Gujarat Borosil Ltd.. sets up India’s first and only solar glass production line with a capacity of 180 TPD.
- 2013: Introduced Anti-Reflective coating for solar glass, a first of its kind in India.
- 2014: Developed the world’s first Antimony-free solar glass.
- 2017: Developed the world’s first fully tempered solar glass in 2mm thickness.
- 2019: Capacity expansion to 450 TPD (equivalent 2.8GW/annum), Introduction of Shakti: Solar Glass in Matt-Matt Finish and Selene: Antiglare Solar Glass for PV installation near airports.
- 2020: Amalgamation of Gujarat Borosil Ltd. with Borosil Glass Works Ltd. which was renamed Borosil Renewables Ltd.
- 2020: National Award 2021 by the Government of Indian for successful Commercialization of Indigenous Technology.
- 2022: Manufacturing capacity reach to 1000 TPD (equivalent 6GW/annum).
- 2022: Borosil Renewables Ltd. acquired Interfloat Group, the largest solar manufacturer in Europe.
- 2024: Aspiring to reach 2100 TPD (equivalent 13GW/annum).
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