NSE:BORORENEW · Risk Score Report

NSE:BORORENEWNSETechnology

Borosil Renewables Limited

📊 Solar

Day ₹509

₹521 Oversold

52W ₹374

₹721 Neutral

₹511.90

▼ ₹1.20 (-0.23%)

Vol: 210,638 · Avg: 530,007

As of April 29, 2026 · 06:45 IST

COMPOSITE RISK SCORE

VAL:11/25 · FIN:0/25 · GRO:11/25 · TECH:14/25

📈 P/E RATIO

0.0x

Trailing

📖 P/B RATIO

6.1x

Price to Book

💰 EPS

₹-4.52

TTM

🏛 MARKET CAP

₹7,176Cr

Mid Cap

📊 ROE

-7.0%

Return on Equity

📈 REV GROWTH

8.0%

YoY

🏢 Company Analysis · Borosil Renewables Limited

💼 BUSINESS MODEL

Borosil Renewables Limited engages in the manufacture and sale of flat glass products in India and internationally..
The company offers low iron textured solar glass for various applications in photovoltaic (PV) panels, flat plate collectors, and greenhouses..
It also provides 2 MM fully tempered solar glass; Shakti, a solar glass in matt-matt finish; NoSbEra, an antimony-free solar glass; Selene, an anti-glare solar glass; and solar glass with anti-reflective and anti-soiling, and grid printed back glass for bifacial, as well as solar glass for green house and roof tile applications..
The company was formerly known as Borosil Glass Works Limited and changed its name to Borosil Renewables Limited in February 2020..
Operates in Solar within the Technology sector.
Workforce of 740 employees.

🏰 MOAT & COMPETITION

Mid-cap (₹7,176 Cr) — growing company in a competitive landscape.
Key competitors: Agarwal Toughene, Sejal Glass, Agarwal Float, Agarwal Fortune.

🚀 CATALYSTS

No specific near-term catalysts identified from available data.

⚖️ ASYMMETRY CHECK

Insufficient analyst data for asymmetry assessment.

🔭 FUTURE OUTLOOK

Analyst consensus: None (0 analysts).

✅ PROS

Company has reduced debt.

❌ CONS

Stock is trading at 8.04 times its book value
Company has a low return on equity of -3.35% over last 3 years.

VALUATION

11/25

25% WEIGHT

P/E at 0x
P/B at 6.1x
Analyst target: ₹0 (+0.0%)
1Y return: +2.5%

FINANCIAL HEALTH

0/25

25% WEIGHT

ROE: -7.0%
Profit margin: -4.0%
Revenue growth: 8.0%
Debt/Equity: 23%

GROWTH

11/25

25% WEIGHT

Revenue growth: 8.0%
Earnings growth: 0.0%
Beta: -0.24
Sector: Technology

TECHNICAL

14/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

0.0x

Trailing twelve months

P/B RATIO

6.1x

Price to Book value

ROE

-7.0%

Return on Equity

PROFIT MARGIN

-4.0%

Net profit margin

OPM

25.8%

Operating profit margin

ANALYST TARGET

₹0

Range: ₹384 - ₹640

Yahoo Finance ↗

PEG RATIO

N/A

Price/Earnings to Growth

EV/EBITDA

20.6x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

N/A

Annual yield

ROA

-5.6%

Return on Assets

GROSS MARGIN

48.9%

Gross profit margin

INDUSTRY AVERAGES — GLASS - INDUSTRIAL

P/E 38.9x

P/B 8.0x (sector fair)

ROCE 18.0% (below avg)

ROE 25% (sector good)

OPM 25% (sector good)

Div Yield —

D/E <20 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	N/A	—	N/A	—	N/A	N/A
Q3 FY25	₹361 Cr	—	₹-27 Cr	—	N/A	1.4%
Q4 FY25	₹367 Cr	+1.5%	₹-20 Cr	+24.9%	N/A	7.2%
Q1 FY26	₹347 Cr	-5.6%	₹-167 Cr	-728.7%	N/A	-44.1%
Q2 FY26	₹379 Cr	+9.3%	₹26 Cr	+115.9%	N/A	29.7%
Q3 FY26	₹390 Cr	+3.1%	₹100 Cr	+279.0%	N/A	37.8%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹642 Cr	—	₹166 Cr	—	₹173 Cr	—
FY23	₹891 Cr	+38.7%	₹70 Cr	-58.0%	₹-6 Cr	-103.7%
FY24	₹1,363 Cr	+53.0%	₹-47 Cr	-167.3%	₹69 Cr	+1179.1%
FY25	₹1,473 Cr	+8.1%	₹-70 Cr	-48.3%	₹100 Cr	+45.2%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Borosil Renewables Limited Makes Its Money

🏦 Snapshot of Borosil Renewables Limited's Balance Sheet

💸 Looking into Borosil Renewables Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	354	402	330	283	371	373	361	374	347	379	390
YOY Sales Growth %	108.55%	137.30%	34.29%	-8.39%	4.60%	-7.11%	9.54%	31.94%	-6.53%	1.55%	8.01%
Expenses +	328	369	310	309	349	344	372	358	284	260	268
Material Cost %	25.94%	28.42%	24.75%	26.41%	27.51%	21.84%	27.88%	38.42%	27.84%	20.71%	23.77%
Employee Cost %	15.84%	13.47%	16.45%	18.96%	15.52%	14.59%	14.82%	11.88%	10.49%	5.81%	6.19%
Operating Profit	26	32	20	-26	22	29	-10	15	63	118	123
OPM %	7%	8%	6%	-9%	6%	8%	-3%	4%	18%	31%	31%
Other Income +	8	37	4	5	4	5	15	12	-216	-6	25
Exceptional items	0.00	32.34	0.04	0.06	0.00	0.00	0.00	0.00	-222.31	-7.75	16.66
Other income normal	8.21	5.12	3.84	5.06	3.53	5.25	15.07	11.91	6.43	1.81	7.90
Interest	9	10	7	3	7	10	5	10	4	4	3
Depreciation	32	31	35	34	34	33	32	36	30	22	22
Profit before tax	-7	29	-18	-57	-16	-8	-32	-18	-187	87	122
Tax %	71%	-4%	-13%	-7%	-9%	58%	-6%	60%	9%	29%	18%
Net Profit +	-12	30	-16	-53	-14	-13	-30	-30	-203	62	100
Minority share	3	-5	0	5	1	3	3	9	37	-35	-0
Exceptional items AT	0	30	0	0	0	0	0	0	-203	-5	13
Profit excl Excep	-12	1	-16	-53	-14	-13	-30	-30	-1	67	87
Profit for PE	-8	1	-16	-48	-13	-10	-27	-20	-1	29	87
Profit for EPS	-8	25	-16	-48	-13	-10	-27	-20	-167	26	100
YOY Profit Growth %	-128%	-98%	-398%	-576%	-56%	-1,770%	-71%	58%	96%	395%	425%
EPS in Rs	-0.64	1.92	-1.19	-3.68	-0.99	-0.75	-2.05	-1.52	-12.52	1.98	7.14
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	325	415	557	633	762	891	1,371	1,476	1,489
Sales Growth %	108.90%	27.52%	34.25%	13.59%	20.39%		53.87%	7.66%
Expenses +	296	368	495	541	653	748	1,313	1,418	1,170
Manufacturing Cost %	14.51%	14.18%	17.53%	18.87%	21.15%	37.62%	42.24%	41.71%
Employee Cost %	11.27%	11.43%	13.11%	11.66%	11.86%	13.46%	15.94%	14.26%
Other Cost %	21.07%	19.81%	21.36%	17.60%	18.17%	15.25%	11.13%	11.12%
Operating Profit	30	46	62	92	109	143	58	58	320
OPM %	9%	11%	11%	14%	14%	16%	4%	4%	21%
Other Income +	56	14	135	28	34	19	50	34	-185
Exceptional items	22.60	-22.62	95.38	0.79	1.54	2.13	32.22	17.09
Other income normal	33.82	36.17	39.41	27.39	32.96	17.25	17.69	17.41
Interest	2	4	8	7	6	8	29	32	20
Depreciation	18	21	32	37	45	54	132	135	110
Profit before tax	65	36	156	76	92	101	-53	-74	4
Tax %	23%	18%	12%	35%	35%	30%	-5%	17%
Net Profit +	51	29	137	49	60	71	-50	-87	-71
Profit from Associates	0	0	0	0	0	0	0	0
Minority share	-1	-4	-9	-4	-6	-1	3	17
Exceptional items AT	16	-16	84	1	1	1	32	17
Profit excl Excep	35	45	53	49	59	69	-82	-104
Profit for PE	34	38	50	45	54	68	-77	-83
Profit for EPS	49	25	128	45	54	70	-47	-70
Profit Growth %	-3%	11%	32%	-10%	20%		-213%	-8%
EPS in Rs	4.12	2.68	13.93	4.89	5.90	5.34	-3.59	-5.25	-4.92
Dividend Payout %	15%	23%	5%	13%	11%	0%	0%	0%

🏦 Balance Sheet Source: Screener ↗

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	3	2	2	2	9	13	13	13	13
Reserves	695	615	763	814	839	906	860	984	880
Borrowings +	34	100	67	50	114	421	576	252	203
Long term Borrowings	19	29	16	9	26	319	419	161	130
Short term Borrowings	4	50	35	32	81	97	152	89	73
Lease Liabilities	0	0	0	0	0	4	5	1	0
Other Borrowings	11	22	16	9	7	0	-0	0
Other Liabilities +	85	114	156	199	227	292	235	205	165
Non controlling int	24	35	56	60	77	23	20	2	-1
Trade Payables	20	28	37	62	55	89	83	71	59
Advance from Customers	3	1	2	3	1	13	8	31
Other liability items	37	50	62	74	94	166	124	101	108
Total Liabilities	817	832	989	1,065	1,189	1,632	1,684	1,454	1,262
Fixed Assets +	264	334	308	383	377	977	928	777	664
Land	11.23	19.36	47.35	47.84	47.84	19.93	20.01	20.29
Building	160.66	166.01	103.65	119.91	121.98	229.05	247.57	252.06
Plant Machinery	166.87	140.13	160.09	241.33	274.13	891.24	940.59	915.09
Equipments	7.60	5.24	8.37	8.63	10.36	14.24	22.88	21.80
Furniture n fittings	9.08	10.00	13.45	11.00	11.15	2.86	4.30	5.25
Vehicles	3.67	3.12	5.01	8.47	9.57	7.67	7.33	8.09
Intangible Assets	0.00	9.08	17.43	17.43	17.43	0.37	0.37	0.37	5.23
Other fixed assets	4.49	1.70	4.27	5.51	5.96	20.75	25.68	26.44
Gross Block	363.60	354.64	359.62	460.12	498.42	1,186.11	1,268.73	1,249.39
Accumulated Depreciation	99.11	20.83	51.24	76.96	121.31	209.12	340.24	472.60
CWIP	8	8	43	16	137	70	126	135	48
Investments	341	226	264	350	230	11	12	50	136
Other Assets +	203	264	374	317	444	574	618	493	414
Inventories	60	84	95	89	191	265	245	238	150
Trade receivables	53	78	94	123	115	93	123	129	146
Cash Equivalents	7	9	11	14	14	133	166	69	67
Loans n Advances	8	8	5	7	9	17	15	9	6
Other asset items	74	86	170	85	114	66	69	48	46
Total Assets	817	832	989	1,065	1,189	1,632	1,684	1,454	1,262

💰 Cash Flow Statement Source: Screener ↗

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	1	24	32	43	103	-25	-6	69	100
Profit from operations	12	37	53	85	100	117	182	89	76
Receivables	-5	-7	-8	-17	-23	-38	4	-13	9
Inventory	-0	-0	-3	-9	6	-87	-143	19	8
Payables	-1	2	-1	1	40	8	-36	-7	16
Working capital changes	-6	-5	-12	-25	24	-116	-175	-1	33
Direct taxes	-5	-7	-8	-17	-20	-25	-14	-20	-8
Cash from Investing Activity +	8	-3	162	20	-67	-26	-116	-215	-142
Fixed assets purchased	-72	-17	-21	-81	-84	-192	-348	-217	-109
Fixed assets sold	0	51	0	91	68	5	1	0	1
Investments purchased	-384	-247	-359	-262	-337	-190	-21	-0	-313
Investments sold	443	187	543	261	274	328	237	-0	294
Interest received	11	15	19	10	9	9	2	1	3
Dividends received	11	14	18	3	1	0	-0	-0	-0
Invest in subsidiaries	-0	-0	-0	-0	-0	-0	-82	-0	-0
Investment in group cos	-0	-0	-0	-0	-0	-0	-11	-0	-0
Acquisition of companies	-0	-0	-27	-5	-0	-0	-0	-0	-18
Other investing items	-1	-6	-9	3	2	15	106	-0	-0
Cash from Financing Activity +	-8	-22	-193	-64	-31	40	238	168	-53
Proceeds from shares	0	0	0	0	0	0	4	1	191
Proceeds from borrowings	0	0	21	0	2	210	276	220	0
Repayment of borrowings	-2	-12	-20	-52	-20	-153	-18	-66	-322
Proceeds from deposits	0	0	0	0	2	0	0	0	0
Interest paid fin	-0	-2	-3	-9	-7	-6	-19	-33	-41
Dividends paid	-5	-7	-16	0	-7	-7	0	0	0
Financial liabilities	0	0	0	0	0	0	-1	-3	-3
Other financing items	0	-0	-175	-3	0	-3	-4	49	123
Net Cash Flow	1	-1	2	-1	6	-10	115	21	-95
Free Cash Flow	-71	58	11	54	87	-212	-353	-148	-8
CFO/OP	65%	108%	88%	98%	135%	1%	5%	152%	186%

📈 Key Financial Ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025
Debtor Days	68	59	68	61	71	55	38	33	32
Inventory Days	123	153	169	168	137	265	617	247	203
Days Payable	23	52	57	65	96	76	208	84	61
Cash Conversion Cycle	168	160	180	165	111	245	447	196	174
Working Capital Days	136	80	58	89	62	69	42	28	34
ROCE %		6%	8%	8%	9%	10%		-4%	-4%

🏭 Industry Peers — Glass - Industrial

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Agarwal Toughene ★	₹121	9.9	₹214	24.4%	+170.0%	69
2	Sejal Glass	₹871	34.5	₹993	18.3%	+198.9%	55
3	Agarwal Float	₹39	11.3	₹28	17.6%	-28.6%	54
4	Agarwal Fortune	₹20	44.7	₹7	25.3%	-75.0%	44
5	Borosil Scienti.	₹116	43.4	₹1,032	10.3%	+132.5%	41
6	Borosil Renew.	₹512	75.4	₹7,173	-4.4%	+425.3%	40

★ Agarwal Toughene ranks higher on combined P/E, ROCE, and growth metrics in Glass - Industrial

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	61.58%	62.20%	61.93%	61.85%	58.77%	58.77%
FIIs	5.35%	4.54%	4.62%	4.81%	4.01%	4.27%
DIIs	1.02%	1.20%	0.72%	0.78%	2.57%	2.33%
Public	32.05%	32.07%	32.74%	32.57%	34.67%	34.63%
No. of Shareholders	2,83,955	2,77,795	2,66,435	2,51,006	2,41,575	2,37,050

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 8.0% YoY.

💹Low Beta (-0.24): Less volatile than market — defensive play.

🔀Sector Opportunity: Technology / Solar — positioned in growth sector.

🔴 RISKS

📜Loss-Making: Negative profit margin — path to profitability unclear.

💰Market Risk: Broader market correction or sentiment shift could impact stock.

🔓Sector Risk: Regulatory or competitive changes in Technology space.

🕸 Factor Analysis · Radar

Momentum 5/10
1M +35.8%, 6M -22.2%, RSI 67, MACD bullish, Below 200DMA

Sentiment 5/10
Rec: none

Value 5/10
P/B 6.1, EV/EBITDA 20.6

Quality 4/10
Margin -4.0%, D/E 23

Low Volatility 8/10
Beta -0.24, Ann. vol 42%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Benefit from potential re-rating	OPM of 26% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake rising (+0.26%)	Miss further upside if momentum continues; 1M return of +35.8% shows momentum
SELL	Lock in +2.5% 1Y return	Avoid further drawdown

REASONS TO BUY

FII stake rising (+0.26%) — signals institutional confidence
Operating margin of 26% shows pricing power (sector norm: 25%)

REASONS TO SELL / AVOID

No major red flags identified

📰 Latest News

Borosil Renewables Ltd (BOM:502219) Q3 2026 Earnings Call Highlights: Record Revenue and ...

GuruFocus.com · 2026-01-31T01:01

Borosil Renewables Ltd (BOM:502219) Q2 2026 Earnings Call Highlights: Strong Sales Growth ...

GuruFocus.com · 2025-11-12T17:02

RECOMMENDATION

SELL

COMPOSITE SCORE

36/100

Borosil Renewables Limited trades at ₹511.90 with a composite risk score of 36/100. The stock scores 11/25 on valuation, 0/25 on financial health, 11/25 on growth, and 14/25 on technicals. The company is currently loss-making with negative return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at 8.0%.

Within Glass - Industrial, Agarwal Toughene (P/E 9.9, ROCE 24.4%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Elevated risk for Technology — consider exiting. The current recommendation is SELL.

LOSS-MAKING