Borosil Renewables
BORORENEW · NSE · Small Cap
Borosil Renewables
India's only large-scale solar glass manufacturer. >20% domestic share + 65% of Germany's solar glass market through overseas subsidiaries. Currently loss-making on cyclical glass pricing.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Borosil Renewables: India's structural solar glass shortage gives near-monopoly pricing power, until import dumping resumes.
Bull case for Borosil Renewables: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Borosil Renewables: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 81.7x | — |
| Forward P/E | — | — |
| EV/EBITDA | 138.4x | — |
| EV/Sales | 5.4x | — |
| P/B | 8.7x | — |
| FCF Yield | -0.5% | — |
Project pipeline
1 tracked project
Financials
Source: Screener.in (consolidated) · ticker BORORENEW · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 3 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Sales | 891 | 1,371 | 1,476 |
| Operating Profit | 143 | 58 | 58 |
| OPM % | 16% | 4% | 4% |
| Net Profit | 71 | -50 | -87 |
| EPS (₹) | 5.34 | -3.59 | -5.25 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|
| Sales | 373 | 361 | 374 | 347 |
| OPM % | 8% | -3% | 4% | 18% |
| Net Profit | -13 | -30 | -30 | -203 |
Balance sheet · 3 years
₹ Crore.
| Item | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Equity Capital | 13 | 13 | 13 |
| Reserves | 906 | 860 | 984 |
| Borrowings | 421 | 576 | 252 |
| Fixed Assets | 977 | 928 | 777 |
| Total Assets | 1,632 | 1,684 | 1,454 |
Cash flow · 3 years
₹ Crore.
| Activity | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Operating | -6 | 69 | 100 |
| Investing | -116 | -215 | -142 |
| Financing | 238 | 168 | -53 |
| Net Cash Flow | 116 | 22 | -95 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary