Borosil Renewables Ltd (BORORENEW)
🎯 Key Takeaways
- Borosil Renewables is transitioning from a high-growth phase to scaling its renewable glass and solar capacity expansion, with management targeting INR4,000+ crore revenue by FY30 from INR2,500 crore in FY27. The company operates in the glass and solar materials sector, benefiting from structural tailwinds in India's renewable energy infrastructure, though its 1-year return of -12.
- Revenue declined 7.8% QoQ to ₹406 in Q1FY27.
- ⚠️ 1) Execution risk in scaling new 600 TPD and potential 500-600 TPD capacity amid rising competition in solar glass manufacturing. 2) Dependence on gov
📖 The Story
Borosil Renewables is transitioning from a high-growth phase to scaling its renewable glass and solar capacity expansion, with management targeting INR4,000+ crore revenue by FY30 from INR2,500 crore in FY27. The company operates in the glass and solar materials sector, benefiting from structural tailwinds in India's renewable energy infrastructure, though its 1-year return of -12.46% reflects near-term market skepticism. Management emphasizes capacity-led growth, with a 600 TPD furnace commissioning planned for Q4 FY27 and potential greenfield additions of 500-600 TPD. The business model is asset-light in renewables but capital-intensive in glass manufacturing, requiring disciplined capital allocation amid rising competition.
📰 What's Happening
In Q1 FY27 (July 2026), standalone revenue surged 53% YoY to ₹405.69 crores, driven by ₹160.30/mm² average selling price and full capacity utilization, with EBITDA at ₹142 crores (35% margin). Management highlighted government support via ALMM 2 and 3, customs duty extensions on solar glass, and commissioned 600 TPD capacity in Q4 FY27. Rooftop solar revenue is targeted at ₹36 crores for FY27. The 63rd AGM on August 27, 2026, approved all seven resolutions, including re-appointment of directors, ratification of auditor fees, and fund-raising authorization, with 99.9977% shareholder participation via e-voting. The FY2025-26 Annual Report and Business Responsibility Report were released, showcasing ESG progress including 29.23% renewable electricity share and 16.5 MW hybrid plant commissioning.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 379 | 390 | 440 | 406 |
| Operating Profit | 96 | 101 | 115 | 106 |
| OPM % | 25.4% | 25.8% | 26.1% | 26.0% |
| Net Profit | 62 | 100 | 169 | 87 |
| EPS | ₹1.98 | ₹7.20 | ₹12.07 | ₹6.19 |
Revenue has shown strong sequential growth, rising from ₹379 crores in September 2025 to ₹440 crores in March 2026, then stabilizing at ₹406 crores in June 2026, indicating sustained demand and pricing power. Operating margins remain stable around 26%, supporting EBITDA expansion to ₹142 crores in Q1 FY27. Net profit peaked at ₹169 crores in March 2026 but declined to ₹87 crores in June 2026, likely due to timing of expenses or investments. The company maintains low leverage (D/E of 0.11), with borrowings declining to ₹162 crores by March 2026 from ₹252 crores in March 2025, reflecting prudent balance sheet management amid expansion plans.
🔮 Management Outlook & What's Next
Management targets INR4,000+ crore revenue by FY30 from INR2,500 crore in FY27, underpinned by 600 TPD furnace commissioning in Q1 FY27, potential 500-600 TPD greenfield capacity, and rooftop integrated systems targeting ₹36 crores revenue this fiscal. No near-term equity raise is planned, though debt is considered viable for large projects. Long-term pricing stability is expected amid 45 GW annual demand and domestic supply covering only 25% of needs. Management cites government support via ALMM 2 and 3 and customs duty extensions as tailwinds for sustained growth in solar glass demand.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 13 | 13 | 13 | 14 |
| Reserves | 839 | 984 | 880 | 1,413 |
| Borrowings | 557 | 252 | 203 | 162 |
| Total Liabilities | 1,652 | 1,454 | 1,262 | 1,825 |
| Fixed Assets | 864 | 771 | 658 | 614 |
| Investments | 12 | 50 | 136 | 606 |
| Total Assets | 1,652 | 1,454 | 1,262 | 1,825 |
The balance sheet shows a strong equity base of ₹14 crores with reserves of ₹1,413 crores as of March 2026, supporting capital-intensive expansion without aggressive leverage. Borrowings have declined to ₹162 crores from ₹252 crores year-on-year, indicating deleveraging momentum. Total assets grew to ₹1,825 crores, primarily driven by investments in capacity expansion. The company is well-capitalized to fund its 600 TPD furnace and potential greenfield projects, with a conservative capital structure that limits financial risk while enabling strategic growth.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +423 |
| Investing | -736 |
| Financing | +323 |
| Net Cash Flow | +10 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 58.8% | 58.8% | 58.8% |
| FII | 4.0% | 4.3% | 6.1% |
| DII | 2.6% | 2.3% | 2.6% |
| Public | 27.1% | 27.2% | 25.2% |
| # Shareholders | 2,41,575 | 2,37,050 | 2,25,375 |
Promoter holding remains stable at 58.77% across Q1FY27, Q4FY26, and Q3FY26, signaling confidence in long-term prospects. FII shareholding declined slightly to 4.27% in Q4FY26 from 6.14% in Q1FY27, while DII increased marginally to 2.62% from 2.57%. Public holding rose to 25.16% from 27.16% in Q4FY26, with the number of shareholders growing to 2,25,375. The modest FII reduction may reflect profit booking or sector rotation, but the stable promoter stake and rising retail participation suggest long-term alignment. No significant pledging or exit signals are evident.
⚖️ Peer Comparison — Glass & Glass Products
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ASAHIINDIA | 24,250 | 55.4 | 13.0% | 11.2% | 0.52 |
| BORORENEW | 7,053 | 18.3 | 28.9% | 29.3% | 0.11 |
| BOROLTD | 2,938 | 41.9 | 11.5% | 8.7% | 0.10 |
| LAOPALA | 1,926 | 20.7 | 15.2% | 11.3% | 0.01 |
| BOROSCI | 1,097 | 25.4 | 12.9% | 10.7% | 0.03 |
| SEKURITIND | 1,049 | 23.6 | 23.9% | 18.3% | 0.00 |
| SEJALLTD | 819 | 24.8 | 19.8% | 23.8% | 1.11 |
| HALDYNGL | 753 | 25.4 | 14.9% | 13.8% | 0.59 |
| BANARBEADS | 75 | 40.3 | 5.7% | 3.3% | 0.36 |
| 530765 | 7 | 107.8 | 5.6% | 3.3% | 1.43 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Execution risk in scaling new 600 TPD and potential 500-600 TPD capacity amid rising competition in solar glass manufacturing. 2) Dependence on government support via ALMM 2 and 3 and customs duty extensions, which are policy-driven and subject to change. 3) Rooftop solar revenue target of ₹36 crores for FY27 may face execution challenges given its nascent stage and market volatility. 4) Margin pressure could emerge if input costs rise or pricing power erodes amid expanding domestic supply, despite current 35% EBITDA margins.
📋 Recent Filings
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🟡 voting results 28 August 2026At the 63rd AGM on August 27, 2026, shareholders approved all seven resolutions with strong majorities, including re-appointing Pradeep Kheruka and Ch...
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🟡 Board Meeting 27 August 2026Borosil Renewables held its 63rd AGM on August 27, 2026 via video conference, approving audited financial statements for FY2025-26, reappointing Chair...
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Announcement 20 August 2026Borosil Renewables Limited announced its participation in the DAM Capital Renewable Energy Conference on August 27, 2026 at 1:30 pm IST, offering in-p...
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🔴 annual report 31 July 2026Borosil Renewables announced the web link to its FY 2025-26 Annual Report and Notice of AGM scheduled for August 27, 2026 via video conference. Shareh...
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🔴 annual report 30 July 2026Borosil Renewables Limited's FY 2025-26 Business Responsibility and Sustainability Report details its ESG performance, including a 29.23% renewable el...
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🔴 annual report 30 July 2026Borosil Renewables Limited reported a 38% revenue increase to ₹1,53,482.50 lakhs in FY2025-26, driven by strong solar glass sales and price hikes, whi...
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🔴 Corporate Action 30 July 2026Borosil Renewables allotted 12,52,629 equity shares of Re. 1 each upon conversion of warrants, increasing paid-up capital to Rs. 14,18,44,869. The con...
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🔴 annual report 28 July 2026Borosil Renewables announced its 63rd Annual General Meeting will be held on August 27, 2026 via video conference, with shareholders as of August 20, ...
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🔴 Financial Results 22 July 2026Borosil Renewables reported standalone revenue of **₹405.69 crores**, up 53% YoY, driven by higher average selling prices (**₹160.30/mm²**) and full c...
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Announcement 20 July 2026Borosil Renewables announced an interview with Executive Chairman Pradeep Kumar Kheruka on NDTV Profit, discussing the company's general business upda...
🧠 Analyst's Read
Borosil Renewables is positioned as a structural beneficiary of India's renewable energy transition, with strong fundamentals and capacity expansion plans. Investors should monitor execution of rooftop targets, progress on greenfield capacity, and management's ability to maintain pricing power amid rising domestic supply. The company's low leverage and stable margins provide resilience, but near-term volatility may persist due to sector-specific policy and market dynamics.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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