Borosil Renewables Limited

Technology — Solar · NSE

₹427.85+₹0.30 (+0.07%)

DalalBaazaar Score

74 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by small-cap size, which brings sharper price swings.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

The 60-second version of Borosil Renewables Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Borosil Renewables Limited engages in the manufacture and sale of flat glass products in India and internationally. It provides low iron textured solar glass for various applications in photovoltaic (PV) panels, flat plate collectors, and greenhouses.

IndustrySolar

SectorTechnology

Employees785

Annual revenue₹1,549 Cr

How does it make money?

Turns over ₹1,549 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹29 left at the operating level before interest, tax and depreciation. Each of its 785 employees supports ₹1.97 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.97 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 9.5% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE32.0%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +74% while net margin moved +7% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+74%

Margin effect+7%

DalalBaazaar Score

74/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.11 — historically steadier than the index
✗ Small Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

77/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

71/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

15.6x

3Y Median

94.0x

40 monthly readings · mean 91.0x · range 45.2x–120.5x

Sector Median

16.5x

median of 4 sector peers

🟢Current valuation is approximately 83% below its 3y median of 94.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 16.5x.

vs. its own history

Cheap

94.0x median over 40 months · -83%

vs. sector peers

Fair

16.5x median of 4 peers · -6%

vs. generic bands

Fair

15x–35x

EV/EBITDA

14.2x

PEG

0.68

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 18.2% to 29.0% over 3 years.
Debt is being paid down
Total debt is down 61% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Very low debt
Debt/Equity of 0.11x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 18.2% to 29.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 61% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 83% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹225 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 15% a year✓ 20.2% CAGR
Latest reported year was 17.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 27%✓ 29.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹225 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 9.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 6 neutral · 0 weak

Market Cap

₹6,297 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

15.6x

Fair

Fairly valued against the generic band

P/B Ratio

3.97x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹27.37

Profitable

Profitable on a per-share basis

ROE

8.5%

Moderate

Moderate capital efficiency

ROCE

9.5%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.11x

Low

Conservative leverage

Revenue Growth (YoY)

17.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

285.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹225 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

26.0%

Good

Healthy core-business profitability

Net Margin

23.7%

Good

Strong bottom-line conversion

Current Ratio

4.76

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.11

Defensive

Steadier than the market

52W Range Position

15%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

447.8 / 493.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

31.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹891 Cr	₹1,363 Cr	₹1,473 Cr	₹1,549 Cr	+20.2%
EBITDA	₹162 Cr	₹76 Cr	₹73 Cr	₹450 Cr	+40.6%
EBITDA Margin	18.2%	5.5%	4.9%	29.0%	—
PAT (Net Profit)	₹70 Cr	-₹47 Cr	-₹70 Cr	₹129 Cr	+22.8%
EPS	₹5.34	₹-3.59	₹-5.32	₹9.46	+21.0%
ROE	7.6%	-5.4%	-7.0%	8.5%	—
ROCE	8.3%	-1.7%	-3.7%	9.5%	—
Total Debt	₹421 Cr	₹576 Cr	₹252 Cr	₹162 Cr	-27.2%
Free Cash Flow	-₹354 Cr	-₹148 Cr	-₹9 Cr	₹225 Cr	—

🟢 Revenue has grown at 20.2% a year over 3 years.

🟢 EBITDA has grown at 40.6% a year over 3 years.

🟢 EBITDA Margin has risen from 18.2% to 29.0% over 3 years (+10.9 pts).

🟢 PAT (Net Profit) has grown at 22.8% a year over 3 years.

🟢 EPS has grown at 21.0% a year over 3 years.

🟡 ROE has held roughly flat at 8.5% over 3 years.

🟢 ROCE has risen from 8.3% to 9.5% over 3 years (+1.3 pts).

🟢 Total Debt has shrunk at 27.2% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹354 Cr to ₹225 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,825 Cr

Total Liabilities

₹315 Cr

Cash & Equivalents

₹61 Cr

Operating Cash Flow

₹423 Cr

Capex

-₹199 Cr

Shareholding (proxy)

Institutional Holding

3.9%

Insider Holding

57.8%

Corporate Actions

Ex-Dividend Date

18 Dec 2019

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

2 mixed4 general

Borosil Renewables (NSEI:BORORENEW) - Stock Analysis

Simply Wall Street, 15 Oct

Himadri Speciality, Borosil Renewables among 5 fundamental stock picks Ambareesh Baliga recommends buying for short term

Livemint, 25 Sept

Borosil Renewables gets ₹60 lakh customs penalty for solar glass imports

scanx.trade, 17 Oct

Borosil Renewables Ltd Share/Stock Price Live Today | The HinduBusinessLine

BusinessLine, 01 Oct

Borosil Renewables Share Price Fall: Key Stock Analysis

Univest, 15 SeptPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Borosil Renewables Shares Jump 10% on Investment Talk Report

Equitypandit, 09 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Valuation

MiddlingProfitability · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

All 5 tripwires holding · see Key things to watch ↑