BORORENEW

BOROSIL RENEWABLES LIMITED

Solar glass manufacturer for domestic solar module makers

Industrials›Capital Goods›Industrial Products›Glass - Industrial

borosilrenewables.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹428.50
Market cap
6,307 Cr
Stock P/E
15.7
P/B
3.98
ROE (FY26)
8.6%
ROCE (FY26)
9.4%
Operating margin (FY26)
22.2%
Debt / equity (FY26)
0.11
OCF / EBITDA (FY26)
95.9%
OCF / EBITDA (3Y)
107.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Borosil Renewables makes solar glass in India for solar module manufacturers, selling to domestic and export customers.

Company snapshot

1stBy market cap

Ranked among 3 companies in Glass - Industrial.

Segment mix

Reportable segments as of 2019-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 52.7% of revenue

SegmentRevenue shareRevenuePBTAssets
a. Scientificware
19.0%
50 Cr5 Cr152 Cr
b. Consumerware
52.7%
140 Cr19 Cr323 Cr
c. Flat Glass
28.3%
75 Cr2 Cr483 Cr
d. Investments—0 Cr2 Cr182 Cr

What we see

Positives
  • ✓107% of operating profit came in as cash over the last three years — profits are backed by real cash.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales402 Cr330 Cr283 Cr371 Cr372 Cr361 Cr374 Cr347 Cr379 Cr390 Cr440 Cr406 Cr
Operating expenses (approx.)369 Cr310 Cr309 Cr348 Cr344 Cr372 Cr358 Cr284 Cr260 Cr267 Cr304 Cr279 Cr
EBITDA32 Cr20 Cr-26 Cr22 Cr29 Cr-10 Cr15 Cr63 Cr119 Cr123 Cr136 Cr127 Cr
OPM %8.1%6.1%-9.0%6.0%7.7%-2.8%4.1%18.2%31.3%31.5%31.0%31.3%
Other income5 Cr4 Cr5 Cr4 Cr6 Cr15 Cr12 Cr6 Cr2 Cr8 Cr9 Cr14 Cr
Interest10 Cr7 Cr3 Cr7 Cr10 Cr5 Cr10 Cr4 Cr4 Cr3 Cr3 Cr2 Cr
Depreciation31 Cr35 Cr34 Cr34 Cr33 Cr32 Cr36 Cr29 Cr22 Cr22 Cr21 Cr22 Cr
Profit before tax29 Cr-18 Cr-57 Cr-16 Cr-8 Cr-32 Cr-18 Cr-187 Cr87 Cr122 Cr120 Cr118 Cr
Tax %-3.8%12.6%6.7%8.6%-58.3%6.1%-59.6%-9.1%28.9%18.0%-40.8%26.5%
Net profit30 Cr-16 Cr-53 Cr-14 Cr-13 Cr-30 Cr-30 Cr-203 Cr62 Cr100 Cr169 Cr87 Cr
EPS (₹)₹1.92₹-1.19₹-3.68₹-0.99₹-0.75₹-2.05₹-1.53₹-12.56₹1.98₹7.20₹12.07₹6.19

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales577 Cr636 Cr762 Cr894 Cr1,369 Cr1,479 Cr1,556 CrSign in free for the trailing twelve months
Operating expenses (approx.)517 Cr546 Cr658 Cr751 Cr1,316 Cr1,422 Cr1,115 CrSign in free for the trailing twelve months
EBITDA60 Cr90 Cr103 Cr143 Cr54 Cr58 Cr441 CrSign in free for the trailing twelve months
OPM %10.5%14.1%13.6%16.0%3.9%3.9%28.3%Sign in free for the trailing twelve months
Other income43 Cr31 Cr38 Cr20 Cr21 Cr35 Cr25 CrSign in free for the trailing twelve months
Interest8 Cr7 Cr6 Cr8 Cr29 Cr32 Cr14 CrSign in free for the trailing twelve months
Depreciation32 Cr37 Cr45 Cr54 Cr132 Cr135 Cr95 CrSign in free for the trailing twelve months
Profit before tax156 Cr76 Cr92 Cr101 Cr-53 Cr-74 Cr142 CrSign in free for the trailing twelve months
Tax %12.3%35.2%34.7%30.1%4.7%-16.9%10.5%Sign in free for the trailing twelve months
Net profit137 Cr49 Cr60 Cr71 Cr-50 Cr-87 Cr127 CrSign in free for the trailing twelve months
EPS (₹)₹59.26₹21.27₹6.49₹5.34₹-3.59₹-5.32₹9.48Sign in free for the trailing twelve months
Dividend payout %———0.0%——0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital2 Cr2 Cr9 Cr13 Cr13 Cr13 Cr14 Cr
Reserves763 Cr814 Cr839 Cr906 Cr860 Cr984 Cr1,497 Cr
Borrowings51 Cr41 Cr107 Cr416 Cr571 Cr251 Cr162 Cr
Other liabilities124 Cr158 Cr167 Cr273 Cr220 Cr204 Cr153 Cr
Total liabilities996 Cr1,075 Cr1,200 Cr1,632 Cr1,684 Cr1,454 Cr1,825 Cr
Fixed assets (net)288 Cr362 Cr356 Cr964 Cr916 Cr771 Cr610 Cr
CWIP42 Cr16 Cr137 Cr70 Cr126 Cr135 Cr108 Cr
Investments264 Cr350 Cr232 Cr11 Cr12 Cr50 Cr606 Cr
Loans & advances——19 Cr0.67 Cr0.98 Cr1 Cr1 Cr
Inventories95 Cr89 Cr191 Cr265 Cr245 Cr238 Cr120 Cr
Trade receivables94 Cr123 Cr115 Cr93 Cr123 Cr129 Cr121 Cr
Cash & bank6 Cr11 Cr8 Cr126 Cr148 Cr53 Cr61 Cr
Other assets209 Cr124 Cr140 Cr103 Cr114 Cr78 Cr198 Cr
Total assets996 Cr1,075 Cr1,200 Cr1,632 Cr1,684 Cr1,454 Cr1,825 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity43 Cr103 Cr—-6 Cr69 Cr100 Cr423 Cr
Cash from investing20 Cr-67 Cr—-241 Cr-158 Cr-142 Cr-738 Cr
Cash from financing-64 Cr-31 Cr—238 Cr111 Cr-53 Cr323 Cr
Net cash flow-0.61 Cr6 Cr—-10 Cr21 Cr-95 Cr8 Cr
Free cash flow (OCF − Capex)-37 Cr19 Cr—-354 Cr-148 Cr-9 Cr225 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %18.8%9.0%9.5%8.0%-1.6%-3.4%9.4%
ROE %15.6%5.6%5.9%7.4%-5.3%-7.0%8.6%
Debtor days59715538333228
Inventory days472403615457255221127
Days payable182284175154876652
Cash conversion cycle349190494341201187102
OCF / EBITDA %72.0%115.1%—-4.5%128.1%173.3%95.9%
OCF / EBITDA % (3 years)—————63.7%107.1%
Debt / equity0.070.050.130.450.650.250.11
Current ratio3.132.882.141.731.861.864.76
Net debt / EBITDA0.75—0.952.037.893.440.23