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Borosil Renewables Ltd.

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borosilrenewables.comBSE: 502219NSE: BORORENEW
Market Cap₹ 7,300 Cr.
Current Price
High / Low₹ 721 / 374
Stock P/E19.1
Book Value₹ 123
Price to Book3.72
Dividend Yield0.00 %
ROCE10.7 %
ROE11.0 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2019 • Consumerware: 45.9% • Flat Glass: 28.4% • Scientificware: 25.6%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 21.0% CAGR over last 5 years
  • Latest quarter profit grew 142.6% YoY, showing strong momentum
  • Operating margins have improved to 28.3% from 18.2%
  • Company has delivered good sales growth of 19.7% CAGR over last 5 years
  • Company comfortably covers its interest (11.0x coverage)
  • Institutional investors have been accumulating - FII+DII up 3.4pp

CONS

  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -60.11x)
  • Company has a low return on equity of -1.5% over last 3 years
  • Company has a low return on capital employed of 1.9%
  • Promoter holding has decreased over last 2 years: -2.8pp
  • Free cash flow has been persistently negative
  • Working capital days have increased from 55 to 170 days

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsConstruction MaterialsGlass
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.ASAHIINDIA985.1557.3925114.150.20149.08172.091413.3915.9911.8422.96
2.BORORENEW495.9519.087299.580.0086.64142.58405.6917.0610.7231.50
3.LAOPALA159.1018.961766.013.14262.00933.33713.58993.3615.0636.33
4.BOROSCI125.1025.791112.780.004.35203.44106.7511.2210.637.92
5.SEJALLTD645.6523.36736.040.007.2263.41117.9552.8822.5613.71
6.BANARBEADS109.1038.2371.980.000.7218.039.0645.865.7015.07
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
354402330283371373361374347379390440406
328369310309348344372358284260267304302
Operating Profit263221-252329-101563119123136103
OPM %7.47%8.09%6.24%-8.98%6.14%7.88%-2.78%4.14%18.18%31.31%31.51%31.00%25.46%
83745351512-216-625914
Interest9107371051044332
Depreciation32313534343332363022222122
Profit before Tax-729-18-58-15-8-32-18-18787122121118
Tax %-68.38%-3.84%12.68%6.69%8.68%-57.64%6.09%-59.88%-9.06%28.87%18.02%-40.66%26.51%
Net Profit0000-14-13-30-30-2036210016987
-0.641.92-1.19-3.68-0.990.75-2.05-1.53-12.561.987.2012.076.19

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2023Mar 2024Mar 2025Mar 2026TTM
1563264155576337628941,3741,4791,5561,615
1472963954975436607511,3171,4221,1151,134
Operating Profit9292060901021435758441481
OPM %5.89%9.03%4.74%10.82%14.15%13.41%15.97%4.14%3.89%28.34%29.80%
3757391342939205035-18842
Interest024876829321412
Depreciation41821323745541321359587
Profit before Tax4165361567692101-53-74142448
Tax %10.89%23.05%18.05%12.33%35.24%34.66%30.09%4.66%-16.92%10.54%6.56%
Net Profit375029137496071-50-87127418
EPS130.69164.47100.13554.795.326.495.34-3.59-5.259.21—
Dividend Payout %15.30%15.20%23.42%4.51%12.78%11.02%0.00%0.00%0.00%0.00%—

COMPOUNDED SALES GROWTH

10 Years:
—
5 Years:
20%
3 Years:
20%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
23%
3 Years:
23%

STOCK PRICE CAGR

10 Years:
—
5 Years:
10%
3 Years:
5%
1 Year:
-15%

RETURN ON EQUITY

10 Years:
5%
5 Years:
2%
3 Years:
-1%
Last Year:
11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2018

Aug 2

3:1

Bonus Issue Inter alia have approved the following: 1. Issue of Bonus Shares in the ratio of 3:1 (i.e. 3 equity shares to be issued for every one equity share held) subject to approval of shareholders and other authorities 2. Withdrawal of Scheme of Amalgamation of Hopewell Tableware Private Limited CHTPU), Fennel Investment and Finance Private Limited (TIFPL), and Vyline Glass Works Limited (/VGWL/) with Borosil Glass Works Limited (/BGWL/), presently pending for approval from the National Company Law Tribunal (/NCLT/). 3. Composite Scheme of Amalgamation and Arrangement which provides for: (a) Anialgamation of Vyline Glass Works Liniited (VGWL), Fennel Investment and Finance Private Limited (TIFPL) and Gujarat Borosil Limited (/GBL/) with Borosil Glass Works Limited (the Transferee Company or /BGWL/) - BGWL will be renamed as Borosil Renewables Limited or any other name as approved by Registrar of Companies; and (b) Demerger of the Scientific and Industrial products and Consumer products business of BGWL along with the existing business of VGWL vested in BGWL pursuant to amalgamation of VGWL with BGWL into Hopewell Tableware Private Limited (/HTPL/ - a wholly owned subsidiary of BGWL) - HTPL will be renamed as Borosil Limited or any other name as approved by ROC 4. Change of registered office of the Company from Khanna Construction House, 44, Dr. R. G. Thadani Marg, Worli, Mumbai - 400 018 to 1101, Crescenzo, G-Block, Opp. MCA Club, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051 5. Board of Directors Report. 6. Notice of Annual General Meeting. 7. The dividend recommended by the Board of Directors of Rs.2.50 per share shall be paid on and from August 13, 2018.

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital33222913131314
Minority Interest0243556607723202-1
6566956157638138379058588891,409
12378514110742746617693
Trade Payables6202837625589837150
2751748087104174243303260
Total Liabilities6938178329891,0651,1891,6321,6841,4541,825
173264334306381375977928777614
Capital Work in Progress687421613770126135108
381341221266352233111250606
3060849589191265245238120
00094000123129121
Cash & Bank6791114141331666978
971361771752142381778457178
Total Assets6938178329891,0651,1891,6321,6841,4541,825

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2023Mar 2024Mar 2025Mar 2026
63241601241769100423
Cash from Investing8-516220-67-26-241-215-142-736
Cash from Financing-8-22-193-64-3140238168-53323
1-32-16-10-1021-9510

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
61.6061.6061.5962.2061.9361.8558.7758.7758.77
4.314.185.354.544.624.814.014.276.14
0.240.231.021.200.720.782.572.332.62
Government0.000.000.000.000.000.000.000.000.00
33.8433.9932.0432.0632.7432.5634.6534.6332.47

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Updates

2026-09-10 - BOROSIL RENEWABLES LIMITED has informed the Exchange regarding Interview of Mr. Pradeep Kumar Kheruka, Executive Chairman of the Company with CNBC Bajar.

2026-09-09
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - BOROSIL RENEWABLES LIMITED has informed the Exchange about Schedule of meet

2026-09-07
Investor Presentation

2026-09-07 - BOROSIL RENEWABLES LIMITED has informed the Exchange about Investor Presentation

2026-09-01
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-01 - BOROSIL RENEWABLES LIMITED has informed the Exchange about Schedule of meet

2026-09-01
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-01 - BOROSIL RENEWABLES LIMITED has informed the Exchange about Schedule of meet

2026-08-28
Shareholders meeting

2026-08-28 - BOROSIL RENEWABLES LIMITED has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 27, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-27
Shareholders meeting

2026-08-27 - BOROSIL RENEWABLES LIMITED has informed the Exchange regarding Proceedings of 63 rd Annual General Meeting held on August 27, 2026

2026-08-20
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - BOROSIL RENEWABLES LIMITED has informed the Exchange about Schedule of meet

2026-08-14
Forfeiture

2026-08-14 - BOROSIL RENEWABLES LIMITED has informed the Exchange about Forfeiture of 1,12,578 warrants pursuant to non-receipt of balance amount.

News

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