Borosil Renewables Limited (BORORENEW)

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Borosil Renewables Limited (BORORENEW) · mywealthgrid

About

Borosil Renewables manufactures industrial glass products, operating within the Indian industrials sector. At a ₹8,096 Cr market cap, it is an established player in glass-industrial applications. Researcher should verify the role of renewables-sector demand (solar thermal, wind) in driving business mix and growth.

Face value: ₹1

Market cap

₹6,308 Cr

P/E

16.5×

P/B

4.2×

Dividend yield

ROE

10.3%

ROCE

26.2%

Debt / equity

0.11

OPM

28.4%

EPS (TTM)

₹27.3

Book value

₹107.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility uncoupled from revenue: net profit fell 48% from ₹169 Cr (Mar 2026) to ₹88 Cr (Jun 2026) while revenue declined only 7%, suggesting operational sensitivity or one-time items amplify downside.
Sequential revenue weakness: recovery from ₹378 Cr (Sep 2025) to ₹437 Cr (Mar 2026) reversed with 7% decline to ₹406 Cr (Jun 2026); researcher should verify if seasonal or demand headwind.
Modest returns relative to scale: ROE 10.29% and 1-year stock return −3.73% suggest limited shareholder value creation; verify if margin compression or capital structure impedes growth.
Industrial glass demand exposure to manufacturing and construction cycles; researcher should verify sector correlation to GDP/capex sentiment and company's downturn resilience.

Generated analysis · source review pending

Growth drivers

Revenue expanded 15% from ₹378 Cr (Sep 2025) to ₹437 Cr (Mar 2026), showing recovery momentum; researcher should verify sustainability and investigate June pullback to ₹406 Cr.
Operating margins sustained at 31%+ across quarters despite volume volatility, suggesting durable underlying cost model; verify drivers—input cost hedging, process efficiency, or pricing.
Debt-to-equity ratio 0.11 enables capacity investment, acquisitions, or higher capital returns without leverage constraints.
Verify addressable market growth: whether renewables-sector demand (solar thermal, wind-related glass) is expanding faster than broader industrial demand.

Generated analysis · source review pending

2,231 historical price candles were omitted because the exchange source has not been verified.

₹449.6-0.6%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 28.4%
+Profit CAGR of 21.3% over the last 5 years
+Revenue CAGR of 19.6% over the last 5 years
+Comfortable interest coverage of 26.1×

Cons

−Low return on equity of -0.8% (3-yr avg)
−Promoter holding fell 3.2 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

74/100

Business quality: 73
Growth: 77
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	636	762	894	1,369	1,479	1,556
COGS	237	263	157	363	428	381
Gross profit	399	498	737	1,007	1,052	1,175
	310	395	594	952	994	734
	90	103	143	55	57	440
OPM %	14.1%	13.6%	16%	4%	3.9%	28.3%
Depreciation	37	45	54	132	135	95
Interest	7	6	8	29	32	14
	33	38	20	54	35	-188
Profit before tax	76	92	101	-53	-74	142
Tax	27	32	30	-2	13	15
Tax %	35.2%	34.7%	30.1%	-4.7%	16.9%	10.5%
	49	60	71	-50	-87	127
PAT margin %	7.7%	7.9%	7.9%	-3.7%	-5.9%	8.2%
EPS (₹)	—	—	5.3	-3.6	-5.3	9.5
EPS adjusted (₹)	5.3	6.5	5.3	-3.6	-5.3	9.2
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	2	9	13	13	13	13	14
Reserves	814	839	—	906	860	984	1,497
Minority interest	60	77	—	23	20	2	—
	41	107	—	416	571	251	162
	158	167	—	273	220	204	152
Total equity & liabilities	1,075	1,200	—	1,632	1,684	1,454	1,825
	364	358	278	977	928	777	614
CWIP	16	137	—	70	126	135	108
Investments	350	230	—	11	12	50	606
	345	475	—	575	618	493	497
Total assets	1,075	1,200	—	1,632	1,684	1,454	1,825

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	62.8%	65.4%	82.5%	73.5%	71.1%	75.5%
EBITDA margin %	14.1%	13.6%	16%	3.9%	3.9%	28.4%
EBIT margin %	8.3%	7.6%	10%	-5.7%	-5.3%	22.2%
PAT margin %	7.7%	7.9%	7.9%	-3.7%	-5.9%	8.2%
Working capital
Receivable days	71	55	38	33	32	28
Inventory days	137	265	617	247	203	115
Payable days	—	—	208	84	61	48
NWC days	—	—	446	196	174	96
Leverage
Current ratio	7.53	8.82	1.73	1.86	1.86	4.76
Debt to EBITDA	0.46	1.03	2.91	10.64	4.35	0.37
Debt to equity	0.05	0.13	0.45	0.65	0.25	0.11
Interest coverage	12.2	15.8	14	-1.9	-1.3	26.1
Asset turnover	0.59	0.63	0.55	0.81	1.02	0.85
Return ratios
Return on assets %	4.6%	5%	4.3%	-3%	-6%	7%
Return on capital employed %	8.2%	8.9%	8.9%	-4.3%	-3.3%	26.2%
Return on equity %	6%	7.1%	7.7%	-5.8%	-8.7%	8.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	61.6%	61.6%	61.6%	61.6%	61.6%	61.59%	62.2%	61.93%	61.85%	58.77%	58.77%	58.77%
	4.4%	4.48%	4.36%	4.32%	4.19%	5.35%	4.54%	4.62%	4.81%	4.01%	4.27%	6.14%
	0.46%	0.74%	0.26%	0.24%	0.23%	1.02%	1.2%	0.72%	0.78%	2.56%	2.32%	2.62%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	33.54%	33.18%	33.78%	33.84%	33.98%	32.04%	32.06%	32.73%	32.56%	34.66%	34.64%	32.47%
No. of shareholders	—	—	—	—	—	—	—	—	2,51,006	2,41,575	2,37,050	2,25,375

Promoter holding down 2.83 percentage points since Sep 2023.

22 deals · 19 Sept 2022 – 6 Dec 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
6 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,78,683	₹545.07	₹47.89 Cr
6 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,78,683	₹544.51	₹47.85 Cr
11 Nov 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	7,60,647	₹496.05	₹37.73 Cr
11 Nov 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	7,60,647	₹496.27	₹37.75 Cr
24 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	11,19,160	₹557.96	₹62.44 Cr
24 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	11,19,160	₹558.03	₹62.45 Cr
24 Jul 2024	QE SECURITIES LLP	Bulk	NSE	Sell	7,49,850	₹558.16	₹41.85 Cr
24 Jul 2024	QE SECURITIES LLP	Bulk	NSE	Buy	6,98,403	₹560.45	₹39.14 Cr
23 Jul 2024	CLT RESEARCH TECH PRIVATE LTD	Bulk	NSE	Buy	7,31,380	₹518.95	₹37.95 Cr
23 Jul 2024	CLT RESEARCH TECH PRIVATE LTD	Bulk	NSE	Sell	7,30,071	₹519.20	₹37.91 Cr

1–10 of 22

1 / 3

Mr. Pradeep Kumar KherukaExecutive Director-Chairperson related to Promoter
Mr. Shreevar KherukaNon-Executive - Non Independent Director
Mr. Ashok Kumar JainNon-Executive - Non Independent Director
Mr. Sunil Kishanlal RoongtaExecutive Director
Mr. Raj Kumar JainNon-Executive - Independent Director
Mr. Akshaykumar Narendrasinhji ChudasamaNon-Executive - Independent Director
Mr. Shailendra Kumar ShuklaNon-Executive - Independent Director
Mrs. Vanaja N SarnaNon-Executive - Independent Director
Mr. Melwyn MosesChief Executive Officer
Mr. Kishor TalrejaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

0.6%

of the company's equity

All mutual funds

0.45%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

8 schemes · 4 fund houses

		Shares
(LIVE SCHEMES)	ITI Mutual Fund	4.75 L	23.85	0.66%	0.338%	-1.61 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.24 L	6.24	0.25%	0.089%	-2,719
Small Cap Fund	Bajaj Finserv Mutual Fund	89,167	4.48	0.17%	0.064%	-0
Multi Cap Fund	Bajaj Finserv Mutual Fund	73,807	3.71	0.23%	0.053%	-0
(LIVE SCHEMES)	ITI Mutual Fund	58,956	2.96	0.81%	0.042%	-0
(LIVE SCHEMES)	ITI Mutual Fund	18,728	0.94	0.81%	0.013%	-0
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	850	0.04	0.01%	0.001%	+4
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	141	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

35 announcementsExport CSV

22 Sept 2026, 12:07 pmOthers

Board Meeting Outcome for Outcome Of Board Meeting - Update On Capacity Expansion

Outcome without intimation PDF

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Ratio	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	62.8%	65.4%	82.5%	73.5%	71.1%	75.5%
EBITDA margin %	14.1%	13.6%	16%	3.9%	3.9%	28.4%
EBIT margin %	8.3%	7.6%	10%	-5.7%	-5.3%	22.2%
PAT margin %	7.7%	7.9%	7.9%	-3.7%	-5.9%	8.2%
Working capital
Receivable days	71	55	38	33	32	28
Inventory days	137	265	617	247	203	115
Payable days	—	—	208	84	61	48
NWC days	—	—	446	196	174	96
Leverage
Current ratio	7.53	8.82	1.73	1.86	1.86	4.76
Debt to EBITDA	0.46	1.03	2.91	10.64	4.35	0.37
Debt to equity	0.05	0.13	0.45	0.65	0.25	0.11
Interest coverage	12.2	15.8	14	-1.9	-1.3	26.1
Asset turnover	0.59	0.63	0.55	0.81	1.02	0.85
Return ratios
Return on assets %	4.6%	5%	4.3%	-3%	-6%	7%
Return on capital employed %	8.2%	8.9%	8.9%	-4.3%	-3.3%	26.2%
Return on equity %	6%	7.1%	7.7%	-5.8%	-8.7%	8.4%

Date	Category	Subject	Filing
22 Sept 2026, 12:07 pm	Others Outcome without intimation	Board Meeting Outcome for Outcome Of Board Meeting - Update On Capacity Expansion	PDF
10 Sept 2026, 6:38 pm	Company Update General	Interview Of Mr. Pradeep Kumar Kheruka, Executive Chairman Of The Company With CNBC Bajar	PDF
9 Sept 2026, 12:44 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
7 Sept 2026, 9:37 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
1 Sept 2026, 2:31 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
1 Sept 2026, 12:44 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
28 Aug 2026, 12:34 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
27 Aug 2026, 2:55 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	103	-25	-6	69	100	423
	-67	-26	-241	-158	-142	-738
	-31	40	238	111	-53	323
Net cash flow	6	-10	-10	21	-95	8
Free cash flow	19	-217	-354	-148	-9	225
CFO / Operating profit %	115.1%	-23.7%	-4.5%	128.1%	173.3%	95.9%

Borosil Renewables Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

11

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Borosil Renewables Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends11

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

11

1

1