Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Sep
Source: Bse
BOROSIL RENEWABLES LIMITED (BORORENEW)
Micro CapIndustrials stocks · Micro cap · NSE
Borosil Renewables Limited is India's first and largest solar glass manufacturer, with a current capacity of 1000 TPD (~6.5 GW). The company aims to pioneer a sustainable future with reliability and quality in the solar energy sector.
₹421.95
-6.55 · -1.53%
Market cap ₹6,383 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Jul, 03:43 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Jun 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
37Bearishfull bear SMA stack · SMA20 -10.7% / mo · RSI oversold · MACD + · near 52W low
Stock trend: 28
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BORORENEWD candles · FIT view-17.5%Latest close ₹421.95 on 2026-10-19
Bar
-1.6%
RSI
29
MACD hist
0.97
52W pos
14%
2026-10-19O ₹428.80H ₹432.00L ₹416.10C ₹421.95Vol 2.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BORORENEWNifty India ManufacturingNifty 500
- BORORENEW
- -29.2%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -23.6 pp
Chart stats
19 Oct 2026- From 52W high
- -41.5%
- 52W range position
- 14%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.77x
- Avg traded value
- ₹14 Cr
- 20D price channel
- ₹416.1 - ₹489.7
₹721
₹374.4 - ₹721
₹14.9
Latest completed session
20-session average
25.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE49
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +17.0% · PAT NDF YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model-126.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 45/100Rev +17% YoY · margin expansion
Filed 16 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹406 Cr | +17.0% | -7.7% |
| EBITDA | ₹127 Cr | +101.6% | -6.6% |
| Operating margin | 31.0% | +1300 bps | +0 bps |
| PAT | ₹87 Cr | NDF | -48.5% |
| PAT margin | 21.4% | +7993 bps | -1698 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 17.20
- P/B
- 4.02
- EV/EBITDA
- 11.07
- Market Cap
- 6383.00Cr
Profitability
- ROE
- 25.70%
- ROCE
- 25.30%
- ROA
- 22.90%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -1.00%
- EPS 5Y
- -1.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 68.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 42.00×
- Altman Z
- 9.24
- Book Value
- 108.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 423.00 Cr
- EPS TTM
- 27.38
Shareholding
- Promoter Hold
- 56.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 17%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 1,556+5.4% vs prev
Net Profit
₹ CrLatest: 127+246.0% vs prev
Return on Equity
%Latest: 8.4+196.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 29.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~12.0% over last month) — short-term momentum negative.
- RSI(14) at 29 — oversold zone; bounce conditions.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 41% off 52W high · 13% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
15
RS percentile
Stage 1 Base / Transition
1M return
-8.2%
3M return
-29.2%
6M return
-18.3%
1Y return
-37.3%
RS 1D
0
RS 20D
-21
Sector rank
#2
Industry rank
#78
Stage evidence
- Price is 18.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 74.84-0.52%
RS vs Nifty 50075
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth3/25
Quality20/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
49
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
49/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -126.0%.
- Growth is weaker at 3/25; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
17.2
PB
4.0
EV/EBITDA
11.1
ROE
25.7%
ROCE
25.3%
FCF Yield
—
Debt/Equity
0.1
MoS
-126.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
49
Previous: 49
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-126.0%
Previous: -126.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
55
55
55
55
55
49
49
49
49
49
49
49
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹257.94
-63.6% MoS
Growth-justified P/E
6.8
Growth-justified Value
₹186.73
-126.0% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VIKRAMSOLR
Micro
Vikram Solar Limited
Solar Manufacturing
match 236
80
14.8
21.4%
+64%
DEEP VALUE
WEBELSOLAR
Micro
Websol Energy System Limited
Solar Manufacturing
match 232
79
9.6
66.9%
+77%
DEEP VALUE
WAAREEINDO
Small
Indosolar Limited
Solar Manufacturing
match 222
95
5.1
151.0%
+87%
DEEP VALUE
PREMIERENE
Mid
Premier Energies Limited
Solar Manufacturing
match 215
64
24.7
41.0%
+38%
UNDERVALUED
WAAREEENER
Mid
Waaree Energies Limited
Solar Manufacturing
match 214
71
18.0
32.5%
+52%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-18T00:40:52.185Z
Management commentary snapshot
Borosil Renewables reported strong Q1 FY27 standalone performance with revenue up 22.1% YoY to ₹405.69 Cr and EBITDA surging 53.5% YoY to ₹142.00 Cr. EBITDA margin expanded significantly to 35.0%, driven by higher selling prices.
The company delivered robust Q1 FY27 results, marked by strong YoY revenue growth and significant EBITDA margin expansion, supported by higher selling prices. Capacity expansion is on schedule, backed by favorable government policies and growing domestic solar demand, reinforcing the long-term growth thesis despite a sequential revenue dip.
Growth engines
Growing Domestic Demand
The company aims to capture growing domestic demand for solar glass and provide import substitute, backed by strong policy tailwinds.
Capacity Expansion
Two new furnaces (SG-4 & SG-5) totaling 600 TPD are being set up, projected to increase combined capacity to 1600 TPD by Dec 2026.
Rooftop Solar Solutions
The company entered the rooftop solar solutions business, offering Borosil branded solar panels, inverters, and lithium batteries for end-to-end solutions.
Government Schemes & Targets
PM Suryaghar Yojana aims to add 30 GW capacity. National Solar Mission targets 280 GW by 2030, now raised to 500 GW by 2036.
Capacity and execution
New Furnaces (SG-4 & SG-5)
Two new furnaces, each of 300 TPD, totaling 600 TPD, are being set up at the existing location with an estimated investment of ₹950 crore.
Commissioning Target
Commissioning of SG-4 & SG-5 is targeted for December 2026, with work reported as per schedule.
Tailwinds
Anti-Dumping & CVD Duties
5-year anti-dumping duty on Chinese & Vietnamese imports (effective Dec 4, 2024) and extended CVD of 9.71% on Malaysian solar glass for 5 years.
ALMM Implementation
ALMM-II implemented from June 1, 2026, mandating use of domestically produced solar cells, supporting local manufacturing.
Increased Solar Capacity Targets
India's total installed power generation capacity reached ~542 GW by May 2026, with renewables at 43% (~231 GW) and solar at 157 GW (68% of renewables).
PLI Scheme Support
Total Production Linked Incentive (PLI) of about Rs. 18,500 Cr granted in two tranches to propel domestic manufacturing of high-efficiency solar modules and cells.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY highlights strong growth against the previous year, while QoQ shows sequential momentum in EBITDA margin despite a revenue dip, which management attributes to prior quarter's sales recognition.
Sector KPIs management disclosed
Revenue
Standalone Q1 FY27 Revenue: ₹405.69 Cr, +22.1% YoY, -7.3% QoQ.
EBITDA
Standalone Q1 FY27 EBITDA: ₹142.00 Cr, +53.5% YoY, -1.8% QoQ.
EBITDA Margin
Standalone Q1 FY27 EBITDA Margin: 35.0%, +720 bps YoY, +200 bps QoQ. This is the 4th consecutive quarter above 33%.
Average Ex-factory Selling Price
Average Ex-factory selling price increased to INR 160.3/mm in Q1 FY27, up from INR 138.1/mm in Q1 FY26 and INR 150.2/mm in Q4 FY26.
Management forward view
Market Demand Outlook
Management states they do not see any challenges in selling the additional production from new capacities due to existing customer relationships and the supply gap in domestic solar glass.
Strategic Expansion Rationale
The expansion plan is backed by strong policy tailwinds and aims to capture growing domestic demand for solar glass, providing import substitution.
Rooftop Solar Strategy
The new rooftop solar division will focus on distributed solar, targeting residential (1-10 kW) and C&I (up to 1MW) segments with a dual-channel approach.
ESG Commitments
BRL aims to achieve Carbon neutral operations, explore waste management, transition to low carbon energy, and disclose quantifiable ESG targets in the short to medium term.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New Capacity Commissioning | Work for SG-4 & SG-5 (600 TPD) is as per schedule for Dec 2026 commissioning. | Timely commissioning and successful ramp-up of the new 600 TPD capacity to meet growing domestic demand. |
| Rooftop Solar Division Performance | Newly entered the rooftop solar solutions business, offering end-to-end solutions. | Initial revenue contribution, market penetration, and profitability of the new rooftop solar division in target segments. |
| Average Ex-factory Selling Price | INR 160.3/mm in Q1 FY27, up from INR 150.2/mm in Q4 FY26, including a fuel surcharge. | Sustainability of higher selling prices and the ability to pass on cost increases, maintaining margin expansion. |
| Domestic Solar Glass Supply Gap | Domestic solar glass capacity is 2600 TPD (18 GW) against a demand of 11000 TPD (62 GW), with expected rise to 7700 TPD (51 GW) by March 2027. | Continued favorable demand-supply dynamics for domestic solar glass, ensuring off-take for expanded capacity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 83rd percentile within Industrials. Main check: results consistency is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
156 docs text-extracted · 76 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Industrials: 83rd pctile, median 68 · Micro: 70th pctile, median 73
Evidence depth
Financial-only
156 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 56%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸ROCE is 25.3%.
Trust risks
- ▸Promoter holding fell 2.8%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 33.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching BOROSIL RENEWABLES LIMITED
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Newspaper Advertisements - Electronic Dispatch Of Annual Report For FY 2025-26 Including The Notice Of 63Rd Annual General Meeting And Other Related Information 1 Aug
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.