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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 45/100Rev +17% YoY · margin expansion
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
39BearishSMA20 -8.3% / mo · RSI oversold · MACD −
Technical chart
BORORENEWdaily · 1Y · AUTO+13.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 27. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~9.0% over last month) — short-term momentum negative.
- RSI(14) at 27 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- 31% off 52W high · 33% 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.
Valuation & score drivers
U-Score 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 58.5%.
- Quality contributes 20/20 to the score.
Main drags
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
- Growth is weaker at 14/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 56%. Key concern: Promoter holding fell 2.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 83rd pctile, median 68 · Micro: 70th pctile, median 73
156 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 19.80
- P/B
- 4.62
- EV/EBITDA
- 12.71
- Market Cap
- 7347.00Cr
Profitability
- ROE
- 25.70%
- ROCE
- 25.30%
- ROA
- 22.90%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 11.00%
- 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
- 36%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.