BORORENEW
Micro CapBOROSIL RENEWABLES LIMITED
Industrials
Borosil Renewables Limited is India's first and largest solar glass manufacturer, with a current capacity of 1000 TPD (~6.5 GW). The company focuses on pioneering a sustainable future by providing reliable and quality solar glass products for various applications.
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.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
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 31 Mar 2026
Good · 55/100Rev +18% YoY · margin expansion · +13% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹440 Cr | +17.6% | +12.8% |
| EBITDA | ₹136 Cr | +806.7% | +10.6% |
| Operating margin | 31.0% | +2700 bps | +0 bps |
| PAT | ₹169 Cr | NDF | +69.0% |
| PAT margin | 38.4% | +4643 bps | +1277 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
BORORENEW reported strong standalone FY26 results with revenue up 38% YoY to ₹1535 Cr and EBITDA up 172% YoY to ₹492 Cr (32% margin), driven by higher selling prices and sales volume. Q4FY26 also saw robust YoY growth in revenue (+34%) and EBITDA (+88%).
The company delivered strong financial results for FY26 and Q4FY26, driven by favorable pricing and increased sales volume. Strategic capacity expansion and supportive government policies for domestic solar manufacturing reinforce the growth outlook, keeping the thesis intact.
Revenue by Geography (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Anti-Dumping Duty Protection
5-year anti-dumping duty on Chinese & Vietnamese solar glass imports, effective Dec 4, 2024, provides a strong policy tailwind.
Growing Domestic Solar Demand
India's solar capacity target raised to 500 GW by 2036; FY26 saw highest ever annual solar installations of 44.6 GW.
Production Linked Incentive (PLI) Scheme
Total PLI of Rs. 18,500 Cr will propel domestic manufacturing of high-efficiency solar modules and cells, creating a robust ecosystem.
PM Suryaghar Yojana
Scheme aims to provide rooftop solar to one crore households, expecting to add 30 GW of capacity.
New Furnace Expansion (SG-4 & SG-5)
Board approved setup of two new furnaces, each 300 TPD, totaling 600 TPD, with an estimated investment of ₹950 crore.
Commissioning Target
Commissioning is targeted for Dec 2026, with civil work in progress and order placement of key items done.
Financing Plan
Expansion will be financed through a mix of equity, debt, and internal accruals, with Rs. 292.77 Cr from preferential issues unutilized.
Government Support for Domestic Manufacturing
Anti-dumping duties on solar glass imports and ALMM-II (from June 2026) mandating domestic solar cells are boosting local supply chains.
Increasing Solar Share in Power Mix
Solar capacity reached 150 GW (67% of renewable capacity) as of Mar 2026, with a target of 500 GW by 2036.
USA Restrictions on Chinese Glass
USA is restricting glass from companies of Chinese origin, creating potential export opportunities for Borosil Renewables.
Volatile Fuel Costs
The ongoing war in West Asia has more than doubled the price of imported LNG, impacting operational costs.
Weak Export Demand
Company’s major export markets continue to face low demand, impacting export contribution to turnover.
Energy Price Volatility
Dependency on imported LNG exposes the company to global energy price fluctuations, as seen with the doubling of LNG prices.
Export Market Underperformance
Continued low demand in major export markets could limit international growth opportunities and overall revenue diversification.
Subsidiary Insolvency Impact
German subsidiary GMB Glasmanufaktur Brandenburg GmbH (350 TPD capacity) filed for insolvency in CY25, impacting consolidated capacity.
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.
The presentation provides both YoY and QoQ comparisons, indicating both are relevant. YoY is crucial for assessing overall annual growth and the impact of policy changes, while QoQ shows sequential momentum in sales, pricing, and operational efficiency in a dynamic market.
Revenue from Operations (Standalone)
FY26: ₹1535 Crores (+38% YoY); Q4FY26: ₹438 Crores (+34% YoY, +13.2% QoQ)
Operational EBITDA (Standalone)
FY26: ₹492 Crores (32% margin, +172% YoY); Q4FY26: ₹145 Crores (33% margin, +88% YoY, +12.1% QoQ)
PBT before exceptional item (Standalone)
FY26: ₹391 Crores (25.5% margin, +734% YoY); Q4FY26: ₹120 Crores (27.4% margin, +167% YoY, +15.3% QoQ)
Average Ex-factory Selling Prices
FY26: INR 146.7/mm (vs INR 113.4/mm last year); Q4FY26: INR 150.2/mm (vs INR 127.6/mm YoY, INR 149.97/mm QoQ)
Fuel Cost Mitigation Strategy
Management requested and received customer acceptance for a fuel surcharge to cover part of the increased LNG cost, maintaining full production.
Operational Efficiency Focus
Intensified efforts to improve efficiencies and cut costs have ensured the rise in fuel cost has not impacted margins.
Domestic Market Capture
New capacity aims to capture growing domestic demand for solar glass and provide import substitution.
Future Installation Outlook
Management expects India's solar installations to reach 75 GW PA (DC basis).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New Capacity Commissioning | Civil work in progress for SG-4 & SG-5 (600 TPD), key item orders placed. | Adherence to the Dec 2026 commissioning target and successful ramp-up of new capacity. |
| Domestic Solar Installations | FY26 witnessed highest ever annual solar installations of 44.6 GW. | Continued growth in solar installations, especially rooftop and C&I segments, and impact of ALMM policies. |
| Export Market Recovery | Major export markets face low demand; Q4FY26 exports at 2.8% of turnover. | Improvement in export demand, particularly with USA restricting Chinese origin glass, and diversification into new geographies. |
| Margin Protection Amidst Fuel Volatility | Fuel surcharge accepted by customers and cost-cutting measures maintained margins despite LNG price rise. | Sustained ability to protect margins through pricing adjustments and efficiency gains amidst volatile energy prices. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +2.9% / mo
Technical chart
BORORENEWweekly · 3Y+12.4%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 53.
- SMA20 rising (~2.9% over last month) — short-term momentum positive.
- RSI(14) at 53 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 27% off 52W high · 40% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 19/20 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Fair-value margin of safety is negative at -26.7%.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; 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: +0 points.
Factor attribution
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 87th percentile of the scored universe and 87th percentile within Industrials. Main check: results consistency is weak at 57/100.
High Trust Lite: Promoter holding is 58.8%. Key concern: Promoter holding fell 3.2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 87th pctile, median 68 · Micro: 80th pctile, median 71
0 documents indexed, 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 58.8%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸ROCE is 25.3%.
Trust risks
- ▸Promoter holding fell 3.2%.
- ▸OPM spread across recent quarters is 34%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 22.00
- P/B
- 4.76
- EV/EBITDA
- 13.77
- Market Cap
- 7207.00Cr
Profitability
- ROE
- 26.10%
- ROCE
- 25.30%
- ROA
- 6.96%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 69.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 31.43×
- Altman Z
- 9.09
- Book Value
- 108.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 423.00 Cr
- EPS TTM
- 9.21
Shareholding
- Promoter Hold
- 58.77%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 40%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.