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Swing Capital

Borosil Renewables Ltd

NSE: BORORENEW BSE: 502219Metal

Borosil Renewables is engaged in manufacturing extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Greenhouses. (Source: 202003-01 Annual Report Page No:188)

₹494
52W: ₹374 — ₹721
PE 19 · Book ₹63.8 · +674% vs book
Market Cap₹6,934 Cr
Stock P/E19Price to Earnings
ROCE30.2%Return on Capital
ROE33.6%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 32.4% CAGR over last 5 years
  • +Debtor days have improved from 33.5 to 26.2 days.
  • +Company's median sales growth is 22.6% of last 10 years

Weaknesses

  • −Stock is trading at 7.69 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 13.0% over last 3 years.

Shareholding Pattern

Promoters58.77%
FIIs4.27%
DIIs2.33%
Public34.63%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters61.6%61.59%▼0.061.58%▼0.062.2%▲0.661.93%▼0.361.85%▼0.158.77%▼3.158.77%
FIIs4.31%4.18%▼0.15.35%▲1.24.54%▼0.84.62%▲0.14.81%▲0.24.01%▼0.84.27%▲0.3
DIIs0.24%0.23%▼0.01.02%▲0.81.2%▲0.20.72%▼0.50.78%▲0.12.57%▲1.82.33%▼0.2
Public33.84%34%▲0.232.05%▼2.032.07%▲0.032.74%▲0.732.57%▼0.234.67%▲2.134.63%▼0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales241227241266275327332378386438
Expenses222219215218256257245255265302
Operating Profit1882748197087124122136
OPM %8%3%11%18%7%21%26%33%32%31%
Net Profit-11-13-413-933-2724678169
EPS ₹-0.85-1.02-0.280.97-0.662.5-20.473.445.5812.06

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,535Cr, up 38.7% YoY. OPM at 31%.

Debt Position

Borrowings at ₹203Cr. Debt-to-equity ratio: 0.23x. Healthy balance sheet.

Capex Cycle

CWIP at ₹48Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 2.33% (+2.26pp change). FIIs: 4.27% (-2.02pp change). Promoters hold 58.77%.

Margin & Efficiency

ROCE declining from 5% (Mar 2015) to 0% (Mar 2026). Working capital days: 0.

Valuation

PE 19x with 30.2% ROCE. Price is 674% above book value of ₹63.8. Dividend yield: 0%.

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